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TDS and U.S. Cellular Receive Further Extensions From AMEX and Lenders3 July 2006
Telephone and Data Systems, Inc. [Amex: TDS, TDS.S] and United States Cellular Corporation [Amex: USM] today announced that the American Stock Exchange (AMEX) granted both companies an extension until Nov. 14, 2006 to regain compliance with AMEX listing standards resulting from delayed filings with the Securities and Exchange Commission (SEC) and delayed distribution of their 2005 annual reports to shareholders. Previously, the AMEX had notified both companies that it had accepted their plans to regain compliance and had granted both companies an extension until June 30, 2006 to make the delayed filings and until July 31, 2006 to distribute their annual reports. TDS and U.S. Cellular continue to be noncompliant with the listing standards of the AMEX and their listing is being continued pursuant to the additional extension of time to Nov. 14, 2006 to regain compliance.
In addition, both companies have received extended waivers from their lenders under credit agreements and from counterparties under certain forward contracts provided that that they file their Forms 10-K for the year ended Dec. 31, 2005 by Aug. 31, 2006, their Forms 10-Q for the quarter ended March 31, 2006 within 30 days of filing the 2005 Form 10-K, and their Forms 10-Q for the quarter ended June 30, 2006 within 45 days of filing the first quarter Form 10-Q. Waivers of such defaults were previously extended, on the condition that the companies file their Forms 10-K for the year ended Dec. 31, 2005 and Forms 10-Q for the quarter ended March 31, 2006 by June 30, 2006. The companies expect to file their Forms 10-Q for the quarter ended Sept. 30, 2006 on or before the extended due date of Nov. 14, 2006.
The companies will hold their annual meetings of shareholders in late August or early September, on a date to be disclosed later.
On Nov. 10, 2005, the companies announced that they would restate financial results for several prior periods. The companies completed and filed their restatements on April 26, 2006. The time spent completing the restatement caused the companies to be late with their other SEC filings.
About TDS
TDS is a diversified telecommunications corporation founded in 1969. Through its business units, U.S. Cellular and TDS Telecom, TDS operates primarily by providing wireless, local telephone and broadband services. As of March 31, 2006, the company employed 11,600 people and served 6.7 million customers/units in 36 states.
About U.S. Cellular
As of March 31, 2006, U.S. Cellular, the nation's sixth-largest wireless service carrier, provided wireless service to 5.6 million customers in 26 states. The Chicago-based company operates on a customer satisfaction strategy, meeting customer needs by providing a comprehensive range of wireless products and services, superior customer support and a high-quality network.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates and expectations. These statements are based on current estimates, projections and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: The ability of U.S. Cellular to successfully manage and grow the operations of the Chicago MTA and newly launched markets; changes in the overall economy; changes in competition in the markets in which U.S. Cellular and TDS Telecom operate; changes due to industry consolidation; advances in telecommunications technology, including Voice over Internet Protocol; changes to access and pricing of unbundled network elements; changes in the state and federal telecommunications regulatory environment; changes in the value of investments, including variable prepaid forward contracts; an adverse change in the ratings afforded TDS and U.S. Cellular debt securities by accredited ratings organizations; uncertainty of access to the capital markets; possible future restatements; pending and future litigation; acquisitions/ divestitures of properties and/or licenses; and changes in customer growth rates, average monthly revenue per unit, churn rates, roaming rates and the mix of products and services offered in U.S. Cellular and TDS Telecom markets. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K used by TDS to furnish this press release to the SEC, which are incorporated by reference herein.
For more information about TDS or its business units, visit:
TDS: http://www.teldta.com TDS Telecom: http://www.tdstelecom.com
USM: http://www.uscellular.com TDS Metrocom: http://www.tdsmetro.com
Source: prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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