US Cellular 2008 Annual Report Download - page 153
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United States Cellular Corporation
Consolidated Statement of Operations
Year Ended December 31, 2008 2007 2006
(Dollars and shares in thousands, except per share amounts)
Operating revenues
Service ........................................ $3,940,326 $3,679,237 $3,214,410
Equipment sales .................................. 302,859 267,027 258,745
Total operating revenues .......................... 4,243,185 3,946,264 3,473,155
Operating expenses
System operations (excluding Depreciation, amortization and
accretion reported below) ......................... 784,057 717,075 639,683
Cost of equipment sold ............................. 743,406 637,297 568,903
Selling, general and administrative (including charges from
affiliates of $113.3 million, $121.8 million and $108.9 million
in 2008, 2007 and 2006) .......................... 1,701,050 1,558,568 1,399,561
Depreciation, amortization and accretion ................ 576,931 578,186 555,525
Loss on impairment of intangible assets ................. 386,653 24,923 —
Loss on asset disposals, net ......................... 23,378 34,016 19,587
Total operating expenses .......................... 4,215,475 3,550,065 3,183,259
Operating income ................................. 27,710 396,199 289,896
Investment and other income (expense)
Equity in earnings of unconsolidated entities ............. 91,981 90,033 93,119
Interest and dividend income ........................ 5,730 13,059 16,537
Fair value adjustment of derivative instruments ............ — (5,388) (63,022)
Gain on disposition of investments .................... 16,628 137,987 70,427
Interest expense .................................. (77,190) (84,679) (93,674)
Other, net ...................................... 1,269 (710) (145)
Total investment and other income (expense) ........... 38,418 150,302 23,242
Income before income taxes and minority interest ......... 66,128 546,501 313,138
Income tax expense ................................. 8,055 216,711 120,604
Income before minority interest ....................... 58,073 329,790 192,534
Minority share of income, net of tax ..................... (25,083) (15,056) (13,044)
Net income ...................................... $ 32,990 $ 314,734 $ 179,490
Basic weighted average shares outstanding .............. 87,457 87,730 87,346
Basic earnings per share ............................ $ 0.38 $ 3.59 $ 2.05
Diluted weighted average shares outstanding ............ 87,754 88,481 88,109
Diluted earnings per share ........................... $ 0.38 $ 3.56 $ 2.04
The accompanying notes are an integral part of these consolidated financial statements.
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