Exhibit 99.1
INDEPENDENT AUDITOR'S REPORT
Board of Directors
BELMONT TELEPHONE COMPANY
Madison, Wisconsin
We have audited the accompanying statements of income, retained earnings and
cash flows of Belmont Telephone Company for the year ended December 31, 2002.
These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the results of operations and cash flows of Belmont
Telephone Company for the year ended December 31, 2002 in conformity with
accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report
dated January 16, 2003 on our consideration of the Company's internal control
over financial reporting and our tests of its compliance with certain provisions
of laws, regulations and contracts. That report is an integral part of an audit
performed in accordance with Government Auditing Standards and should be read in
conjunction with this report in considering the results of our audit.
SIEPERT & CO. LLP
Certified Public Accountants
Beloit, Wisconsin
January 16, 2003
INDEPENDENT AUDITOR'S REPORT
Board of Directors
CUBA CITY TELEPHONE EXCHANGE COMPANY
Madison, Wisconsin
We have audited the accompanying statements of income, retained earnings and
cash flows of Cuba City Telephone Exchange Company for the year ended December
31, 2002. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the results of operations and cash flows of Cuba City
Telephone Exchange Company for the year ended December 31, 2002 in conformity
with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report
dated January 16, 2003 on our consideration of the Company's internal control
over financial reporting and our tests of its compliance with certain provisions
of laws, regulations and contracts. That report is an integral part of an audit
performed in accordance with Government Auditing Standards and should be read in
conjunction with this report in considering the results of our audit.
SIEPERT & CO. LLP
Certified Public Accountants
Beloit, Wisconsin
January 16, 2003
INDEPENDENT AUDITOR'S REPORT
Board of Directors
UPPER PENINSULA TELEPHONE COMPANY
Carney, Michigan
We have audited the accompanying statements of income, stockholder's equity and
cash flows of Upper Peninsula Telephone Company for the year ended December 31,
2002. These financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the results of operations and cash flows of Upper
Peninsula Telephone Company for the year ended December 31, 2002 in conformity
with accounting principles generally accepted in the United States of America.
Board of Directors
UPPER PENINSULA TELEPHONE COMPANY
Carney, Michigan
In accordance with Government Auditing Standards, we have also issued a report
dated January 17, 2003 on our consideration of the Company's internal control
over financial reporting and our tests of its compliance with certain provisions
of laws, regulations and contracts. That report is an integral part of an audit
performed in accordance with Government Auditing Standards and should be read in
conjunction with this report in considering the results of our audit.
SIEPERT & CO. LLP
Certified Public Accountants
Beloit, Wisconsin
January 17, 2003