U.S. Cellular Reports Excellent First Quarter Results

Apr 17, 2001, 01:00 ET from U.S. Cellular Corporation

    CHICAGO, April 17 /PRNewswire/ -- United States Cellular Corporation
 (Amex:   USM) reported first quarter results today, reflecting very strong
 growth in customers and low customer churn. Operating results included
 114,000 net customer additions, a 9% increase over the previous year; postpay
 churn of 1.7%; a $43.9 million increase in service revenues to $424 million;
 and $129.8 million of operating cash flow.  Net income from operations totaled
 $34 million, or $.40 per basic share.
 
     First Quarter Highlights
 
     o  Net customer unit activations from marketing channels totaled
        114,000, a 9% increase from the 105,000 activations generated during
        the same quarter of 2000.
 
     o  Customer churn from the postpay business was 1.7% compared to 1.8%
        during the same quarter of 2000.
 
     o  Customer units increased to 3,221,000, a 19% increase over last year.
        There were 46,000 customer units added during the quarter due to the
        acquisition of one market and the addition of two other markets to
        consolidated operations.
 
     o  Service revenues increased $43.9 million to $424 million compared to
        $380 million for the first quarter of 2000.
 
     o  Operating cash flow totaled $129.8 million.
 
     John E. Rooney, President and Chief Executive Officer, commented: "Our
 first quarter results continue to reflect our investment in and heightened
 focus on the customer.  While operating cash flow only grew by 2%, a
 significant portion of operating expenses were incurred to add and retain
 customers, representing an investment in future growth.  By delivering
 outstanding service to our customers, we will realize the benefits of this
 investment and drive value growth for our shareholders."
 
     Repurchase of LYONs
     During the quarter, Liquid Yield Option Notes ("LYONs") holders converted
 a total of $36.9 million face value of LYONs ($15.8 million book value), which
 USM satisfied by paying $12 million in cash and reissuing 162,164 Common
 Shares from its treasury shares.  The LYONs conversions satisfied with cash
 would have been convertible into approximately 187,000 Common Shares.  LYONs
 conversions satisfied with cash produced an after-tax extraordinary loss of
 $3.6 million.
 
     USM Stock Repurchases
     During the quarter, USM did not repurchase any of its Common Shares, and
 reissued 250,210 Common Shares from its treasury shares to satisfy LYONs
 conversions and for certain benefit plans.  As of March 31, 2001, USM had
 approximately 1.9 million treasury shares available.  Over 1.3 million shares
 may be repurchased under an existing authorization.
 
     Based in Chicago, USM manages and invests in cellular systems throughout
 the United States.  As of December 31, 2000, USM managed operational systems
 serving 146 markets.
     All information set forth in this news release, except historical and
 factual information, represents forward-looking statements.  This includes all
 statements about USM's plans, beliefs, estimates and expectations.  These
 statements are based on current estimates and projections, 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 forward-looking statements include, but are not limited to:
 general economic and business conditions, both nationally and in the regions
 in which USM operates; technology changes; competition; changes in business
 strategy or development plans; acquisitions/divestitures of properties and/or
 licenses; changes in governmental regulations; availability of future
 financing; and changes in growth in cellular customers, penetration rates,
 churn rates and roaming rates.  Investors are encouraged to consider these and
 other risks and uncertainties that are discussed in documents filed by USM
 with the SEC.
 
     USM's Internet Home Page:  http://www.uscellular.com
 
 
                         UNITED STATES CELLULAR CORPORATION
                               SUMMARY OPERATING DATA
 
     Quarter Ended                           3/31/01     12/31/00    9/30/00
 
     Total population equivalents
       (owned and acquirable, 000s)           26,676      26,646      26,592
 
     Consolidated Markets:
       Population equivalents owned
        (000s)                                24,607      24,208      24,191
       Total population (000s)                25,670      25,075      24,900
       Customer units                      3,221,000   3,061,000   2,890,000
       Net customer unit activations         114,000     171,000     107,000
       Market penetration                     12.55%      12.21%      11.61%
       Markets in operation                      142         139         138
       Cell sites in service                   2,597       2,501       2,430
       Average monthly revenue per unit *     $44.65      $47.49      $50.91
         Retail service revenue per unit *    $34.39      $36.00      $37.25
         Inbound roaming revenue per unit      $6.74       $7.42       $9.17
         Long-distance/other revenue per
          unit                                 $3.52       $4.07       $4.49
       Postpay churn rate per month             1.7%        1.8%        1.8%
       Marketing cost per gross
         customer unit addition                 $308        $327        $321
       Capital Expenditures ($000s)         $120,410     $98,784     $76,834
 
     * Amounts for the quarters ended 3/31/00, 6/30/00 and 9/30/00 reflect
       changes due to the implementation of SAB 101.
 
 
                         UNITED STATES CELLULAR CORPORATION
                               SUMMARY OPERATING DATA
 
     Quarter Ended                                  6/30/00           3/31/00
 
     Total population equivalents
        (owned and acquirable, 000s)                 26,407            26,406
 
     Consolidated Markets:
        Population equivalents owned
         (000s)                                      24,247            24,209
        Total population (000s)                      25,044            25,044
        Customer units                            2,807,000         2,707,000
        Net customer unit activations               100,000           105,000
        Market penetration                           11.21%            10.81%
        Markets in operation                            139               139
        Cell sites in service                         2,392             2,331
        Average monthly revenue per unit *           $50.64            $47.77
           Retail service revenue per unit*          $37.38            $35.40
           Inbound roaming revenue per
            unit                                      $9.10             $9.21
           Long-distance/other revenue per
            unit                                      $4.16             $3.16
        Postpay churn rate per month                   1.7%              1.8%
        Marketing cost per gross
           customer unit addition                      $335              $338
        Capital Expenditures ($000s)                $69,968           $59,831
 
     * Amounts for the quarters ended 3/31/00, 6/30/00 and 9/30/00 reflect
       changes due to the implementation of SAB 101.
 
 
                         UNITED STATES CELLULAR CORPORATION
                                FINANCIAL HIGHLIGHTS
                            Three Months Ended March 31
            (Unaudited, dollars in thousands, except per share amounts)
 
                                                            Increase (Decrease)
                                           2001      2000     Amount   Percent
     Operating Revenues
       Service Revenues                  $423,959  $380,030   $43,929    11.6%
       Equipment Sales                     15,810    14,127     1,683    11.9%
                                          439,769   394,157    45,612    11.6%
     Operating Expenses (excluding
      depreciation
       and amortization)
       System Operations                   95,584    81,758    13,826    16.9%
       Marketing and Selling               71,305    69,458     1,847     2.7%
       Cost of Equipment Sold              33,812    34,597      (785)   (2.3%)
       General and Administrative         109,246    81,687    27,559    33.7%
                                          309,947   267,500    42,447    15.9%
 
     Operating Cash Flow                  129,822   126,657     3,165     2.5%
 
       Depreciation                        55,244    51,169     4,075     8.0%
       Amortization of Intangibles         16,095    14,839     1,256     8.5%
                                           71,339    66,008     5,331     8.1%
 
     Operating Income                      58,483    60,649    (2,166)   (3.6%)
 
       Investment Income, Net of License
        Cost Amortization                   6,991     8,378    (1,387)  (16.6%)
       Gain on Cellular and Other
        Investments                           -      17,851   (17,851) (100.0%)
       Other Income (Expense)               6,831     3,751     3,080    82.1%
 
     Income Before Interest, Income
      Taxes and Minority Interest          72,305    90,629   (18,324)  (20.2%)
     Interest Expense                       8,821     9,360      (539)   (5.8%)
     Income Tax Expense                    27,188    33,414    (6,226)  (18.6%)
     Income Before Minority Interest       36,296    47,855   (11,559)  (24.2%)
     Minority Share of Income              (2,279)   (1,015)   (1,264)  124.5%
     Income Before Extraordinary Item
      and Cumulative Effect of a Change
       in Accounting Principle             34,017    46,840   (12,823)  (27.4%)
     Extraordinary item - (loss) on
      extinguishment of debt, net of tax   (3,629)      -      (3,629)     N/M
     Income Before Cumulative Effect of
      a Change in Accounting Principle     30,388    46,840   (16,452)  (35.1%)
     Cumulative effect of a change in
      accounting principle, net of tax        -      (4,661)    4,661  (100.0%)
     Net Income                           $30,388   $42,179  $(11,791)  (28.0%)
 
     Weighted Average Common and Series
      A Common Shares (000s) (Basic)       85,989    87,599    (1,610)   (1.8%)
 
     Earnings Per Common and Series A
      Common Share ("EPS") (Basic)          $0.35     $0.48    $(0.13)  (27.1%)
 
     Basic EPS - Operations Before
      Extraordinary Item                    $0.40     $0.41    $(0.01)   (2.4%)
     Basic EPS from Cumulative Effect of
      a Change in Accounting Principle       $-      $(0.05)    $0.05  (100.0%)
     Basic EPS from Extraordinary Item     $(0.05)     $-      $(0.05)     N/M
     Basic EPS - Gains                       $-       $0.12    $(0.12) (100.0%)
 
     Earnings Per Common and Series A
      Common Share ("EPS") (Diluted)        $0.35     $0.47    $(0.12)  (25.5%)
 
     Diluted EPS Before Extraordinary
      Item                                  $0.39     $0.40    $(0.01)   (2.5%)
     Diluted EPS from Cumulative Effect
      of a Change in Accounting
      Principle                              $-      $(0.05)    $0.05  (100.0%)
     Diluted EPS from Extraordinary Item   $(0.04)     $-      $(0.04)     N/M
     Diluted EPS - Gains                     $-       $0.12    $(0.12) (100.0%)
 
     N/M
     -   Percent change not meaningful.
 
 
                        UNITED STATES CELLULAR CORPORATION
                       CONSOLIDATED BALANCE SHEET HIGHLIGHTS
                         (Unaudited, dollars in thousands)
 
                                     ASSETS
 
                                                  March 31,        December 31,
                                                     2001              2000
     Current Assets
        Cash and cash equivalents
           General funds                            $15,960           $69,956
           Affiliated cash equivalents               49,429            54,325
                                                     65,389           124,281
        Temporary investments                             7                 7
        Accounts receivable                         198,183           219,083
        Inventory                                    38,091            48,798
        Note receivable                              45,502               -
        Prepaid expenses and other current
         assets                                      19,172            17,194
                                                    366,344           409,363
 
     Investments
        Licenses, net                             1,210,955         1,130,802
        Marketable equity securities                288,616           377,900
        Investments in unconsolidated
         entities, net                              146,734           188,859
        Notes and interest receivable--
         long-term                                   45,223            84,566
                                                  1,691,528         1,782,127
 
 
     Property, Plant and Equipment
        In service and under construction         1,947,938         1,801,377
        Less accumulated depreciation               724,748           655,754
                                                  1,223,190         1,145,623
 
 
     Deferred Charges
        System development costs, net               113,825           119,724
        Other, net                                    9,734            10,197
                                                    123,559           129,921
     Total Assets                                $3,404,621        $3,467,034
 
 
                         UNITED STATES CELLULAR CORPORATION
                       CONSOLIDATED BALANCE SHEET HIGHLIGHTS
                         (Unaudited, dollars in thousands)
 
                      LIABILITIES AND SHAREHOLDERS' EQUITY
 
                                                  March 31,        December 31,
                                                      2001              2000
     Current Liabilities
        Accounts payable
           Affiliates                                $2,022            $9,124
           Other                                    177,057           203,223
        Customer deposits and deferred revenues      61,991            53,855
        Accrued interest                              3,260             7,449
        Accrued taxes                                56,674            32,529
        Accrued compensation                         16,484            19,550
        Revolving Credit Facility                    55,000            55,000
        Other current liabilities                    20,495            17,597
                                                    392,983           398,327
 
     Long-term Debt
        6% zero coupon convertible debentures       172,664           185,817
        7.25% unsecured notes                       250,000           250,000
        Other                                        13,000            13,000
                                                    435,664           448,817
 
     Deferred Liabilities and Credits               333,617           370,386
 
     Minority Interest                               39,062            34,933
 
        Common Shareholders' Equity
           Common Shares, par value $1 per share     55,046            55,046
           Series A Common Shares,
            par value $1 per share                   33,006            33,006
           Additional paid-in capital             1,317,486         1,321,193
           Treasury Shares                         (129,929)         (145,542)
           Accumulated other comprehensive
            (loss) income                           (69,867)          (16,296)
           Retained earnings                        997,553           967,164
                                                  2,203,295         2,214,571
 
     Total Liabilities and
      Shareholders' Equity                       $3,404,621        $3,467,034
 
 
 

SOURCE U.S. Cellular Corporation
    CHICAGO, April 17 /PRNewswire/ -- United States Cellular Corporation
 (Amex:   USM) reported first quarter results today, reflecting very strong
 growth in customers and low customer churn. Operating results included
 114,000 net customer additions, a 9% increase over the previous year; postpay
 churn of 1.7%; a $43.9 million increase in service revenues to $424 million;
 and $129.8 million of operating cash flow.  Net income from operations totaled
 $34 million, or $.40 per basic share.
 
     First Quarter Highlights
 
     o  Net customer unit activations from marketing channels totaled
        114,000, a 9% increase from the 105,000 activations generated during
        the same quarter of 2000.
 
     o  Customer churn from the postpay business was 1.7% compared to 1.8%
        during the same quarter of 2000.
 
     o  Customer units increased to 3,221,000, a 19% increase over last year.
        There were 46,000 customer units added during the quarter due to the
        acquisition of one market and the addition of two other markets to
        consolidated operations.
 
     o  Service revenues increased $43.9 million to $424 million compared to
        $380 million for the first quarter of 2000.
 
     o  Operating cash flow totaled $129.8 million.
 
     John E. Rooney, President and Chief Executive Officer, commented: "Our
 first quarter results continue to reflect our investment in and heightened
 focus on the customer.  While operating cash flow only grew by 2%, a
 significant portion of operating expenses were incurred to add and retain
 customers, representing an investment in future growth.  By delivering
 outstanding service to our customers, we will realize the benefits of this
 investment and drive value growth for our shareholders."
 
     Repurchase of LYONs
     During the quarter, Liquid Yield Option Notes ("LYONs") holders converted
 a total of $36.9 million face value of LYONs ($15.8 million book value), which
 USM satisfied by paying $12 million in cash and reissuing 162,164 Common
 Shares from its treasury shares.  The LYONs conversions satisfied with cash
 would have been convertible into approximately 187,000 Common Shares.  LYONs
 conversions satisfied with cash produced an after-tax extraordinary loss of
 $3.6 million.
 
     USM Stock Repurchases
     During the quarter, USM did not repurchase any of its Common Shares, and
 reissued 250,210 Common Shares from its treasury shares to satisfy LYONs
 conversions and for certain benefit plans.  As of March 31, 2001, USM had
 approximately 1.9 million treasury shares available.  Over 1.3 million shares
 may be repurchased under an existing authorization.
 
     Based in Chicago, USM manages and invests in cellular systems throughout
 the United States.  As of December 31, 2000, USM managed operational systems
 serving 146 markets.
     All information set forth in this news release, except historical and
 factual information, represents forward-looking statements.  This includes all
 statements about USM's plans, beliefs, estimates and expectations.  These
 statements are based on current estimates and projections, 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 forward-looking statements include, but are not limited to:
 general economic and business conditions, both nationally and in the regions
 in which USM operates; technology changes; competition; changes in business
 strategy or development plans; acquisitions/divestitures of properties and/or
 licenses; changes in governmental regulations; availability of future
 financing; and changes in growth in cellular customers, penetration rates,
 churn rates and roaming rates.  Investors are encouraged to consider these and
 other risks and uncertainties that are discussed in documents filed by USM
 with the SEC.
 
     USM's Internet Home Page:  http://www.uscellular.com
 
 
                         UNITED STATES CELLULAR CORPORATION
                               SUMMARY OPERATING DATA
 
     Quarter Ended                           3/31/01     12/31/00    9/30/00
 
     Total population equivalents
       (owned and acquirable, 000s)           26,676      26,646      26,592
 
     Consolidated Markets:
       Population equivalents owned
        (000s)                                24,607      24,208      24,191
       Total population (000s)                25,670      25,075      24,900
       Customer units                      3,221,000   3,061,000   2,890,000
       Net customer unit activations         114,000     171,000     107,000
       Market penetration                     12.55%      12.21%      11.61%
       Markets in operation                      142         139         138
       Cell sites in service                   2,597       2,501       2,430
       Average monthly revenue per unit *     $44.65      $47.49      $50.91
         Retail service revenue per unit *    $34.39      $36.00      $37.25
         Inbound roaming revenue per unit      $6.74       $7.42       $9.17
         Long-distance/other revenue per
          unit                                 $3.52       $4.07       $4.49
       Postpay churn rate per month             1.7%        1.8%        1.8%
       Marketing cost per gross
         customer unit addition                 $308        $327        $321
       Capital Expenditures ($000s)         $120,410     $98,784     $76,834
 
     * Amounts for the quarters ended 3/31/00, 6/30/00 and 9/30/00 reflect
       changes due to the implementation of SAB 101.
 
 
                         UNITED STATES CELLULAR CORPORATION
                               SUMMARY OPERATING DATA
 
     Quarter Ended                                  6/30/00           3/31/00
 
     Total population equivalents
        (owned and acquirable, 000s)                 26,407            26,406
 
     Consolidated Markets:
        Population equivalents owned
         (000s)                                      24,247            24,209
        Total population (000s)                      25,044            25,044
        Customer units                            2,807,000         2,707,000
        Net customer unit activations               100,000           105,000
        Market penetration                           11.21%            10.81%
        Markets in operation                            139               139
        Cell sites in service                         2,392             2,331
        Average monthly revenue per unit *           $50.64            $47.77
           Retail service revenue per unit*          $37.38            $35.40
           Inbound roaming revenue per
            unit                                      $9.10             $9.21
           Long-distance/other revenue per
            unit                                      $4.16             $3.16
        Postpay churn rate per month                   1.7%              1.8%
        Marketing cost per gross
           customer unit addition                      $335              $338
        Capital Expenditures ($000s)                $69,968           $59,831
 
     * Amounts for the quarters ended 3/31/00, 6/30/00 and 9/30/00 reflect
       changes due to the implementation of SAB 101.
 
 
                         UNITED STATES CELLULAR CORPORATION
                                FINANCIAL HIGHLIGHTS
                            Three Months Ended March 31
            (Unaudited, dollars in thousands, except per share amounts)
 
                                                            Increase (Decrease)
                                           2001      2000     Amount   Percent
     Operating Revenues
       Service Revenues                  $423,959  $380,030   $43,929    11.6%
       Equipment Sales                     15,810    14,127     1,683    11.9%
                                          439,769   394,157    45,612    11.6%
     Operating Expenses (excluding
      depreciation
       and amortization)
       System Operations                   95,584    81,758    13,826    16.9%
       Marketing and Selling               71,305    69,458     1,847     2.7%
       Cost of Equipment Sold              33,812    34,597      (785)   (2.3%)
       General and Administrative         109,246    81,687    27,559    33.7%
                                          309,947   267,500    42,447    15.9%
 
     Operating Cash Flow                  129,822   126,657     3,165     2.5%
 
       Depreciation                        55,244    51,169     4,075     8.0%
       Amortization of Intangibles         16,095    14,839     1,256     8.5%
                                           71,339    66,008     5,331     8.1%
 
     Operating Income                      58,483    60,649    (2,166)   (3.6%)
 
       Investment Income, Net of License
        Cost Amortization                   6,991     8,378    (1,387)  (16.6%)
       Gain on Cellular and Other
        Investments                           -      17,851   (17,851) (100.0%)
       Other Income (Expense)               6,831     3,751     3,080    82.1%
 
     Income Before Interest, Income
      Taxes and Minority Interest          72,305    90,629   (18,324)  (20.2%)
     Interest Expense                       8,821     9,360      (539)   (5.8%)
     Income Tax Expense                    27,188    33,414    (6,226)  (18.6%)
     Income Before Minority Interest       36,296    47,855   (11,559)  (24.2%)
     Minority Share of Income              (2,279)   (1,015)   (1,264)  124.5%
     Income Before Extraordinary Item
      and Cumulative Effect of a Change
       in Accounting Principle             34,017    46,840   (12,823)  (27.4%)
     Extraordinary item - (loss) on
      extinguishment of debt, net of tax   (3,629)      -      (3,629)     N/M
     Income Before Cumulative Effect of
      a Change in Accounting Principle     30,388    46,840   (16,452)  (35.1%)
     Cumulative effect of a change in
      accounting principle, net of tax        -      (4,661)    4,661  (100.0%)
     Net Income                           $30,388   $42,179  $(11,791)  (28.0%)
 
     Weighted Average Common and Series
      A Common Shares (000s) (Basic)       85,989    87,599    (1,610)   (1.8%)
 
     Earnings Per Common and Series A
      Common Share ("EPS") (Basic)          $0.35     $0.48    $(0.13)  (27.1%)
 
     Basic EPS - Operations Before
      Extraordinary Item                    $0.40     $0.41    $(0.01)   (2.4%)
     Basic EPS from Cumulative Effect of
      a Change in Accounting Principle       $-      $(0.05)    $0.05  (100.0%)
     Basic EPS from Extraordinary Item     $(0.05)     $-      $(0.05)     N/M
     Basic EPS - Gains                       $-       $0.12    $(0.12) (100.0%)
 
     Earnings Per Common and Series A
      Common Share ("EPS") (Diluted)        $0.35     $0.47    $(0.12)  (25.5%)
 
     Diluted EPS Before Extraordinary
      Item                                  $0.39     $0.40    $(0.01)   (2.5%)
     Diluted EPS from Cumulative Effect
      of a Change in Accounting
      Principle                              $-      $(0.05)    $0.05  (100.0%)
     Diluted EPS from Extraordinary Item   $(0.04)     $-      $(0.04)     N/M
     Diluted EPS - Gains                     $-       $0.12    $(0.12) (100.0%)
 
     N/M
     -   Percent change not meaningful.
 
 
                        UNITED STATES CELLULAR CORPORATION
                       CONSOLIDATED BALANCE SHEET HIGHLIGHTS
                         (Unaudited, dollars in thousands)
 
                                     ASSETS
 
                                                  March 31,        December 31,
                                                     2001              2000
     Current Assets
        Cash and cash equivalents
           General funds                            $15,960           $69,956
           Affiliated cash equivalents               49,429            54,325
                                                     65,389           124,281
        Temporary investments                             7                 7
        Accounts receivable                         198,183           219,083
        Inventory                                    38,091            48,798
        Note receivable                              45,502               -
        Prepaid expenses and other current
         assets                                      19,172            17,194
                                                    366,344           409,363
 
     Investments
        Licenses, net                             1,210,955         1,130,802
        Marketable equity securities                288,616           377,900
        Investments in unconsolidated
         entities, net                              146,734           188,859
        Notes and interest receivable--
         long-term                                   45,223            84,566
                                                  1,691,528         1,782,127
 
 
     Property, Plant and Equipment
        In service and under construction         1,947,938         1,801,377
        Less accumulated depreciation               724,748           655,754
                                                  1,223,190         1,145,623
 
 
     Deferred Charges
        System development costs, net               113,825           119,724
        Other, net                                    9,734            10,197
                                                    123,559           129,921
     Total Assets                                $3,404,621        $3,467,034
 
 
                         UNITED STATES CELLULAR CORPORATION
                       CONSOLIDATED BALANCE SHEET HIGHLIGHTS
                         (Unaudited, dollars in thousands)
 
                      LIABILITIES AND SHAREHOLDERS' EQUITY
 
                                                  March 31,        December 31,
                                                      2001              2000
     Current Liabilities
        Accounts payable
           Affiliates                                $2,022            $9,124
           Other                                    177,057           203,223
        Customer deposits and deferred revenues      61,991            53,855
        Accrued interest                              3,260             7,449
        Accrued taxes                                56,674            32,529
        Accrued compensation                         16,484            19,550
        Revolving Credit Facility                    55,000            55,000
        Other current liabilities                    20,495            17,597
                                                    392,983           398,327
 
     Long-term Debt
        6% zero coupon convertible debentures       172,664           185,817
        7.25% unsecured notes                       250,000           250,000
        Other                                        13,000            13,000
                                                    435,664           448,817
 
     Deferred Liabilities and Credits               333,617           370,386
 
     Minority Interest                               39,062            34,933
 
        Common Shareholders' Equity
           Common Shares, par value $1 per share     55,046            55,046
           Series A Common Shares,
            par value $1 per share                   33,006            33,006
           Additional paid-in capital             1,317,486         1,321,193
           Treasury Shares                         (129,929)         (145,542)
           Accumulated other comprehensive
            (loss) income                           (69,867)          (16,296)
           Retained earnings                        997,553           967,164
                                                  2,203,295         2,214,571
 
     Total Liabilities and
      Shareholders' Equity                       $3,404,621        $3,467,034
 
 
 SOURCE  U.S. Cellular Corporation