US Cellular 2009 Annual Report Download - page 34

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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 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 to successfully execute its business strategy or allocate resources or capital
could have an adverse effect on U.S. Cellular’s business, financial condition or results of operations.
•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 acquisitions by
other companies in the wireless industry, U.S. Cellular roaming revenues have declined significantly
from amounts earned in certain prior years. 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 to meet current or anticipated
future needs and/or to accurately predict future needs for 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.
•Changes in the regulatory environment or a failure by U.S. Cellular to timely or fully comply with any
applicable regulatory requirements could adversely affect U.S. Cellular’s financial condition, results of
operations or ability to do business.
•Changes in USF funding and/or intercarrier compensation could have a material adverse impact on
U.S. Cellular’s financial position or results of operations.
•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 completion of acquisitions by other companies has led 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.
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