Exhibit 99.1
TELEPHONE AND DATA SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
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Twelve Months Ended
September 30,
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1994 1993
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(Dollars in thousands, except per share amounts)
OPERATING REVENUES
Telephone $ 289,600 $ 262,508
Cellular telephone 299,156 193,107
Radio paging 87,635 70,704
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Total operating revenues 676,391 526,319
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OPERATING EXPENSES
Telephone 204,620 182,524
Cellular telephone 289,606 202,306
Radio paging 86,093 73,533
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Total operating expenses 580,319 458,363
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OPERATING INCOME 96,072 67,956
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INVESTMENT AND OTHER INCOME
Interest and dividend income 10,071 7,734
Minority share of income (6,859) (2,809)
Cellular investment income, net of
license cost amortization 24,811 13,037
Gain on sale of cellular properties
and investments - 22,035
Other income, net 504 (841)
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28,527 39,156
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INCOME BEFORE INTEREST AND INCOME TAXES 124,599 107,112
Interest expense 38,345 36,363
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INCOME BEFORE INCOME TAXES 86,254 70,749
Income tax expense 37,848 31,349
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NET INCOME BEFORE EXTRAORDINARY ITEM AND
CUMULATIVE EFFECT OF ACCOUNTING CHANGES 48,406 39,400
Extraordinary item - (769)
Cumulative effect of accounting changes (723) -
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NET INCOME 47,683 38,631
Preferred Dividend Requirement (2,318) (2,351)
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NET INCOME AVAILABLE TO COMMON $ 45,365 $ 36,280
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WEIGHTED AVERAGE COMMON SHARES (000s) 52,365 44,910
EARNINGS PER COMMON SHARE:
Before extraordinary item
and cumulative effect of accounting changes $ .88 $ .82
Extraordinary item - (.01)
Cumulative effect of accounting changes (.01) -
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Net Income $ .87 $ .81
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DIVIDENDS PER COMMON AND SERIES A
COMMON SHARE $ .355 $ .335
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