U.S. Cellular Reports Third Quarter 2005 Results and Restated Results for Certain Prior Periods

April 27 2006

United States Cellular Corporation (Amex: USM) reported service revenues of $729.5 million for the third quarter of 2005, up 7 percent from $683.3 million, as restated, for the comparable period one year ago. The company recorded operating income of $66.2 million during the quarter, up 24 percent compared to $53.4 million for the third quarter of 2004, as restated. Net income and basic earnings per share were $34.6 million and $0.40, respectively, compared to net income and basic earnings per share of $27.6 million and $0.32, respectively, as restated, for the comparable period one year ago.

On Nov. 10, 2005, U.S. Cellular announced that it would restate financial results for several prior periods, resulting in a delay in issuing its third quarter 2005 results. Today, the company completed the restatements for the first and second quarters of 2005, the years ended Dec. 31, 2002 -- 2004, each of the quarters of 2004 and 2003, and certain selected financial data for the years 2001 and 2000. It was necessary to complete the restatements on amended Forms 10-Q and 10-K before the company could release third quarter operating results. All of the amended financial statements are expected to be filed with the Securities and Exchange Commission (SEC) later today.

Restated consolidated statements of operations and consolidated balance sheets are attached to this press release as appendices 1 through 5.

Third Quarter Highlights

-- Customers totaled 5,303,000, a 10 percent increase from 4,828,000

customers one year ago.

-- Net customer activations from distribution channels totaled 76,000,

compared to 144,000 net activations for the same quarter in 2004.

Excluding reseller customer activations, net retail customer

activations totaled 77,000 and 111,000 in each respective quarter.

-- The company recorded postpay churn of 1.5 percent, which compares

favorably to industry averages.

Comments on Third Quarter 2005 Results

The company's strategy continues to focus on maximizing the customer experience, as is demonstrated by its low 1.5 percent postpay churn rate, which is down slightly year over year. Also in the quarter, 95 percent of customers' minutes of use were on U.S. Cellular's network, demonstrating that a regional approach to wireless service meets the needs of our customers in the company's markets.

U.S. Cellular again received third-party endorsement of its strong customer service. During the quarter, the company received a ranking of "Highest Overall Satisfaction Among Wireless Telephone Users in North Central Region in a Tie" in the J.D. Power and Associates 2005 U.S. Wireless Regional Customer Satisfaction Index (CSI) Study(SM). The North Central Region covers Wisconsin, Illinois, Indiana, Ohio, and Michigan.

The company's operations are off to a good start in St. Louis, the only market launched in 2005. This is an important market, as it is large and provides Midwest customers with an even broader calling area. It's encouraging to note that gross customer additions for the St. Louis market thus far have been primarily postpay accounts. The company will not launch any significant new markets in 2006. Rather, U.S. Cellular will concentrate on building on successes in St. Louis and other recently launched markets.

In the quarter, the U.S. Cellular also introduced SpeedTalk(SM), a 'walkie-talkie' service that allows customers to use U.S. Cellular's superior calling network combined with the ability to contact up to 25 people with the touch of a button. Customer response to this offering has been better than expected to date, with a great deal of interest coming from current small-and medium-size businesses.

Restatement

U.S. Cellular has amended its Form 10-K for the year ended Dec. 31, 2004 to restate financial statements and financial information for each of the years ended Dec. 31, 2002-2004, including quarterly information for 2004 and 2003, and certain selected financial data for the years 2001 and 2000. U.S. Cellular also amended its Forms 10-Q for the first two quarters of 2005 to restate quarterly financial statements and financial information included in those filings. Restated consolidated statements of operations and consolidated balance sheets are attached to this press release as appendices 1 through 5. U.S. Cellular will also file its Form 10-Q for the third quarter of 2005. U.S. Cellular's complete filings can be accessed on its website at http://www.uscellular.com or on the website of the SEC at http://www.sec.gov .

U.S. Cellular's filings include disclosure of certain material weaknesses in internal control over financial reporting and U.S. Cellular's plans to remediate those weaknesses.

Due to the lengthy restatement process, U.S. Cellular does not expect to file its Form 10-K for the year ended Dec. 31, 2005, or its Form 10-Q for the quarter ended March 31, 2006, on a timely basis. As a result of the late filings, U.S. Cellular will not be in compliance with American Stock Exchange (AMEX) listing standards. U.S. Cellular has obtained an extension until June 30, 2006 to regain compliance with AMEX listing standards.

US Cellular has received waivers under its multi-bank revolving credit facility and certain forward contracts which permit U.S. Cellular to remain in compliance with its covenants, provided that it files its Form 10-K for the year ended Dec. 31, 2005 by May 31, 2006, and its Form 10-Q for the quarter ended March 31, 2006, by June 30, 2006.

Certain financial and statistical information will be posted to the website, together with reconciliations to generally accepted accounting principles (GAAP). Investors may access this additional information on the Investor Relations page of the U.S. Cellular web site.

About U.S. Cellular

As of Dec. 31, 2005, U.S. Cellular Corporation, the nation's sixth-largest wireless service carrier, provided wireless service to 5.5 million customers in 26 states. The Chicago-based company operates on a customer satisfaction strategy, meeting customer needs by providing a comprehensive range of wireless products and services, superior customer support and a high-quality network.

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 and projections, 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: Possible future restatements; the ability of the company to successfully manage and grow the operations of the Chicago MTA and newly launched markets; changes in competition in the markets in which the company operates; changes in the overall economy; changes due to industry consolidation; advances in telecommunications technology; changes in the telecommunications regulatory environment; changes in the value of investments, including variable prepaid forward contracts; an adverse change in the ratings afforded our debt securities by accredited ratings organizations; pending and future litigation; acquisitions/divestitures of properties and/or licenses; and changes in customer growth rates, average monthly revenue per unit, churn rates, roaming rates and the mix of products and services offered in the company's markets. Investors are encouraged to consider these and other risks and uncertainties that are discussed in the Form 8-K used by U.S. Cellular to furnish this press release to the SEC, which are incorporated by reference herein.

For more information about U.S. Cellular, visit: http://www.uscellular.com .

UNITED STATES CELLULAR CORPORATION

SUMMARY OPERATING DATA

Quarter

Ended 9/30/2005 6/30/2005 3/31/2005 12/31/2004 9/30/2004

Consolidated

Markets:

Total

population

(000s) (1) 44,690 44,690 44,576 44,391 45,581

All

customers -

Customer

units 5,303,000 5,227,000 5,127,000 4,945,000 4,828,000

Gross

customer

unit

activations 355,000 340,000 426,000 408,000 387,000

Net

customer

unit

activations 76,000 94,000 182,000 150,000 144,000

Market

penetration

(1) 11.87% 11.70% 11.50% 11.14% 10.59%

Retail

customers -

Customer

units 4,765,000 4,688,000 4,601,000 4,478,000 4,395,000

Gross

customer

unit

activations 346,000 317,000 365,000 358,000 54,000

Net

customer

unit

activations 77,000 81,000 123,000 105,000 111,000

Cell sites in

service 5,149 5,034 4,899 4,856 4,713

Average monthly

revenue per

unit (2) $46.19 $44.52 $44.46 $45.41 $47.88

Retail service

revenue per

unit (2) $40.25 $39.40 $39.20 $39.93 $40.91

Inbound roaming

revenue per

unit (2) $2.70 $2.27 $1.98 $2.38 3.47

Long-distance/

other revenue

per unit (2) $3.24 $2.85 $3.28 $3.10 $3.50

Minutes of use

(MOU) (3) 639 627 584 568 553

Postpay churn

rate per

month (4) 1.5% 1.4% 1.5% 1.6% 1.6%

Marketing cost

per gross

customer unit

addition (5) $491 $461 $396 $440 $407

Construction

Expenditures

(000s) $128,300 $143,800 $112,800 $261,500 $130,800

(1) Market penetration is calculated using 2004 Claritas population

estimates for all periods of 2005 and 2003 Claritas estimates for all

periods of 2004. "Total population" represents the total population

of each of U.S. Cellular's consolidated markets, regardless of whether

the market has begun marketing operations. The 9/30/05 and 6/30/05

total population counts include the population of the market acquired

from Cingular Wireless in April 2005. The total population counts on

and after 12/31/04 exclude the population of the two markets sold to

ALLTEL in November 2004. The 9/30/04 total population counts includes

the population of the market added to consolidated operations as of

1/1/04. The population of markets in which U.S. Cellular has deferred

the transfer of licenses from AT&T Wireless (now Cingular Wireless)

are not included in the total population counts for any period, nor

are the population counts of markets for which Carroll Wireless, L.P.,

a consolidated U.S. Cellular subsidiary, was the winning bidder in the

Federal Communications Commission's Auction 58 that concluded in

February 2005. The total population counts for all periods include

the population of the two markets agreed to be divested to ALLTEL

pursuant to the September 2005 exchange agreement, and exclude the

population of the 15 markets agreed to be acquired pursuant to such

agreement.

(2) Per unit revenue measurements are derived from Service Revenues as

reported in Financial Highlights for each respective quarter as

follows:

Service

Revenues

per

Financial

Highlights $729,504 $691,746 $671,639 $662,955 $683,258

Components:

Retail

service

revenue

during

quarter $635,610 $612,159 $592,167 $582,950 $583,852

Inbound

roaming

revenue

during

quarter $42,654 $35,313 $29,875 $34,812 $49,572

Long-distance

/other

revenue

during

quarter $51,240 $44,274 $49,597 $45,193 $49,834

Divided by

average

customers

during quarter

(000s) 5,264 5,179 5,035 4,866 4,757

Divided by

three months

in each quarter 3 3 3 3 3

Average monthly

revenue per

unit $46.19 $44.52 $44.46 $45.41 $47.88

Retail service

revenue per

unit $40.25 $39.40 $39.20 $39.93 $40.91

Inbound roaming

revenue per

unit $2.70 $2.27 $1.98 $2.38 $3.47

Long-distance/

other revenue

per unit $3.24 $2.85 $3.28 $3.10 $3.50

(3) Average monthly local minutes of use per customer (without roaming).

(4) Postpay churn rate per month is calculated by dividing the average

monthly postpay customer disconnects during the quarter by the average

postpay customer base for the quarter.

(5) This measurement is not calculable using information from the

financial statements as reported. The details of this calculation and

a reconciliation to line items reported in Financial Highlights for

each respective quarter are shown on U.S. Cellular's web site, along

with additional information related to U.S. Cellular's third quarter

results, at http://www.uscellular.com .

UNITED STATES CELLULAR CORPORATION

FINANCIAL HIGHLIGHTS

Three Months Ended September 30,

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

2004 Increase

(As (Decrease)

2005 Restated) Amount Percent

Operating Revenues

Service $729,504 $683,258 $46,246 6.8%

Equipment sales 66,002 57,035 8,967 15.7%

Total Operating Revenues 795,506 740,293 55,213 7.5%

Operating Expenses

System operations (excluding

depreciation shown below) 159,102 151,102 8,000 5.3%

Cost of equipment sold 130,823 126,731 4,092 3.2%

Selling, general and

administrative 312,777 281,522 31,255 11.1%

Depreciation, amortization and

accretion 126,583 127,503 (920) (0.7%)

Total Operating Expenses 729,285 686,858 42,427 6.2%

Operating Income 66,221 53,435 12,786 23.9%

Investment and Other Income

(Expense)

Investment income 17,744 18,002 (258) (1.4%)

Interest and dividend income 384 678 (294) (43.4%)

Interest (expense) (21,122) (23,671) 2,549 10.8%

Other (expense), net (691) (3,330) 2,639 79.2%

(3,685) (8,321) 4,636 55.7%

Income Before Income Taxes and

Minority Interest 62,536 45,114 17,422 38.6%

Income tax expense 24,471 14,319 10,152 70.9%

Income Before Minority Interest 38,065 30,795 7,270 23.6%

Minority share of income (3,445) (3,202) (243) (7.6%)

Net Income $34,620 $27,593 $7,027 25.5%

Basic Weighted Average Common Shares

Outstanding (000s) 86,904 86,278 626 0.7%

Basic Earnings Per Share $0.40 $0.32 0.08 25.0%

Diluted Weighted Average Common

Shares Outstanding (000s) 87,661 86,797 864 1.0%

Diluted Earnings Per Share $0.39 $0.32 $0.07 21.9%

UNITED STATES CELLULAR CORPORATION

FINANCIAL HIGHLIGHTS

Nine Months Ended September 30,

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

2004 Increase

(As (Decrease)

2005 Restated) Amount Percent

Operating Revenues

Service $2,092,889 $1,953,991 $138,898 7.1%

Equipment sales 155,653 145,067 10,586 7.3%

Total Operating Revenues 2,248,542 2,099,058 149,484 7.1%

Operating Expenses

System operations (excluding

depreciation shown below) 444,811 436,047 8,764 2.0%

Cost of equipment sold 374,882 357,154 17,728 5.0%

Selling, general and

administrative 875,316 797,938 77,378 9.7%

Depreciation, amortization

and accretion 380,860 363,749 17,111 4.7%

(Gain) on assets held for

sale --- (725) 725 N/M

Total Operating Expenses 2,075,869 1,954,163 121,706 6.2%

Operating Income 172,673 144,895 27,778 19.2%

Investment and Other Income

(Expense)

Investment income 50,009 48,083 1,926 4.0%

Interest and dividend income 6,756 3,156 3,600 114.1%

Interest (expense) (63,304) (64,937) 1,633 2.5%

Gain (loss) on investments 551 (1,830) 2,381 130.1%

Other (expense), net (536) (2,779) 2,243 80.7%

(6,524) (18,307) 11,783 64.4%

Income Before Income Taxes and

Minority Interest 166,149 126,588 39,561 31.3%

Income tax expense 65,445 47,337 18,108 38.3%

Income Before Minority Interest 100,704 79,251 21,453 27.1%

Minority share of income (8,442) (7,824) (618) (7.9%)

Net Income $92,262 $71,427 $20,835 29.2%

Basic Weighted Average Common

Shares Outstanding (000s) 86,674 86,211 463 0.5%

Basic Earnings Per Share $1.06 $0.83 $0.23 27.7%

Diluted Weighted Average Common

Shares Outstanding (000s) 87,390 86,714 676 0.8%

Diluted Earnings Per Share $1.06 $0.82 $0.24 29.3%

N/M - Percentage change not meaningful

UNITED STATES CELLULAR CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

(Unaudited, dollars in thousands)

ASSETS

December 31,

September 30, 2004

2005 (As Restated)

Current Assets

Cash and cash equivalents $31,069 $41,062

Accounts receivable from customers and other 325,551 316,436

Inventory 54,899 76,918

Prepaid expenses 31,360 31,764

Deferred income tax asset 15,337 73,216

Other current assets 12,854 24,951

471,070 564,347

Investments

Licenses 1,340,489 1,228,801

Goodwill 442,698 445,212

Customer lists 18,876 24,915

Marketable equity securities 270,582 282,829

Investments in unconsolidated entities 178,874 155,519

Notes and interest receivable--long-term 4,727 4,885

2,256,246 2,142,161

Property, Plant and Equipment

In service and under construction 4,397,253 4,133,471

Less accumulated depreciation 1,975,846 1,692,751

2,421,407 2,440,720

Other Assets and Deferred Charges 28,260 32,807

Assets of Operations Held for Sale 66,644 ---

Total Assets $5,243,627 $5,180,035

NOTE: Certain December 31, 2004 amounts have been changed to conform to

current period presentation.

UNITED STATES CELLULAR CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

(Unaudited, dollars in thousands)

LIABILITIES AND SHAREHOLDERS' EQUITY

December 31,

September 30, 2004

2005 (As Restated)

Current Liabilities

Notes payable $ --- $ 30,000

Accounts payable

Affiliates 6,453 5,314

Trade 212,432 259,167

Customer deposits and deferred revenues 103,146 104,394

Accrued taxes 95,997 80,512

Accrued compensation 33,063 49,116

Other current liabilities 38,116 20,829

489,207 549,332

Long-term Debt 1,161,127 1,160,786

Deferred Liabilities and Credits 832,910 840,268

Liabilities of Operations Held for Sale 5,585 ---

Minority Interest 46,407 40,052

Common Shareholders' Equity

Common Shares, par value $1 per share 55,046 55,046

Series A Common Shares, par value

$1 per share 33,006 33,006

Additional paid-in capital 1,283,614 1,305,249

Treasury Shares (50,000) (99,627)

Accumulated other comprehensive income 31,343 32,803

Retained earnings 1,355,382 1,263,120

2,708,391 2,589,597

Total Liabilities and Shareholders' Equity $5,243,627 $5,180,035

NOTE: Certain December 31, 2004 amounts have been changed to conform to

current period presentation.

UNITED STATES CELLULAR CORPORATION

FINANCIAL HIGHLIGHTS

Year Ended December 31,

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

2004 2003

As Previously As As Previously As

Reported Restated Reported Restated

Operating Revenues

Service $2,647,227 $2,616,946 $2,423,789 $2,418,922

Equipment sales 190,392 191,255 158,994 158,832

Total Operating

Revenues 2,837,619 2,808,201 2,582,783 2,577,754

Operating Expenses

System operations

(excluding

Depreciation

shown separately

below) 563,069 562,690 576,159 578,289

Cost of equipment

sold 486,952 486,605 355,150 355,139

Selling, general

and

administrative 1,122,700 1,088,181 1,004,655 1,007,599

Depreciation 450,032 450,292 374,769 374,935

Amortization and

accretion 47,910 47,910 57,564 57,564

Loss on impairment

of intangible

assets - - 49,595 49,595

(Gain) loss on assets

held for sale (10,806) (10,806) 45,908 45,908

Total Operating

Expenses 2,659,857 2,624,872 2,463,800 2,469,029

Operating Income 177,762 183,329 118,983 108,725

Investment and

Other Income

(Expense)

Investment income 68,481 63,758 52,063 51,088

Interest and

dividend

income 10,801 10,764 4,872 4,820

Gain (loss) on

investments 24,436 25,791 (5,200) (5,200)

Interest expense (86,241) (86,241) (64,607) (64,607)

Other income

(expense), net (2,607) (2,576) 39 10

Total Investment

and Other Income

(Expense) 14,870 11,496 (12,833) (13,889)

Income (Loss) before

Income Taxes and

Minority Interest 192,632 194,825 106,150 94,836

Income tax expense

(benefit) 73,708 74,678 37,232 35,869

Income (Loss) Before

Minority Interest 118,924 120,147 68,918 58,967

Minority share of

income (9,903) (10,631) (11,912) (11,149)

Income (Loss) before

cumulative effect of

accounting change 109,021 109,516 57,006 47,818

Cumulative effect of

accounting change,

net of tax and

minority interest - - (14,346) (14,346)

Net Income (Loss) $109,021 $109,516 $42,660 $33,472

Basic Earnings per

Share:

Income (Loss) Before

Cumulative Effect

of Accounting

Change $1.26 $1.27 $0.67 $0.56

Cumulative effect of

accounting change - - (0.17) (0.17)

Net Income (Loss) $1.26 $1.27 $0.50 $0.39

Diluted Earnings

per Share:

Income (Loss) Before

Cumulative Effect

of Accounting

Change $1.26 $1.26 $0.66 $0.56

Cumulative effect of

accounting change - - (0.17) (0.17)

Net Income (Loss) $1.26 $1.26 $0.49 $0.39

UNITED STATES CELLULAR CORPORATION

FINANCIAL HIGHLIGHTS

Year Ended December 31,

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

2002

As Previously As

Reported Restated

Operating Revenues

Service $2,098,893 $2,100,213

Equipment sales 98,693 98,662

Total Operating Revenues 2,197,586 2,198,875

Operating Expenses

System operations (excluding Depreciation

shown separately below) 492,750 493,624

Cost of equipment sold 242,523 242,465

Selling, general and administrative 829,993 831,421

Depreciation 311,993 312,434

Amortization and accretion 39,161 39,161

Loss on impairment of intangible assets - -

(Gain) loss on assets held for sale - -

Total Operating Expenses 1,916,420 1,919,105

Operating Income 281,166 279,770

Investment and Other Income (Expense)

Investment income 42,068 42,192

Interest and dividend income 7,004 6,987

Gain (loss) on investments (295,454) (295,454)

Interest expense (47,878) (47,878)

Other income (expense), net 706 717

Total Investment and Other Income (Expense) (293,554) (293,436)

Income (Loss) before Income Taxes and

Minority Interest (12,388) (13,666)

Income tax expense (benefit) (7,541) (1,287)

Income (Loss) Before Minority Interest (4,847) (12,379)

Minority share of income (13,538) (13,359)

Income (Loss) before cumulative effect of

accounting change (18,385) (25,738)

Cumulative effect of accounting change, net

of tax and minority interest (8,560) (8,560)

Net Income (Loss) $(26,945) $(34,298)

Basic Earnings per Share:

Income (Loss) Before Cumulative Effect of

Accounting Change $(0.22) $(0.31)

Cumulative effect of accounting change (0.09) (0.09)

Net Income (Loss) $(0.31) $(0.40)

Diluted Earnings per Share:

Income (Loss) Before Cumulative Effect of

Accounting Change $(0.22) $(0.31)

Cumulative effect of accounting change (0.09) (0.09)

Net Income (Loss) $(0.31) $(0.40)

UNITED STATES CELLULAR COPORATION

CONSOLIDATED BALANCE SHEET HIGHTLIGHTS

(Unaudited, dollars in thousands)

December 31, 2004 December 31, 2003

As Previously As As Previously As

Reported Restated Reported Restated

Current Assets

Cash and cash

equivalents

General funds $40,863 $41,003 $ 9,822 $ 10,003

Affiliated cash

equivalents 59 59 26 26

40,922 41,062 9,848 10,029

Accounts receivable

Due from customers 251,943 248,383 227,651 225,017

Roaming 26,421 26,421 35,362 35,362

Other 39,285 41,632 23,967 26,079

Inventory 76,918 76,918 70,963 70,963

Prepaid expenses 31,507 31,764 22,396 22,389

Deferred income tax

asset 83,741 73,216 16,786 14,904

Other current

assets 28,214 24,951 17,132 12,161

578,951 564,347 424,105 416,904

Investments

Licenses 1,186,764 1,186,764 1,189,326 1,189,326

License rights 42,037 42,037 42,037 42,037

Goodwill 25,918 445,212 430,256 449,550

Customer lists 24,915 24,915 24,448 24,448

Marketable equity

securities 282,829 282,829 260,188 260,188

Investments in

unconsolidated

entities 162,764 155,519 170,569 166,862

Notes and interest

receivable -

long-term 4,885 4,885 6,476 6,476

2,130,112 2,142,161 2,123,300 2,138,887

Property, Plant and

Equipment, net

In service and

under

construction 3,910,080 3,913,000 3,441,177 3,443,345

Less accumulated

depreciation 1,544,644 1,546,563 1,267,293 1,269,326

2,365,436 2,366,437 2,173,884 2,174,019

Deferred Charges

System development

costs 74,283 74,283 97,370 97,370

Other, net of

accumulated

amortization 33,145 32,807 26,565 27,041

107,428 107,090 123,935 124,411

Assets of Operations

Held for Sale - - 100,523 100,523

Total Assets $5,181,927 $5,180,035 $4,945,747 $4,954,744

Current Liabilities

Current portion of

long-term debt $- $- $3,000 $3,000

Current portion of

long-term debt -

affiliated - - 105,000 105,000

Notes payable 30,000 30,000 - -

Accounts payable

Affiliated 5,314 5,314 4,252 4,252

Trade 254,926 259,167 281,306 284,577

Customer deposits

and deferred

revenues 104,578 104,394 93,789 94,081

Accrued interest 6,120 6,120 11,416 11,416

Accrued taxes 78,624 80,512 25,477 26,228

Accrued compensation 49,116 49,116 39,257 39,257

Other current

liabilities 18,188 14,709 18,399 18,399

546,866 549,332 581,896 586,210

Deferred Liabilities

and Credits

Net deferred income

tax liability 680,278 670,250 495,904 498,587

Derivative liability 70,796 70,796 55,735 55,735

Asset retirement

obligation 72,534 72,575 64,501 64,540

Other deferred

liabilities and

credits 22,204 26,647 75,440 80,358

845,812 840,268 691,580 699,220

Long-Term Debt

Long-term debt,

excluding current

portion 1,000,930 1,000,930 984,488 984,488

Forward contracts 159,856 159,856 159,856 159,856

1,160,786 1,160,786 1,144,344 1,144,344

Liabilities of

Operations Held for

Sale - - 2,427 2,427

Minority Interest in

Subsidiaries 40,373 40,052 60,097 59,048

Common Stockholders'

Equity

Common shares 55,046 55,046 55,046 55,046

Series A common

shares 33,006 33,006 33,006 33,006

Capital in excess

of par value 1,302,496 1,305,249 1,308,963 1,308,963

Treasury shares (99,627) (99,627) (115,156) (115,156)

Accumulated other

comprehensive

income 31,393 32,803 26,789 28,032

Retained earnings 1,265,776 1,263,120 1,156,755 1,153,604

2,588,090 2,589,597 2,465,403 2,463,495

Total Liabilities

and Stockholders'

Equity $5,181,927 $5,180,035 $4,945,747 $4,954,744

UNITED STATES CELLULAR CORPORATION

FINANCIAL HIGHLIGHTS

Three Months Ended,

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

March 31, 2005 June 30, 2005

As Previously As As Previously As

Reported Restated Reported Restated

Operating Revenues

Service $668,792 $671,639 $691,574 $691,746

Equipment Sales 39,643 39,432 50,348 50,219

Total Operating Revenues 708,435 711,071 741,922 741,965

Operating Expenses

System Operations (exclusive

of depreciation, amortization

and accretion shown separately

below) 140,066 138,471 147,738 147,238

Cost of equipment sold 126,893 127,248 116,977 116,811

Selling, general and

administrative expense 277,989 278,330 283,676 284,209

Depreciation, amortization

and accretion expense 127,250 127,493 126,467 126,784

Total Operating Expenses 672,198 671,542 674,858 675,042

Operating Income 36,237 39,529 67,064 66,923

Investment and Other Income

(Expense)

Investment income 13,919 14,440 16,157 17,825

Interest and dividend income 2,036 2,025 4,359 4,347

Interest expense (20,738) (20,738) (21,444) (21,444)

Gain on investments 551 551 - -

Other income, net 200 226 84 (71)

Total Investment and Other

Income (Expense) (4,032) (3,496) (844) 657

Income (Loss) From Continuing

Operations before Income Taxes

and Minority Interest 32,205 36,033 66,220 67,580

Income tax expense (benefit) 12,803 13,934 26,021 27,040

Income (Loss) From Continuing

Operations Before Minority

Interest 19,402 22,099 40,199 40,540

Minority share of income (2,504) (2,534) (2,263) (2,463)

Net Income (Loss) $16,898 $19,565 $37,936 $38,077

Basic Earnings per Share: $0.20 $0.23 $ 0.44 $ 0.44

Diluted Earnings per Share: $0.19 $0.22 $ 0.43 $ 0.44

UNITED STATES CELLULAR CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

(Unaudited, dollars in thousands)

March 31, 2005 June 30, 2005

As Previously As As Previously As

Reported Restated Reported Restated

Current Assets

Cash and cash

equivalents $30,866 $30,969 $17,562 $17,645

Accounts Receivable

Customers 245,840 245,838 260,117 260,708

Roaming 23,039 23,039 27,701 27,701

Other 40,269 40,600 35,185 35,730

Inventory 69,751 69,751 55,127 55,127

Prepaid expenses 32,938 33,273 29,351 29,721

Deferred tax asset 72,667 62,142 46,461 35,936

Other current assets 14,998 13,639 18,056 16,035

530,368 519,251 489,560 478,603

Investments

Licenses 1,358,725 1,358,725 1,362,434 1,362,434

Goodwill 425,908 445,202 426,058 445,352

Customer lists, net of

accumulated amortization 22,615 22,615 20,952 20,952

Marketable equity

securities 274,079 274,079 251,115 251,115

Investments in

unconsolidated entities 176,367 169,634 166,310 161,239

Notes and interest

receivable - long-

term 4,778 4,778 4,753 4,753

2,262,472 2,275,033 2,231,622 2,245,845

Property, Plant and

Equipment

In service and under

construction 4,216,083 4,219,311 4,352,889 4,356,357

Less accumulated

depreciation 1,787,613 1,789,552 1,902,593 1,905,050

2,428,470 2,429,759 2,450,296 2,451,307

Other Deferred Charges 31,954 31,627 31,372 31,164

Total Assets $5,253,264 $5,255,670 $5,202,850 $5,206,919

UNITED STATES CELLULAR CORPORATION

CONSOLIDATED BALANCE SHEET HIGHLIGHTS

(Unaudited, dollars in thousands)

March 31, 2005 June 30, 2005

As Previously As As Previously As

Reported Restated Reported Restated

Current Liabilities

Notes payable $135,000 $135,000 $50,000 $50,000

Accounts payable

Affiliated 5,412 5,412 5,111 5,111

Trade 197,766 203,682 209,704 214,726

Customer deposits and

deferred revenues 107,909 107,997 109,054 109,131

Accrued taxes 86,833 88,972 87,342 88,623

Accrued compensation 25,921 25,921 29,740 29,740

Other current liabilities 35,045 32,011 27,078 24,045

593,886 598,995 518,029 521,376

Deferred Liabilities and

Credits

Net deferred income

tax liability 676,773 668,006 671,148 663,615

Derivative liability 66,800 66,800 46,616 46,616

Other deferred liabilities

and credits 101,991 104,302 106,271 110,506

845,564 839,108 824,035 820,737

Long-Term Debt 1,160,900 1,160,900 1,161,014 1,161,014

Minority Interest 42,796 42,504 43,863 43,773

Common Shareholders' Equity

Common Shares, par value

$1 per share 55,046 55,046 55,046 55,046

Series A Common Shares,

par value $1 per share; 33,006 33,006 33,006 33,006

Additional paid-in

capital 1,290,104 1,292,859 1,285,843 1,288,595

Treasury Shares (79,229) (79,229) (65,428) (65,428)

Accumulated other

comprehensive income 28,516 29,796 26,832 28,038

Retained earnings 1,282,675 1,282,685 1,320,610 1,320,762

2,610,118 2,614,163 2,655,909 2,660,019

Total Liabilities and

Shareholders' Equity $5,253,264 $5,255,670 $5,202,850 $5,206,919