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TELEPHONE AND DATA SYSTEMS INC. DECLARES THIRD QUARTER 1992 DIVIDEND

 TELEPHONE AND DATA SYSTEMS INC. DECLARES THIRD QUARTER 1992 DIVIDEND
 CHICAGO, Sept. 3 /PRNewswire/ -- The board of directors of Telephone and Data Systems, Inc. (AMEX: TDS), has declared a third quarter dividend of $.08 per share, representing a 6.7 percent increase from the third quarter 1991 dividend. Payment will be made on Sept. 29, 1992, to common and Series A common shareowners of record on Sept. 11, 1992.
 LeRoy T. Carlson Jr., president and chief executive officer, stated today, "The company has experienced excellent growth in customers served, revenues and operating cash flow, and we anticipate continued strong results from our telephone, cellular and paging operations."
 TDS Telecommunications Corp. ("TDS Telecom"), TDS's wholly owned telephone subsidiary, continues to grow steadily. TDS Telecom reported increases in access lines (7.6 percent), revenues (14.2 percent) and operating cash flow (17.8 percent) for the six months ended June 30, 1992. In addition, TDS recently announced the acquisition of Oakwood Telephone Co. which is located approximately 15 miles south of Defiance, Ohio, and serves approximately 1,000 access lines. With the completion of this and several other pending acquisitions, TDS Telecom will serve nearly 318,000 access lines in 29 states.
 United States Cellular Corp. (AMEX: USM), TDS's 82.2-percent-owned cellular subsidiary serving 121,000 customers, owns or has the right to acquire interests in cellular systems in 75 Metropolitan Statistical Areas and 104 Rural Service Areas representing 18.1 million population equivalents at June 30, 1992. USM also had strong increases in customers and revenues for the first half of 1992, up 60.5 percent and 72.3 percent, respectively, from June 30, 1991. USM's revenues currently represent 33.8 percent of total TDS revenues for the six months ended June 30, 1992.
 American Paging, Inc. ("API"), served 267,500 pagers through 25 systems at June 30, 1992, an increase of 17.5 percent in pagers served over June 30, 1991. Paging revenues increased 19.0 percent in the first half of 1992 over the same period in 1991. API's management team is focused on improving the quality, productivity and profitability of all its messaging activities.
 TDS is a Chicago-based telecommunications company with established local telephone and developing cellular telephone and radio paging operations. TDS strives to build value for its shareholders by providing excellent communications services in attractive, closely related segments of the telecommunications industry.
 -0- 9/3/92
 /CONTACT: Murray L. Swanson, executive VP-finance of TDS, 312-630-1900 (out-of-town media please call collect)/
 (TDS) CO: Telephone and Data Systems, Inc. ST: Illinois IN: TLS SU: DIV


GK -- NY037 -- 6317 09/03/92 10:22 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
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