Migration to wireless and DSL services are believed to be driving this change.  Based on industry experience, the
Company anticipates this trend may continue for the foreseeable future.
Other revenues include Internet services, both dial-up and DSL high-speed service.  The Company has seen a decline in
dial up subscriptions over the last year.  The DSL service has grown over 100% in the last year driven by customer
desire for faster Internet connections.
The Company is facing competition for revenues it generates in the other lines of business, which will require the
Company to differentiate itself from other providers through its service levels and evolving technologies that are more
reliable and cost effective for the customer.
43 ■ 2003 ANNUAL REPORT
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS