Leap Wireless is a customer-focused company providing innovative mobile wireless services that are targeted to meet the needs of customers who are under-served by traditional communications companies. With a commitment to predictability simplicity and value as the foundation of our business Leap pioneered Cricket? service a simple and affordable wireless alternative to traditional landline service. Cricket service offers customers unlimited anytime minutes within the Cricket calling area over a high-quality all-digital CDMA network. Leap Wireless International Inc. has a market cap of $2.69 billion; its shares were traded at around $38.49 with and P/S ratio of 1.37. Highlight of Business Operations: as of December 31, 2008 and to 4.34 million customers as of March 31, 2009. In addition, our total revenues have increased from $957.8 million for fiscal 2005, to $1.17 billion for fiscal 2006, to $1.63 billion for fiscal 2007 and to $1.96 billion for fiscal 2008, and from $468.4 million for the three months ended March 31, 2008 to $587.0 million for the three months ended March 31, 2009.
As our business activities have expanded, our operating expenses have also grown, including increases in cost of service reflecting the increase in customers, the costs associated with the launch of new products and markets and the broader variety of products and services provided to our customers; increased depreciation expense related to our expanded networks; and increased selling and marketing expenses and general and administrative expenses generally attributable to expansion into new markets, selling and marketing to a broader potential customer base, and expenses required to support the administration of our growing business. In particular, total operating expenses increased from $901.4 million for fiscal 2005, to $1.17 billion for fiscal 2006, to $1.57 billion for fiscal 2007 and to $1.91 billion for fiscal 2008, and from $442.0 million for the three months ended March 31, 2008 to $591.6 million for the three months ended March 31, 2009. During this period, we also incurred substantial additional indebtedness to finance the costs of our business expansion and acquisitions of additional wireless licenses. As a result, our interest expense has increased from $30.1 million for fiscal 2005, to $61.3 million for fiscal 2006, to $121.2 million for fiscal 2007 and to $158.3 million for fiscal 2008 and from $33.4 million for the three months ended March 31, 2008 to $41.9 million for the three months ended March 31, 2009.
Primarily as a result of the factors described above, our net income of $30.7 million for fiscal 2005 decreased to a net loss of $24.7 million for fiscal 2006, a net loss of $75.2 million for fiscal 2007 and a net loss of $141.6 million for the year ended December 31, 2008, and our net loss of $16.9 million for the three months ended March 31, 2008 increased to a net loss of $47.4 million for the three months ended March 31, 2009. We believe, however, that the significant initial costs associated with building out and launching new markets and further expanding our existing business will provide substantial future benefits as the new markets we have launched continue to develop, our existing markets mature and we continue to add subscribers and generate additional revenues.
Read the The complete ReportLEAP is in the portfolios of Bill Miller of Legg Mason Value Trust, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, Wallace Weitz of Weitz Wallace R & Co.