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U.S. Cellular Reports Second Quarter 2013 Results

August, 02, 2013

CHICAGO, Aug. 2, 2013 /PRNewswire/ -- As previously announced, U.S. Cellular will hold a teleconference Aug. 2, 2013 at 9:30 a.m. CDT. Listen to the live call via the Conference Calls page of teldta.com or uscellular.com.

United States Cellular Corporation (NYSE:USM) reported service revenues of $911.0 million for the second quarter of 2013, versus $1,029.7 million for the comparable period one year ago. Net income attributable to U.S. Cellular shareholders and related diluted earnings per share were $143.4 million and $1.69 respectively, for the second quarter of 2013, compared to $52.7 million and $0.62, respectively, in the comparable period one year ago.

The following significant events occurred during the second quarter of 2013:

  • On April 3, U.S. Cellular deconsolidated the St. Lawrence Seaway RSA Cellular Partnership ("NY1") and the New York RSA 2 Cellular Partnership ("NY2"). As a result, the NY1 and NY2 partnerships results are now reported using the equity method of accounting for investments in its consolidated financial statements. U.S. Cellular has retained the same ownership percentage and will continue to report the same percentage of income.
  • On May 16, U.S. Cellular's previously announced transaction to sell its Chicago, St. Louis, central Illinois and three other markets (the "Divestiture Transaction") closed and the company received $480 million in cash and recognized a pre-tax gain of $266.4 million.
  • On June 25, U.S. Cellular paid a special dividend of $5.75 per Common Share and Series A Common Share, for a total of $482.3 million.

"We have taken significant steps this year to improve U.S. Cellular's competitive position and financial foundation," said Kenneth R. Meyers, U.S. Cellular president and CEO. "We divested underperforming markets in May to focus on higher potential markets, and we returned value to shareholders through a special, one-time dividend. In June, we announced an agreement to monetize non-strategic spectrum at a significant valuation.

"In the second half, we are continuing to execute aggressive strategies to accelerate customer growth and reduce expenses. We're working to complete the 4G LTE network expansion as we prepare to offer an even more competitive device portfolio with the introduction of Apple products later this year. We also plan to begin offering shared data plans, supported by a new billing and operations support system that enables us to bring new services and products to market faster."

2013 ESTIMATES

U.S. Cellular's estimates of full-year 2013 results are shown below.  Such estimates represent U.S. Cellular's views as of the date of filing U.S. Cellular's Form 10-Q for the quarter ended June 30, 2013.  Such forward‑looking statements should not be assumed to be current as of any future date.  U.S. Cellular undertakes no duty to update such information, whether as a result of new information, future events or otherwise.  There can be no assurance that final results will not differ materially from such estimated results.



2013 EstimatedResults (1)


Core Markets (2)
Divestiture Markets (2)(3)
U.S. Cellular Consolidated (2)(3)


Previous Current
Previous Current
Previous Current
(Dollars in millions)








Service revenues
Unchanged $3,475 - $3,575
$145 - $165 $140
$3,620 - $3,740 $3,615-$3,715
Adjusted income before income taxes (4)
Unchanged $560 - $660
$35 - $55 $40
$595 - $715 $600-$700
Capital expenditures
Unchanged $730
Unchanged $5
Unchanged $735

 












(1) These estimates are based on U.S. Cellular's current plans, which include an expansion of the multi-year deployment of 4G LTE technology; such expansion includes deployment on 700 MHz in additional markets as well as deployment on the 850 MHz band to provide additional capacity for future growth in data usage, enable potential future 4G LTE roaming, and support the sale of Apple products. The financial impacts of selling Apple products in 2013 consist of the following:



  • Increased Service revenues resulting from net incremental customers added and retained as a result of offering Apple products;
  • Decreased Adjusted income before income taxes as a result of net increases in costs, primarily loss on equipment sales as a result of offering Apple products; and
  • Increased Capital expenditures related to the deployment on the 850 MHz band to provide additional capacity for future growth in data usage, which includes capacity required to accommodate Apple products.

These estimates also reflect the impacts of the deconsolidation of certain partnerships as of April 2013. These estimates do not include (i) the reported gain on sale of business and other exit costs, net (ii) the reported gain on investments, or (iii) the expected gains from pending spectrum license divestitures. New developments or changing conditions (such as, but not limited to, regulatory developments, customer net growth, customer demand for data services or possible acquisitions, dispositions or exchanges) could affect U.S. Cellular's plans and, therefore, its 2013 estimated results.


(2) The U.S. Cellular Consolidated amounts represent GAAP financial measures and include the results of both the Core Markets and the Divestiture Markets. The amounts for the Core Markets and Divestiture Markets represent non-GAAP financial measures. U.S. Cellular believes that the amounts for the Core Markets and Divestiture Markets may be useful to investors and other users of its financial information in evaluating the separate results for the Core Markets. Divestiture Markets are comprised of U.S. Cellular's Chicago, central Illinois, St. Louis and certain Indiana/Michigan/Ohio markets. Core Markets are comprised of all other markets in which U.S. Cellular conducts business including Peoria, Rockford and certain other areas in Illinois, and in Columbia, Joplin, Jefferson City and certain other areas in Missouri. Core Markets as defined also includes any other income or expenses due to U.S. Cellular's direct or indirect ownership interests in other spectrum in the Divestiture Markets which was not included in the sale and other retained assets from the Divestiture Markets.


(3) These estimates reflect the Divestiture Transaction which closed on May 16, 2013.


(4) Adjusted income before income taxes is a non-GAAP financial measure defined as Income before income taxes, adjusted for: Depreciation, amortization and accretion, net Gain or loss on sale of business and other exit costs (if any), net Gain or loss on investments (if any), and Interest expense. Adjusted income before income taxes excludes these items in order to show operating results on a more comparable basis from period to period. In the future, U.S. Cellular may also exclude other items from adjusted income before income taxes if such items may help reflect operating results on a more comparable basis. U.S. Cellular does not intend to imply that any such amounts that are excluded are non-recurring, infrequent or unusual; such amounts may occur in the future. Adjusted income before income taxes is not a measure of financial performance under GAAP and should not be considered as an alternative to Income before income taxes as an indicator of the Company's operating performance or as an alternative to Cash flows from operating activities, determined in accordance with GAAP, as an indicator of cash flows or as a measure of liquidity. The following tables provide a reconciliation of Income (loss) before income taxes to Adjusted income before income taxes for 2013 Estimated Results, six months ended June 30, 2013 actual results, and 2012 actual results:


 


2013 Estimated Results

Core Markets (2) Divestiture Markets (2)(3) U.S. Cellular Consolidated (2)(3)




($10)-$90 $30 $20-$120
$540 $250 $790
costs, net ($240) ($240)
($20) ($20)
Interest expense $50 $50
Adjusted income before income taxes $560-$660 $40 $600-$700











U.S. Cellular Consolidated Actual Results


Six Months Ended June 30, 2013 Year Ended December 31, 2012








  $ 282

  $ 205


  393

  609


  (242)

  21


  (19)

  4


Interest expense

  21

  42


Adjusted income before income taxes

  $ 435

  $ 881


 



(5) The 2013 estimated amount for Depreciation, amortization and accretion expense in the Divestiture Markets includes approximately $168 million of incremental accelerated depreciation, amortization and accretion resulting from the Divestiture Transaction. Actual results for the six months ended June 30, 2013 and the year ended December 31, 2012 include $88 million and $20 million, respectively, of incremental accelerated depreciation, amortization and accretion resulting from the Divestiture Transaction.


Conference Call Information

U.S. Cellular will hold a conference call on Aug. 2, 2013 at 9:30 a.m. CDT.

Before the call, certain financial and statistical information to be discussed during the call will be posted to the Conference Calls page of uscellular.com. The call will be archived on the Conference Calls page of uscellular.com.

About U.S. Cellular®

United States Cellular Corporation provides a comprehensive range of wireless products and services, excellent customer support, and a high-quality network to 5.0 million customers in 23 states. The Chicago-based company had 7,000 full- and part-time associates as of June 30, 2013. At the end of the year, Telephone and Data Systems, Inc. owned 84 percent of U.S. Cellular. For more information about U.S. Cellular, visit uscellular.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: impacts of the Divestiture Transaction including, but not limited to, the ability to obtain regulatory approvals, successfully complete the transaction and the financial impacts of such transaction; the ability of the company to successfully manage and grow its markets; the overall economy; competition; the ability to obtain or maintain roaming arrangements with other carriers on acceptable terms; the state and federal telecommunications regulatory environment; the value of assets and investments; adverse changes in the ratings afforded our debt securities by accredited ratings organizations; industry consolidation; advances in telecommunications technology; uncertainty of access to the capital markets;  pending and future litigation; changes in income tax rates, laws, regulations or rulings; acquisitions/divestitures of properties and/or licenses; and changes in customer growth rates, average monthly revenue per user, churn rates, roaming revenue and terms, the availability of handset devices, or the mix of products and services offered by the company. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K Current Report used by U.S. Cellular to furnish this press release to the Securities and Exchange Commission ("SEC"), which are incorporated by reference herein.

For more information about U.S. Cellular, visit uscellular.com.



United States Cellular Corporation
Total Markets Summary Operating Data (Unaudited)

















Quarter Ended 6/30/2013
3/31/2013
12/31/2012
9/30/2012
6/30/2012
Retail Customers














Postpaid















Total at end of period
4,412,000

5,060,000

5,134,000

5,175,000

5,213,000


Gross additions
165,000

191,000

241,000

230,000

199,000


Net additions (losses)
(120,000)

(74,000)

(41,000)

(38,000)

(48,000)


ARPU (1) $ 54.18
$ 54.85
$ 54.56
$ 54.34
$ 54.42


Churn rate (2)
2.0%

1.7%

1.8%

1.7%

1.6%


Smartphone penetration (3) (4)
45.5%

43.5%

41.8%

38.6%

36.8%

Prepaid















Total at end of period
381,000

446,000

423,000

386,000

329,000


Gross additions
77,000

104,000

107,000

120,000

78,000


Net additions (losses)
(7,000)

23,000

37,000

57,000

20,000


ARPU (1) $ 31.69
$ 33.31
$ 33.56
$ 32.97
$ 33.59


Churn rate (2)
6.8%

6.2%

5.8%

5.9%

6.2%

4,968,000

5,736,000

5,798,000

5,808,000

5,799,000
$ 50.60
$ 51.13
$ 50.94
$ 50.83
$ 50.99
$ 57.45
$ 57.63
$ 58.00
$ 59.57
$ 59.05
Smartphones sold as a percent of total devices sold
66.0%

61.7%

62.9%

53.0%

51.9%
Total population















Consolidated markets (5)
84,025,000

93,943,000

93,244,000

92,996,000

92,684,000


Consolidated operating markets (5)
31,822,000

47,440,000

46,966,000

46,966,000

46,966,000
Market penetration at end of period















Consolidated markets (6)
5.9%

6.1%

6.2%

6.2%

6.3%


Consolidated operating markets (6)
15.6%

12.1%

12.3%

12.4%

12.3%
$ 168,500
$ 118,400
$ 253,100
$ 199,100
$ 183,200
Total cell sites in service
7,748

8,027

8,028

7,984

7,932
Owned towers in service
4,411

4,411

4,408

4,377

4,346

 

United States Cellular Corporation
Core Markets Summary Operating Data (Unaudited)
Excludes NY1 & NY2


















Quarter Ended 6/30/2013
3/31/2013
12/31/2012
9/30/2012
6/30/2012
Retail Customers















Postpaid
















Total at end of period
4,412,000

4,463,000

4,496,000

4,515,000

4,538,000


Gross additions
165,000

176,000

208,000

196,000

167,000


Net additions (losses)
(53,000)

(33,000)

(19,000)

(23,000)

(30,000)


ARPU (1) $ 54.44
$ 54.21
$ 53.91
$ 53.67
$ 53.73


Churn rate (2)
1.6%

1.6%

1.7%

1.6%

1.4%


Smartphone penetration (3) (4)
45.5%

43.0%

41.1%

37.8%

36.0%

Prepaid
















Total at end of period
381,000

373,000

342,000

305,000

246,000


Gross additions
76,000

91,000

87,000

99,000

60,000


Net additions (losses)
8,000

31,000

37,000

59,000

23,000


ARPU (1) $ 31.65
$ 32.92
$ 33.21
$ 32.97
$ 33.23


Churn rate (2)
6.0%

5.6%

5.1%

4.8%

5.4%

4,968,000

5,005,000

5,022,000

5,012,000

4,989,000
$ 50.98
$ 50.93
$ 50.71
$ 50.59
$ 50.71
$ 57.88
$ 57.14
$ 57.67
$ 59.34
$ 58.89
Smartphones sold as a percent of total devices sold
66.1%

62.1%

62.9%

53.0%

52.0%
Total population
















Consolidated markets (5)
84,025,000

84,025,000

83,384,000

82,595,000

82,283,000


Consolidated operating markets (5)
31,822,000

31,822,000

31,445,000

31,110,000

31,110,000
Market penetration at end of period
















Consolidated markets (6)
5.9%

6.0%

6.0%

6.1%

6.1%


Consolidated operating markets (6)
15.6%

15.7%

16.0%

16.1%

16.0%
$ 171,200
$ 113,300
$ 241,400
$ 184,100
$ 163,600
Total cell sites in service
6,113

6,113

6,130

6,089

6,041
Owned towers in service
3,844

3,846

3,847

3,818

3,787

 














(1) ARPU metrics are calculated by dividing a revenue base by an average number of customers by the number of months in the period. These revenue bases and customer populations are shown below:



a. Postpaid ARPU consists of total postpaid service revenues and postpaid customers.

b. Prepaid ARPU consists of total prepaid service revenues and prepaid customers.

c. Billed ARPU consists of total retail service revenues and postpaid, prepaid and reseller customers.

d. Service revenue ARPU consists of total retail service revenues, inbound roaming and other service revenues and postpaid, prepaid and reseller customers.



(2) Churn metrics represent the percentage of the postpaid or prepaid customers that disconnect service each month. These metrics represent the average monthly postpaid or prepaid churn rate for each respective period.


(3) Smartphones represent wireless devices which run on an Android™, BlackBerry® or Windows Mobile® operating system, excluding tablets.


(4) Smartphone penetration is calculated by dividing postpaid smartphone customers by total postpaid customers.


(5) Used only to calculate market penetration of consolidated and core markets and consolidated and core operating markets, respectively. See footnote (6) below.


(6) Market penetration is calculated by dividing the number of wireless customers at the end of the period by the total population of consolidated and core markets and consolidated and core operating markets, respectively, as estimated by Claritas®.


    


  United States Cellular Corporation

  Consolidated Statement of Operations Highlights

  Three Months Ended June 30,

  (Unaudited, dollars and shares in thousands, except per share amounts)










Increase (Decrease)



2013
2012
Amount
Percent
Operating revenues










Service $ 910,966
$ 1,029,742
$ (118,776)
(12%)

Equipment sales
84,164

74,658

9,506
13%


Total operating revenues
995,130

1,104,400

(109,270)
(10%)













Operating expenses










reported below)
192,267

243,227

(50,960)
(21%)


217,070

191,700

25,370
13%


404,127

435,053

(30,926)
(7%)


202,580

147,555

55,025
37%

Loss on asset disposals, net
9,018

2,702

6,316
>100%

(Gain) loss on sale of business and other exit costs, net
(249,024)



(249,024)
N/M


Total operating expenses
776,038

1,020,237

(244,199)
(24%)













Operating income
219,092

84,163

134,929
>100%













Investment and other income (expense)











35,602

25,154

10,448
42%


969

845

124
15%


18,527

(3,728)

22,255
>(100%)

Interest expense
(10,154)

(12,360)

2,206
18%

Other, net
321

(229)

550
>(100%)


Total investment and other income (expense)
45,265

9,682

35,583
>100%













Income before income taxes
264,357

93,845

170,512
>100%

Income tax expense
120,682

34,597

86,085
>100%













Net income
143,675

59,248

84,427
>100%

Less: Net income attributable to noncontrolling interests, net of tax
(284)

(6,563)

6,279
96%
Net income attributable to U.S. Cellular shareholders $ 143,391
$ 52,685
$ 90,706
>100%












Basic weighted average shares outstanding
83,845

84,707

(862)
(1%)
Basic earnings per share attributable to U.S. Cellular shareholders $ 1.71
$ 0.62
$ 1.09
>100%













Diluted weighted average shares outstanding
84,661

85,236

(575)
(1%)
Diluted earnings per share attributable to U.S. Cellular shareholders $ 1.69
$ 0.62
$ 1.07
>100%

 





United States Cellular Corporation
Consolidated Statement of Operations Highlights
Six Months Ended June 30,
(Unaudited, dollars and shares in thousands, except per share amounts)









Increase (Decrease)



2013
2012
Amount
Percent
Operating revenues











Service $ 1,907,315
$ 2,053,562
$ (146,247)
(7%)

Equipment sales
169,561

142,959

26,602
19%


Total operating revenues
2,076,876

2,196,521

(119,645)
(5%)














Operating expenses











reported below)
408,566

476,391

(67,825)
(14%)


458,761

378,736

80,025
21%


824,207

877,297

(53,090)
(6%)


392,425

294,240

98,185
33%

Loss on asset disposals, net
14,452

4,705

9,747
>100%

(Gain) loss on sale of business and other exit costs, net
(242,093)

(4,213)

(237,880)
>100%


Total operating expenses
1,856,318

2,027,156

(170,838)
(8%)














Operating income
220,558

169,365

51,193
30%














Investment and other income (expense)












62,437

46,768

15,669
34%


1,872

1,888

(16)
(1%)


18,527

(3,728)

22,255
>(100%)

Interest expense
(21,064)

(25,771)

4,707
18%

Other, net
106

(27)

133
>(100%)


Total investment and other income
61,878

19,130

42,748
>100%














Income before income taxes
282,436

188,495

93,941
50%

Income tax expense
128,051

60,235

67,816
>100%














Net income
154,385

128,260

26,125
20%

Less: Net income attributable to noncontrolling interests, net of tax
(6,080)

(13,083)

7,003
54%
Net income attributable to U.S. Cellular shareholders $ 148,305
$ 115,177
$ 33,128
29%













Basic weighted average shares outstanding
83,842

84,638

(796)
(1%)
Basic earnings per share attributable to U.S. Cellular shareholders $ 1.77
$ 1.36
$ 0.41
30%














Diluted weighted average shares outstanding
84,655

85,248

(593)
(1%)
Diluted earnings per share attributable to U.S. Cellular shareholders $ 1.75
$ 1.35
$ 0.40
30%

 





United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited, dollars in thousands)








ASSETS


















June 30,
December 31,


2013
2012
Current assets






Cash and cash equivalents $ 467,421
$ 378,358

Short-term investments
110,352

100,676

Accounts receivable from customers and others
368,826

445,220

Inventory
163,433

155,886

Income taxes receivable


1,612

Prepaid expenses
68,063

62,560

Net deferred income tax asset
48,818

35,419

Other current assets
18,845

16,745



1,245,758

1,196,476








Assets held for sale
78,389

216,763








Investments






Licenses
1,396,179

1,456,794

Goodwill
387,360

421,743

Customer lists, net
33

102

Investments in unconsolidated entities
276,363

144,531

Long-term investments
40,120

50,305



2,100,055

2,073,475








Property, plant and equipment






In service and under construction
7,380,123

7,478,428

Less: Accumulated depreciation
4,556,614

4,455,840



2,823,509

3,022,588








Other assets and deferred charges
82,067

78,148








Total assets $ 6,329,778
$ 6,587,450

 





United States Cellular Corporation
Consolidated Balance Sheet Highlights
(Unaudited, dollars in thousands)









LIABILITIES AND EQUITY





















June 30,
December 31,



2013
2012
Current liabilities






Current portion of long-term debt $ 100
$ 92

Accounts payable







Affiliated
15,459

10,725


Trade
341,581

310,936


198,799

192,113


183,312

35,834

Accrued compensation
62,140

90,418

Other current liabilities
100,500

114,881




901,891

754,999









Liabilities held for sale
559

19,594









Deferred liabilities and credits






Net deferred income tax liability
835,808

849,818

Other deferred liabilities and credits
306,262

288,441









Long-term debt
879,121

878,858









Noncontrolling interests with redemption features
512

493









Equity





U.S. Cellular shareholders' equity







88,074

88,074


1,418,428

1,412,453

Treasury shares
(177,173)

(165,724)

Retained earnings
2,055,905

2,399,052


Total U.S. Cellular shareholders' equity
3,385,234

3,733,855









Noncontrolling interests
20,391

61,392










Total equity
3,405,625

3,795,247









Total liabilities and equity $ 6,329,778
$ 6,587,450

 



United States Cellular Corporation Schedule of Cash and Cash Equivalents and Investments (Unaudited, dollars in thousands)

 

The following table presents U.S. Cellular's cash and cash equivalents and investments at June 30, 2013 and December 31, 2012.


June 30,
December 31,

2013
2012







Cash and cash equivalents $ 467,421
$ 378,358







Amounts included in short-term investments (1)(2)





U.S. Treasury Notes
110,352

100,676







Amounts included in long-term investments (1)(3)





U.S. Treasury Notes
40,120

50,305







Total cash and cash equivalents and investments $ 617,893
$ 529,339

 

(1) Designated as held-to-maturity investments and are recorded at amortized cost on the Consolidated Balance Sheet.
(2) Maturities are less than twelve months from the respective balance sheet dates.
(3) At June 30, 2013, maturities range between 17 and 18 months.

    





United States Cellular Corporation
Consolidated Statement of Cash Flows
Six Months Ended June 30,
(Unaudited, dollars in thousands)







2013
2012
Cash flows from operating activities






Net income $ 154,385
$ 128,260

Add (deduct) adjustments to reconcile net income to net cash flows fromoperating activities








Depreciation, amortization and accretion
392,425

294,240



Bad debts expense
32,715

30,659



Stock-based compensation expense
6,530

11,057



Deferred income taxes, net
(26,527)

30,479



Equity in earnings of unconsolidated entities
(62,437)

(46,768)



Distributions from unconsolidated entities
45,370

6,743



Loss on asset disposals, net
14,452

4,705



(Gain) loss on sale of business and other exit costs, net
(242,093)

(4,213)



(Gain) loss on investments
(18,527)

3,728



Noncash interest expense
526

902



Other operating activities
489

321

Changes in assets and liabilities from operations








Accounts receivable
(1,544)

(13,383)



Inventory
(7,644)

(56,039)



Accounts payable - trade
67,457

(20,987)



Accounts payable - affiliate
4,734

3,129



Customer deposits and deferred revenues
8,663

21,131



Accrued taxes
147,566

85,327



Accrued interest
176

149



Other assets and liabilities
(68,131)

(67,203)





448,585

412,237










Cash flows from investing activities







(323,157)

(430,225)


(14,150)

(12,647)


480,000

49,786




(45,000)

Cash received for investments


45,000

Other investing activities
3,993

(3,097)





146,686

(396,183)










Cash flows from financing activities







(71)

(45)


(2,206)

(2,465)


(18,425)




(482,270)



Distributions to noncontrolling interests
(3,292)

(643)

Other financing activities
56

568





(506,208)

(2,585)










Net increase in cash and cash equivalents
89,063

13,469










Cash and cash equivalents






Beginning of period
378,358

424,155

End of period $ 467,421
$ 437,624

 





United States Cellular Corporation
Financial Measures and Reconciliations
(Unaudited, dollars in thousands)




















Three Months Ended
Six Months Ended




June 30,
June 30,



2013

2012

2013

2012


















$ 224,970
$ 155,270
$ 448,585
$ 412,237

Deduct:













Cash used for additions to property, plant and equipment

172,133

221,065

323,157

430,225


Free cash flow (1)
$ 52,837
$ (65,795)
$ 125,428
$ (17,988)

 

(1) Free cash flow is defined as Cash flows from operating activities less Cash used for additions to property, plant and equipment. Free cash flow is a non-GAAP financial measure. U.S. Cellular believes that free cash flow as reported by U.S. Cellular may be useful to investors and other users of its financial information in evaluating the amount of cash generated by business operations, after consideration of capital expenditures.

 

SOURCE United States Cellular Corporation

Jane W. McCahon, Vice President, Corporate Relations and Corporate Secretary, (312) 592-5379, jane.mccahon@teldta.com; or Julie D. Mathews, Manager, Investor Relations, (312) 592-5341, julie.mathews@teldta.com

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