SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 24
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 3.  Securities and Investments
The Company has three classifications of investments; available for sale securities, investments carried at cost, and
equity method investments.  See Note 1 for specific definitions of each classification of investment.  The following
tables present the investments of the Company for the three-year period ended December 31, 2003:
Available-for-sale securities at December 31 consist of the following:
Cost
Gross
Unrealized
Holding
Gains
Gross
Unrealized
Holding
Losses
Fair
Value
(in thousands)
2003
Deutsche Telekom, AG $ 85 $ 64 $ - $ 149
Other 73 - 23 50
$ 158 $ 64 $ 23 $ 199
2002
Deutsche Telekom, AG $ 85 $ 20 $ - $ 105
Other 73 - 27 46
$ 158 $ 20 $ 27 $ 151
2001
VeriSign, Inc. $11,798 $ - $ - $11,798
Deutsche Telekom, AG 85 10 - 95
Other 74 58 - 132
$11,957 $ 68 $ - $12,025
During 2001, the Company liquidated its holdings of Loral Space and Communications, LTD and ITC^DeltaCom, Inc.
for proceeds of $0.2 million and a realized loss of $1.4 million.  Additionally, the Company sold 130,000 shares of
Illuminet Holdings, Inc. (Illuminet) for proceeds of $5.3 million and a realized gain of $5.0 million.  In September
2001, Illuminet notified the Company that VeriSign, Inc. (VeriSign) made an offer to acquire Illuminet.  The Company
received VeriSign stock valued at $13.2 million, for the Illuminet investment, and based on the fair value of the new
asset received, recorded a realized gain of $12.7 million in 2001 on the transaction through net gain on investments in
the other income (expense) section of the income statement.  Subsequent to the close of the transaction, the VeriSign
stock declined in value and the Company recognized an impairment of $1.5 million, as management viewed the decline
to be other than temporary.
In 2002, the Company liquidated its holdings of VeriSign, Inc, for proceeds of $2.8 million and a realized loss of $9.0
million.  The VeriSign stock was valued at $38 per share at December 31, 2001, and declined over the ensuing months
to approximately $6 per share in early July 2002.  The Company liquidated all of its holdings in the stock early in the
third quarter 2002.  The Company’s original investment in VeriSign’s predecessor companies was approximately $1.0
million.  Total proceeds from all sales of stock in VeriSign and its predecessor companies were $8.1 million, or more
than eight times the original investment.
There were no gross realized gains on available-for-sale securities included in income in 2003 or 2002, while there
were $17.7 million for 2001.  Gross realized losses included in income in 2003, 2002 and 2001 were $3 thousand, $9.0
million and  $3.0 million, respectively.
Changes in the unrealized gains (losses) on available-for-sale securities during the years ended December 31, 2003,
2002 and 2001 reported as a separate component of shareholders' equity are as follows:
.
$
$
$
$
$
$