Cellular offsets PCS costs for TDS
CHICAGO-Telephone and Data Systems Inc. said strong cellular performance was offset by personal communications services development costs to produce a decline in net income for the fourth quarter 1996. Net income was $10.9 million, or 18 cents per share, compared with net income of $14.2 million, or 24 cents per share, for the same period last year.
Revenues for the fourth quarter were $336.4 million, 31 percent more than fourth quarter 1995 revenues.
TDS said its subsidiary, United States Cellular Corp., had a customer growth rate of 51 percent for 1996, and its subsidiary, TDS Telecommunications Corp., had a 24 percent increase in revenues during the fourth quarter.
The company said American Paging Inc., its 82 percent-owned subsidiary, had results in line with what the company expected. Customer units declined 1.4 percent and service revenue decreased 4 percent during the quarter. TDS said sales force turnover hampered sales unit growth.
Annual earnings turn up for 360
