Leap Wireless International Inc. (Nasdaq: LEAP) lost about 269,000 customers in the third quarter compared to a 10,000 customer gain in the like quarter a year earlier, but still managed to improve its bottom line.
Leap posted $26.86 million in net income on $773.97 million in revenues for the third quarter ended Sept. 30, compared with a loss of $94.12 million on $763.28 million in revenues for the like period a year earlier.
For the nine months ended Sept. 30, Leap recorded a $113.45 million loss on $2.38 billion in revenues, compared to a loss of $239 million on $2.3 billion in revenues for the comparable period in 2011.
Leap’s stock was trading at $4.92 at mid-morning Wednesday. It has ranged from $11.29 to $4.28 per share during the past 52 weeks.
Leap launched its Cricket Lifeline service in 11 states and the District of Columbia during the quarter.
The telecommunications firm projects its capital expenditures will range from $450 million to $470 million in 2012.
Leap said it had approximately 5.63 million customers as of Sept. 30, about a 2.1 percent decline from the prior year.