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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
05/20/201611:08:57Securities Registration: Employee Benefit Plan (s-8)
05/17/201607:57:00TDS and U.S. Cellular to Webcast Annual Meetings of Shareholders
05/06/201608:36:34Quarterly Report (10-q)
05/06/201608:20:25Current Report Filing (8-k)
05/06/201607:53:00U.S. Cellular reports first quarter 2016 results
05/03/201615:24:43Statement of Changes in Beneficial Ownership (4)
04/29/201609:45:00TDS and U.S. Cellular to release first quarter operating results...
04/18/201609:00:00TigerText to Offer Secure Messaging Services to U.S. Cellular...
04/12/201611:42:14Additional Proxy Soliciting Materials (definitive) (defa14a)
04/12/201611:31:06Proxy Statement (definitive) (def 14a)
04/12/201611:13:12Annual Report to Security Holders (ars)
04/11/201608:07:00UNITED STATES CELLULAR (USM) SHAREHOLDER ALERT – Andrews & S...
04/04/201618:00:48Statement of Changes in Beneficial Ownership (4)
04/04/201617:59:58Statement of Changes in Beneficial Ownership (4)
04/04/201617:59:33Statement of Changes in Beneficial Ownership (4)
04/04/201617:58:14Statement of Changes in Beneficial Ownership (4)
04/04/201617:56:51Statement of Changes in Beneficial Ownership (4)
04/04/201617:43:24Statement of Changes in Beneficial Ownership (4)
03/31/201610:00:00U.S. Cellular Announces $1.3 Million Nonprofit Donation to Boys...
03/29/201614:36:21Statement of Changes in Beneficial Ownership (4)

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