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/SECOND ADD -- NY065 -- TELEPHONE AND DATA SYSTEMS/

 TDS REPORTS EXCELLENT FOURTH QUARTER AND YEAR-END RESULTS
 TELEPHONE AND DATA SYSTEMS INC.
 Financial Highlights
 (Dollars in thousands, except per share amounts - Unaudited)
 Three months ended Increase (Decrease)
 Dec. 31 1992 1991 Amount Percent
 OPERATING REVENUES
 TDS Telecom $62,666 $56,047 $ 6,619 11.8
 USM 48,079 30,759 17,320 56.3
 API 15,392 11,502 3,890 33.8
 Total 126,137 98,308 27,829 28.3
 OPERATING EXPENSES
 BEFORE DEPRECIATION
 AND AMORTIZATION
 TDS Telecom 29,943 27,246 2,697 9.9
 USM 46,262 31,013 15,249 49.2
 API 13,857 11,402 2,455 21.5
 Total 90,062 69,661 20,401 29.3
 OPERATING CASH FLOW
 (Operating Income Plus
 Depreciation and Amortization)
 TDS Telecom 32,723 28,801 3,922 13.6
 USM 1,817 (254) 2,071 N/M
 API 1,535 100 1,435 N/M
 Total 36,075 28,647 7,428 25.9
 DEPRECIATION AND AMORTIZATION (A)
 TDS Telecom 14,381 11,248 3,133 27.9
 USM 8,424 7,237 1,187 16.4
 API 2,587 2,287 300 13.1
 Total 25,392 20,772 4,620 22.2
 OPERATING INCOME
 TDS Telecom 18,342 17,553 789 4.5
 USM (6,607) (7,491) 884 11.8
 API (1,052) (2,187) 1,135 51.9
 Total 10,683 7,875 2,808 35.7
 INVESTMENT AND OTHER INCOME
 Interest and dividend
 income 2,071 2,227 (156) (7.0)
 Minority share of cellular
 (income) losses (1,698) 1,202 (2,900) (241.2)
 Cellular investment
 income, net 2,442 2,371 71 3.0
 Gain on sale of cellular
 properties 17,065 310 16,755 N/M
 Other income
 (expense), net (770) 228 (998) N/M
 Total 19,110 6,338 12,772 201.5
 Interest expense 8,482 7,760 722 9.3
 Income tax expense 9,567 3,102 6,465 208.5
 Income before extra-
 ordinary item 11,744 3,351 8,393 250.4
 Extraordinary item (769) -- (769) N/M
 Net income 10,975 3,351 7,624 227.5
 Preferred dividend
 requirement (559) (892) 333 37.3
 Net income available
 to common $10,416 $ 2,459 $ 7,957 N/M
 Weighted average common
 shares (000s) 40,637 34,981 5,656 16.2
 EARNINGS PER COMMON SHARE:
 Before extraordinary
 item $ .26 $ .07 $ .19 271.4
 Extraordinary item (.02) -- (.02) N/M
 Net income $ .24 $ .07 $ .17 242.9
 Served at Dec. 31, 3 Month Additions
 CUSTOMER UNITS: 1992 1991 1992 1991
 TDS Telecom 321,700 304,000 4,800 8,600
 USM 150,800 97,000 16,300 11,800
 API 322,200 236,800 31,900 2,700
 (A) Includes amortization of $4,698 and $5,006, respectively.
 N/M Percentage change not meaningful
 -0- 10/22/93
 /PRNewswire -- Feb. 22/
 /END SECOND ADD -- THIRD AND FINAL ADD TO FOLLOW/
 (TDS)


CO: Telephone and Data Systems Inc. ST: Illinois IN: TLS SU: ERN

SM -- NY065B -- 9106 02/22/93 17:38 EST
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Date:Feb 22, 1993
Words:511
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