US Cellular 2008 Annual Report Download - page 149

PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
SAFE HARBOR CAUTIONARY STATEMENT
This Management’s Discussion and Analysis of Financial Condition and Results of Operations and other
sections of this Annual Report to Shareholders contain statements that are not based on historical facts,
including the words ‘‘believes,’’ ‘‘anticipates,’’ ‘‘intends,’’ ‘‘expects’’ and similar words. These statements
constitute ‘‘forward-looking statements’’ within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, events or developments to be significantly different from any future
results, events or developments expressed or implied by such forward-looking statements. Such factors
include, but are not limited to, the following risks:
•Intense competition in the markets in which U.S. Cellular operates could adversely affect U.S. Cellular’s
revenues or increase its costs to compete.
•A failure by U.S. Cellular’s service offerings to meet customer expectations could limit U.S. Cellular’s
ability to attract and retain customers and could have an adverse effect on U.S. Cellular’s operations.
•U.S. Cellular’s system infrastructure may not be capable of supporting changes in technologies and
services expected by customers, which could result in lost customers and revenues.
•An inability to obtain or maintain roaming arrangements with other carriers on terms that are acceptable
to U.S. Cellular could have an adverse effect on U.S. Cellular’s business, financial condition or results of
operations.
•U.S. Cellular currently receives a significant amount of roaming revenues. As a result of recently
announced acquisitions by other companies in the wireless industry, U.S. Cellular anticipates that its
roaming revenues will decline significantly over the next several quarters. Further industry consolidation
and continued build outs by existing and new wireless carriers could cause roaming revenues to
decline even more, which would have an adverse effect on U.S. Cellular’s business, financial condition
and results of operations.
•A failure by U.S. Cellular to obtain access to adequate radio spectrum could have an adverse effect on
U.S. Cellular’s business and operations.
•To the extent conducted by the FCC, U.S. Cellular is likely to participate in FCC auctions of additional
spectrum in the future as an applicant or as a non-controlling partner in another auction applicant and,
during certain periods, will be subject to the FCC’s anti-collusion rules, which could have an adverse
effect on U.S. Cellular.
•An inability to attract and/or retain management, technical, sales and other personnel could have an
adverse effect on U.S. Cellular’s business, financial condition or results of operations.
•U.S. Cellular’s assets are concentrated in the U.S. wireless telecommunications industry. As a result, its
results of operations may fluctuate based on factors related entirely to conditions in this industry.
•The expected future completion of recently announced acquisitions will lead to increased consolidation
in the wireless telecommunications industry. U.S. Cellular’s lower scale relative to larger wireless
carriers has in the past and could in the future prevent or delay its access to new products including
handsets, new technology and/or new content and applications which could adversely affect
U.S. Cellular’s ability to attract and retain customers and, as a result, could adversely affect its business,
financial condition or results of operations.
•Inability to manage its supply chain or inventory successfully could have an adverse effect on
U.S. Cellular’s business, financial condition or results of operations.
•Changes in general economic and business conditions, both nationally and in the markets in which
U.S. Cellular operates, could have an adverse effect on U.S. Cellular’s business, financial condition or
results of operations.
•Changes in various business factors could have an adverse effect on U.S. Cellular’s business, financial
condition or results of operations.
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