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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q/A-1
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
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OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
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Commission File Number 1-8251
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TELEPHONE AND DATA SYSTEMS, INC.
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(Exact name of registrant as specified in its charter)
Iowa 36-2669023
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
30 North LaSalle Street, Chicago, Illinois 60602
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 630-1900
Not Applicable
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(Former address of principal executive offices) (Zip Code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Class Outstanding at July 31, 1996
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Common Shares, $1 par value 54,173,726 Shares
Series A Common Shares, $1 par value 6,898,044 Shares
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TELEPHONE AND DATA SYSTEMS, INC.
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Amendment No. 1
The undersigned registrant hereby amends the following item
included in its Quarterly Report on Form 10-Q for the quarter ended June 30,
1996, as set forth in the pages attached hereto:
Part I. Financial Information
Management's Discussion and Analysis of Results of
Operations and Financial Condition
The 1996 breakdown of net income and earnings per share between
operations, PCS development costs and gains from the sales of non-strategic
investments in the second full paragraph and table on page 2 under the "Results
of Operations - Six Months Ended 6/30/96 Compared to Six Months Ended 6/30/95"
is hereby amended to read as follows:
Net income available to common for the first half of 1996 and 1995 included
significant gains from the sales of non-strategic cellular interests and certain
other investments, and increased PCS development costs. Excluding these gains
and PCS development costs, along with the related income taxes and minority
interest, net income available to common would have been $37.7 million, or $.63
per share, in the first half of 1996, compared to $27.5 million, or $.47 per
share, in the first half of 1995.
Six Months Ended June 30,
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1996 1995
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(Dollars in thousands,
except per share amounts)
Net Income Available to Common As Reported $ 92,889 $ 44,800
Add: PCS Development Costs 5,636 1,391
Less: Effects of Gains (60,789) (18,695)
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As Adjusted $ 37,736 $ 27,496
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Earnings Per Share As Reported $ 1.54 $ .77
Add: PCS Development Costs .10 .02
Less: Effects of Gains (1.01) (.32)
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As Adjusted $ .63 $ .47
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The 1996 breakdown of net income and earnings per share between operations,
PCS development costs and gains from the sales of non-strategic investments in
the first full paragraph and table on page 7 under the caption "Three Months
Ended 6/30/96 Compared to Three Months Ended 6/30/95" is hereby amended to read
as follows:
Net income available to common for the second quarter of 1996 and 1995 included
significant gains from the sales of non-strategic cellular interests and certain
other investments, and increased PCS development costs. Excluding these gains
and PCS development costs, along with the related income taxes and minority
interest, net income available to common would have been $20.8 million, or $.34
per share, in the second quarter of 1996, compared to $13.3 million, or $.23 per
share, in the second quarter of 1995.
Three Months Ended June 30,
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1996 1995
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(Dollars in thousands,
except per share amounts)
Net Income Available to Common As Reported $ 59,450 $ 22,086
Add: PCS Development Costs 1,807 1,125
Less: Effects of Gains (40,481) (9,901)
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As Adjusted $ 20,776 $ 13,310
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Earnings Per Share As Reported $ .97 $ .38
Add: PCS Development Costs .03 .02
Less: Effects of Gains (.66) (.17)
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As Adjusted $ .34 $ .23
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this amendment to be signed on its behalf by the
undersigned thereunto duly authorized.
TELEPHONE AND DATA SYSTEMS, INC.
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(Registrant)
Date March 6, 1997 /s/ GREGORY J. WILKINSON
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Gregory J. Wilkinson,
Vice President and Controller
(Principal Accounting Officer)