Exhibit 99.1
UNITED STATES CELLULAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
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Twelve Months Ended
March 31,
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1994 1993
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(Dollars in thousands, except per share amounts)
OPERATING REVENUES
Service $ 228,029 $ 144,764
Equipment sales 11,046 10,103
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Total Operating Revenues 239,075 154,867
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OPERATING EXPENSES
System operations 37,181 25,778
Marketing and selling 48,221 35,402
Cost of equipment sold 29,826 18,456
General and administrative 80,073 55,482
Depreciation 28,738 18,683
Amortization of intangibles 21,316 14,471
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Total Operating Expenses 245,355 168,272
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OPERATING (LOSS) BEFORE MINORITY SHARE (6,280) (13,405)
Minority share of operating (income) (3,847) (2,525)
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OPERATING (LOSS) (10,127) (15,930)
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INVESTMENT AND OTHER INCOME
Investment income 19,048 12,366
Amortization of license and deferred costs
related to investments (927) (708)
Interest income 2,621 3,194
Other (expense), net (693) (1,937)
Gain on sale of cellular interests 4,851 16,521
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Total Investment and Other Income 24,900 29,436
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INCOME BEFORE INTEREST AND
INCOME TAXES 14,773 13,506
Interest expense - affiliated 25,528 19,450
Interest expense - other 3,966 3,888
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(LOSS) BEFORE INCOME TAXES (14,721) (9,832)
Income tax expense 3,342 1,466
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NET (LOSS) $ (18,063) $ (11,298)
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WEIGHTED AVERAGE COMMON AND
SERIES A COMMON SHARES (000s) 62,439 51,730
NET (LOSS) PER COMMON SHARE $ (.29) $ (.22)
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