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TDS, US Cellular Delay 1Q Results Due To Accounting Errors

DOW JONES NEWSWIRES Telephone and Data Systems Inc. (TDS) and its U.S. Cellular Corp. (USM) business pushed back the release date of their first-quarter results, citing the discovery of some accounting errors. The telecommunications provider disclosed late Wednesday that the errors resulted in the overstatement of service revenues and the understatement of sales-tax liabilities between the years of 2007 and 2009, and related interim periods. The company has evaluated those errors and determined they are "immaterial to each of their reporting periods affected, and therefore, amendment of previously filed reports is not required." However, if the adjustments to correct the errors were recorded in the first quarter of this year, the company believes the impact would be affect comparisons to prior periods. TDS and U.S. Cellular said the delay allows it additional time to complete the adjustment of prior-year financial statements. The companies expect to release their quarterly results Monday, instead of the originally scheduled Thursday release. Both companies' shares were inactive after hours. -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

Stock News for United States Cellular Corp (USM)
DateTimeHeadline
08/19/201513:41:00Monnit and U.S. Cellular Partner to Offer Reliable, Cellular...
08/13/201511:30:00U.S. Cellular Launching Samsung Galaxy S6 edge+ and Galaxy Note5...
07/31/201508:55:39Quarterly Report (10-q)
07/31/201508:40:55Current Report Filing (8-k)
07/31/201507:50:00U.S. Cellular reports second quarter 2015 results
07/31/201507:00:00TDS and U.S. Cellular to release second quarter operating results...
07/23/201516:27:00TDS and U.S. Cellular to release second quarter operating results...
07/20/201512:12:34Amended Current Report Filing (8-k/a)
07/20/201510:17:00U.S. Cellular Teams Up with TV Personality Andrew Zimmern for...
07/16/201510:00:00U.S. Cellular Guarantees to Beat Verizon and AT&T Plans
06/15/201508:26:57Current Report Filing (8-k)
05/22/201513:43:29Statement of Changes in Beneficial Ownership (4)
05/22/201509:29:22Current Report Filing (8-k)
05/12/201511:20:21Statement of Changes in Beneficial Ownership (4)
05/11/201516:50:00TDS and U.S. Cellular To Webcast Annual Meetings of Shareholders
05/11/201506:01:38Notice of Effectiveness (effect)
05/05/201516:32:57Statement of Changes in Beneficial Ownership (4)
05/01/201508:59:16Securities Registration Statement (simplified Form) (s-3/a)
05/01/201508:46:55Quarterly Report (10-q)
05/01/201508:29:00Current Report Filing (8-k)

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