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Given the competitive nature of the telecommunications
industry, the need for excellent service is more important
than ever. That level of service is what we are committed
to providing. At the same time, we are ensuring that we
have the right strategies in place and are executing them
effectively. In 2003, we not only executed our strategies,
but we also generated impressive operating metrics and
strong financial results.
TDS’s
consolidated operating revenues increased 15 percent for
the year to $3.4 billion, driven by strong revenue gains
at U.S. Cellular and solid revenue growth at TDS Telecom.
Net income for 2003 totaled $46 million, with basic earnings
per share of $0.80.
We
are pleased to report that our stock price improved considerably
in 2003, up 33 percent for the year, better than the performance
of either the S&P 500 or the Dow Jones Industrial
Average. Our annual dividend increased as well, to 62
cents for the year, an increase of 7 percent.
After
TDS reported year-end 2003 results, the company announced
in April the restatement of TDS’s 2003 and 2002
financial statements related to the implementation of
Statement of Financial Accounting Standards No. 142 “Goodwill
and Other Intangible Assets.” The restatement, which
is discussed in detail in the financial discussion of
this report, did not affect revenues, cash or cash flows. continue4
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