 |
Income (Loss) from Continuing Operations
and Diluted Earnings per Share from Continuing Operations
per Share were significantly affected by (1) loss on impairment
of intangible assets, (2) loss on assets held for sale
and impairment of assets, (3) gains and losses from marketable
equity securities and other investments, and (4) ceasing
the amortization of license costs and goodwill effective
January 1, 2002, upon the adoption of Statement of Financial
Accounting Standards No. 142, “Goodwill and Other
Intangible Assets.” An analysis of these items,
net of tax and minority share, is shown below.
|
|
| Year Ended or at December 31, |
|
2003 |
|
|
2002 |
|
|
2001 |
|
|
2000 |
|
|
1999 |
|
| (as restated |
) |
(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from
Continuing Operations |
$ |
60,006 |
|
$ |
(987,737 |
) |
$ |
(173,963 |
) |
$ |
115,056 |
|
$ |
291,326 |
|
| Add (Subtract) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on impairment of
intangible assets |
|
49,595 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Loss on assets held for sale and
impairment of assets |
|
50,822 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
(Gain) Loss on marketable
equity securities
and other investments |
|
10,200 |
|
|
1,888,391 |
|
|
548,305 |
|
|
(15,716 |
) |
|
(345,938 |
) |
|
|
|
| (Gain) Loss Adjustments |
|
110,617 |
|
|
1,888,391 |
|
|
548,305 |
|
|
(15,716 |
) |
|
(345,938 |
) |
| Income Tax Expense
(Benefit) |
|
(42,717 |
) |
|
(720,470 |
) |
|
(211,946 |
) |
|
15,942 |
|
|
135,879 |
|
| Minority Share
of Income |
|
(10,670 |
) |
|
(32,664 |
) |
|
— |
|
|
9,000 |
|
|
30,645 |
|
|
|
|
| Net (Gain) Loss Adjustments |
|
57,230 |
|
|
1,135,257 |
|
|
336,359 |
|
|
9,226 |
|
|
(179,414 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
License and Goodwill Amortization,
Net of Tax and Minority Interest(b) |
|
— |
|
|
— |
|
|
29,507 |
|
|
26,323 |
|
|
26,788 |
|
|
|
|
| As Adjusted |
$ |
117,236 |
|
$ |
147,520 |
|
$ |
191,903 |
|
$ |
150,605 |
|
$ |
138,700 |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Share from Continuing Operations |
|
$1.02 |
|
$ |
(16.85 |
) |
$ |
(2.97 |
) |
$ |
1.88 |
|
$ |
4.65 |
|
| Net (Gain) Loss Adjustments |
|
0.99 |
|
|
19.35 |
|
|
5.71 |
|
|
0.16 |
|
|
(2.87 |
) |
| Net License and Goodwill Amortization |
|
— |
|
|
— |
|
|
0.50 |
|
|
0.43 |
|
|
0.43 |
|
|
|
|
| As Adjusted |
$ |
2.01 |
|
$ |
2.50 |
|
$ |
3.24 |
|
$ |
2.47 |
|
$ |
2.21 |
|
|
|
| (a) |
Certain amounts have been restated to reflect
changes to the implementation of Statement of Financial
Accounting Standards (“SFAS”) No. 142
“Goodwill and Other Intangible Assets”
as discussed in the Restatement section of note
1 to the consolidated financial statements. |
| (b) |
Net Income (Loss) available to common adjusted
to exclude license and goodwill amortization expense,
net of tax, for the years prior to 2002, pursuant
to SFAS No. 142. |
USE OF NON-GAAP FINANCIAL INFORMATION
The amount of Operating Income before Depreciation, Amortization
and Accretion and the As Adjusted amounts reported in
the table of Financial Highlights on the inside front
cover and in the above table of Supplemental Shareholder
Information are non-GAAP financial measures under rules
of the Securities and Exchange Commission. The reason
for such information is to show the impact of amounts
that have had a significant effect on measures determined
under generally accepted accounting principles (GAAP).
TDS does not intend to imply that any of the amounts that
are included or excluded are non-recurring, infrequent
or unusual or that they are not reasonably likely to recur.
The non-GAAP measures are used by management to assess
the operating performance of TDS. TDS believes that such
non-GAAP measures provide useful information to investors
regarding its results of operations in that they provide
additional details regarding TDS’s operating performance
and facilitate comparison from period to period or with
other companies. Nevertheless, such measures may not be
consistent with similarly captioned measures reported
by other companies, and such measures should not be construed
as alternatives to measures of performance determined
under GAAP.
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