SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2003, 2002 and 2001
in thousands
SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 12
ASSETS (Note 5) 2003 2002 2001
Current Assets
Cash and cash equivalents $ 28,696 $ 2,209 $      2,037
Accounts receivable, net (Notes 1 and 8) 6,488 7,536 5,739
Income taxes receivable 1,526 12 1,205
Materials and supplies 2,062 1,787 2,934
Prepaid expenses and other 1,669 2,205 1,146
Deferred income taxes (Note 6) 522 1,197 575
Assets held for sale (Note 2) - 5,548 2,973
Total current assets $ 40,963 $ 20,494 $ 16,609
Securities and Investments (Notes 3 and 8)
Available-for-sale securities $ 199 $ 151 $ 12,025
Other investments 7,268 7,272 6,438
Total securities and investments $ 7,467 $ 7,423 $ 18,463
Property, Plant and Equipment
Plant in service (Note 4) $ 197,431 $184,069 $154,345
Plant under construction 2,261 5,209 14,960
$ 199,692 $189,278 $169,305
Less accumulated depreciation 72,006 57,126 44,473
Net property, plant and equipment $ 127,686 $132,152 $124,832
Other Assets
Assets held for sale (Note 2) $- $ - $ 3,272
Cost in excess of net assets of business acquired 5,105 5,105 5,105
Deferred charges and other assets (Notes 1 and 2) 5,999 667 1,452
$ 11,104 $ 5,772 $ 9,829
Less accumulated amortization 1,856 1,837 2,361
Net other assets $ 9,248 $ 3,935 $ 7,468
Total assets $ 185,364 $164,004 $167,372
See accompanying notes to consolidated financial statements.