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2009 Annual Report
uscellular.com

Table of contents

  • Page 1
    2009 Annual Report uscellular.com

  • Page 2
    ...2005 2006 2007 2008 2009 $683 0 $9.22 $6.91 $2.10 $3.19 $5.12 2005 2006 2007 2008 2009 Data Revenues (in millions) Average Monthly Retail Data Revenue Per Unit (in dollars) Capital Expenditures (in millions) $600 Shares Repurchased (in millions) 1.2 $577 $580 $547 $500 $400 $300 $200 $100...

  • Page 3
    ...887,000 shares in 2009, for $33.6 million. United States Cellular Corporation operates on a customer satisfaction strategy, driving loyalty and positive customer engagement by providing a comprehensive range of wireless services and products, superior customer support and a high-quality network. 1

  • Page 4
    ... data plans. In 2009: • Data revenue per customer increased 33 percent, and • Smart phone customer ARPU was nearly two times higher than retail service ARPU. U.S. Cellular's expanded 3G network is supporting increased data use. At the end of 2009, 75 percent of customers had access to 3G speeds...

  • Page 5
    ... at all times. U.S. Cellular has received the J.D. Power and Associates award for "Highest Call Quality Performance among Wireless Cell Phone Users in the North Central Region" for nine consecutive reporting periods. produces business results. We share the core values of customer focus, respect...

  • Page 6
    ..., offering high-demand data services and applications, and maintaining a compelling portfolio of feature-rich smart phones and premium phones, including new Android-based phones; • Attracting more prepaid customers with value-oriented voice and data offerings; and • Preparing for future network...

  • Page 7
    UNITED STATES CELLULAR CORPORATION ANNUAL REPORT TO SHAREHOLDERS FOR THE YEAR ENDED DECEMBER 31, 2009 Pursuant to SEC Rule 14a-3 The following audited financial statements and certain other financial information for the year ended December 31, 2009, represent U.S. Cellular's annual report to ...

  • Page 8
    ... Balance Sheet-Assets ...Consolidated Balance Sheet-Liabilities and Equity ...Consolidated Statement of Changes in Equity ...Consolidated Statement of Comprehensive Income ...Notes to Consolidated Financial Statements ...Reports of Management ...Report of Independent Registered Public Accounting...

  • Page 9
    ....3 million in such markets, was 13.3%. U.S. Cellular operates on a customer satisfaction strategy, meeting customer needs by providing a comprehensive range of wireless products and services, excellent customer support, and a high-quality network. U.S. Cellular's business development strategy is to...

  • Page 10
    ... markets, outfit new and remodel existing retail stores and continue the development and enhancement of U.S. Cellular's office systems. Total cell sites in service increased 6% year-over-year to 7,279. • As part of its customer satisfaction strategy and Believe in Something Betterá"¼ brand message...

  • Page 11
    - Continued enhancements to its wireless networks, including expansion of 3G services and potential deployments of new technology; - Increasing costs of regulatory compliance; and - Uncertainty in future eligible telecommunication carrier (''ETC'') funding. • Investment and other income (expense) ...

  • Page 12
    ... its company-owned and agent retail stores and customer care centers. U.S. Cellular believes that future growth in its revenues will result primarily from selling additional products and services to its existing customers, increasing the number of multi-device users among its existing customers, and...

  • Page 13
    ... markets acquired during a particular period are included as of the acquisition date. (6) ''Net retail customer additions'' represents the number of net customers added to U.S. Cellular's retail customer base through its marketing distribution channels; this measure excludes activity related...

  • Page 14
    ... the calculation on a prorated basis for the amount of time U.S. Cellular included such customers during each period. (8) Postpay churn rate represents the percentage of the postpay customer base that disconnects service each month. Components of Operating Income Year Ended December 31, (Dollars in...

  • Page 15
    ... data products and services and long distance, provided to U.S. Cellular's retail customers and to end users through third-party resellers (''retail service''); (ii) charges to other wireless carriers whose customers use U.S. Cellular's wireless systems when roaming, including long-distance roaming...

  • Page 16
    ... telecommunications service providers for U.S. Cellular's customers' use of their facilities, costs related to local interconnection to the wireline network, charges for maintenance of U.S. Cellular's network, long-distance charges, outbound roaming expenses and payments to third-party data product...

  • Page 17
    ... enhance quality; • Continued expansion of 3G services to additional markets; and • Increases in total customer usage, driven by text messaging and other data usage, both on U.S. Cellular's network and by U.S. Cellular's customers on other carriers' networks when roaming. Cost of equipment sold...

  • Page 18
    ... number of retail sales and renewals. U.S. Cellular expects Selling, general and administrative expenses to increase in the foreseeable future driven primarily by increases in expenses associated with acquiring, serving and retaining customers, as well as costs related to its multi-year initiatives...

  • Page 19
    ... customer lists. See the section below entitled, ''Application of Critical Accounting Policies and Estimates-Goodwill and Licenses'' for a further discussion of the 2009 and 2008 licenses impairments. Loss on asset disposals, net These amounts represent charges related to disposals of assets, trade...

  • Page 20
    ... in 2008 related to the exchange of Rural Cellular Corporation (''RCC'') shares for cash in conjunction with Verizon's acquisition of RCC. Gain on disposition of investments in 2007 included $131.7 million resulting from the settlement of variable prepaid forward contracts related to Vodafone...

  • Page 21
    ... relating to its investment in Vodafone ADRs. Taken together, the forward contracts allowed U.S. Cellular to borrow an aggregate of $159.9 million against the Vodafone ADRs. The forward contracts bore interest, payable quarterly, at the London InterBank Offered Rate (''LIBOR'') plus 50 basis points...

  • Page 22
    ...Changes in accounts receivable, net of bad debts expense, required $1.8 million in 2009 and provided $5.1 million in 2008, resulting in a $6.9 million decrease in cash flows. This change was driven primarily by service credit promotions offered to customers in the fourth quarter of 2008. • Changes...

  • Page 23
    ...retail stores that commenced operations during 2008. Cash Flows From Investing Activities U.S. Cellular makes substantial investments to construct and upgrade modern high-quality wireless communications networks and facilities as a basis for creating long-term value for shareholders. In recent years...

  • Page 24
    ... Common Shares pursuant to stock-based compensation plans. U.S. Cellular has used short-term debt to finance acquisitions, for general corporate purposes and to repurchase Common Shares. Internally generated funds as well as proceeds from forward contracts and the sale of non-strategic wireless and...

  • Page 25
    ... Financial Statements for the details of this revolving credit facility and the subordination agreement. U.S. Cellular's interest cost on its new revolving credit facility is subject to increase if its current credit rating from Standard & Poor's Rating Services, Moody's Investors Service...

  • Page 26
    ... enhance U.S. Cellular's coverage in its service areas; • Provide additional capacity to accommodate increased network usage by current customers; • Overlay 3G technology in certain markets; • Develop and enhance office systems; and • Develop new billing and other customer management-related...

  • Page 27
    ... on the Consolidated Balance Sheet due to the $10.8 million unamortized discount related to U.S. Cellular's 6.7% senior notes. See Note 13-Debt in the Notes to Consolidated Financial Statements. (2) Includes future lease costs related to office space, retail sites, cell sites and equipment. See Note...

  • Page 28
    ... and Goodwill in the Notes to Consolidated Financial Statements for additional information related to goodwill and licenses activity in 2009 and 2008. Goodwill and licenses must be assessed for impairment annually or more frequently if events or changes in circumstances indicate that such assets...

  • Page 29
    ... to Consolidated Financial Statements. Accordingly, U.S. Cellular performed its annual impairment test for 2009 as of November 1, 2009 whereas its annual impairment test for 2008 was performed as of April 1, 2008. In 2008, however, as a result of deterioration in the credit and financial markets and...

  • Page 30
    highly concentrated and competitive nature of the market. U.S. Cellular believes a market participant would include this CSRP when estimating the discount rate. As of November 1, 2009, the fair values of the reporting units exceeded their respective carrying values by amounts ranging from 41% to 101...

  • Page 31
    ... U.S. Cellular. The discount rates used for the licenses impairment tests at December 31, 2008 (under the MPECF method) and November 1, 2009 (under the build-out method) were 9.5% and 10.0%, respectively. The increase in the discount rate between these two dates was primarily a result of the company...

  • Page 32
    ... change the useful lives of its property, plant and equipment in 2009, 2008 or 2007. Income Taxes U.S. Cellular is included in a consolidated federal income tax return with other members of the TDS consolidated group. TDS and U.S. Cellular are parties to a Tax Allocation Agreement which provides...

  • Page 33
    ...service contracts and for equipment sales, by agents for sales of equipment to them and by other wireless carriers whose customers have used U.S. Cellular's wireless systems. The allowance for doubtful accounts is the best estimate of the amount of probable credit losses related to existing accounts...

  • Page 34
    ... 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...

  • Page 35
    ... technology, such as Voice over Internet Protocol (''VoIP''), High-Speed Packet Access, WiMAX or Long-Term Evolution (''LTE''), could render certain technologies used by U.S. Cellular obsolete, could reduce U.S. Cellular's revenues or could increase its costs of doing business. • U.S. Cellular...

  • Page 36
    ... statements by U.S. Cellular and related matters, including resulting delays in filing periodic reports with the SEC, could have an adverse effect on U.S. Cellular's business, financial condition or results of operations. • The existence of material weaknesses in the effectiveness of internal...

  • Page 37
    ... of these risks as set forth under ''Risk Factors'' in U.S. Cellular's Annual Report on Form 10-K for the year ended December 31, 2009. U.S. Cellular undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Readers...

  • Page 38
    ... on the Consolidated Balance Sheet due to the $10.8 million unamortized discount related to the 6.7% senior notes. See Note 13-Debt in the Notes to Consolidated Financial Statements for additional information. (2) Represents the weighted average interest rates at December 31, 2009 for debt maturing...

  • Page 39
    United States Cellular Corporation Consolidated Statement of Operations Year Ended December 31, (Dollars and shares in thousands, except per share amounts) 2009 2008 2007 Operating revenues Service ...Equipment sales ...Total operating revenues ...Operating expenses System operations (excluding ...

  • Page 40
    ... ...Noncash interest expense ...Excess tax benefit from stock awards ...Other operating activities ...Changes in assets and liabilities from operations Accounts receivable ...Inventory ...Accounts payable-trade ...Accounts payable-affiliate ...Customer deposits and deferred revenues ...Accrued taxes...

  • Page 41
    United States Cellular Corporation Consolidated Balance Sheet-Assets December 31, (Dollars in thousands) 2009 2008 Current assets Cash and cash equivalents ...Accounts receivable Customers, less allowances of $26,260 and $8,222, respectively Roaming ...Affiliated ...Other, less allowances of $364 ...

  • Page 42
    United States Cellular Corporation Consolidated Balance Sheet-Liabilities and Equity December 31, (Dollars in thousands) 2009 2008 Current liabilities Current portion of long-term debt ...Accounts payable Affiliated ...Trade ...Customer deposits and deferred revenues Accrued taxes ...Accrued ...

  • Page 43
    ... . . Repurchase of Common Shares ...Incentive and compensation plans ...Stock-based compensation awards ...Tax windfall (shortfall) from stock awards ...Distributions to noncontrolling interests Cumulative-effect adjustment related to accounting for unrecognized tax benefits ...Other ...- - $ 10,134...

  • Page 44
    ..., 2007 ...Add (Deduct) Net income attributable to U.S. Cellular shareholders ...Net income attributable to noncontrolling interests classified as equity ...Net change in marketable equity securities ...Repurchase of Common Shares ...Incentive and compensation plans ...Stock-based compensation awards...

  • Page 45
    ...Balance, December 31, 2008 ...Add (Deduct) Net income attributable to U.S Cellular shareholders . Net income attributable to noncontrolling interests classified as equity ...Repurchase of Common Shares ...Incentive and compensation plans ...Adjust investment in subsidiaries for repurchases ...Stock...

  • Page 46
    ... States Cellular Corporation Consolidated Statement of Comprehensive Income Year Ended December 31, (Dollars in thousands) 2009 2008 2007 Net income ...Net change in accumulated other comprehensive income Net change in marketable equity securities and equity method investments ...Net change in...

  • Page 47
    ... provide that all business combinations, whether full, partial or step acquisitions, will result in all assets and liabilities of an acquired business being recorded at their fair values at the acquisition date. During 2008 and 2007, U.S. Cellular applied the provisions of GAAP related to business...

  • Page 48
    ...the account balance is charged against the allowance for doubtful accounts. U.S. Cellular does not have any off-balance sheet credit exposure related to its customers. The changes in the allowance for doubtful accounts during the years ended December 31, 2009, 2008 and 2007 were as follows: (Dollars...

  • Page 49
    ... Consolidated Statement of Operations. Licenses Licenses consist of costs incurred in acquiring Federal Communications Commission (''FCC'') licenses to provide wireless service. These costs include amounts paid to license applicants and owners of interests in entities awarded licenses and all direct...

  • Page 50
    ... impairment testing date was made to better align the annual impairment test with the timing of U.S. Cellular's annual strategic planning process, which allows for a better estimate of the future cash flows used in discounted cash flow models to test for impairment. This change in accounting policy...

  • Page 51
    ... build-out of the company's wireless network, infrastructure, workforce and related costs are projected based on market participant information. Calculated cash flows, along with a terminal value, are discounted to the present and summed to determine the estimated fair value. For units of accounting...

  • Page 52
    ... reviewed throughout the year to determine if changes in technology or other business changes would warrant accelerating the depreciation of those specific assets. U.S. Cellular did not materially change the useful lives of its property, plant and equipment in 2009, 2008 or 2007. Impairment of Long...

  • Page 53
    ...from wireless operations consist primarily of: • Charges for access, airtime, roaming, long distance, data and other value added services provided to U.S. Cellular's retail customers and to end users through third-party resellers; • Charges to carriers whose customers use U.S. Cellular's systems...

  • Page 54
    ... of accounting provides for matching of revenues from activations to direct incremental costs associated with such activations within each reporting period. The activation fee charged with the sale of equipment and service is allocated to the equipment and service based upon the relative fair values...

  • Page 55
    ...by TDS; such plan provides pension benefits for the employees of U.S. Cellular and its subsidiaries. Under this plan, pension benefits and costs are calculated separately for each participant and are funded currently. Pension costs were $12.8 million, $10.3 million and $8.6 million in 2009, 2008 and...

  • Page 56
    ... STATES CELLULAR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Continued) Operating Leases U.S. Cellular is a party to various lease agreements for office space, retail sites, cell sites and...

  • Page 57
    ... were not reflected as issued shares and treasury shares in the consolidated financial statements. As a result, 22,534 Common Shares were added to both Common Shares issued and Treasury Shares in the Consolidated Balance Sheet as of December 31, 2009 and December 31, 2008. Pursuant to this adoption...

  • Page 58
    ... redemption features in the Consolidated Balance Sheet. U.S. Cellular currently has no plans or intentions relating to the liquidation of any of the related partnerships or LLCs prior to their scheduled termination dates. The corresponding carrying value of the mandatorily redeemable noncontrolling...

  • Page 59
    ... FINANCIAL STATEMENTS (Continued) NOTE 3 FAIR VALUE MEASUREMENTS (Continued) respective dates. For Licenses recorded at fair value, the following table provides information regarding their classification in the fair value hierarchy: Fair Value Measurements Using Quoted Prices in Significant Active...

  • Page 60
    ... TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) NOTE 4 GAIN ON DISPOSITION OF INVESTMENTS Prior to August 7, 2008, U.S. Cellular held 370,882 common shares of Rural Cellular Corporation (''RCC''). On August 7, 2008, RCC was acquired by Verizon Wireless, with shareholders of RCC receiving cash of...

  • Page 61
    ... CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) NOTE 5 INCOME TAXES (Continued) deferred tax effects of accrued liabilities and the allowance for doubtful accounts on customer receivables. U.S. Cellular's noncurrent deferred income tax assets and liabilities at December 31, 2009...

  • Page 62
    ... CELLULAR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) NOTE 5 INCOME TAXES (Continued) A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (Dollars in thousands) 2009 2008 2007 Balance at January 1, ...Additions for tax positions...

  • Page 63
    ... U.S. Cellular as of December 31, 2009 (dollars in thousands). The amounts shown in the table below exclude funds provided to these entities solely from the shareholder of the general partner. Aquinas Wireless ...King Street Wireless & King Street Wireless, Inc. Barat Wireless & Barat Wireless, Inc...

  • Page 64
    ... Wireless, Barat Wireless, King Street Wireless and Aquinas Wireless will become exercisable in 2011, 2017, 2019 and 2020, respectively. The put option price is determined pursuant to a formula that takes into consideration fixed interest rates and the market value of U.S. Cellular's Common Shares...

  • Page 65
    ...as follows: Year ended December 31, (Dollars and shares in thousands, except earnings per share) 2009 2008 2007 Net income attributable to U.S. Cellular shareholders ...Weighted average number of shares used in basic earnings per share . Effect of dilutive securities: Stock options(1) ...Restricted...

  • Page 66
    ...its existing wireless interests on an ongoing basis with a goal of improving the competitiveness of its operations and maximizing its long-term return on investment. As part of this strategy, U.S. Cellular reviews attractive opportunities to acquire additional operating markets and wireless spectrum...

  • Page 67
    ... loss relates to licenses in developed operating markets (built licenses). 2008 Impairment Assessment In 2008, U.S. Cellular completed the required annual impairment assessment of its licenses and goodwill as of April 1. As a result of the deterioration in the credit and financial markets and...

  • Page 68
    ... in wireless entities which are accounted for using either the equity or cost method as shown in the following table: December 31, (Dollars in thousands) 2009 2008 Equity method investments: Capital contributions, loans and advances . Goodwill ...Cumulative share of income ...Cumulative share of...

  • Page 69
    ...are based on information provided in part by third parties, summarize the combined assets, liabilities and equity, and the combined results of operations of U.S. Cellular's equity method investments: December 31, (Dollars in thousands) 2009 2008 Assets Current ...Due from affiliates ...Property and...

  • Page 70
    ... leased land and retail store and office premises to their pre-lease conditions. These obligations are included in Other deferred liabilities and credits in the Consolidated Balance Sheet. During 2009 and 2008, U.S. Cellular performed a review of the assumptions and estimated costs related to its...

  • Page 71
    ... 2009, 2008 and 2007, respectively. Information concerning notes payable under the new and prior revolving credit facilities is shown in the table below: Year Ended December 31, (Dollars in thousands) 2009 2008 Balance at the end of the year ...Weighted average interest rate at the end of the year...

  • Page 72
    ... the redemption date on a semi-annual basis at the Treasury Rate plus 30 basis points. The 7.5% senior notes are due June 15, 2034. Interest on the notes is payable quarterly. U.S. Cellular may redeem the notes, in whole or in part, at any time on or after June 17, 2009, at a redemption price equal...

  • Page 73
    ... Lease Commitments U.S. Cellular is a party to various lease agreements, both as lessee and lessor, for office space, retail store sites, cell sites and equipment which are accounted for as operating leases. Certain leases have renewal options and/or fixed rental increases. Renewal options that...

  • Page 74
    ... in 2009, 2008 and 2007, respectively. During 2009, U.S. Cellular recorded a $6.5 million out-of-period adjustment to correct rent expense. Management does not believe that the adjustment is material to the current year or any prior year earnings, earnings trends or financial statement line items...

  • Page 75
    UNITED STATES CELLULAR CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) NOTE 14 COMMITMENTS AND CONTINGENCIES (Continued) Following completion of its review of the matter, on December 30, 2009, the FCC issued a public notice announcing the grant to King Street Wireless, L.P . of ...

  • Page 76
    ... authorizations, were as follows: Year Ended December 31, (Dollars and share amounts in thousands) Number of Shares Average Cost Per Share Amount 2009 U.S. Cellular Common Shares ...2008 U.S. Cellular Common Shares ...2007 U.S. Cellular Common Shares purchased through ASR transactions(1) ... 887...

  • Page 77
    ... year if they satisfy certain requirements) within which to exercise their vested stock options. The exercise price of the option generally equals the market value of U.S. Cellular Common Shares on the date of grant. U.S. Cellular estimated the fair value of stock options granted during 2009, 2008...

  • Page 78
    ... after three years, to key employees. U.S. Cellular estimates the fair value of restricted stock units based on the closing market price of U.S. Cellular shares on the date of grant. The fair value is then recognized as compensation cost on a straight-line basis over the requisite service periods of...

  • Page 79
    ... participants will receive U.S. Cellular Common Shares. U.S. Cellular estimates the fair value of deferred compensation matching contribution stock units based on the closing market price of U.S. Cellular Common Shares on the date of match. The fair value of such matching contribution stock units is...

  • Page 80
    ... and the market value of the shares on the date of issuance. Compensation of Non-Employee Directors-U.S. Cellular issued 5,200 and 700 Common Shares in 2009 and 2007, respectively, under its Non-Employee Director Compensation Plan. No Common Shares were issued under this plan in 2008. Stock-Based...

  • Page 81
    .... Management believes the method TDS uses to allocate common expenses is reasonable and that all expenses and costs applicable to U.S. Cellular are reflected in its financial statements. Billings to U.S. Cellular from TDS totaled $114.8 million, $113.3 million and $121.8 million in 2009, 2008 and...

  • Page 82
    ...legal costs from Sidley Austin LLP of $8.6 million in 2009, $6.9 million in 2008 and $6.6 million in 2007. The Audit Committee of the Board of Directors is responsible for the review and evaluation of all related party transactions, as such term is defined by the rules of the New York Stock Exchange...

  • Page 83
    ... that were based on management's best estimates and judgments. Management also prepared the other information in the annual report and is responsible for its accuracy and consistency with the financial statements. PricewaterhouseCoopers LLP , an independent registered public accounting firm, has...

  • Page 84
    ...'s management, including its Chief Executive Officer and Chief Financial Officer, U.S. Cellular conducted an evaluation of the effectiveness of its internal control over financial reporting as of December 31, 2009, based on the criteria established in Internal Control-Integrated Framework issued by...

  • Page 85
    ... Accounting Firm To the Board of Directors and Shareholders of United States Cellular Corporation: In our opinion, based on our audits and the report of other auditors, the accompanying consolidated balance sheets and the related consolidated statements of operations, comprehensive income, changes...

  • Page 86
    Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the ...

  • Page 87
    United States Cellular Corporation SELECTED CONSOLIDATED FINANCIAL DATA Year Ended or at December 31, (Dollars in thousands, except per share amounts) 2009 2008 2007 2006 2005 Operating data Service revenues ...$3,927,859 $3,940,326 $3,679,237 $3,214,410 $2,827,022 Equipment sales ...286,752 302,...

  • Page 88
    ... markets . . Net customer additions (losses) ...Postpay churn rate(c) ...Average monthly service revenue per customer(d) ...Operating statistics Cell sites in service ...Capital expenditures and system development costs ...Number of full-time equivalent employees(e) ...Operating income ...Operating...

  • Page 89
    ...low and closing sales prices as reported by either the American Stock Exchange (''AMEX'') or the New York Stock Exchange (''NYSE''). U.S. Cellular's Common Shares traded on the AMEX prior to and on September 14, 2008, and traded on the NYSE after this date. During the quarter ended December 31, 2009...

  • Page 90
    ... the quarter ended December 31, 2009, U.S. Cellular recorded adjustments that reduced System operations expense and increased Selling, general and administrative expense by $9.7 million and $11.6 million, respectively, to reflect revised estimates related to customer usage charges and bad debts...

  • Page 91
    ... for use in U.S. Cellular's business. See ''Consolidated Quarterly Information (Unaudited)'' for information on the high and low trading prices of the USM Common Shares for 2009 and 2008. Stock performance graph The following chart provides a comparison of U.S. Cellular's cumulative total return to...

  • Page 92
    ...our Corporate Office. Investors may also access these and other reports through the Investor Relations portion of the U.S. Cellular website (http://www.uscc.com). Questions regarding lost, stolen or destroyed certificates, consolidation of accounts, transferring of shares and name or address changes...

  • Page 93
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  • Page 94
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  • Page 95
    ...-399-8936 uscellular.com U.S. Cellular Investor Web site For annual reports, Securities and Exchange Commission filings, press releases, and other investor information, please visit the Investor Relations section of uscellular.com. Principal Counsel Sidley Austin LLP Transfer Agent For inquiries...

  • Page 96
    ...among Wireless Cell Phone Users in the North Central Region" for nine consecutive reporting periods. U.S. Cellular received the highest numerical score among wireless service providers in the proprietary J.D. Power and Associates 2010 Wireless Call Quality Performance StudySM -Vol. 1. Study based on...