in 1998, were 27.4% of total revenues in 2003 compared to 76.6% in 1998.
Entering 2004, the Company is pleased with the milestone of a profitable quarter in the PCS operation, but recognizes
that much work remains to ultimately earn a reasonable return on this investment.  The recently announced signing of
an addendum to the management and services agreements with Sprint is expected to lead to cost savings and greater
certainty in fees paid to Sprint.  However, the consolidation predicted for the wireless industry in recent years,
including the recently announced Cingular/ATT deal and anticipated improvements in the overall economics of
wireless services, has not yet materialized.  Future Sprint marketing efforts, designed to meet the competition, could
potentially have an unfavorable impact on the Company and lead to additional losses.  The risks associated with the
Sprint PCS affiliation are described in further detail elsewhere in this document.  The Company is now reviewing
alternatives for other businesses to further diversify our revenue base, from either a services platform or a geographic
concentration.
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 40
The sale of this business is reflected in the discontinued operations section of the income statement along with the
results of operations for the two months of 2003 that the operation remained a part of the Company.