Exhibit 99.2
UNITED STATES CELLULAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
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Twelve Months Ended
March 31,
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1995 1994
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(Dollars in thousands,
except per share amounts)
OPERATING REVENUES
Service $ 351,688 $ 228,029
Equipment sales 14,231 11,046
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Total Operating Revenues 365,919 239,075
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OPERATING EXPENSES
System operations 50,341 37,181
Marketing and selling 74,940 48,221
Cost of equipment sold 42,621 29,826
General and administrative 101,134 80,073
Depreciation 43,162 28,738
Amortization of intangibles 27,268 21,316
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Total Operating Expenses 339,466 245,355
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OPERATING INCOME (LOSS) BEFORE MINORITY SHARE 26,453 (6,280)
Minority share of operating income (5,922) (3,847)
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OPERATING INCOME (LOSS) 20,531 (10,127)
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INVESTMENT AND OTHER INCOME
Investment income 31,066 19,048
Amortization of licenses and deferred costs
related to investments (901) (927)
Interest income 3,733 2,621
Other (expense), net (1,714) (693)
Gain on sale of cellular interests 21,838 4,851
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Total Investment and Other Income 54,022 24,900
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INCOME BEFORE INTEREST AND INCOME TAXES 74,553 14,773
Interest expense - affiliate 20,870 25,528
Interest expense - other 4,727 3,966
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INCOME (LOSS) BEFORE INCOME TAXES 48,956 (14,721)
Income tax expense 7,135 3,342
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NET INCOME (LOSS) $ 41,821 $ (18,063)
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WEIGHTED AVERAGE COMMON AND
SERIES A COMMON SHARES (000s) 80,588 62,439
EARNINGS PER COMMON SHARE AND
SERIES A COMMON SHARE $ .52 $ (.29)
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