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Diversified telecommunications company

Telephone & Data Systems

(TDS) - Get Telephone and Data Systems, Inc. Report

and its wireless business,

US Cellular

(USM) - Get United States Cellular Corp Report

, said they will restate financial results for the years 2002 through 2005 to correct the accounting for forward contracts.

The restatement concerns certain variable prepaid forward contracts entered into in 2002 related to U.S. Cellular's ownership of American depository receipts of

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Vodafone Group

(VOD) - Get Vodafone Group Plc Report

and shares of

Deutsche Telekom

( DT). U.S Cellular determined that it did not meet the requirements of SFAS 133 to continue hedge accounting for these forward contracts following the receipt of dividends from Vodafone in 2002.

The company also released preliminary results for the third quarter of 2006.

U.S. Cellular estimated revenue of $880 million to $900 million for the quarter, compared with revenue of $796 million a year ago. Analysts polled by Thomson First Call expect revenue of 867.8 million.

TDS estimated revenue in the range of $1.1 billion to $1.13 billion compared with $1.03 billion in the year-ago quarter. Analysts expect revenue of $1.1 billion.

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