United States Cellular Corporat (UZD) 8-K Current report

Exhibit 99.1

U.S. Cellular issued a press release on Oct. 22 reporting certain third-quarter and nine-month operating data. The press release can be found in the Conference Call section of the Investor Relations section ofwww.uscellular.com. In addition, the company hosted a joint conference call on Oct. 22 and discussed certain third-quarter operating data. U.S. Cellular willnot be hosting another conference call to discuss third-quarter results. Interested parties may listen to the Oct. 22 replay by accessing the Conference Call section of the Investor Relations section ofwww.uscellular.com or athttp://www.firstcallevents.com/service/ajwz390314455gf12.html. In addition, certain financial and statistical information contained in the conference call presentation was posted to the U.S. Cellular web site together with reconciliations to GAAP of any non-GAAP information.

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 FULL THIRD-QUARTER RESULTS

Oct. 31, 2003, Chicago, Illinois — United States Cellular Corporation [AMEX:USM] reported full operating results for the third quarter and nine months ended Sept. 30, 2003. Service revenues were $628.4 million for the third quarter of 2003, up 12% from $561.2 million in the comparable period a year ago. The company recorded operating income of $97 million during the quarter, an increase of 55% from the third quarter of 2002. Net income and basic earnings per share were $41.7 million and $.48 respectively, compared to $11 million and $.13 respectively, in the comparable period one year ago. In the third quarter of 2002, the company recorded $34.2 million of pre-tax losses ($21.8 million net of tax of $12.4 million) related to the writedown of certain notes receivable.

The company’s results include operations through July 31, 2003 of markets included in the August 1, 2003 exchange of assets with AT&T Wireless [NYSE:AWE]. Year-over-year comparisons are also affected by the acquisition of the company’s Chicago operations on August 7, 2002. Third quarter 2002 results only include the operating results of the Chicago operations subsequent to that date.

Prior Third Quarter Announcement

U.S. Cellular issued a press release on Oct. 22 reporting third-quarter and nine-month operating data. The U.S. Cellular press release can be found in the Conference Call section of the Investor Relations section ofwww.uscellular.com. In addition, the company hosted a joint conference call on Oct. 22 and discussed third-quarter operating data. U.S. Cellular willnot be hosting another conference call to discuss third-quarter results.

The operating data released on Oct. 22 are not changed by the information reported in this press release, which includes the full operating results for the third quarter and nine months ending Sept. 30, 2003. U.S. Cellular had released only certain operating data on Oct. 22 due to uncertainty about the applicability and effect of recent guidance regarding the implementation of SFAS 150, “Accounting for Certain Instruments with Characteristics of both Liabilities and Equity” that relate to mandatorily redeemable noncontrolling interests. On Oct. 29, 2003, U.S. Cellular was advised that the Financial Accounting Standards Board

(“FASB”) deferred those provisions of SFAS 150 and prohibited early adoption while the FASB reconsiders these provisions. Consequently, as required by this decision, the results of operations do not include any effects related to SFAS 150.

Income Tax Rate

The company recorded an additional $10.2 million income tax expense related to the exchange of properties with AT&T Wireless on Aug. 1, 2003 that resulted in an overall effective tax rate of 50.5% in the quarter. Excluding the additional income tax expense related to the exchange, the effective income tax rate would have been 40.3%.

U.S. Cellular Reported Certain Operating Data for Third Quarter – Oct. 22, 2003

U.S. Cellular issued a press release on Oct. 22 reporting certain third-quarter and nine-month operating data. The U.S. Cellular press release can be found in the Conference Call section of the Investor Relations section ofwww.uscellular.com. In addition, the company hosted a joint conference call on Oct. 22 and discussed certain third-quarter operating data. U.S. Cellular willnot be hosting another conference call to discuss third-quarter results. Interested parties may listen to the Oct. 22 replay by accessing the Conference Call section of the Investor Relations section ofwww.uscellular.com or athttp://www.firstcallevents.com/service/ajwz390314455gf12.html. In addition, certain financial and statistical information contained in the conference call presentation was posted to the U.S. Cellular web site together with reconciliations to Generally Accepted Accounting Principles (“GAAP”) of any non-GAAP information.

As of Sept. 30, U.S. Cellular Corporation, the nation’s eighth largest wireless service carrier, provided wireless service to more than 4.2 million customers in 141 markets throughout 25 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.

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

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UNITED STATES CELLULAR CORPORATION
SUMMARY OPERATING DATA

Quarter Ended		9/30/03			6/30/03			3/31/03			12/31/02			9/30/02
Consolidated Markets:
Total population (000s) (1)		45,817			41,288			41,288			41,048			41,048
Customer units		4,268,000			4,343,000			4,240,000			4,103,000			3,943,000
Net customer unit activations		66,000			103,000			137,000			160,000			76,000
Market penetration (1)		9.32	%		10.52	%		10.27	%		10.00	%		9.61	%
Markets in operation (2)		141			150			149			149			149
Cell sites in service		4,082			4,106			3,987			3,914			3,750
Average monthly revenue per unit (3)	$	49.05		$	47.38		$	45.05		$	47.91		$	49.31
Retail service revenue per unit (3)	$	39.57		$	38.69		$	37.05		$	38.69		$	38.95
Inbound roaming revenue per unit (3)	$	4.65		$	4.41		$	4.36		$	5.37		$	6.52
Long-distance/other revenue per unit (3)	$	4.83		$	4.28		$	3.64		$	3.85		$	3.84
Minutes of use (MOU) (4)		435			424			377			359			327
Postpay churn rate per month (5)		1.6	%		1.5	%		1.6	%		1.8	%		2.0	%
Marketing cost per gross
customer unit addition (6)	$	405		$	378		$	358		$	369		$	348
Capital Expenditures ($000s)	$	135,111		$	163,076		$	140,926		$	281,615		$	192,256

(1) Market penetration is calculated using 2002 Claritas population estimates for 9/30/03, 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. The 9/30/03 total population amounts exclude the population of the 10 markets transferred to AWE in August 2003 and include the population of the 14 markets acquired from AWE in August 2003.

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

(3) Per unit revenue measurements are derived from Service Revenues as reported in Financial Highlights for each respective quarter as follows:

					(Dollars in thousands)
Service Revenues per Financial Highlights	$	628,440	$	610,109		$	564,601	$	575,387	$	561,240
Components:
Retail service revenue during quarter	$	506,983	$	498,176		$	464,341	$	464,633	$	443,290
Inbound roaming revenue during quarter	$	59,638	$	56,840		$	54,606	$	64,533	$	74,243
Long-distance/other revenue during quarter	$	61,819	$	55,093		$	45,654	$	46,221	$	43,707
Divided by average customers      during quarter (000s)		4,271		4,292			4,178		4,003		3,794
Divided by three months in each quarter		3		3			3		3		3
Average monthly revenue per unit	$	49.05	$	47.38		$	45.05	$	47.91	$	49.31
Retail service revenue per unit	$	39.57	$	38.69		$	37.05	$	38.69	$	38.95
Inbound roaming revenue per unit	$	4.65	$	4.41		$	4.36	$	5.37	$	6.52
Long-distance/other revenue per unit	$	4.83	$	4.28		$	3.64	$	3.85	$	3.84

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

(5) Postpay churn rate per month is calculated by dividing the average monthly postpay customer disconnects during the quarter by the average postpay customer base for the quarter.

(6) The numerator of this calculation is the sum of Marketing and Selling Expenses and Cost of Equipment Sold, less Equipment Sales Revenues (excluding agent rebates related to customer retention), for each respective quarter. The numerator is then divided by the number of gross customers activated on the U.S. Cellular network for each respective quarter to arrive at marketing cost per gross customer unit addition.

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

						Increase (Decrease)
	2003			2002			Amount			Percent
Operating Revenues
Service Revenues	$	628,440		$	561,240		$	67,200			12	.0%
Equipment Sales		28,903			18,546			10,357			55	.8%
		657,343			579,786			77,557			13	.4%
Operating Expenses
System Operations(Excluding all amounts included in Depreciation below)		153,724			136,367			17,357			12	.7%
Marketing and Selling		101,589			91,060			10,529			11	.6%
Cost of Equipment Sold		53,383			51,595			1,788			3	.5%
General and Administrative		150,894			135,191			15,703			11	.6%
Depreciation		89,797			93,355			(3,558	)		(3	.8%)
Amortization of Deferred Charges and Customer Lists		12,367			9,521			2,846			29	.9%
(Gain) on Assets Held for Sale		(1,442	)		--			(1,442	)			N/M
		560,312			517,089			43,223			8	.4%
Operating Income		97,031			62,697			34,334			54	.8%
Investment Income		11,301			12,963			(1,662	)		(12	.8%)
Interest (Expense)		(15,615	)		(13,306	)		(2,309	)		(17	.4%)
(Loss) on Investments		--			(34,210	)		34,210				N/M
Other Income		1,019			885			134			15	.1%
Income Before Income Taxes and Minority Interest		93,736			29,029			64,707			222	.9%
Income Tax Expense		47,364			15,460			31,904			206	.4%
Income Before Minority Interest		46,372			13,569			32,803			241	.7%
Minority Share of Income		(4,633	)		(2,594	)		(2,039	)		(78	.6%)
Net Income	$	41,739		$	10,975		$	30,764			280	.3%
Weighted Average Common and Series A Common Shares (000s) (Basic)		86,142			86,095			47
Earnings Per Common and Series A Common Share ("EPS") (Basic)	$	0.48		$	0.13		$	0.35			269	.2%
Earnings Per Common and Series A Common Share ("EPS") (Diluted)	$	0.48		$	0.13		$	0.35			269	.2%

N/M — Percent change not meaningful

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

						Increase (Decrease)
	2003			2002			Amount			Percent
Operating Revenues
Service Revenues	$	1,803,150		$	1,523,506		$	279,644			18	.4%
Equipment Sales		89,917			59,039			30,878			52	.3%
		1,893,067			1,582,545			310,522			19	.6%
Operating Expenses
System Operations(Excluding all amounts included in Depreciation below)		438,721			362,426			76,295			21	.1%
Marketing and Selling		309,058			249,185			59,873			24	.0%
Cost of Equipment Sold		175,510			118,550			56,960			48	.0%
General and Administrative		483,981			356,702			127,279			35	.7%
Depreciation		272,773			228,289			44,484			19	.5%
Amortization of Deferred Charges and Customer Lists		42,165			23,748			18,417			77	.6%
Loss on Assets Held for Sale		25,558			--			25,558				N/M
		1,747,766			1,338,900			408,866			30	.5%
Operating Income		145,301			243,645			(98,344	)		(40	.4%)
Investment Income		37,163			30,711			6,452			21	.0%
Interest (Expense)		(47,513	)		(30,993	)		(16,520	)		(53	.3%)
(Loss) on Investments		(3,500	)		(278,909	)		275,409			98	.7%
Other Income		2,801			4,924			(2,123	)		(43	.1%)
Income (Loss) Before Income Taxes and Minority Interest		134,252			(30,622	)		164,874				N/M
Income Tax Expense (Benefit)		68,493			(3,856	)		72,349				N/M
Income (Loss) Before Minority Interest		65,759			(26,766	)		92,525				N/M
Minority Share of Income		(9,549	)		(6,248	)		(3,301	)		(52	.8%)
Income (Loss) Before Cumulative Effect of Accounting Change		56,210			(33,014	)		89,224				N/M
Cumulative effect of accounting change, net of tax		--			4,097			(4,097	)			N/M
Net Income (Loss)	$	56,210		$	(28,917	)	$	85,127				N/M
Weighted Average Common and Series A Common Shares (000s) (Basic)		86,132			86,077			55
Earnings Per Common and Series A Common Share ("EPS") (Basic)	$	0.65		$	(0.34	)	$	0.99				N/M
Basic EPS Before Cumulative Effect of Accounting Change	$	0.65		$	(0.39	)	$	1.04				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)	$	0.65		$	(0.34	)	$	0.99				N/M
Diluted EPS Before Cumulative Effect of Accounting Change	$	0.65		$	(0.39	)	$	1.04				N/M
Diluted EPS from Cumulative Effect of Accounting Change	$	--		$	0.05		$	(0.05	)			N/M

N/M — Percent change not meaningful

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

ASSETS

	September 30, 2003		December 31, 2002
Current Assets
Cash and cash equivalents
General funds	$	21,945	$	14,155
Affiliated cash equivalents		--		709
		21,945		14,864
Accounts receivable		273,901		315,251
Inventory		39,674		55,490
Prepaid expenses and other current assets		51,274		67,668
		386,794		453,273
Investments
Licenses		1,111,780		1,038,556
Goodwill		549,780		643,629
Customer list, net		27,201		40,087
Deferred licenses		47,158		--
Marketable equity securities		211,178		185,961
Investments in unconsolidated entities, net		178,417		161,451
Notes and interest receivable--long-term		6,476		7,287
		2,131,990		2,076,971
Property, Plant and Equipment
In service and under construction		3,339,146		3,085,583
Less accumulated depreciation		1,248,339		1,051,792
		2,090,807		2,033,791
Deferred Charges
System development costs, net		107,754		114,642
Other, net		23,359		21,164
		131,113		135,806
Total Assets	$	4,740,704	$	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

	September 30, 2003			December 31, 2002
Current Liabilities
9% senior notes	$	--		$	45,200
Notes payable		470,000			460,000
Accounts payable
Affiliates		5,446			4,958
Trade		179,619			301,929
Customer deposits and deferred revenues		94,032			82,639
Accrued interest		5,203			9,295
Accrued taxes		51,049			24,401
Accrued compensation		32,493			30,279
Other current liabilities		24,311			20,323
		862,153			979,024
Long-term Debt
Long-term debt-affiliates		105,000			105,000
6% zero coupon convertible debentures		155,356			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
		813,212			806,460
Deferred Liabilities and Credits		520,613			444,255
Minority Interest		61,395			55,068
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		1,307,646			1,307,185
Treasury Shares		(115,473	)		(117,262	)
Accumulated other comprehensive income		20,142			10,307
Retained earnings		1,182,964			1,126,752
		2,483,331			2,415,034
Total Liabilities and Shareholders' Equity	$	4,740,704		$	4,699,841

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

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