Exhibit 99.1
UNITED STATES CELLULAR CORPORATION 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
Service $ 285,982 $ 183,076
Equipment sales 13,174 10,031
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Total Operating Revenues 299,156 193,107
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OPERATING EXPENSES
System operations 43,250 31,845
Marketing and selling 61,318 39,058
Cost of equipment sold 34,902 22,837
General and administrative 90,123 68,010
Depreciation 35,619 22,989
Amortization of intangibles 24,394 17,567
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Total Operating Expenses 289,606 202,306
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OPERATING INCOME (LOSS) BEFORE MINORITY SHARE 9,550 (9,199)
Minority share of operating income (4,432) (3,093)
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OPERATING INCOME (LOSS) 5,118 (12,292)
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INVESTMENT AND OTHER INCOME
Investment income 24,851 16,028
Amortization of license and deferred costs
related to investments (918) (880)
Interest income 3,090 2,911
Other (expense), net (1,662) (715)
Gain on sale of cellular interests - 21,916
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Total Investment and Other Income 25,361 39,260
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INCOME BEFORE INTEREST AND
INCOME TAXES 30,479 26,968
Interest expense - affiliate 17,741 27,866
Interest expense - other 4,036 4,060
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INCOME (LOSS) BEFORE INCOME TAXES 8,702 (4,958)
Income tax expense 4,746 1,353
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NET INCOME (LOSS) $ 3,956 $ (6,311)
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WEIGHTED AVERAGE COMMON AND
SERIES A COMMON SHARES (000s) 77,187 54,260
NET INCOME (LOSS) PER COMMON SHARE $ .05 $ (.12)
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