Telephone and Data Systems, Inc.
 
 
  TDS Telecom

  TDS—Financially Strong and Committed to Shareholder Value Creation
  Looking Forward
Walter C.D. Carlson (left)
Chairman of the Board

LeRoy T. Carlson, Jr. (right)
President and Chief Executive Officer

People are communicating more than ever...and TDS companies compete vigorously to meet our customers’ evolving needs and desires.

2004—A Good Year of Progress by TDS Companies
U.S. Cellular achieved strong customer growth, and TDS Telecom recorded an increase in access line equivalents. As a result, TDS grew its consolidated revenues 8 percent and its basic earnings per share 6 percent over 2003. Each TDS business made significant strides in delivering on its customer-satisfaction strategies.  
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  Download Letter to Shareholders

See Supplemental Shareholder Information for details relating to non-GAAP financial information.

      Telephone and Data Systems, Inc. 30 N. LaSalle Street Suite 4000 Chicago, IL 60602 Tel: 312.630.1900 Fax: 312.630.1908 www.teldta.com
Walter C.D. Carlson, Chairman of the Board LeRoy T. Carlson, Jr., President and Chief Executive Officer