Leap Wireless International Inc., the parent company to flat rate wireless carrier Cricket Communications, reported a third quarter net profit of $27 million, its first profitable quarter since 2007, mainly due to a $130 million net gain coming from an exchange of spectrum licenses.

Revenue for the quarter was $774 million, compared with $763 million in the like quarter of 2011.

For the nine months, Leap reported revenue of $2.4 billion, up 3.6 percent from the like period of 2011.

Leap began selling higher priced smartphones several months ago, which attracted lots of customers. Gross customer additions were about 563,000 in the quarter. However, after subtracting all the customers who dropped service, Leap had a net loss of 269,000, compared with a net gain in the prior year’s third quarter of 9,500.

Through the nine months of 2012, Leap said its net customer loss was 300,000. That put Leap’s total customer count at 5.6 million, down 2.1 percent from the third quarter of 2011.

Leap conducted a restructuring last month that resulted in the loss of 49 positions locally, bringing total employment in San Diego to 440.

— Mike Allen