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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
04/21/201512:17:39Current Report Filing (8-k)
04/07/201510:17:41Additional Proxy Soliciting Materials (definitive) (defa14a)
04/07/201510:11:35Proxy Statement (definitive) (def 14a)
04/07/201510:07:11Annual Report to Security Holders (ars)
04/03/201512:57:50Statement of Changes in Beneficial Ownership (4)
04/03/201512:56:26Statement of Changes in Beneficial Ownership (4)
04/03/201512:55:26Statement of Changes in Beneficial Ownership (4)
04/02/201513:50:58Statement of Changes in Beneficial Ownership (4)
04/02/201513:43:22Statement of Changes in Beneficial Ownership (4)
04/02/201513:41:08Statement of Changes in Beneficial Ownership (4)
04/02/201513:37:09Statement of Changes in Beneficial Ownership (4)
04/02/201513:19:01Statement of Changes in Beneficial Ownership (4)
04/02/201513:15:29Statement of Changes in Beneficial Ownership (4)
03/26/201512:28:50Statement of Changes in Beneficial Ownership (4)
03/25/201509:17:47Confidential Treatment Order (ct Order)
03/23/201513:47:39Statement of Changes in Beneficial Ownership (4)
03/20/201506:08:24Current Report Filing (8-k)
03/16/201512:03:40Current Report Filing (8-k)
03/13/201514:25:17Statement of Changes in Beneficial Ownership (4)
03/03/201512:37:16Statement of Changes in Beneficial Ownership (4)

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