http://www.morningstar.com/earnings/32139291-alleghany-corp-y-q3-2011.aspx

Alleghany Corp Y
Q3 2011 Earnings Call Transcript

Transcript Call Date 11/04/2011

Operator: Greetings and welcome to the TDS and U.S. Cellular Third Quarter Operating Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Jane McCahon, Vice President of Corporate Relations for TDS. Thank you, Ms. McCahon. You may begin.

Jane W. McCahon - VP of Corporate Relations, TDS, Inc.: Thank you, Christine, and good morning, everyone, and thank you for joining us. I wanted to make you all aware the quarterly conference call presentation we've prepared to accompany our comments this morning, which you can find on the Investor Relations pages of the TDS and U.S. Cellular websites.

With me today and offering prepared comments are from TDS, Kenneth R. Meyers, Executive Vice President and CFO; Joseph Hanley, Vice President Technology Planning and Services, from U.S. Cellular; Mary Dillon, President and CEO; Steve Campbell, Executive Vice President and CFO; and from TDS Telecom; Vicki Villacrez, VP, Finance and CFO.

This call is being simultaneously webcast on the Investor Relations sections of both the TDS and U.S. Cellular websites. Please see the websites for slides referred to on this call including non-GAAP reconciliations.

The information set forth in the presentation and discussed during this call contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Please review the Safe Harbor paragraphs in our release and the more extended versions that will be included in our SEC filings.

Shortly after we released our earnings results this morning and before this call, TDS and U.S. Cellular filed SEC Form 8-K Current Reports, including the press releases we issued this morning. Both companies plan to file their SEC Form 10-Q reports next week. Between now and year-end, we will be attending three conferences, all being held in New York. The Wells Fargo conference is in November and the JPMorgan and UBS conferences are in December. If you'd like to meet with us at either of those conferences, please let me know and we'll try to accommodate you if at all possible.

Please keep in mind that TDS has an open door policy, so if you are in the Chicago area and would like to meet members of management from TDS Corporate, U.S. Cellular or TDS Telecom, the IR team will try to accommodate if (calendars) permitted.

With that, I'll turn the call over to Ken Meyers.

Kenneth R. Meyers - EVP and CFO, TDS, Inc.: Thank you, Jane. I just have few comments before turning the call over to the rest of the team. First, the financial results for both of our businesses were more solid, with TDS's consolidated operating revenues and profitability showing improvement. There was an unusual item in the quarter with the TDS recording a $12.7 million net came related to its acquisition out of bankruptcy over 63% interest in Wisconsin-based wireless provider.

I pointed out since historically one would not expect a gain in an acquisition, but here we have one. Also, you will note, there are two additional pages attached to the press releases for both TDS and U.S. Cellular detailing some nonmaterial corrections to prior financials. These errors related to accounting for asset retirement obligations. Since the amount are immaterial, we will revise prior periods in the third quarter 10-Q in the future filings in accordance with the applicable literature.

Read our Earnings Call Transcript disclaimer.
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