TDS restates years of revenues, shows slight profit drop

Phone and data company TDS, also the corporate parent of U.S. Cellular, said its revenues for the last quarter were $1 billion, an increase over results from last year that it had to restate due to accounting problems.

Net income for the quarter was $41.5 million, down from $43.3 million in the same quarter a year ago.

TDS said in November 2005 it would have to restate some results from as early as 2000 through 2005. The process delayed the company’s annual report filing with the SEC.

"We are pleased to have completed our restated financials and third quarter 2005 operating results," said LeRoy T. Carlson, Jr., president and chief executive officer of TDS. "While the restatement and the subsequent delays were regrettable, they were necessary for both TDS and U.S. Cellular to complete a thorough review of our prior period financials. It was important for us to be confident that our restated financials were complete and fairly stated in accordance with generally accepted accounting principles."