Exhibit 99.1
TELEPHONE AND DATA SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
Twelve Months Ended
September 30,
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1995 1994
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(Dollars in thousands,
except per share amounts)
OPERATING REVENUES
Cellular telephone $ 451,027 $ 299,156
Telephone 347,829 289,600
Radio paging 105,036 87,635
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Total operating revenues 903,892 676,391
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OPERATING EXPENSES
Cellular telephone 412,373 289,606
Telephone 250,700 204,620
Radio paging 112,068 86,093
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Total operating expenses 775,141 580,319
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OPERATING INCOME 128,751 96,072
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INVESTMENT AND OTHER INCOME
Interest and dividend income 12,763 10,071
Minority share of income (22,004) (6,859)
Cellular investment income, net of license cost
amortization 35,399 24,811
Gain on sale of cellular interests and other
investments 87,206 --
Other income, net (6,673) 504
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106,691 28,527
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INCOME BEFORE INTEREST AND INCOME TAXES 235,442 124,599
Interest expense 51,682 38,345
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INCOME BEFORE INCOME TAXES 183,760 86,254
Income tax expense 77,014 37,848
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NET INCOME BEFORE CUMULATIVE EFFECT
OF ACCOUNTING CHANGES 106,746 48,406
Cumulative effect of accounting changes -- (723)
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NET INCOME 106,746 47,683
Preferred Dividend Requirement (1,933) (2,318)
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NET INCOME AVAILABLE TO COMMON $ 104,813 $ 45,365
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WEIGHTED AVERAGE COMMON SHARES (000s) 57,592 52,365
EARNINGS PER COMMON SHARE:
Before cumulative effect of accounting changes $ 1.82 $ .88
Cumulative effect of accounting changes -- (.01)
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Net Income $ 1.82 $ .87
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DIVIDENDS PER COMMON AND SERIES A
COMMON SHARE $ .375 $ .355
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