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United States Cellular Corporation
CONSOLIDATED QUARTERLY INFORMATION (UNAUDITED)
Quarter Ended
March 31 June 30 September 30 December 31
(Amounts in thousands, except per share amounts)
2014
Operating revenues ............................. $925,811 $957,773 $1,000,419 $1,008,744
(Gain) loss on asset disposals, net(1) ................. 1,934 6,893 7,947 4,695
(Gain) loss on sale of business and other exit costs, net(1) . . (6,900) (10,511) (10,283) (5,136)
(Gain) loss on license sales and exchanges(1) ........... (91,446) — — (21,547)
Operating income (loss) .......................... 7,825 (50,307) (51,354) (49,554)
Net income (loss) .............................. 18,404 (19,451) (23,771) (22,104)
Net income (loss) attributable to U.S. Cellular shareholders . . $ 19,482 $ (18,789) $ (22,165) $ (21,340)
Basic weighted average shares outstanding ............ 84,213 84,341 84,233 84,066
Diluted weighted average shares outstanding ........... 85,065 84,341 84,233 84,066
Basic earnings (loss) per share attributable to U.S. Cellular
shareholders ................................ $ 0.23 $ (0.22) $ (0.26) $ (0.25)
Diluted earnings (loss) per share attributable to U.S. Cellular
shareholders ................................ $ 0.23 $ (0.22) $ (0.26) $ (0.25)
Stock price
U.S. Cellular Common Shares(2)
High .................................... $ 44.86 $ 43.50 $ 42.00 $ 40.92
Low..................................... 35.93 38.33 33.17 31.79
Close ................................... $ 41.01 $ 40.80 $ 35.48 $ 39.83
Quarter Ended
March 31 June 30 September 30 December 31
(Amounts in thousands, except per share amounts)
2013
Operating revenues ........................... $1,081,746 $ 995,130 $939,236 $ 902,724
(Gain) loss on asset disposals, net(1) ............... 5,434 9,018 1,701 14,453
(Gain) loss on sale of business and other exit costs, net(1) 6,931 (249,024) (1,534) (3,140)
(Gain) loss on license sales and exchanges(1) ......... — — — (255,479)
Operating income (loss) ........................ 1,466 219,092 (43,207) (30,486)
Gain (loss) on investments(1) .................... — 18,527 — 29
Net income (loss) ............................ 10,710 143,675 (9,601) (262)
Net income (loss) attributable to U.S. Cellular shareholders $ 4,914 $ 143,391 $ (9,859) $ 1,592
Basic weighted average shares outstanding ........... 83,838 83,845 84,005 84,181
Diluted weighted average shares outstanding(3) ........ 84,588 84,661 84,005 85,033
Basic earnings (loss) per share attributable to U.S. Cellular
shareholders .............................. $ 0.06 $ 1.71 $ (0.12) $ 0.02
Diluted earnings (loss) per share attributable to U.S.
Cellular shareholders(3) ....................... $ 0.06 $ 1.69 $ (0.12) $ 0.02
Stock price
U.S. Cellular Common Shares(2)
High .................................. $ 39.74 $ 41.33 $ 45.91 $ 48.98
Low................................... 34.69 32.25 34.22 39.27
Close .................................. $ 36.00 $ 36.69 $ 45.53 $ 41.82
Special cash dividend paid(3) .................... $ — $ 5.75 $ — —
(1) See Note 9—Property, Plant and Equipment for additional information on (Gain) loss on asset disposals, net.
See Note 6—Acquisitions, Divestitures and Exchanges for additional information on (Gain) loss on sale of
business and other exit costs, net and (Gain) loss on license sales and exchanges. See Note 8—Investments in
Unconsolidated Entities for additional information on Gain (loss) on investments in 2013.
(2) The high, low and closing sales prices as reported by the New York Stock Exchange (‘‘NYSE’’).
(3) On June 25, 2013, U.S. Cellular paid a special cash dividend of $5.75 per share, for an aggregate amount of
$482.3 million, to all holders of U.S. Cellular Common Shares and Series A Common Shares as of June 11,
2013. Outstanding U.S. Cellular stock options and restricted stock unit awards were equitably adjusted for the
special cash dividend. The impact of such adjustments on the earnings per share calculation was reflected in
all prior periods presented.
U.S. Cellular has not paid any cash dividends, except for a special cash dividend of $5.75 per share in
June 2013, and currently intends to retain all earnings for use in U.S. Cellular’s business.
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