CHICAGO—U.S. Cellular Corp. and its parent company, Telephone and Data Systems Inc., say they need still more time to file their year-end 2005 reports and their financial results for the first quarter of 2006, and have also rescheduled their annual shareholder meetings.
The two companies have been working on financial restatements since last November and are out of compliance with American Stock Exchange listing standards. The AmEx had granted them several extensions for filing, the latest of which is slated to expire June 30.
In April, the two companies filed their restatements—which had delayed their regular quarterly and year-end reports. They have since been working to catch up on quarterly and yearly filings.
TDS had planned to have its stockholders meeting on July 6, and U.S. Cellular scheduled its meeting for July 7. Both the meetings have been cancelled, and new dates will be announced once the two companies file their 2005 year-end reports. The companies say they have now been given until July 31 to distribute their annual reports to shareholders.
“The delay is due to the companies requiring additional time to review financial information regarding the footnote disclosure on lease future minimum payments,” according to a statement by TDS and U.S. Cellular.
The two companies also indicated that their reports for the second quarter of 2006 also will be filed late.
