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Income (Loss) Before Cumulative Effect of Accounting
Change and Diluted Earnings per Share were significantly
affected by (1) loss on impairment of intangible assets,
(2) loss on assets held for sale, (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, is shown below.
| Year Ended December
31, |
2003 |
|
|
2002 |
|
|
2001 |
|
2000 |
|
|
1999 |
|
|
(as restated)(a |
) |
|
|
|
|
|
|
|
|
|
|
|
 |
|
|
(Dollars
in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) Before
Cumulative
Effect of Accounting
Change |
$ |
57,006 |
|
$ |
(18,385 |
) |
$ |
173,876 |
$ |
197,568 |
|
$ |
300,758 |
|
|
Add (subtract) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on
impairment of intangible assets |
|
49,595 |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
Loss
on assets held for sale |
|
45,908 |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
(Gain) Loss
on marketable equity securities
and other investments |
|
5,200 |
|
|
295,454 |
|
|
— |
|
(96,075 |
) |
|
(266,744 |
) |
|
|
|
|
(Gain)
Loss Adjustments |
|
100,703 |
|
|
295,454 |
|
|
— |
|
(96,075 |
) |
|
(266,744 |
) |
|
Income
Tax Expense (Benefit) |
|
(40,921 |
) |
|
(112,199 |
) |
|
— |
|
44,912 |
|
|
106,565 |
|
|
|
|
|
Net
(Gain) Loss Adjustments |
|
59,782 |
|
|
183,255 |
|
|
— |
|
(51,163 |
) |
|
(160,179 |
) |
|
Net
License and Goodwill Amortization |
|
— |
|
|
— |
|
|
26,361 |
|
24,419 |
|
|
24,391 |
|
|
|
|
|
As
Adjusted |
$ |
116,788 |
|
$ |
164,870 |
|
$ |
200,237 |
$ |
170,824 |
|
$ |
164,970 |
|
|
|
|
Diluted Earnings per Share Before
Cumulative Effect
of Accounting Change |
$ |
0.66 |
|
$ |
(0.22 |
) |
$ |
1.99 |
$ |
2.27 |
|
$ |
3.28 |
|
|
Net
(Gain) Loss Adjustments |
|
0.69 |
|
|
2.11 |
|
|
— |
|
(0.56 |
) |
|
(1.69 |
) |
|
Net
License and Goodwill Amortization |
|
— |
|
|
— |
|
|
0.29 |
|
0.27 |
|
|
0.26 |
|
|
|
|
|
As
Adjusted |
$ |
1.35 |
|
$ |
1.89 |
|
$ |
2.28 |
$ |
1.98 |
|
$ |
1.85 |
|
|
|
| (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. |
The amount of Operating Income
before Depreciation, Amortization and Accretion and
the As Adjusted amounts reported in the table of Financial
Highlights 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). U.S. Cellular 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 U.S. Cellular. U.S. Cellular believes that such non-GAAP
measures provide useful information to investors regarding
its results of operations in that they provide additional
details regarding U.S. Cellular’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. | back
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