CHICAGO-U.S. Cellular Corp. and parent company Telephone and Data Systems Inc. said they received notices from The American Stock Exchange and The New York Stock Exchange indicating that both companies are not in compliance with their respective listing standards. The non-compliance is associated with U.S. Cellular and TDS’ announcement last week that they are delaying the release of their third-quarter financial results due to a planned restatement of past results.
Both companies said the restatements are related to a review of accounting for Universal Service Fund expenses; leases; contract termination fees; income tax accounting; and other adjustments and accruals. The restatements are expected to include the first two quarters of this year, full-year 2000 through 2004 and all quarters of 2003 and 2004. The companies said they expect to file amended 10-K and 10-Q reports by mid-December.
As a result of the non-compliance notices, U.S. Cellular and TDS will be included in a list of issuers-which is posted daily on the AMEX and NYSE Web sites-that are not in compliance with the listing standards. A “.LF” will be added to their trading symbols.
U.S. Cellular’s stock was trading up 37 cents per share early Thursday at $49.87 per share, while TDS’ stock was trading up 28 cents per share at $37.31 per share.
