23 ■ 2003 ANNUAL REPORT
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1.  Summary of Significant Accounting Policies (Continued)
Reclassifications:  Certain amounts reported in the 2002 and 2001 financial statements have been reclassified to
conform with the 2003 presentation, with no effect on net income or shareholders' equity.
Note 2.  Discontinued Operations
In November 2002, the Company entered into an agreement to sell its 66% General Partner interest in the Virginia 10
RSA Limited Partnership (cellular operation) to Verizon Wireless for $37.0 million.  The closing of the sale took place
at the close of business on February 28, 2003.  The total proceeds received were $38.7 million, including $5.0 million
held in escrow, and a $1.7 million adjustment for estimated working capital at the time of closing.  There was a post
closing adjustment based on the actual working capital balance as of the closing date, which resulted in a $39 thousand
charge for the Company.  The $5.0 million escrow was established for any contingencies and indemnification issues
that may arise during the two-year post-closing period and is included in deferred charges and other assets in the 2003
consolidated balance sheet.  The Company’s gain on the transaction was approximately $35 million.  Post closing, the
Company provided transition services to Verizon for a period of approximately three months, with compensation for
those services being approximately $40 thousand per month during the transition period.
The assets and liabilities attributable to the cellular operation have been classified as held for sale in the consolidated
balance sheets and consist of the following at December 31, 2002 and 2001:
2002 2001
Assets (in thousands)
Accounts receivable $ 2,608 $ 2,759
Other current assets 309 214
Property, plant and equipment, (net) 2,631 3,272
Total assets $ 5,548 $ 6,245
Liabilities and minority interest
Accounts payable and accrued expenses $ 381 $ 499
Deferred revenue and deposits 161 236
Minority interest 1,666 1,838
Total liabilities and minority interest $ 2,208 $ 2,573
The operations of the cellular partnership including the minority interest have been reclassified as discontinued
operations, net of taxes in the consolidated statements of income for all periods presented.  Operating results and the
sale of the discontinued operations are summarized as follows:
2003 2002 2001
$ $5 $
Revenues $ 3,056 $ 20,895 $ 20,012
Operating expenses 453 3,618 4,674
Other income - 31 6
Income before minority interest and taxes $ 2,603 $ 17,280 $ 15,354
Minority interests (773) (5,200) (4,526)
Sale of partnership interest 34,973 --
Income taxes (14,414) (4,668) (4,150)
Net income from discontinued operations $ 22,389 $ 7,412 $ 6,678
(in thousands)
20012002
(in thousands)
2002 2001
(in thousands)
$ 2,608 $ 2,759
309 214
2,631 3,272
$ 5,548 $ 6,245
$ 381 $ 499
161 236
1,666 1,838
$ 2,208 $ 2,573
$
$
$
$
$ 2,608
309
2,631
$ 5,548
$ 381
161
1,666
$ 2,208
$
$
2003
(in thousands)
$
$
20012002