United States Cellular Corporat (UZD) 8-K Regulation FD Disclosure

Exhibit 99.1

As previously announced, TDS and USM will hold a joint teleconference on July 23, 2003 at 10:00 am Chicago time. Interested parties may listen to the call live on the TDS Web site atwww.teldta.comin the Conference Call section of Investor Relations.

Contact: Kenneth R. Meyers, Executive Vice President - Finance - U.S. Cellular
(773) 399-8900kmeyers@uscellular.com

Mark A. Steinkrauss, Vice President, Corporate Relations -TDS
(312) 592-5384mark.steinkrauss@teldta.com

FOR RELEASE: IMMEDIATE

U.S. CELLULAR REPORTS SECOND QUARTER RESULTS

July 23, 2003, Chicago, Illinois — United States Cellular Corporation [AMEX:USM] reported service revenues of $610.1 million for the second quarter of 2003, up 22% from $501.2 million in the comparable period a year ago. The company recorded operating income of $54.5 million during the quarter, a decline of 46% from the second quarter of 2002. Operating expenses include a $3.5 million loss related to the assets to be transferred to AT&T Wireless [NYSE:AWE] pursuant to the exchange transaction announced in March 2003. In addition, the company spent aggressively on selling, marketing and advertising expenses in support of its launch of the Chicago market and, most recently, its Omaha, Neb. market launch. Higher expenses related to customer growth and increased minutes of use, substantial integration and customer retention costs, plus a larger fixed asset base also negatively impacted operating income in the second quarter of 2003. Basic earnings per share was $.34 compared to a loss of $1.03 in the second quarter a year ago. In the second quarter of 2002, the company recorded $244.7 million of pre-tax losses related to the writedown in value of marketable equity securities.

The company’s operating results include operations of the markets to be included in the exchange of assets with AWE. Service revenues from these markets totaled approximately $29 million in the second quarter of 2003. In addition, year-over-year comparisons are affected by the fact that second-quarter 2002 results do not include operating results for the company’s Chicago operations, which were acquired in August 2002.

Second Quarter Highlights

• Customer units totaled 4,343,000, a 22% increase from 3,547,000 customers one year earlier.

• Net customer unit activations from distribution channels totaled 103,000 during the quarter, compared to 43,000 activations for the same quarter of 2002.

• For the quarter, the company recorded postpay churn of 1.5%, which is very favorable to industry averages.

• Average monthly retail service revenue per customer increased 2% year-over-year in the quarter to $38.69, compared to $37.93 in the same period a year ago.

“We are very pleased to report another quarter of excellent operating results,” said John E. Rooney, president and chief executive officer. “Net adds growth of 103,000 was strong and spread across all of our regions. Service revenues grew 22% and average monthly retail service revenue, or ARPU, was up year-over-year for the sixth consecutive quarter. Most importantly, our postpay churn rate fell again to 1.5%, about the lowest in the industry. Our associates have coupled top-notch customer service with attractive calling plans and network quality to drive high levels of customer satisfaction, and that’s what U.S. Cellular is all about.

“U.S. Cellular name recognition continues to build in the Chicago market as we add customers at a fast clip. Earlier this month we were the host sponsor for ‘Taste of Chicago,’ a huge lakeside celebration of everything that makes Chicago great. And just a week ago, Major League baseball’s All-Star Game was held at U.S. Cellular Field in Chicago. We will continue to drive brand awareness and continue the momentum in U.S. Cellular’s hometown market with additional promotional campaigns later this summer.

“Our operating expenses were up again this quarter. We continue to spend strategically to improve our footprint in the Midwest, launching service in the Omaha, Nebraska market in June and driving the growth of the Chicago market. As was the case in the first quarter, this spending was principally for selling, marketing and advertising. More customers using more minutes on more cell sites drove a 25% increase in system operations expenses. Depreciation expense was up 26% as we continued spending to support our growth and to convert our network to CDMA 1XRTT technology. The conversion to CDMA has gone well – we are ahead of schedule and below planned cost. And finally, marketing and retention costs grew to ensure customer recognition of our products and services and to minimize customer churn. We will complete our billing system conversion in the Chicago market at the end of this month, which will help reduce expenses in the second half of the year.”

Second-quarter operating expenses include a pre-tax loss of $3.5 million representing the increase in book value of the assets being transferred to AWE in the planned transaction.

Based on the belief that U.S. Cellular’s planned transaction with AWE will close within thirty days, the company has reviewed its forward-looking statements. The revised statements for the year 2003, inclusive of costs for the build-out of some AWE markets, are as follows:

U.S. Cellular 2003 Outlook

Net adds	475,000 – 500,000
Service revenues	$2.35 – $2.4 billion
Depreciation and amortization	$445 – $450 million
Operating income*	$170 – $190 million
Capital spending	$650 – $670 million

*Includes $27 million in operating expenses related to loss on assets held for sale related tothe planned AWE exchange.

U.S. Cellular Corporation, the nation’s eighth largest wireless service carrier, provides wireless service to more than 4.3 million customers in 150 markets throughout 26 states. The Chicago-based company operates on a customer satisfaction strategy, meeting customer needs by providing a comprehensive range of wireless products and services, superior customer support and a high-quality network.

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 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 these forward-looking statements include, but are not limited to: changes in circumstances or events that may affect the ability of the Company to acquire or, if it acquires, to start up the operations of the properties involved in the AWE transaction; the ability of the Company to manage and grow the operations of the Chicago MTA; changes in the overall economy; changes in competition in the markets in which the Company operates; advances in telecommunications technology;

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changes brought about by the implementation of wireless number portability; changes in the telecommunications regulatory environment; changes in the value of investments, including variable prepaid forward contracts; changes in the capital markets that could adversely impact the availability, cost and terms of financing; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations; pending and future litigation; acquisitions/divestitures of properties and/or licenses; changes in customer growth rates, retail service revenue per unit, churn rates, roaming rates and the mix of products and services offered in the Company’s markets. Investors are encouraged to consider these and other risks and uncertainties that are discussed in documents filed by the Company with the Securities and Exchange Commission.

As previously announced, TDS and U.S. Cellular will hold a joint teleconference on July 23, 2003 at 10:00 am Chicago time. Interested parties may listen to the call live over the Internet by accessing the conference call section ofwww.uscellular.com, by accessinghttp://www.firstcallevents.com/service/ajwz384465118gf12.html or by calling 888/245-6674 Conference ID#1621715. The conference call will also be archived on the conference call section of the USM Web site atwww.uscellular.com. Certain financial and statistical information contained in the conference call presentation will be posted to the conference call page of the Investor Relations section of the U.S. Cellular Web site, together with reconciliations of GAAP to any non-GAAP information to be disclosed, prior to the commencement of the call.

USM’s Internet Home Page:www.uscellular.com

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UNITED STATES CELLULAR CORPORATION
SUMMARY OPERATING DATA

Quarter Ended		6/30/03			3/31/03			12/31/02			9/30/02			6/30/02
Consolidated Markets:
Total population (000s) (1)		41,288			41,288			41,048			41,048			30,384
Customer units		4,343,000			4,240,000			4,103,000			3,943,000			3,547,000
Net customer unit activations		103,000			137,000			160,000			76,000			43,000
Market penetration (1)		10.52	%		10.27	%		10.00	%		9.61	%		11.67	%
Markets in operation  (2)		150			149			149			149			148
Cell sites in service		4,106			3,987			3,914			3,750			3,145
Average monthly revenue per unit	$	47.38		$	45.05		$	47.91		$	49.31		$	47.48
Retail service revenue per unit	$	38.69		$	37.05		$	38.69		$	38.95		$	37.93
Inbound roaming revenue per unit	$	4.41		$	4.36		$	5.37		$	6.52		$	5.90
Long-distance/other revenue per unit	$	4.28		$	3.64		$	3.85		$	3.84		$	3.65
Minutes of use (MOU) (3)		424			377			359			327			280
Postpay churn rate per month		1.5	%		1.6	%		1.8	%		2.0	%		1.7	%
Marketing cost per gross
customer unit addition (4)	$	378		$	358		$	369		$	348		$	386
Capital Expenditures ($000s)	$	163,076		$	140,926		$	281,615		$	192,256		$	156,699

(1) Market penetration is calculated using 2002 Claritas population estimates for 6/30/03 and 3/31/03 and 2001 Claritas estimates for all other periods. "Total population" represents the total incremental population of each of U.S. Cellular's consolidated markets, regardless of whether the market has begun marketing operations.

(2) Represents only those markets which have begun marketing operations.

(3) Average monthly local minutes of use per customer (without roaming).

(4) Due to changes in accounting for agent rebates, for all periods shown this measurement is no longer calculable using information from the financial statements as reported.

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UNITED STATES CELLULAR CORPORATION
FINANCIAL HIGHLIGHTS
Three Months Ended June 30
(Unaudited, dollars in thousands, except per share amounts)

							Increase (Decrease)
	2003			2002			Amount			Percent
Operating Revenues
Service Revenues	$	610,109		$	501,153		$	108,956			21	.7%
Equipment Sales		29,701			23,186			6,515			28	.1%
		639,810			524,339			115,471			22	.0%
Operating Expenses
System Operations		147,032			118,138			28,894			24	.5%
Marketing and Selling		98,548			78,899			19,649			24	.9%
Cost of Equipment Sold		57,362			36,588			20,774			56	.8%
General and Administrative		175,638			113,033			62,605			55	.4%
Depreciation		87,104			68,957			18,147			26	.3%
Amortization of Deferred Charges and Customer Lists		16,167			7,452			8,715			116	.9%
Loss on Assets Held for Sale		3,500			--			3,500				N/M
		585,351			423,067			162,284			38	.4%
Operating Income		54,459			101,272			(46,813	)		(46	.2%)
Investment Income		13,484			7,287			6,197			85	.0%
Interest (Expense)		(16,444	)		(8,657	)		(7,787	)		(90	.0%)
(Loss) on Investments		--			(244,699	)		244,699				N/M
Other Income		1,521			2,643			(1,122	)		(42	.5%)
Income (Loss) Before Income Taxes and Minority Interest		53,020			(142,154	)		195,174				N/M
Income Tax Expense (Benefit)		22,247			(54,993	)		77,240				N/M
Income (Loss) Before Minority Interest		30,773			(87,161	)		117,934				N/M
Minority Share of Income		(1,659	)		(1,221	)		(438	)		(35	.9%)
Net Income (Loss)	$	29,114		$	(88,382	)	$	117,496				N/M
Weighted Average Common and Series A Common Shares (000s) (Basic)		86,134			86,083			51
Earnings Per Common and Series A Common Share ("EPS") (Basic)	$	0.34		$	(1.03	)	$	1.37				N/M
Earnings Per Common and Series A Common Share ("EPS") (Diluted)	$	0.34		$	(1.03	)	$	1.37				N/M

N/M — Percentage change not meaningful.

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UNITED STATES CELLULAR CORPORATION
FINANCIAL HIGHLIGHTS
Six Months Ended June 30
(Unaudited, dollars in thousands, except per share amounts)

								Increase (Decrease)
	2003			2002			Amount			Percent
Operating Revenues
Service Revenues	$	1,174,710		$	962,266		$	212,444		22.1%
Equipment Sales		61,014			40,493			20,521		50.7%
		1,235,724			1,002,759			232,965		23.2%
Operating Expenses
System Operations		284,997			226,059			58,938		26.1%
Marketing and Selling		207,469			158,125			49,344		31.2%
Cost of Equipment Sold		122,127			66,955			55,172		82.4%
General and Administrative		333,087			221,511			111,576		50.4%
Depreciation		182,976			134,934			48,042		35.6%
Amortization of Deferred Charges and Customer Lists		29,798			14,227			15,571		109.4%
Loss on Assets Held for Sale		27,000			--			27,000		N/M
		1,187,454			821,811			365,643		44.5%
Operating Income		48,270			180,948			(132,678	)	(73.3%)
Investment Income		25,862			17,748			8,114		45.7%
Interest (Expense)		(31,898	)		(17,687	)		(14,211	)	(80.3%)
(Loss) on Investments		(3,500	)		(244,699	)		241,199		N/M
Other Income		1,782			4,039			(2,257	)	(55.9%)
Income (Loss) Before Income Taxes and Minority Interest		40,516			(59,651	)		100,167		N/M
Income Tax Expense (Benefit)		21,129			(19,316	)		40,445		N/M
Income (Loss) Before Minority Interest		19,387			(40,335	)		59,722		N/M
Minority Share of Income		(4,916	)		(3,654	)		(1,262	)	(34.5%)
Income (Loss) Before Cumulative Effect of Accounting Change		14,471			(43,989	)		58,460		N/M
Cumulative effect of accounting change, net of tax		--			4,097			(4,097	)	N/M
Net Income (Loss)	$	14,471		$	(39,892	)	$	54,363		N/M
Weighted Average Common and Series A Common Shares (000s) (Basic)		86,127			86,068			59
Earnings Per Common and Series A Common Share ("EPS") (Basic)	$	0.17		$	(0.46	)	$	0.63		N/M
Basic EPS Before Cumulative Effect of Accounting Change	$	0.17		$	(0.51	)	$	0.68		N/M
Basic EPS from Cumulative Effect of Accounting Change	$	--		$	0.05		$	(0.05	)	N/M
Earnings Per Common and Series A Common Share ("EPS") (Diluted)	$	0.17		$	(0.46	)	$	0.63		N/M
Diluted EPS Before Cumulative Effect of Accounting Change	$	0.17		$	(0.51	)	$	0.68		N/M
Diluted EPS from Cumulative Effect of Accounting Change	$	--		$	0.05		$	(0.05	)	N/M

N/M — Percentage change not meaningful

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UNITED STATES CELLULAR CORPORATION
CONSOLIDATED BALANCE SHEET HIGHLIGHTS
(Unaudited, dollars in thousands)

ASSETS

	June 30, 2003		December 31, 2002
Current Assets
Cash and cash equivalents
General funds	$	24,966	$	14,155
Affiliated cash equivalents		723		709
		25,689		14,864
Accounts receivable		268,102		315,251
Inventory		87,498		55,490
Prepaid expenses and other current assets		63,514		67,668
		444,803		453,273
Investments
Licenses		979,759		1,038,556
Goodwill		547,663		643,629
Customer list, net		31,111		40,087
Marketable equity securities		202,879		185,961
Investments in unconsolidated entities, net		171,214		161,451
Notes and interest receivable--long-term		6,476		7,287
		1,939,102		2,076,971
Property, Plant and Equipment
In service and under construction		3,214,214		3,085,583
Less accumulated depreciation		1,159,849		1,051,792
		2,054,365		2,033,791
Deferred Charges
System development costs, net		107,375		114,642
Other, net		20,613		21,164
		127,988		135,806
Assets of Operations Held for Sale		223,876		--
Total Assets	$	4,790,134	$	4,699,841

NOTE: Certain December 31, 2002 amounts have been changed to conform to current period presentation.

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UNITED STATES CELLULAR CORPORATION
CONSOLIDATED BALANCE SHEET HIGHLIGHTS
(Unaudited, dollars in thousands)

LIABILITIES AND SHAREHOLDERS' EQUITY

	June 30, 2003			December 31, 2002
Current Liabilities
9% senior notes	$	--		$	45,200
Notes payable		605,000			460,000
Accounts payable
Affiliates		4,170			4,958
Trade		205,863			301,929
Customer deposits and deferred revenues		92,898			82,639
Accrued interest		9,858			9,295
Accrued taxes		30,593			24,401
Accrued compensation		26,541			30,279
Other current liabilities		23,040			20,323
		997,963			979,024
Long-term Debt
Long-term debt-affiliates		105,000			105,000
6% zero coupon convertible debentures		153,065			148,604
7.25% unsecured notes		250,000			250,000
Variable prepaid forward contract		159,856			159,856
8.75% notes		130,000			130,000
Other		13,000			13,000
		810,921			806,460
Deferred Liabilities and Credits		476,966			444,255
Minority Interest		58,243			55,068
Liabilities of Operations Held for Sale		9,005			--
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		1,306,970			1,307,185
Treasury Shares		(115,757	)		(117,262	)
Accumulated other comprehensive income		16,546			10,307
Retained earnings		1,141,225			1,126,752
		2,437,036			2,415,034
Total Liabilities and Shareholders' Equity	$	4,790,134		$	4,699,841

NOTE: Certain December 31, 2002 amounts have been changed to conform to current period presentation.

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