U.S. Cellular (USM), the wireless subsidiary of Telephone and Data Systems (TDS), reported disappointing third-quarter 2009 results with earnings per share of 41 cents, coming in below the Zacks Consensus Estimate of 57 cents. It also declined significantly from the year-ago EPS of $1.02. Net income plunged 60% year over year to $35.6 million as a result of decreased sales and higher operating costs.

Top-line Hit by Lower Roaming Revenue

The Chicago-based carrier reported operating revenue of $1,058 million, down 3% from $1,092 million a year ago. This decline is attributable to lower service revenue, which decreased 3% year over year to $984.9 million due to a 26% year over year reduction in inbound roaming revenues, primarily resulting from Verizon's (VZ) acquisition of Alltel.

Decline in roaming revenue was offset by healthy data revenue, which grew 34% over the prior-year quarter to $174.3 million, accounting for 18% of service

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Telephone and Data Systems (TDS) announced third-quarter 2009 earnings per share of 33 cents, which fell behind the Zacks Consensus Estimate of 47 cents and the year-ago quarter EPS of 87 cents. Net income (attributable to TDS) tumbled 65% year over year to $35.6 million as profit dipped at the company's wireless subsidiary U.S. Cellular (USM).

The Chicago-based company reported operating revenue of $1,258.7 million, reflecting a 4% year over year drop as a result of declines across its wireless and wireline businesses.

U.S. Cellular (Wireless)

Net income sank 60% year over year to $35.6 million, due to lower revenue and increased operating expenses. Operating revenue declined 3% over the prior-year quarter to $1,058 million as a result of a 3% year over year decline in service revenues that registered $984.9 million in the quarter. The unit continues to experience lower roaming revenue, offset by healthy data revenue growth (up

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The Chicago Purchasing Managers Index (PMI) -- one of the precursors to the ISM reports that will be released tomorrow (manufacturing) and next week (services) -- fell to 46.1% in September from 50.0% in August. The report covers both manufacturing and service businesses. The magic number separating expansion from contraction is 50.0%. The Chicago report is a big disappointment after similar readings from the New York and Philadelphia regions showed unexpected improvements. The consensus expectation was that the Chicago reading would come in at 52.0%. This puts the current expectations that the ISM manufacturing number will come in at 54.0 in substantial doubt. In August the reading was 52.9, and that was a key piece of evidence that the economy was on the mend. I did not see what the expectations are for the services number, and lately manufacturing has been doing better than services. If ...

Telephone and Data Systems (TDS) reported second-quarter results yesterday with earnings per share of 63 cents, down 20% year over year, while beating the Zacks Consensus Estimate of 58 cents. Net income came in at $69.7 million compared to $87.8 million reported a year ago.

The Chicago-based company reported operating revenue of $1.2 billion, reflecting a 3% year-over-year increase, with most of the contribution coming from its wireless subsidiary U.S. Cellular (USM). Quarterly operating income was $154.6 million, up 3% year over year compared to an operating income of $149.7 million reported in the prior-year period.

U.S. Cellular (Wireless):

Reported net income of $83.4 million represents a 15% year over year increase due to lower operating expenses, while operating revenue declined 1.7% over the prior-year quarter to $1 billion. The segment reported a 1.3% year-over-year decline in service revenues to $974.8 million in the quarter.

Data revenue

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Thresher Industries, an advanced technology aluminum castings company out of Hanford, California, is a good example of the old business truism: People Are The Company. In an intensely competitive industry, during critical economic times, Thresher has never lost sight of the basics represented in its stated mission to provide every customer, big or small, with innovative and quality solutions at fair prices. They continue to grow their business by developing cutting edge technologies and materials, including their own proprietary Direct Metal Induction Cast Process and their Nautilus Core Process, all of which results in more flexible, cost effective, and environmentally friendly casting.

At the heart of the company is its management team, comprising an impressive record of business achievement and dedication.

• Tom Flessner, CEO, has an extensive background in die-casting and foundry management, as well as turning around distressed manufacturing companies. In 1991, he implemented

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Highlights include General Motors Corp. (GM), Lear Corp. (LEA), TRW Automotive Holdings Corp. (TRW), AutoNation, Inc. (AN) and CarMax, Inc. (KMX). The economic data out today provides mixed signals on the economy. On the down side, real personal income dropped 0.3% in March, a tick lower than the 0.2% consensus expectations. This follows a decline of 0.2% in February and a 0.1% increase in January. Income wages and salaries fared worse, falling 0.5%, accelerating from declines of 0.4% in February and 0.3% in January. Disposable income (i.e. after tax) was unchanged in March. It was also unchanged in February. In January, it jumped 1.6% due to a large cost-of-living adjustment to Social Security checks (calculated yearly, so Social Security recipients got to play catch up for the oil-price-related inflation during 2008). Real Personal Spending fell 0.2% in March, partially reversing increases of 0.1%

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The Boeing Co. (BA) may further delay first deliveries of its flagship 787 Dreamliner by at least six months – meaning the jet will enter service more than two years later than was originally projected – because of the recently concluded strike by union machinists and several other problems, The Wall Street Journal reported.

Sources told the Journal that the first deliveries of the fuel-efficient jet might not occur until the summer of 2010. Boeing’s most recent schedule called for initial deliveries in the third quarter of 2009. Officials with the Chicago-based aerospace giant are expected to announce the newest delays later this month, after making certain of the new timetable, the newspaper said.

A Recent Record of Costly Delays

Boeing has long prided itself for delivering new aircraft on time. That’s why escalating problems with the highly complex Dreamliner – a fuel-efficient jetliner that can carry between

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