Telephone & Data Systems
Industry: Communications Services

Telephone and Data Systems, Inc. (TDS) is a diversified telecommunications service company with wireless telephone and telephone operations. As of December 31, 2000, TDS served 3.8 million customer units in 34 states, including 3,061,000 wireless telephones and 713,300 telephone access lines. Wireless operations provided 73.8% of the Company's consolidated revenues and telephone operations provided 26.2%. TDS conducts substantially all of its wireless operations through its over 80%-owned subsidiary, united States Cellular Corporation. The Company conducts substantially all of its telephone operations through its wholly owned subsidiary, TDS Telecommunications Corporation. In September 2001, the Company acquired Chorus Communications Group, Ltd. Chorus Communications is a telecommunications company serving approximately 45,000. lines and 30,000 Internet customers, primarily in Wisconsin.

Business Summary
Telephone and Data Systems Inc. (TDS) is a diversified telecommunications service company with wireless telephone and wireline telephone operations. TDS conducts its wireline telephone operations through its wholly owned subsidiary, TDS Telecommunications Corporation (TDS Telecom). TDS conducts substantially all of its wireless operations through United States Cellular Corporation (U.S. Cellular). At December 31, 2004, TDS Telecom served 1,157,200 equivalent access lines in 30 states through its incumbent local exchange carrier and competitive local exchange carrier telephone companies. U.S. Cellular provided wireless telephone service to 4,945,000 customers through the operations of 175 majority owned (consolidated) wireless licenses throughout the United States.

Financial Summary
Telephone & Data is a diversified telecommunications services company with cellular telephone and telephone operations. For the 6 months ended 6/30/05, revenues rose 5% to $1.89B. Net income applic. to Common increased 96% to $119.8M. Revenues reflect the growth of the subscriber bases of TDS's wireless and wireline operations. Net income also reflects an increase in interest and dividend income and higher gain on investments.