2014

U.S. Cellular Reports Fourth Quarter Results Provides financial guidance for 2010

CHICAGO, Feb. 25 /PRNewswire-FirstCall/ --

Note: Comparisons are year over year unless otherwise noted.

4Q 2009 Highlights

  • 354,000 retail gross additions; 39,000 retail net additions, of which 26,000 were postpay and 13,000 were prepaid.
  • 1 percent increase in service revenues to $986 million, despite $17 million decrease in inbound roaming revenues.
  • 34 percent increase in data revenues to $190 million, representing 19 percent of service revenues.
  • Retail service ARPU (average revenue per unit) increased from $46.43 to $47.12.
  • Retail postpay churn of 1.6 percent; postpay customers comprised 95 percent of retail customers.
  • 6 percent increase in cell sites in service to 7,279.
  • Repurchased 240,200 common shares for $9 million.
  • Redeemed 8.75 percent senior notes; principal amount of $130 million.
  • $14 million impairment on licenses; $387 million in the fourth quarter of 2008.

As previously announced, U.S. Cellular will hold a teleconference on Feb. 25, 2010, at 9:30 a.m. CST. Interested parties may listen to the call live via the Internet by accessing the Conference Calls page of www.teldta.com or www.uscellular.com.

United States Cellular Corporation (NYSE: USM) reported service revenues of $986.3 million for the fourth quarter of 2009, up 1 percent from $977.0 million in the comparable period one year ago.  Net income attributable to U.S. Cellular was $12.4 million, or $0.14 per diluted share, impacted by a $14 million (pre-tax), or $0.10 diluted loss per share, charge for impairment on licenses.  In the fourth quarter of 2008, net loss attributable to U.S. Cellular was $200.1 million, or $2.29 per diluted share, impacted by a $386.7 million (pre-tax), or $2.71 diluted loss per share, charge for impairment of licenses.

For the twelve months ended Dec. 31, 2009, U.S. Cellular reported service revenues of $3,927.9 million, compared to $3,940.3 million in 2008.  Net income attributable to U.S. Cellular for 2009 was $216.0 million, or $2.48 per diluted share, impacted by a $14 million (pre-tax), or $0.10 diluted loss per share, charge for impairment on licenses.  In 2008, net income attributable to U.S. Cellular was $33.0 million, or $0.38 per diluted share, impacted by a $386.7 million (pre-tax), or $2.69 diluted loss per share, charge for impairment of licenses.

"Though we continued to be challenged by general economic and competitive pressure, both gross and net customer additions improved from the third quarter," said John E. Rooney, U.S. Cellular president and CEO.  "Service revenues increased 1 percent year over year, as the growing demand for data services continues to drive strong increases in data revenues that offset decreases in inbound roaming revenues.    

"The aggressive rollout of our 3G network in 2009 -- now available to 75 percent of customers -- helped to ensure even faster and more reliable communications for the increasing number of consumers who choose from our improved portfolio of smart phones and other premium devices. As part of our commitment to providing excellent experiences for all of our customers, we introduced the industry's first Battery Swap program in 2009, as well as an Overage Protection program, and we will continue to look for ways to surpass our customers' expectations.

"We are moving aggressively to develop and integrate new billing and operational support systems, increase our understanding of key customer segments, and promote online sales and self-service. These initiatives and others will be implemented over the next several years, and we expect them to stimulate and support growth over the long term, while ultimately reducing operating costs."

Loss on impairment of intangible assets

In the fourth quarter, U.S. Cellular recorded an impairment loss of $14 million (pre-tax) on licenses as a result of its annual impairment assessment of licenses and goodwill. In the fourth quarter of 2008, U.S. Cellular recorded an impairment loss of $386.7 million (pre-tax), attributable to the deterioration in the credit and financial markets.  The impairment charges had no impact on cash or cash flow.

    
    
    
                                   Impact of Impairment  Impact of Impairment
                                   for the three months   for the year ended
                                    ended December 31,       December 31,
    (Dollars in millions,
     except per share amounts)        2009       2008      2009       2008
    -------------------------         ----       ----      ----       ----
    Net income attributable to
     U.S. Cellular shareholders,      
     excluding licenses        
     impairments(1)                   $21.1      $36.2    $224.7     $269.3
                                      -----      -----    ------     ------
    Loss on impairment of
     intangible assets related
     to licenses                      (14.0)    (386.7)    (14.0)    (386.7)
    Income tax benefit and
     noncontrolling interest impact
     of licenses impairments(1)         5.3      150.4       5.3      150.4
                                        ---      -----       ---      -----
    Impact of licenses impairments
     on net income attributable
     to U.S. Cellular shareholders(1)  (8.7)    (236.3)     (8.7)    (236.3)
                                       ----     ------      ----     ------
    Net income attributable to
     U.S. Cellular shareholders       $12.4    $(200.1)   $216.0      $33.0
                                      =====    =======    ======      =====
    
    Diluted earnings per share
     attributable to U.S. Cellular          
     shareholders, excluding
     license impairments(1)           $0.24      $0.42     $2.58      $3.07
    Impact of license impairments
     on diluted earnings (loss)
     per share  attributable to
     U.S. Cellular shareholders(1)    (0.10)     (2.71)    (0.10)     (2.69)
                                      -----      -----     -----      -----
    Diluted earnings (loss) per
     share attributable to
     U.S. Cellular shareholders       $0.14     $(2.29)    $2.48      $0.38
                                      =====     ======     =====      =====
    
    (1)  These amounts are non-GAAP financial measures.  The purpose of
         presenting these measures is to provide information on the
         impact of losses on impairment related to licenses on results
         of operations.  Such impairments are discrete, significant
         amounts that impact the comparability of the results of
         operations, and U.S. Cellular believes it is useful to
         disclose these impacts.  The income tax and noncontrolling
         interest impact is calculated by allocating the losses on
         impairment to the respective consolidated subsidiaries, and
         applying the income tax rate and noncontrolling interest
         percentages applicable to these respective subsidiaries.
    
    

Guidance for year ending Dec. 31, 2010

This guidance represents the views of management as of Feb. 25, 2010, and should not be assumed to be accurate as of any other date.  There can be no assurance that final results will not differ materially from this guidance.  U.S. Cellular undertakes no legal duty to update such information, whether as a result of new information, future events, or otherwise.

    
    
    
    Service Revenues                              $3,975 - $4,075 million
    Operating Income                                  $250 - $350 million
    Depreciation, Amortization and Accretion(1)      Approx. $600 million
    Capital Expenditures                             Approx. $600 million
    
    (1)  Includes losses on disposal of assets
    
    

Conference call information

U.S. Cellular will hold a conference call on Feb. 25, 2010 at 9:30 a.m. CST.


Before the call, certain financial and statistical information to be discussed during the call will be posted to the Conference Calls page of www.uscellular.com, together with reconciliations to generally accepted accounting principles (GAAP) of any non-GAAP information to be disclosed. The call will be archived on the Conference Calls page of www.uscellular.com.

About U.S. Cellular®

United States Cellular Corporation, the nation's sixth-largest wireless carrier, provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to more than 6.1 million customers in 26 states. The Chicago-based company had 8,900 full-time equivalent associates as of Dec. 31, 2009. For more information about U.S. Cellular, visit www.uscellular.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates and expectations. These statements are based on current estimates, projections and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: The ability of the company to successfully grow its markets; changes in the overall economy, competition, the state and federal telecommunications regulatory environment, and the value of assets and investments; adverse changes in the ratings afforded the company's debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; uncertainty of access to the capital markets; risks and uncertainties relating to possible future restatements; pending and future litigation; changes in income tax rates, laws, regulations or rulings; acquisitions/divestitures of properties and/or licenses; and changes in customer growth rates, average monthly revenue per unit, churn rates, roaming revenue and terms, the availability of handset devices and the mix of products and services offered by the company. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K used by U.S. Cellular to furnish this press release to the SEC, which are incorporated by reference herein.

For more information about U.S. Cellular, visit www.uscellular.com.

    
    
    
    
                         UNITED STATES CELLULAR CORPORATION
                              SUMMARY OPERATING DATA
    
    Quarter Ended  12/31/2009   9/30/2009   6/30/2009   3/31/2009  12/31/2008
                   ----------   ---------   ---------   ---------  ----------
    Total population
      Consolidated
       markets
       (1)(2)      89,712,000  85,118,000  83,726,000  83,726,000  83,014,000
      Consolidated
       operating
       markets(1)  46,306,000  46,306,000  46,306,000  46,306,000  46,009,000
    
    Market
     penetration
     at end of
     period
      Consolidated
       markets(3)        6.8%        7.2%        7.4%        7.5%        7.5%
      Consolidated
       operating
       markets(3)       13.3%       13.2%       13.3%       13.5%       13.5%
    
    All customers
      Total at end
       of period    6,141,000   6,131,000   6,155,000   6,243,000   6,196,000
                      
      Gross  
       additions      399,000     386,000     317,000     404,000     395,000
                       
      Net additions
       (losses)        10,000     (24,000)    (88,000)     47,000      20,000
    
    Retail customers
      Total at end
       of period    5,744,000   5,705,000   5,711,000   5,770,000   5,707,000
                      
      Gross 
       additions      354,000     351,000     286,000     366,000     352,000
      Net postpay
       additions
       (losses)        26,000       8,000     (32,000)     60,000      41,000
      Net prepay
       additions
       (losses)        13,000     (14,000)    (27,000)      3,000      (8,000)
    
     Service
      revenue
      components
      (000s)
      Retail service
       revenue       $867,765    $865,867    $871,209    $874,098    $860,503
      Inbound
       roaming
       revenue         61,728      68,767      62,223      60,057      78,768
      Other revenue    56,814      50,289      41,323      47,719      37,681
                       ------      ------      ------      ------      ------
    Total service
     revenues
     (000s)          $986,307    $984,923    $974,755    $981,874    $976,952
    
    Divided by
     average
     customers
     (000s)             6,139       6,138       6,199       6,229       6,178
    Divided by
     three months
     in each quarter        3           3           3           3           3
                          ---         ---         ---         ---         ---
    
    Average
     monthly
     revenue per
     unit(4)           $53.55      $53.49      $52.41      $52.54      $52.71
                       
      Retail service
       revenue per
       unit (4)        $47.12      $47.02      $46.85      $46.78      $46.43
      Inbound
       roaming
       revenue per
       unit(4)          $3.35       $3.73       $3.35       $3.21       $4.25
      Other revenue
       per unit(4)      $3.08       $2.74       $2.21       $2.55       $2.03
    Postpay churn
     rate(5)             1.6%        1.7%        1.7%        1.5%        1.6%
    Capital
     expenditures
     (000s)          $189,000    $128,900     $91,200    $137,700    $190,000
    Cell sites in
      service           7,279       7,161       7,043       6,942       6,877
    
    (1)  Used only to calculate market penetration of consolidated markets 
         and consolidated operating markets, respectively, which is 
         calculated by dividing customers by the total market population 
         (without duplication of population in overlapping markets).
    (2)  Includes 4.5 million incremental population counts resulting from 
         the licenses awarded to King Street Wireless L.P. in December 2009.
    (3)  Calculated by dividing the number of wireless customers at the end 
         of the period by the total population of consolidated markets and 
         consolidated operating markets, respectively, as estimated by 
         Claritas.
    (4)  Calculated by dividing the components of Service Revenues by the 
         average customers and number of months in the quarter.
    (5)  Calculated by dividing the total postpay customer disconnects during 
         the quarter by the average postpay customer base for the quarter.
    
    
    
    
    
                          UNITED STATES CELLULAR CORPORATION
                   CONSOLIDATED STATEMENT OF OPERATIONS HIGHLIGHTS
                           Three Months Ended December 31,
       (Unaudited, dollars and shares in thousands, except per share amounts)
    
                                                         Increase (Decrease)
                                                         -------------------
                                 2009 (1)(2)     2008     Amount    Percent
                                 -----------     ----     ------    -------
    Operating revenues
      Service                     $986,307    $976,952    $9,355       1%
      Equipment sales               74,690      75,910    (1,220)     (2%)
                                    ------      ------    ------
        Total operating
         revenues                1,060,997   1,052,862     8,135       1%
                                 ---------   ---------     -----
    
    Operating expenses
      System operations
       (excluding
       Depreciation,
       amortization
       and accretion
       reported below)             196,350     198,916    (2,566)     (1%)
      Cost of equipment sold       211,883     203,224     8,659       4%
      Selling, general
       and administrative          471,403     442,873    28,530       6%
      Depreciation,
       amortization and
       accretion                   146,807     143,709     3,098       2%
      Loss on impairment
       of intangible assets         14,000     386,653  (372,653)    (96%)
      Loss on asset
       disposals, net                7,528       6,602       926      14%
                                     -----       -----       ---
        Total operating
         expenses                1,047,971   1,381,977  (334,006)    (24%)
                                 ---------   ---------  --------
    
    Operating income (loss)         13,026    (329,115)  342,141    >100%
                                    ------    --------   -------
    
    Investment and other
     income (expense)
      Equity in earnings
       of unconsolidated
       entities                     23,553      25,620    (2,067)     (8%)
      Interest and
       dividend income                 949       1,259      (310)    (25%)
      Interest expense             (18,600)    (16,579)   (2,021)    (12%)
      Other, net                       259         160        99      62%
                                       ---         ---       ---
        Total investment
         and other income
         (expense)                   6,161      10,460    (4,299)    (41%)
                                     -----      ------    ------
    Income (loss)
     before income taxes            19,187    (318,655)   337,842   >100%
      Income tax expense
       (benefit)                     2,582    (129,007)   131,589   >100%
                                     -----    --------    -------
    Net income (loss)               16,605    (189,648)   206,253   >100%
    Less:  Net income
     attributable to
     noncontrolling
     interests,
     net of tax                     (4,185)    (10,470)    6,285      60%
                                    ------     -------      ----
    
    Net income (loss)
     attributable to
     U.S. Cellular
     shareholders                  $12,420   $(200,118)  $212,538   >100%
                                   =======   =========   ========
    
    Basic weighted average
     shares outstanding             86,719      87,340      (621)     (1%)
    Basic earnings
     (loss) per share                $0.14      $(2.29)    $2.43    >100%
    
    Diluted weighted
     average shares outstanding     87,087      87,340      (253)      -
    Diluted earnings
     (loss) per share                $0.14      $(2.29)    $2.43    >100%
    
    (1)  During the three months ended December 31, 2009, Operating expenses 
         were reduced by a $7.1 million out-of-period adjustment to correct 
         rent expense.  $6.1 million of this adjustment reduced System 
         operations expense and $1.0 million reduced Selling, general and 
         administrative expense.  Management does not believe that the 
         adjustment is material to the current year or any prior year's 
         earnings, earnings trends or financial statement line items.  The 
         adjustment was recorded in the three months ended December 31, 2009 
         and no prior periods were adjusted.
    (2)  During the three months ended December 31, 2009, U.S. Cellular 
         recorded adjustments that reduced System operations expense and 
         increased Selling, general and administrative expense by $9.7 million
         and $11.6 million, respectively, to reflect revised estimates related
         to customer usage charges and bad debts expense.  The net of these 
         adjustments was an increase to Operating expenses of $1.9 million 
         during the three months ended December 31, 2009.
    
    
    
    
    
    
                          UNITED STATES CELLULAR CORPORATION
                   CONSOLIDATED STATEMENT OF OPERATIONS HIGHLIGHTS
                           Twelve Months Ended December 31,
       (Unaudited, dollars and shares in thousands, except per share amounts)
    
                                                         Increase (Decrease)
                                                         -------------------
                                  2009(1)      2008       Amount    Percent
                                  -------      ----       ------    -------
    Operating revenues
      Service                   $3,927,859  $3,940,326   $(12,467)       -
      Equipment sales              286,752     302,859    (16,107)      (5%)
                                   -------     -------    -------
        Total operating
         revenues                4,214,611   4,243,185    (28,574)      (1%)
                                 ---------   ---------    -------
    
    Operating expenses
      System operations
       (excluding
       Depreciation,
       amortization
       and accretion
       reported below)             796,617     784,057     12,560        2%
      Cost of
       equipment sold              742,993     743,406       (413)       -
      Selling, general
       and administrative        1,748,760   1,701,050     47,710        3%
      Depreciation,
       amortization
       and accretion               570,658     576,931     (6,273)      (1%)
      Loss on impairment of
       intangible assets            14,000     386,653   (372,653)     (96%)
      Loss on asset
       disposals, net               15,176      23,378     (8,202)     (35%)
                                    ------      ------     ------
        Total operating
         expenses                3,888,204   4,215,475   (327,271)      (8%)
                                 ---------   ---------   --------
    
    Operating income               326,407      27,710    298,697     >100%
                                   -------      ------    -------
    
    Investment and
     other income (expense)
      Equity in earnings
       of unconsolidated
       entities                     96,800      91,981      4,819        5%
      Interest and
       dividend income               3,597       5,730     (2,133)     (37%)
      Gain on
       disposition of
       investments                       -      16,628    (16,628)     N/M
      Interest expense             (76,367)    (77,190)       823        1%
      Other, net                     1,442       1,269        173       14%
                                     -----       -----        ---
        Total investment and
         other income (expense)     25,472      38,418    (12,946)     (34%)
                                    ------      ------    -------
    
    Income before income taxes     351,879      66,128    285,751     >100%
      Income tax expense           114,103       8,055    106,048     >100%
                                   -------       -----    -------
    
    Net income                     237,776      58,073    179,703     >100%
    Less: Net income
     attributable to
     noncontrolling
     interests, net of tax         (21,768)    (25,083)     3,315       13%
    Net income attributable
     to U.S. Cellular
    
     shareholders                 $216,008     $32,990   $183,018     >100%
                                  ========     =======   ========
    
    Basic weighted average
     shares outstanding             86,946      87,457       (511)      (1%)
    Basic earnings per share         $2.48       $0.38      $2.10     >100%
    
    Diluted weighted average
     shares outstanding             87,168      87,754       (586)      (1%)
    Diluted earnings per share       $2.48       $0.38      $2.10     >100%
    
    (1)  During the twelve months ended December 31, 2009, Operating expenses 
         were reduced by a $6.5 million out-of-period adjustment to correct 
         rent expense.  $5.8 million of this adjustment reduced System 
         operations expense and $0.7 million reduced Selling, general and 
         administrative expense.  Management does not believe that the 
         adjustment is material to the current year or any prior year's 
         earnings, earnings trends or financial statement line items.  The 
         adjustment was recorded in the twelve months ended December 31, 2009 
         and no prior periods were adjusted.
    
    N/M - Percentage change not meaningful
    
    
    
    
    
                           UNITED STATES CELLULAR CORPORATION
                          CONSOLIDATED BALANCE SHEET HIGHLIGHTS
                            (Unaudited, dollars in thousands)
    
                                         ASSETS
    
                                                   December 31,   December 31,
                                                       2009          2008
                                                       ----          ----
    Current assets
    
      Cash and cash equivalents                      $294,411      $170,996
      Accounts receivable from customers and other    421,528       419,619
      Inventory                                       152,556       116,564
      Prepaid income taxes                                717        22,515
      Prepaid expenses                                 63,463        51,645
      Net deferred income tax asset                    21,570        19,481
      Other current assets                             51,343        14,227
                                                       ------        ------
                                                    1,005,588       815,047
                                                    ---------       -------
    
    Investments
      Licenses                                      1,435,000     1,433,415
      Goodwill                                        494,737       494,279
      Customer lists, net                               4,083         8,936
      Investments in unconsolidated entities          161,481       156,637
      Notes and interest receivable--long-term          4,214         4,297
                                                        -----         -----
                                                    2,099,515     2,097,564
                                                    ---------     ---------
    
    Property, plant and equipment
      In service and under construction             5,884,307     5,884,383
      Less: accumulated depreciation                3,282,969     3,264,007
                                                    ---------     ---------
                                                    2,601,338     2,620,376
                                                    ---------     ---------
    
    Other assets and deferred charges                  38,776        33,055
                                                       ------        ------
    
    Total assets                                   $5,745,217    $5,566,042
                                                   ==========    ==========
    
    
    
    
    
                         UNITED STATES CELLULAR CORPORATION
                        CONSOLIDATED BALANCE SHEET HIGHLIGHTS
                          (Unaudited, dollars in thousands)
    
                               LIABILITIES AND EQUITY
    
                                                    December 31,  December 31,
                                                        2009         2008
                                                        ----         ----
    Current liabilities
    
      Current portion of long-term debt                   $76       $10,258
      Accounts payable
        Affiliated                                     14,732         9,613
        Trade                                         296,288       248,785
      Customer deposits and deferred revenues         143,760       151,082
      Accrued taxes                                    34,583        17,643
      Accrued compensation                             62,242        55,969
      Other current liabilities                        92,884       108,533
                                                       ------       -------
                                                      644,565       601,883
                                                      -------       -------
    
    Deferred liabilities and credits
      Net deferred income tax liability               513,994       478,106
      Other deferred liabilities and credits          262,412       233,619
                                                      -------       -------
                                                      776,406       711,725
                                                      -------       -------
    
    Long-term debt                                    867,522       996,636
                                                      -------       -------
    
    Commitments and contingencies
    
    Noncontrolling interests with redemption features     727           589
                                                          ---           ---
    
    Equity
    U.S. Cellular shareholders' equity
      Common Shares, par value $1 per share            55,068        55,068
      Series A Common Shares, 
       par value $1 per share                          33,006        33,006
      Additional paid-in capital                    1,356,322     1,340,146
      Treasury Shares                                 (69,616)      (50,258)
      Retained earnings                             2,029,516     1,828,680
                                                    ---------     ---------
        Total U.S. Cellular shareholders equity     3,404,296     3,206,642
                                                    ---------     ---------
    
    Noncontrolling interests                           51,701        48,567
                                                       ------        ------
    
      Total equity                                  3,455,997     3,255,209
                                                    ---------     ---------
    
    Total liabilities and equity                   $5,745,217    $5,566,042
                                                   ==========    ==========
    
    
    
    
    
    
                         UNITED STATES CELLULAR CORPORATION
                        CONSOLIDATED STATEMENT OF CASH FLOWS
                          Twelve Months Ended December 31,
                          (Unaudited, dollars in thousands)
    
                                                       2009          2008
                                                       ----          ----
    Cash flows from operating activities
      Net income                                     $237,776       $58,073
      Add (deduct) adjustments to reconcile
       net income to net cash flows from operating
       activities
         Depreciation, amortization and accretion     570,658       576,931
          Bad debts expense                           107,991        73,157
          Stock-based compensation expense             16,362        15,122
          Deferred income taxes, net                   45,439       (83,121)
          Equity in earnings of
           unconsolidated entities                    (96,800)      (91,981)
          Distributions from unconsolidated
           entities                                    91,105        91,845
          Gain on disposition of investments                -       (16,628)
          Loss in impairment of intangible assets      14,000       386,653
          Loss on asset disposals, net                 15,176        23,378
          Noncash interest expense                      2,442         1,772
          Excess tax benefit from stock awards            (24)       (1,151)
          Other operating activities                        -           210
      Changes in assets and liabilities
       from operations
          Accounts receivable                        (109,817)      (68,039)
          Inventory                                   (35,992)      (15,563)
          Accounts payable - trade                     47,503        (4,572)
          Accounts payable - affiliate                  5,119         1,093
          Customer deposits and deferred revenues      (7,323)        7,628
          Accrued taxes                                37,931       (34,699)
          Accrued interest                             (2,121)            -
          Other assets and liabilities                (57,617)        2,669
                                                      -------         -----
                                                      881,808       922,777
                                                      -------       -------
    
    Cash flows from investing activities
      Additions to property, plant and equipment     (546,758)     (585,590)
      Proceeds from disposition of investments              -        16,690
      Cash received from divestitures                      50         6,838
      Cash paid for acquisitions and licenses         (16,027)     (341,694)
      Other investing activities                        1,284          (271)
                                                        -----          ----
                                                     (561,451)     (904,027)
                                                     --------      --------
    
    Cash flows from financing activities
      Borrowings from revolving credit facilities           -       100,000
      Repayment of revolving credit facilities              -      (100,000)
      Repayment of long-term debt                    (140,236)       (3,039)
      Common shares reissued, net of tax payments         (82)       (2,288)
      Common shares repurchased                       (33,585)      (28,366)
      Excess tax benefit from stock awards                 24         1,151
      Payment of debt issuance costs                   (4,421)            -
      Distributions to noncontrolling interests       (18,426)      (19,676)
      Other financing activities                         (216)          (69)
                                                         ----           ---
                                                     (196,942)      (52,287)
                                                     --------       -------
    
    Net increase (decrease) in cash and
     cash equivalents                                 123,415       (33,537)
    
    Cash and cash equivalents
      Beginning of period                             170,996       204,533
                                                      -------       -------
      End of period                                  $294,411      $170,996
                                                     ========      ========
    
    

SOURCE United States Cellular Corporation



RELATED LINKS
http://www.uscellular.com

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