Trouble with US Cellular Financials?

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U.S. Cellular Corp received notices from The American Stock Exchange and The New York Stock Exchange indicating that both companies are not in compliance with their respective listing standards. The non-compliance is associated with U.S. Cellular's announcement that they are delaying the release of their third quarter financial results due to a planned restatement of past results.

Both companies said the restatements are related to a review of accounting for Universal Service Fund expenses; leases; contract termination fees; income tax accounting; and other adjustments and accruals. The restatements are expected to include the first two quarters of this year, full-year 2000 through 2004 and all quarters of 2003 and 2004. The companies said they expect to file amended 10-K and 10-Q reports by mid-December.