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US Cellular posts higher Q2 service revenues

Chicago-based wireless products and services firm United States Cellular Corp (NYSE: USM) reported service revenues of USD 911.0m for Q2 ´13 versus USD 1,029.7m for the comparable period one year ago.

Net income attributable to US Cellular shareholders and related diluted earnings per share were USD 143.4m and USD 1.69 respectively, for Q2 ´13, compared to USD 52.7m and USD 0.62, respectively, in the comparable period one year ago.

On April 3, US Cellular deconsolidated the St. Lawrence Seaway RSA Cellular Partnership and the New York RSA 2 Cellular Partnership.

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. US Cellular has retained the same ownership percentage and will continue to report the same percentage of income.

On May 16, US Cellular´s previously announced transaction to sell its Chicago, St. Louis, central Illinois and three other markets closed and the company received USD 480 m in cash and recognized a pre-tax gain of USD 266.4m.

Also, on June 25, US Cellular paid a special dividend of USD 5.75 per common share and series A common share, for a total of USD 482.3m.

United States Cellular provides a range of wireless products and services to 5.0m customers in 23 US states.

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