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TDS Reports Fourth Quarter Results

CHICAGO Feb. 24, 2011

Note: Comparisons are year over year unless otherwise noted.

Fourth Quarter Highlights

Enterprise/TDS Corporate

  • $1.3 billion
  • $17.5 million $179 million

Wireless/U.S. Cellular

  • $992 million
  • $47.41 $47.07
  • Net retail customer losses were 10,000 postpaid and 11,000 prepaid.
  • Retail postpaid churn improved to 1.5 percent from 1.6 percent; postpaid customers comprised 95 percent of retail customers.
  • 5 percent increase in cell sites to 7,645.
  • Nearly 1.2 million customers signed-up for Belief Plans.

Wireline/TDS Telecom

  • 9 percent increase in ILEC high-speed data customers.
  • 23 percent increase in ILEC data revenues, representing 21 percent of ILEC revenues.
  • ILEC equivalent access lines remained stable at 767,200, primarily due to a loss of physical access lines partially offset by growth in high-speed data customers.
  • managed

Feb. 24, 2011 9:30 a.m. CST www.teldta.com

$1,265.8 million $ 1,261.9 million $14.5 million $0.14 $11.7 million $0.11

Dec. 31, 2010 $4,986.8 million $5,019.9 million $143.8 million $1.36 $188.9 million $1.72 $14.0 million $0.07

LeRoy T. Carlson, Jr.

managed

"U.S. Cellular’s launch of The Belief Project in October was an important step in the company’s customer satisfaction strategy. Nearly 1.2 million new and existing customers had chosen our Belief Plans by year end. Two important measures—average revenue per customer and customer loyalty—improved in 2010. Customer additions, however, did not meet expectations, and the impact of promotions and smartphone subsidies, as well as spending related to enablement initiatives, reduced 2010 profitability. 

"Our businesses are making significant strides to compete effectively, and TDS stands behind them with a strong financial foundation that provides support and flexibility for future growth."

TDS common and special common repurchase summary

Number of

Cost

Repurchase Period

Shares

(in millions)

2010 (fourth quarter)

610,277

$

17.5

2010 (third quarter)

705,000

$

19.5

2010 (second quarter)

568,297

$

16.3

2010 (first quarter)

510,902

$

14.8

2010 (full year)

2,394,476

$

68.1

2009 (full year)

6,374,741

$

176.6

2008 (full year)

5,861,822

$

199.6

Total  

14,631,039

$

444.3

Fourth Quarter Treasury Activities

$225 million $217.5 million $400 million $300 million Dec. 2015

Dec. 31, 2011

Feb. 24, 2011

2011 

2010 

U.S. Cellular

Estimated Results

Actual Results

Service revenues

$4,000 – $4,100 million

$3,913.0 million

Adjusted OIBDA (1) (3)

$775 – $875 million

$783.1 million

Operating income (3)

$185 – $285 million

$195.4 million

Depreciation, amortization and accretion expenses, and

 losses on asset disposals and impairment of assets (2)

Approx. $590 million

$587.8 million

Capital expenditures (3)

Approx. $650 million

$583.1 million

TDS Telecom ILEC and CLEC operations:

Operating revenues

$780 – $810 million

$795.8 million

Adjusted OIBDA (1)

$260 – $290 million

$275.0 million

Operating income

$75 – $105 million

$99.8 million

Depreciation, amortization and accretion expenses, and  

 losses on asset disposals and impairment of assets (2)

Approx. $185 million

$175.2 million

Capital expenditures (4)

$175 – $200 million

$157.3 million

(1)

Adjusted OIBDA is defined as operating income excluding the effects of: depreciation, amortization and accretion (OIBDA); the net gain or loss on asset disposals (if any); and the loss on impairment of assets (if any). This measure also may be commonly referred to by management as operating cash flow. This measure should not be confused with Cash flows from operating activities, which is a component of the Consolidated Statement of Cash Flows.

(2)

2010 Actual Results include losses on asset disposals and no losses on impairment of assets. The 2011 Estimated Results include only the estimate for Depreciation, amortization and accretion expenses and losses on disposals of assets, and do not include any estimate for losses on impairment of assets (since these cannot be predicted).

(3)

This guidance is based on U.S. Cellular’s current plans.  New developments or changing competitive conditions in the wireless industry, such as the rate of deployment of 4G Long-term Evolution ("LTE") technology by other carriers, could affect U.S. Cellular’s LTE deployment plans and, as a result, its capital expenditures and operating expenses.

(4)

TDS Telecom will fund its share for projects approved under the American Recovery and Reinvestment Act of 2009 to increase broadband access in unserved areas. Under the Recovery Act, TDS Telecom will receive $105.1 million in federal grants and will provide $30.9 million of its own funds to complete 44 projects over the next 24 to 36 months.

Conference call information

Feb. 24, 2011 9:30 a.m. CST

www.teldta.com www.teldta.com

About TDS

Chicago Dec. 31, 2010 www.teldta.com

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:

For more information about TDS and its subsidiaries, visit our websites at:

TDS:   www.teldta.com

TDS Telecom: www.tdstelecom.com

U.S. Cellular: www.uscellular.com

UNITED STATES CELLULAR CORPORATION

SUMMARY OPERATING DATA (UNAUDITED)

Quarter Ended

12/31/2010

9/30/2010

6/30/2010

3/31/2010

12/31/2009

Total population

Consolidated markets(1)

90,468,000

90,468,000

90,468,000

90,468,000

89,712,000

Consolidated operating markets(1)

46,546,000

46,546,000

46,546,000

46,546,000

46,306,000

Market penetration at end of period

Consolidated markets(2)

6.7%

6.7%

6.8%

6.8%

6.8%

Consolidated operating markets(2)

13.0%

13.1%

13.2%

13.2%

13.3%

All customers

Total at end of period

6,072,000

6,103,000

6,144,000

6,147,000

6,141,000

Gross additions

327,000

338,000

349,000

358,000

399,000

Net additions (losses)

(31,000)

(41,000)

(3,000)

6,000

10,000

Smartphones sold as a percent of

     total devices sold(3)

39.6%

23.6%

15.8%

16.6%

14.7%

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