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U.S. Cellular Reports Fourth Quarter 2010 Results

CHICAGO Feb. 24, 2011

Note: Comparisons are year over year unless otherwise noted.

Fourth Quarter Highlights

  • $992 million
  • $47.41 $47.07
  • Net retail customer losses of 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.
  • Nearly 1.2 million customers adopted Belief Plans.

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

$991.9 million $985.4 million $6.8 million $0.08 $6.6 million $0.08

Dec. 31, 2010 $3,913.0 million $3,927.1 million $132.3 million $1.53 $206.7 million $2.37 $14.0 million $0.10

Mary Dillon

"We ended 2010 with nearly 1.2 million new and existing customers on our Belief Plans, demonstrating the value our customers place on this innovative program to enhance overall customer satisfaction. During the fourth quarter, we increased average revenue per customer and customer loyalty.  In addition, demand for smartphones was quite strong.  Smartphone sales represented 40 percent of all devices sold during the quarter and will be a big factor in helping to drive revenue growth in the future, although there was a negative impact on near-term profitability. Smartphone owners currently make up just 17 percent of our postpaid base, so we have significant room for growth in this area. We have a very competitive selection of phones and devices, like the Samsung Galaxy series, and we’re evolving our network to provide a fast, high-quality 4G experience.

"Our customers know that we offer the best experience in wireless, as validated by numerous third-party awards, including being named a J.D. Power and Associates 2011 Customer Service Champion, and we’re working hard to spread the word. We are confident that we have the right strategies in place to help us compete effectively."

Fourth Quarter Treasury Activity

$300 million Dec. 2015

Dec. 31, 2011

Feb. 24, 2011

2011 

2010 

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

(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.

Conference call information

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

www.uscellular.com www.uscellular.com

About U.S. Cellular®

Chicago Dec. 31, 2010 www.uscellular.com

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

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%

Retail customers

Total at end of period

5,729,000

5,750,000

5,775,000

5,768,000

5,744,000

Smartphone penetration (3) (4)

16.6%

12.0%

10.1%

8.9%

7.5%

Gross additions

292,000

301,000

307,000

305,000

354,000

Net retail additions (losses)(5)

(21,000)

(25,000)

7,000

24,000

39,000

     Net postpaid additions (losses)

(10,000)

(25,000)

(22,000)

(9,000)

26,000

     Net prepaid additions (losses)

(11,000)

29,000

33,000

13,000

Service revenue components (000s)

Retail service

$

864,905

$

865,766

$

863,836

$

865,039

$

866,866

Inbound roaming

67,545

72,901

60,902

51,942

61,728

Other

59,464

44,836

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