Exhibit 99.1
TELEPHONE AND DATA SYSTEMS, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF INCOME
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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
Telephone $ 277,225 $ 241,990
Cellular telephone 239,075 154,869
Radio paging 79,897 59,772
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596,197 456,631
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OPERATING EXPENSES
Telephone 194,879 168,884
Cellular telephone 245,355 168,274
Radio paging 79,302 64,337
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519,536 401,495
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OPERATING INCOME 76,661 55,136
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INVESTMENT AND OTHER INCOME
Interest and dividend income 8,352 7,935
Minority share of income (2,427) (567)
Cellular investment income, net of license cost
amortization 16,835 10,045
Gain on sale of cellular interests 4,970 16,521
Other income, net 430 1,214
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28,160 35,148
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INCOME BEFORE INTEREST AND INCOME TAXES 104,821 90,284
Interest expense 38,329 32,924
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INCOME BEFORE INCOME TAXES 66,492 57,360
Income tax expense 29,175 25,196
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NET INCOME BEFORE EXTRAORDINARY ITEM AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGE 37,317 32,164
Extraordinary item - (769)
Cumulative effect of accounting change (723) -
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NET INCOME 36,594 31,395
Preferred Dividend Requirement (2,353) (2,280)
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NET INCOME AVAILABLE TO COMMON $ 34,241 $ 29,115
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WEIGHTED AVERAGE COMMON SHARES (000s) 49,332 41,097
EARNINGS PER COMMON SHARE:
Before extraordinary item and
cumulative effect of accounting change $ .71 $ .73
Extraordinary item - (.02)
Cumulative effect of accounting change (.02) -
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Net Income $ .69 $ .71
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DIVIDENDS PER COMMON AND SERIES A
COMMON SHARE $ .345 $ .325
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