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
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June 30,
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1995 1994
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(Dollars in thousands, except per share amounts)
OPERATING REVENUES
Cellular telephone $ 402,386 $ 269,180
Telephone 337,404 279,264
Radio paging 100,699 84,033
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Total operating revenues 840,489 632,477
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OPERATING EXPENSES
Cellular telephone 370,604 270,497
Telephone 243,266 195,324
Radio paging 106,125 81,765
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Total operating expenses 719,995 547,586
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OPERATING INCOME 120,494 84,891
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INVESTMENT AND OTHER INCOME
Interest and dividend income 11,913 9,040
Minority share of income (17,602) (4,082)
Cellular investment income,
net of license cost amortization 33,100 20,456
Gain on sale of cellular interests
and other investments 43,831 4,851
Other income, net (2,941) (1,042)
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68,301 29,223
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INCOME BEFORE INTEREST AND
INCOME TAXES 188,795 114,114
Interest expense 49,628 38,076
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INCOME BEFORE INCOME TAXES 139,167 76,038
Income tax expense 57,394 33,368
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NET INCOME BEFORE CUMULATIVE EFFECT
OF ACCOUNTING CHANGES 81,773 42,670
Cumulative effect of accounting changes (723)
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NET INCOME 81,773 41,947
Preferred Dividend Requirement (1,797) (2,307)
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NET INCOME AVAILABLE TO COMMON $ 79,976 $ 39,640
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WEIGHTED AVERAGE COMMON SHARES (000s) 56,588 50,988
EARNINGS PER COMMON SHARE:
Before cumulative effect of
accounting changes $ 1.41 $ .79
Cumulative effect of
accounting changes (.01)
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Net Income $ 1.41 $ .78
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DIVIDENDS PER COMMON AND SERIES A
COMMON SHARE $ .37 $ .35
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