During the year –
U.S. Cellular’s 20th – our associates worked
relentlessly and performed beautifully. They showed
a special focus, energy and dedication that helped create
a loyal, expanding customer base and solid operating
results.
We added 447,000 net new customers through our marketing
channels in 2003, which helped expand our customer base
7 percent, so that U.S. Cellular proudly served a total
of 4.4 million customers by year end. This customer
growth drove an 18 percent increase in operating revenues
to $2.6 billion.
Our operating expenses totaled $2.5 billion, up 29 percent
over 2002. The increase reflects not only the integration
and promotion of our new Chicago market but also higher
depreciation, amortization and accretion expense, which
grew 23 percent. Operating income was $119 million for
the year. Net income was $43 million, or $0.50 per share.
After U.S. Cellular reported year-end 2003 results,
the company announced in April the restatement of its
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.
When your strategy is focused on customer satisfaction,
you achieve the kinds of positive results that we did
in 2003. Everything we undertake works toward the goal
of satisfied customers: broadening our geographic footprint
in our key markets; delivering excellent customer service;
improving the quality of our already superb network
and launching new products and services. At the same
time, we are financially disciplined and responsible.
We aim to grow profitably and keep the company financially
strong. Just as our customers expect the excellent service
we provide, so too do our shareholders expect sound
financial results, and we aim to deliver on both.
continue4
| back to
top5
|
