wireless voice services, which have features that surpass those of paging technologies.  The Company anticipates that
its paging customer base will continue to decline in the future.
Wireless revenues included tower leases of $2.6 million, an increase of $0.5 million or 24.8%.  The increase was the
result of other wireless carriers executing additional leases to use space on the Company’s portfolio of towers.  Of the
88 towers and poles owned by the Company as of December 31, 2003, 52 towers have one or more external tenants,
compared to 46 towers with external tenants at the end of 2002.
significant industry competition for subscriber additions and subscriber retention.  These discounts and rebates are
primarily transacted in the form of instant rebates, providing a second phone free when a customer purchases one, or
providing free phones if the subscriber signs up for a specific contract term and a specific service plan.
PCS equipment sales were $2.1 million, an increase of $0.4 million or 26.6%.  The equipment sales are net of $1.7
million of rebates and discounts given at the time of sale.  Rebates and discounts continue to be required to meet
SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 46
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Originating Terminating
2003
2003
2002
2002
As reported Pro forma As reported Pro forma
Originating Terminating