Guitar Center Inc. said second-quarter net income fell 29% as sales missed expectations and the company took acquisition-related charges. Quarterly profit fell to $9.6 million, or 32 cents a share, from $13.4 million, or 47 cents, a year earlier. Revenue rose 13% to $518.9 million. Results include 6 cents a share in costs related to the company's takeover. Westlake Village-based Guitar Center is being acquired by Bain Capital Partners in a deal expected to close in the fourth quarter.
Leap Wireless International Inc., owner of the Cricket and Jump mobile-phone services, said second-quarter profit declined 56% on expansion costs. Net income dropped to $3.25 million, or 5 cents a share, from $7.51 million, or 12 cents, a year earlier, the San Diego-based company said. Sales rose 47% to $393.2 million.