compared to 18,050 at the end of the previous year.  During 2003, the Company’s DSL high-speed Internet access
subscriber count increased to 1,298 from 646. Total Internet service revenue was $4.5 million, an increase of $0.3
million or 10.7%.  The 511Virginia contract with the Virginia Department of Transportation contributed $1.3 million to
other revenues, an increase of $0.4 million or 41.3%.  Telecommunications equipment sales, services and lease
revenues were $1.1 million, which reflects a $0.1 million decrease from 2002 results.
Wireline revenues from cable television services were $4.4 million, an increase of $0.1 million or 1.7%.  The number
of subscribers and service plan prices remained relatively constant during 2003.
Billing and collection services and other revenues contributed $0.4 million to wireline revenues, which was the same as
2002 results.  Revenues from this service had declined in recent years, with interexchange carriers now issuing a
greater proportion of their bills directly to their customers.
Facility lease revenue contributed $5.5 million to wireline revenues, a decrease of $0.2 million or 3.5%.  The decrease
was primarily the result of the prolonged decline of lease rates associated with competitive pricing pressures and the
economic downturn in the telecommunications industry.  During 2002 the Company completed a second, diverse fiber
route to its existing interconnection point in the Dulles airport area of Northern Virginia.  This fiber route provides
increased reliability for customers in the event of fiber cuts or breaks, and extends the availability of the Company’s
fiber network to additional market locations but to date has not added additional revenue to the Company’s operation.
47 ■ 2003 ANNUAL REPORT
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS