TDS, US Cellular Delay 1Q Results Due To Accounting Errors

Date : 05/05/2010 @ 6:20PM
Source : Dow Jones News
Stock : United States Cellular Corp. (USM)
Quote : 36.78  -0.2 (-0.54%) @ 3:59PM

TDS, US Cellular Delay 1Q Results Due To Accounting Errors

Telephone And Data Systems, Inc. (NYSE:TDS)
Historical Stock Chart

5 Years : From Oct 2012 to Oct 2017

Click Here for more Telephone And Data Systems, Inc. Charts.

Telephone and Data Systems Inc. (TDS) and its U.S. Cellular Corp. (USM) business pushed back the release date of their first-quarter results, citing the discovery of some accounting errors.

The telecommunications provider disclosed late Wednesday that the errors resulted in the overstatement of service revenues and the understatement of sales-tax liabilities between the years of 2007 and 2009, and related interim periods.

The company has evaluated those errors and determined they are "immaterial to each of their reporting periods affected, and therefore, amendment of previously filed reports is not required." However, if the adjustments to correct the errors were recorded in the first quarter of this year, the company believes the impact would be affect comparisons to prior periods.

TDS and U.S. Cellular said the delay allows it additional time to complete the adjustment of prior-year financial statements. The companies expect to release their quarterly results Monday, instead of the originally scheduled Thursday release.

Both companies' shares were inactive after hours.

-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

 
 

Latest USM Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.