US Cellular 2010 Annual Report Download - page 82

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United States Cellular Corporation
SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA
Year Ended or at December 31, 2010 2009 2008 2007 2006
(Dollars in thousands, except per share amounts)
Statement of Operations data
Service revenues .................. $3,913,001 $3,927,128 $3,939,695 $3,672,724 $3,214,072
Equipment sales ................... 264,680 286,752 302,859 267,027 258,745
Operating revenues ................ 4,177,681 4,213,880 4,242,554 3,939,751 3,472,817
Operating income (a) ............... 195,374 320,946 28,610 381,355 287,965
Equity in earnings of unconsolidated
entities ........................ 97,318 96,800 91,981 90,033 93,119
Fair value adjustment of derivative
instruments .....................———(5,388) (63,022)
Gain (loss) on disposition of investments . — — 16,628 137,987 70,427
Income before income taxes .......... 235,017 344,586 65,683 530,928 310,881
Net income ...................... 155,408 228,500 58,223 324,380 191,126
Net income attributable to noncontrolling
interests, net of tax ............... 23,084 21,768 25,083 15,056 13,044
Net income attributable to U.S. Cellular
shareholders .................... $ 132,324 $ 206,732 $ 33,140 $ 309,324 $ 178,082
Basic weighted average shares
outstanding (000s) ................ 86,128 86,946 87,457 87,730 87,346
Basic earnings per share attributable
to U.S. Cellular shareholders ........ $ 1.54 $ 2.38 $ 0.38 $ 3.53 $ 2.04
Diluted weighted average shares
outstanding (000s) ................ 86,518 87,168 87,754 88,481 88,109
Diluted earnings per share attributable
to U.S. Cellular shareholders ........ $ 1.53 $ 2.37 $ 0.38 $ 3.50 $ 2.02
Balance Sheet data
Total assets ...................... 5,933,610 5,748,746 5,584,202 5,611,817 5,685,814
Long-term debt (excluding current
portion) ........................ 867,941 867,522 996,636 1,002,293 1,001,839
Total U.S. Cellular shareholders’ equity . . . $3,480,583 $3,388,413 $3,200,035 $3,189,399 $2,991,932
Other operating data
Total customers ................... 6,072,000 6,141,000 6,196,000 6,102,000 5,815,000
Average monthly service revenue per
customer (b) .................... $ 53.27 $ 52.99 $ 53.22 $ 51.08 $ 47.23
Postpaid churn rate (c) .............. 1.5% 1.6% 1.5% 1.4% 1.6%
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 $14.0 million in 2009, $386.7 million in 2008 and
$24.9 million in 2007.
(b) Calculated by dividing Service Revenues by average customers and number of months in the year.
(c) Represents the percentage of the postpaid customer base that disconnects service each month.
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