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Technology Stocks : Leap Wireless International (LWIN)

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To: J.B.C. who started this subject	5/2/2002 8:58:00 PM
From: Dennis Roth	Read Replies (1) of 2737

Leap Wireless to Cut Jobs, Take Charge story.news.yahoo.com Thu May 2, 7:28 PM ET SAN DIEGO (Reuters) - Wireless operator Leap Wireless Inc. on Thursday said it would cut about 3 percent of its work force as part of ongoing cost reduction actions. The company said it would eliminate 50 jobs and take a one-time charge of about $860,000 in the second quarter. Leap has about 1,700 employees, according to financial data provider Hoover's Online. The staff reduction should help lower costs by about $3 million for the rest of the 2002 after Leap's one-time charge. That is in addition to the $3.6 million in cost savings for the remainder of 2002 that the company expects to generate from jobs cuts in the first quarter. Leap said the move was part of its strategy to focus on operating in existing markets instead of launching new markets. Last week, Leap posted a wider quarterly loss on unexpectedly high customer acquisition costs, which the company blamed on customer and dealer fraud. --- Related story: Leap Announces Staffing Adjustments to Reduce Costs - Changes Reflect Transition From Building to Operating 40 Market Plan - biz.yahoo.com --- No big deal, IMHO.

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