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/THIRD AND FINAL 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)
 Year Ended Increase (Decrease)
 Dec. 31 1992 1991 Amount Percent
 OPERATING REVENUES
 TDS Telecom $238,095 $211,231 $26,864 12.7
 USM 164,085 99,477 64,608 64.9
 API 53,928 43,332 10,596 24.5
 Total 456,108 354,040 102,068 28.8
 OPERATING EXPENSES
 BEFORE DEPRECIATION
 AND AMORTIZATION
 TDS Telecom 113,931 102,564 11,367 11.1
 USM 147,151 97,039 50,112 51.6
 API 48,964 42,209 6,755 16.0
 Total 310,046 241,812 68,234 28.2
 OPERATING CASH FLOW
 (Operating Income Plus
 Depreciation and Amortization)
 TDS Telecom 124,164 108,667 15,497 14.3
 USM 16,934 2,438 14,496 N/M
 API 4,964 1,123 3,841 N/M
 Total 146,062 112,228 33,834 30.1
 DEPRECIATION AND AMORTIZATION (A)
 TDS Telecom 51,946 43,425 8,521 19.6
 USM 29,639 19,269 10,370 53.8
 API 10,412 9,047 1,365 15.1
 Total 91,997 71,741 20,256 28.2
 OPERATING INCOME
 TDS Telecom 72,218 65,242 6,976 10.7
 USM (12,705) (16,831) 4,126 24.5
 API (5,448) (7,924) 2,476 31.3
 Total 54,065 40,487 13,578 33.5
 INVESTMENT AND OTHER INCOME
 Interest and dividend
 income 7,708 8,100 (392) (4.8)
 Minority share of cellular
 (income) losses (3,703) 2,783 (6,486) (233.0)
 Cellular investment
 income, net 9,224 6,824 2,400 35.2
 Gain on sale of cellular
 properties and
 investments 31,396 3,407 27,989 N/M
 Other income net 2,207 3,449 (1,242) (36.0)
 Total 46,832 24,563 22,269 90.7
 Interest expense 32,610 28,993 3,617 12.5
 Income tax expense 29,767 14,944 14,823 99.2
 Income before extra-
 ordinary item and
 cumulative effect
 of accounting change 38,520 21,113 17,407 82.4
 Extraordinary item (769) -- (769) N/M
 Cumulative effect of
 accounting change (6,866) (5,035) (1,831) (36.4)
 Net income 30,885 16,078 14,807 92.1
 Preferred dividend
 requirement (2,237) (1,688) (549) (32.5)
 Net income available
 to common $ 28,648 $ 14,390 $14,258 99.1
 Weighted average common
 shares (000s) 39,074 33,036 6,038 18.3
 EARNINGS PER COMMON SHARE:
 Before extraordinary item (.02) -- (.02) N/M
 Cumulative effect of
 accounting change (.17) (.15) (.02) (13.3)
 Net income $ .72 $ .44 $ .28 63.6
 Served at Dec. 31, 12 Month Additions
 CUSTOMER UNITS: 1992 1991 1992 1991
 TDS Telecom 321,700 304,000 17,700 25,300
 USM 150,800 97,000 53,800 39,700
 API 322,200 236,800 85,400 35,600
 CUSTOMER UNITS: Served at Dec. 31 12 Month Additions
 1992 1991 1992 1991
 TDS Telecom 321,700 304,000 17,700 25,300
 USM 150,800 97,000 53,800 39,700
 API 322,200 236,800 85,400 35,600
 (A) Includes amortiation of $17,226 and $13,695, respectively.
 N/M Percentage change not meaningful
 -0- 2/22/93 A NY065
 /PRNewswire -- Feb. 22/
 /END THIRD AND FINAL ADD/
 (TDS)


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

SM -- NY065C -- 9112 02/22/93 17:53 EST
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Publication:PR Newswire
Date:Feb 22, 1993
Words:584
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