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TDS 2Q Net Falls 65%; US Cellular Earnings Drop 60%

DOW JONES NEWSWIRES Telephone & Data Systems Inc.'s (TDS) third-quarter profit fell 65% as the company saw profit at its U.S. Cellular Corp. (USM) business slump as well. TDS said in July that high unemployment levels have led some of its customers to cut back on telecom spending, and Fitch in late August said it was concerned about the company's ability to return to long-term growth because of a competitive environment in the weak economy. TDS reported earnings of $35.6 million, or 33 cents a share, down from $101.2 million, or 87 cents, a year earlier. Revenue fell 4% to $1.26 billion. Analysts polled by Thomson Reuters had most recently forecast earnings of 43 cents on $1.25 billion in sales. TDS also said it had completed its repurchase of about $250 million in stock "well ahead of schedule," buying back about $73.9 million during the quarter. U.S. Cellular, which operates in 26 states, reported earnings of $35.6 million, or 41 cents a share, down from $89.9 million, or $1.02, a year earlier. Revenue fell 3% to $1.06 billion. Analysts had forecast earnings of 56 cents on revenue of $1.04 billion. Average monthly revenue per unit, a key measure for wireless companies, fell 2%. The company lost 24,000 net subscribers during the quarter, leaving its customer base at 6.13 million. Postpaid churn, or turnover rate, was 1.7%, up from 1.6% a year earlier. Shares of TDS and U.S. Cellular closed at $30.73 and $37.85, respectively, Wednesday and were inactive premarket. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;

Stock News for United States Cellular Corp (USM)
DateTimeHeadline
01/19/201616:04:59Annual Statement of Changes in Beneficial Ownership (5)
01/19/201616:01:25Annual Statement of Changes in Beneficial Ownership (5)
01/08/201610:00:00U.S. Cellular Kicks Off 2016 with 6 GB for $40 Plan and up to...
01/07/201620:10:00Former McDonald's Marketing Chief Joins Starbucks Board
12/22/201509:00:00TDS and U.S. Cellular to Present at Citi Conference
12/03/201516:30:00U.S. Cellular Launches Nationwide Holiday Giving Campaign to...
12/02/201511:38:19Statement of Changes in Beneficial Ownership (4)
11/24/201514:00:00U.S. Cellular Offering iPad Pro
11/23/201511:30:54Current Report Filing (8-k)
11/23/201510:30:00U.S. Cellular Holiday Deals Include Door Busters on Samsung And...
11/17/201517:10:43Securities Registration (section 12(b)) (8-a12b)
11/17/201517:07:43Current Report Filing (8-k)
11/17/201517:05:15Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
11/17/201509:00:00U.S. Cellular sells $300 million of 7.25 percent notes
11/16/201517:12:19Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
11/16/201509:46:42Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
11/04/201517:14:08Statement of Changes in Beneficial Ownership (4)
11/03/201509:30:00U.S. Cellular presenting at Wells Fargo Conference
10/30/201508:41:44Quarterly Report (10-q)
10/30/201508:28:31Current Report Filing (8-k)

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