SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 14
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31, 2003, 2002 and 2001
in thousands, except per share amounts
Income (loss) per share:
Basic Net income (loss) per share:
Continuing operations $ 1.29 $ (0.38) $ 1.29
Discontinued operations 2.95 0.98 0.89
Cumulative effect of a change in accounting, net of
     income taxes (0.01) -    -
$ 4.23 $ 0.60 $ 2.18
Weighted average shares outstanding, basic 7,577 7,542 7,523
Diluted Net income (loss) per share:
Continuing operations $ 1.28 $ (0.38) $ 1.28
Discontinued operations 2.94 0.98 0.88
Cumulative effect of a change in accounting, net (0.01) --
$ 4.22 $ 0.60 $ 2.17
Weighted average shares, diluted 7,608 7,542 7,549
See accompanying notes to consolidated financial statements.
Other income (expense):
Interest expense $ (3,510) $ (4,195) $ (4,127)
Net gain (loss) on investments (Note 3) (443) (10,004) 12,943
Non-operating income (expense), net 390 (141) 265
$ (3,563) $ (14,340) $ 9,081
Income (loss) before income taxes, cumulative effect of a
     change in accounting and discontinued operations $ 15,065 $ (5,002) $ 15,505
Income tax provision (benefit) (Note 6) 5,304 (2,109) 5,811
Income (loss) from continuing operations $ 9,761 $ (2,893) $ 9,694
Discontinued operations, net of income taxes  (Note 2) 22,389 7,412 6,678
Cumulative effect of a change in accounting,
     net of income taxes (Note 1) ( 7 6 )--
Net income $ 32,074 $ 4,519 $ 16,372
2003 2002 2001
Operating revenues:
Wireless  (Notes 7 and 8) $ 69,872 $ 57,867 $ 36,133
Wireline 29,022 28,755 27,486
Other 6,967 6,352 5,103
Total operating revenues $ 105,861 $ 92,974 $ 68,722
Operating expenses:
Cost of goods and services (Note 7) $ 10,943 $ 10,502 $ 7,410
Network operating costs (Note 8) 33,630 32,512 26,756
Depreciation and amortization 16,631 14,482 11,263
Selling, general and administrative (Note 7) 26,029 26,140 16,869
Total operating expenses $ 87,233 $ 83,636 $ 62,298
Operating income $ 18,628 $ 9,338 $ 6,424
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