http://www.morningstar.com/earnings/35765285-united-states-cellular-corp-usm-q4-2011.aspx

United States Cellular Corp USM
Q4 2011 Earnings Call Transcript

Transcript Call Date 02/24/2012

Operator: Greetings, and welcome to the TDS and U.S. Cellular Fourth Quarter 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, Ms. Jane McCahon, Vice President of Corporate Relations for TDS. Thank you, Ms. McCahon. You may begin.

Jane W. McCahon - VP of Corporate Relations, Telephone and Data Systems, Inc: Thank you, Lewis. Good morning, everyone, and thank you for joining us. I want to make sure you are all aware of 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 Meyers, Executive Vice President and CFO; from U.S. Cellular, Mary Dillon, President and Chief Executive Officer; and Steve Campbell, Executive Vice President and CFO; and from TDS Telecom, Dave Wittwer, President and CEO; and 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 those 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-K later this afternoon.

In the next couple of weeks, we will be attending two conferences, Morgan Stanley on February 28th in San Francisco and Raymond James, March 7th in Orlando, and we will also be hosting analyst visits during CTIA in New Orleans on May 9th. If you'd like to meet us in any of these events, let me know and we will try to accommodate you if at all possible and keep in mind that we have an open door policy. So if you are ever in the Chicago area and would like to meet with members of management from TDS Corporate, U.S. Cellular or TDS Telecom, the investor relations team will try to accommodate you, calendars permitting.

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

Kenneth R. Meyers - EVP and CFO, Telephone and Data Systems, Inc: Thank you, Jane. TDS ended 2011 in a strong position with revenues up 4%, operating income up 22% and net income available to common up 38%. We ended the year with strong balance sheet, ample credit lines and for the most part no unfunded pension liabilities. As you know, we termed out most of our debt during the year pushing it out to 49 years. All of this gives us significant financial flexibility as we continue to position our companies for future growth.

Read our Earnings Call Transcript disclaimer.
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