CHICAGO—U.S. Cellular Corp. and its parent company, Telephone and Data Systems Inc., said they received a fourth financial filing extension from the American Stock Exchange.
The companies, which had been expected to file tardy financial results from the third quarter of 2005 on Tuesday along with financial restatements going back to 2000, instead said that they had asked for another extension because they needed more time to complete the restatements. Later in the day, they confirmed that the AMEX had granted them until June 30 to get back into listings compliance by filing the restatements and third-quarter 2005 results, along with year-end 2005 and first-quarter 2006 results, which also are expected to be late.
The companies are restating the first and second quarters of 2005, each of the quarters of 2003 and 2004, the years 2002-2004 and “certain related financial data” for 2000 and 2001. The ongoing review is primarily related to income taxes, and according to figures earlier released by U.S. Cellular, most of its yearly adjustments for net income fall within a $3 million range of the originally reported figures. However, 2003 net income could be reduced by as much as $9 million.
TDS and U.S. Cellular have been working since November on the restatements, which must be completed before the quarterly filings can be made. The companies said that they plan to file the restatements, third-quarter 2005 results, year-end results and first quarter 2006 results sequentially as they are completed, and that the last filings might not be turned in until late May or June.
