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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 September 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 ____________________
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 October 31, 1996
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Common Shares, $1 par value 54,219,146 Shares
Series A Common Shares, $1 par value 6,907,109 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 September
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, paging restructuring 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 - Nine Months Ended 9/30/96 Compared to
Nine Months Ended 9/30/95" is hereby amended to read as follows:
Excluding gains on the sales of cellular interests and other investments, PCS
development costs and paging restructuring charges, along with the related
income taxes and minority interest, net income available to common would have
been $63.3 million, or $1.04 per share, in the first nine months of 1996,
compared to $52.8 million, or $.91 per share, in the first nine months of 1995.
Nine Months Ended September 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 $ 115,281 $ 86,916
Add: PCS Development Costs 8,711 4,641
Paging Restructuring Costs 3,023 1,013
Less: Effects of Gains (63,718) (39,777)
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As Adjusted $ 63,297 $ 52,793
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Earnings Per Share As Reported $ 1.89 $ 1.49
Add: PCS Development Costs .14 .08
Paging Restructuring Costs .05 .02
Less: Effects of Gains (1.04) (.68)
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As Adjusted $ 1.04 $ .91
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The 1996 breakdown of net income and earnings per share between
operations, PCS development costs, paging restructuring 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 9/30/96 Compared to Three Months
Ended 9/30/95" is hereby amended to read as follows:
Net income available to common for the third quarter of 1996 and 1995 included
significant gains from the sales of non-strategic cellular interests and certain
other investments, increased PCS development costs and paging restructuring
charges. Excluding these gains, PCS development costs and paging restructuring
charges, along with the related income taxes and minority interest, net income
available to common would have been $24.7 million, or $.40 per share, in the
third quarter of 1996, compared to $25.5 million, or $.44 per share, in the
third quarter of 1995.
Three Months Ended September 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 $ 22,200 $ 42,338
Add: PCS Development Costs 3,075 3,250
Paging Restructuring Costs 2,334 1,013
Less: Effects of Gains (2,929) (21,081)
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As Adjusted $ 24,680 $ 25,520
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Earnings Per Share As Reported $ .36 $ .72
Add: PCS Development Costs .05 .06
Paging Restructuring Costs .04 .02
Less: Effects of Gains (.05) (.36)
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As Adjusted $ .40 $ .44
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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)