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
June 30,
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1994 1993
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(Dollars in thousands, except per share amounts)
OPERATING REVENUES
Telephone $ 279,264 $ 252,855
Cellular telephone 269,180 170,925
Radio paging 84,033 65,207
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Total operating revenues 632,477 488,987
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OPERATING EXPENSES
Telephone 195,324 175,524
Cellular telephone 270,497 183,039
Radio paging 81,765 69,552
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Total operating expenses 547,586 428,115
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OPERATING INCOME 84,891 60,872
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INVESTMENT AND OTHER INCOME
Interest and dividend income 9,040 7,390
Minority share of income (4,082) (1,408)
Cellular investment income, net of
license cost amortization 20,456 11,157
Gain on sale of cellular properties
and investments 4,851 16,640
Other income, net (1,042) 1,117
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29,223 34,896
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INCOME BEFORE INTEREST AND INCOME TAXES 114,114 95,768
Interest expense 38,076 34,650
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INCOME BEFORE INCOME TAXES 76,038 61,118
Income tax expense 33,368 26,979
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NET INCOME BEFORE EXTRAORDINARY ITEM AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES 42,670 34,139
Extraordinary item --- (769)
Cumulative effect of accounting changes (723) ---
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NET INCOME 41,947 33,370
Preferred Dividend Requirement (2,307) (2,316)
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NET INCOME AVAILABLE TO COMMON $ 39,640 $ 31,054
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WEIGHTED AVERAGE COMMON SHARES (000s) 50,988 42,844
EARNINGS PER COMMON SHARE:
Before extraordinary item and cumulative
effect of accounting changes $ .79 $ .74
Extraordinary item --- (.02)
Cumulative effect of accounting changes (.01) ---
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Net Income $ .78 $ .72
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DIVIDENDS PER COMMON AND SERIES A
COMMON SHARE $ .35 $ .33
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