Tuesday, August 6, 2013

U.S. Cellular Releases Second Quarter Results

On August 2nd, U.S. Cellular posted the results of their second quarter. The information below is provided by their new release. To read the whole release, please click here.
United States Cellular Corporation (NYSE:USM) reported service revenues of $911.0 million for the second quarter of 2013, versus $1,029.7 million for the comparable period one year ago. Net income attributable to U.S. Cellular shareholders and related diluted earnings per share were $143.4 million and $1.69 respectively, for the second quarter of 2013, compared to $52.7 million and $0.62, respectively, in the comparable period one year ago.

The following significant events occurred during the second quarter of 2013:
  •       On April 3, U.S. Cellular deconsolidated the St. Lawrence Seaway RSA Cellular Partnership ("NY1") and the New York RSA 2Cellular Partnership ("NY2"). As a result, the NY1 and NY2 partnerships results are now reported using the equity method of accounting for investments in its consolidated financial statements. U.S. Cellular has retained the same ownership percentage and will continue to report the same percentage of income.
  •       On May 16, U.S. Cellular's previously announced transaction to sell its Chicago, St. Louis, central Illinois and three other markets (the "Divestiture Transaction") closed and the company received $480 million in cash and recognized a pre-tax gain of $266.4 million.
  •       On June 25, U.S. Cellular paid a special dividend of $5.75 per Common Share and Series A Common Share, for a total of$482.3 million.

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