28, 2003.  The Company’s portion of the net income from its operations for 2003, 2002 and 2001 was $1.2 million,
$7.4 million and $6.7 million, respectively.
DISCONTINUED OPERATIONS
Income from discontinued operations was $22.4 million after taxes, an increase of $15.0 million or 202%.  The income
from discontinued operations in 2003 includes the sale of the partnership interest in February 2003 and results from the
two months of its operations in 2003.
The Company adopted FAS 143 “Accounting for Asset Retirement Obligations.” effective January 1, 2003, and as a
result recorded a charge to earnings for the cumulative effect of this change in accounting of $76 thousand after taxes.
Net income was $32.1 million, an increase of $27.6 million or 610%.  The increase is a result of improved operating
results in the PCS operations, the 2002 VeriSign stock loss and the sale of the cellular operations.
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS