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United States Cellular Corporation
CONSOLIDATED QUARTERLY INFORMATION (UNAUDITED)
Quarter Ended
(Amounts in thousands, except per share amounts) March 31 June 30 September 30 December 31
2009
Operating revenues .......................... $1,052,764 $1,042,550 $1,058,300 $1,060,997
Loss on impairment of intangible assets(2) ........... — — — 14,000
Operating income(2)(4)(5) ...................... 114,770 140,919 57,692 13,026
Net income ................................ 90,600 89,327 41,244 16,605
Net income attributable to U.S. Cellular shareholders .... $ 84,592 $ 83,358 $ 35,638 $ 12,420
Basic weighted average shares outstanding .......... 87,196 86,992 86,848 86,719
Diluted weighted average shares outstanding ......... 87,446 87,177 87,128 87,087
Basic earnings per share attributable to U.S. Cellular
shareholders .............................. $ 0.97 $ 0.96 $ 0.41 $ 0.14
Diluted earnings per share attributable to U.S. Cellular
shareholders .............................. $ 0.97 $ 0.96 $ 0.41 $ 0.14
Stock price(1)(3)
U.S. Cellular Common Shares
High .................................. $ 47.95 $ 44.74 $ 40.87 $ 42.80
Low .................................. 29.62 30.00 33.86 35.67
Close ................................. $ 33.34 $ 38.45 $ 39.07 $ 42.41
Quarter Ended
(Amounts in thousands, except per share amounts) March 31 June 30 September 30 December 31
2008
Operating revenues .......................... $1,037,856 $1,060,592 $1,091,875 $1,052,862
Loss on impairment of intangible assets(2) ........... — — — 386,653
Operating income(2) .......................... 118,966 117,902 119,957 (329,115)
Gain on disposition of investments ................ — — 16,628 —
Net income ................................ 74,569 77,948 95,204 (189,648)
Net income attributable to U.S. Cellular shareholders .... $ 70,557 $ 72,602 $ 89,949 $ (200,118)
Basic weighted average shares outstanding .......... 87,571 87,571 87,460 87,340
Diluted weighted average shares outstanding ......... 88,064 87,872 87,833 87,340
Basic earnings per share attributable to U.S. Cellular
shareholders .............................. $ 0.81 $ 0.83 $ 1.03 $ (2.29)
Diluted earnings per share attributable to U.S. Cellular
shareholders .............................. $ 0.80 $ 0.83 $ 1.02 $ (2.29)
Stock price(1)(3)
U.S. Cellular Common Shares
High .................................. $ 85.85 $ 68.00 $ 63.00 $ 47.90
Low .................................. 52.08 50.01 43.50 27.18
Close ................................. $ 55.00 $ 56.55 $ 46.92 $ 43.24
(1) U.S. Cellular has not paid any cash dividends and currently intends to retain all earnings for use in U.S.
Cellular’s business.
(2) During the fourth quarters of 2009 and 2008, U.S. Cellular recognized a Loss on impairment of intangible assets
related to licenses of $14.0 million and $386.7 million, respectively. See Note 9—Licenses and Goodwill in the
Notes to Consolidated Financial Statements for details of these impairments.
(3) The high, 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.
(4) During the quarter ended December 31, 2009, Operating expenses were reduced by a $7.1 million out-of period
adjustment to correct rent expense. Approximately $6.1 million of this adjustment reduced System operations
expense and $1.0 million reduced Selling, general and administrative 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. The adjustment was recorded in the quarter ended December 31, 2009 and no prior
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