Leap Wireless
 | |
| Type | Public |
|---|---|
| Traded as | NASDAQ: LEAP |
| Industry | Telecommunications |
| Founded | 1999 |
| Headquarters | San Diego, California, United States |
| Revenue |
 US$ $694 million (Q3 2013) |
| Net income |
US$ $160 million (Q3 2013) |
| Owner(s) | AT&T (Pending Acquisition) |
| Employees | 2,000 |
| Subsidiaries | Cricket Communications, Inc. |
| Website | www.leapwireless.com |
Leap Wireless International, Inc. is a United States public telecommunications company that provides wireless services to approximately 4.6 million subscribers through its subsidiary, Cricket Wireless. Leap is the 6th largest wireless telecommunications network in the United States, behind Verizon, AT&T, Sprint, T-Mobile, and U.S. Cellular. It is headquartered in San Diego, California.
Leap was founded in 1999 and was built on the premise of unlimited services with no contracts and no credit checks, providing access to wireless services to customers who couldn’t otherwise afford it, didn't want the long term commitment of a one or two year contract, or had a moral or religious objection to a credit check. A credit check is normally required for contract plans offered by telecommunications companies.
Leap has all-digital CDMA 1X, EV-DO and LTE networks that have expanded significantly in the past few years.[1]
On July 12, 2013, AT&T agreed to buy Leap Wireless for $1.2 billion.[2]
Cricket Communications
Cricket Communications, Inc. d.b.a. Cricket Wireless or simply Cricket, founded in 1999, is a subsidiary of Leap Wireless International, Inc. It provides prepaid wireless services in the United States.
Jump Mobile
Jump Mobile was a subsidiary of Leap Wireless International, Inc. The pre-paid wireless service was not an MVNO, as it used its parent company’s CDMA 1xEV-DO network to provide pre-paid wireless services to its customers.
Jump Mobile launched in its first market in 2005, and discontinued services and operations in 2010.
History
- Leap Wireless was founded in 1999, spun off as an independently traded company from San Diego-based Qualcomm. Leap was started with the idea to provide affordable wireless services to a wide range of customers, without credit checks or long-term commitments. Under that principle, it founded Cricket Communications in 1999 and launched in Chattanooga, Tennessee that year. During this time, Leap also operated all-digital wireless service in Mexico and Chile under partnership with other companies. In May 2000 Leap Wireless sold its Chilean wireless operator Smartcom PCS to Endesa.
- In March 2002, Leap sold its 20 percent stake in Mexican Wireless carrier Pegaso PCS to Telefónica Moviles.
- On September 4, 2007, MetroPCS announced a proposal that MetroPCS and Leap Wireless could merge into a single wireless company.[3] The proposal was withdrawn less than two months later on November 1, 2007. However, due to LEAP's current financial situation, some analysts still believe that a merger will take place.[4][5]
- On September 10, 2007, Leap's Chief Financial Officer Amin Khalifa, resigned.[6] On November 9, 2007 Leap announced that it would restate its financial statements for fiscal years 2004, 2005 and 2006 and for the first and second quarters of 2007.[7]
- On December 28, 2007, filed restatements of its earnings with the Securities and Exchange Commission. Leap reported that it had overstated its income by $22.5 million and service revenue by $7.5 million between 2004 and 2007. During the period, Leap had reported an operating profit of $102.2 million and $3.09 billion in service revenue.[8]
- On February 1, 2010, it was reported that Leap was exploring a sale of the company to a larger rival. Media reports indicated that talks had been held with Verizon Wireless and AT&T Mobility.[9]
- In August 2010, Leap Wireless entered into a 5 year wholesale agreement MVNO with Sprint Nextel, which allows Cricket to offer its products and services over Sprint's 3G network throughout the United States.
- On March 31, 2012 Cricket Wireless, part of Leap Wireless International Inc., announced that it plans to become the first pre-paid provider with an iPhone 4 and iPhone 4S in its month-to-month service offer on June 22, 2012.
- On July 12, 2013, AT&T agreed to buy Leap Wireless for $1.2 billion.[2]
Executive Team
- S. Douglas (Doug) Hutcheson President, Chief Executive Officer and Director
- Jerry V. Elliott Executive Vice President and Chief Financial Officer
- Robert Irving, Jr. Senior Vice President and General Counsel
- Leonard Stephens Senior Vice President, Human Resources
Coverage Areas
Cricket subscribers are covered about 98% of the United States using its own network and roaming agreements with Sprint Corporation and among other CDMA carriers.
References
- ↑ "Leap Reports Fourth Quarter and Full-Year Results - Feb 20, 2013". leapwireless.mediaroom.com. 2013. Retrieved 2013-03-24.
- ↑ 2.0 2.1 Yu, Roger (July 13, 2013). "AT&T to buy Leap Wireless for $1.2 billion". USA Today. Retrieved July 13, 2013.
- ↑ "MetroPCS | Investor Relations | Press Release". Investor.metropcs.com. Retrieved 2011-11-29.
- ↑ "Leap "mistakenly" records revenue from nonexistent customers". Prepaid Reviews. 2007-11-12. Retrieved 2011-11-29.
- ↑ "Search - Global Edition - The New York Times". International Herald Tribune. 2009-03-29. Retrieved 2011-11-29.
- ↑ "Leap Wireless Finance Head Quits - WSJ.com". Online.wsj.com. 2007-09-10. Retrieved 2011-11-29.
- ↑ "Leap Wireless - Investor Relations - Press Release". Phx.corporate-ir.net. Retrieved 2011-11-29.
- ↑ "Leap Wireless Restates Its Financials". Informationweek. 2007-12-28. Retrieved 2011-11-29.
- ↑ Mccracken, Jeffrey (2010-02-02). "Leap Wireless Seeks a Buyer - WSJ.com". Online.wsj.com. Retrieved 2011-11-29.
External links
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