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SECOND AND FINAL ADD TO TELEPHONE AND DATA SYSTEMS, INC. FINANCIAL HIGHLIGHTS.

 /SECOND AND FINAL ADD - NY073 - TELEPHONE AND DATA SYSTEMS/
 TELEPHONE AND DATA SYSTEMS, INC. FINANCIAL HIGHLIGHTS
 (Dollars in thousands, except per share amounts -- unaudited)
 Period ended Three months
 ended March 31, 1992 1991 Increase (Decrease)
 Amount Percent
 Operating revenues
 TDS Telecom $ 58,062 $ 49,475 $ 8,587 17.4
 USM 30,756 17,492(A) 13,264 75.8
 API 11,776 10,102 1,674 16.6
 TOTAL $100,594 $ 77,069 $23,525 30.5
 Operating expenses
 TDS Telecom $ 39,174 $ 34,105 $ 5,069 14.9
 USM 33,436 21,138(A) 12,298 58.2
 API 13,404 11,923 1,481 12.4
 TOTAL $ 86,014 $ 67,166 $18,848 28.1
 Operating income
 TDS Telecom $ 18,888 $ 15,370 $ 3,518 22.9
 USM (2,680) (3,646) 966 26.5
 API (1,628) (1,821) 193 10.6
 TOTAL $ 14,580 $ 9,903 $ 4,677 47.2
 Investment and other income
 Interest and
 dividend income 1,551 2,490 (939) (37.7)
 Minority share of cellular
 (income) losses (2,381) 783 (3,164) (404.0)
 Cellular investment
 income, net 1,631 1,070 561 52.4
 Gain on sale of investments 14,875 246 14,629 N/M
 Other income, net 1,242 1,256 (14) (0.9)
 TOTAL 16,918 5,845 11,073 189.5
 Interest expense 8,072 6,403 1,669 26.1
 Income tax expense 10,073 3,551 6,522 183.7
 Net income before cumulative
 effect of accounting change 13,353 5,794 7,559 130.5
 Cumulative effect of
 accounting change -- (5,035) 5,035 --
 Net income 13,353 759 12,594 N/M
 Preferred dividend
 requirement (338) (235) (103) 43.5
 Net income available
 to common $ 13,015 $ 524 $ 12,491 N/M
 Weighted average common
 shares (000s) 36,877 31,242 5,635 18.0
 Earnings per common share
 before cumulative effect
 of accounting change $.35 $.18 $.17 94.4
 Cumulative effect of
 accounting change -- (.16) .16 --
 Net income $.35 $.02 $.33 N/M
 CASH FLOW FROM OPERATIONS
 (Operating income plus depreciation and amortization)
 TDS Telecom $ 30,940 $ 25,659 $ 5,281 20.6
 USM 3,496 (663) 4,159 626.8
 API 937 325 612 187.5
 CUSTOMER UNITS: SERVED AT MARCH 31 3-MONTH ADDITIONS
 1992 1991 1992 1991
 TDS Telecom 308,200 281,200 4,200 2,500
 USM 108,600 63,500 11,600 6,200
 API 248,100 217,300 11,300 16,100
 (A) Certain 1991 amounts have been restated to conform to current year presentation.
 -0- 5/7/92 AB NY073
 /END SECOND AND FINAL ADD/
 (TDS) CO: Telephone and Data Systems, Inc. ST: Illinois IN: TLS SU: ERN


SH -- NY073B -- 7710 05/07/92 14:20 EDT
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Date:May 7, 1992
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