US Cellular 2008 Annual Report Download - page 201

United States Cellular Corporation
SELECTED CONSOLIDATED FINANCIAL DATA
Year Ended or at December 31, 2008 2007 2006 2005 2004
(Dollars in thousands, except per share amounts)
Operating data
Service revenues .................. $3,940,326 $3,679,237 $3,214,410 $2,827,022 $2,615,163
Equipment sales ................... 302,859 267,027 258,745 203,743 191,255
Operating revenues ................ 4,243,185 3,946,264 3,473,155 3,030,765 2,806,418
Operating income(a) ................ 27,710 396,199 289,896 231,197 162,583
Equity in earnings of unconsolidated
entities ........................ 91,981 90,033 93,119 66,719 64,161
Fair value adjustment of derivative
instruments ..................... — (5,388) (63,022) 44,977 25,791
Gain (loss) on disposition of investments . 16,628 137,987 70,427 (6,203) (15,061)
Income before income taxes and minority
interest ........................ 66,128 546,501 313,138 261,347 159,469
Net income ...................... $ 32,990 $ 314,734 $ 179,490 $ 154,951 $ 90,749
Basic weighted average shares
outstanding (000s) ................ 87,457 87,730 87,346 86,775 86,244
Basic earnings per share ............. $ 0.38 $ 3.59 $ 2.05 $ 1.79 $ 1.05
Diluted weighted average shares
outstanding (000s) ................ 87,754 88,481 88,109 87,464 86,736
Diluted earnings per share ........... $ 0.38 $ 3.56 $ 2.04 $ 1.77 $ 1.05
Balance sheet data
Property, plant and equipment, net ..... $2,620,376 $2,595,096 $2,628,848 $2,553,029 $2,418,861
Investments
Licenses ....................... 1,433,415 1,482,446 1,494,327 1,362,263 1,228,801
Goodwill ....................... 494,279 491,316 485,452 481,236 454,830
Marketable equity securities ......... — 16,352 253,912 225,387 282,829
Unconsolidated entities ............ 156,637 157,693 150,325 172,093 161,894
Total assets ...................... 5,566,042 5,611,874 5,680,616 5,416,233 5,171,272
Long-term debt (excluding current
portion) ........................ 996,636 1,002,293 1,001,839 1,161,241 1,160,786
Common shareholders’ equity ......... $3,206,642 $3,196,156 $2,993,279 $2,741,038 $2,588,116
Current ratio(b) .................... 1.4 1.4 1.0 0.8 1.0
Return on average equity(c) .......... 1.0% 10.2% 6.3% 5.8% 3.6%
U.S. Cellular has not paid any cash dividends and currently intends to retain all earnings for use in U.S.
Cellular’s business.
(a) Includes Loss on impairment of intangible assets of $386.7 million in 2008 and $24.9 million in 2007.
(b) Current ratio is calculated by dividing current assets by current liabilities. These amounts are taken
directly from the Consolidated Balance Sheet.
(c) Return on average equity is calculated by dividing net income by the average of the beginning and
ending common shareholders’ equity. These amounts are taken from the Consolidated Statement of
Operations and Consolidated Balance Sheet. The result is shown as a percentage.
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