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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
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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