BOARD OF DIRECTORS
FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA
7 ■ 2003 ANNUAL REPORT
Douglas C. Arthur
Attorney-at-Law
Arthur and 
Allamong
Dick D. Bowman
President
Bowman Bros., Inc. 
(a farm equipment 
dealer)
Harold Morrison, Jr.
Chairman of the 
Board
Woodstock Garage, Inc. 
(an auto sales and 
repair firm)
Noel M. Borden
President, Retired 
H. L. Borden 
Lumber Company 
(a retail building 
materials firm)
Christopher E. French
President
Shenandoah
Telecommunications
Company and its 
subsidiaries
Zane Neff
Manager, Retired  
Hugh Saum 
Company, Inc.
(a hardware and 
furniture store)
Ken L. Burch
Farmer
Grover M. Holler, Jr.
President
Valley View, Inc.
(a real estate 
developer)
James E. Zerkel II
Vice President
James E. Zerkel, Inc.
(a hardware firm) 
2003 2002 2001   2000    1999
Operating Revenues $ 105,861 $ 92,974 $ 68,722 $ 44,445 $ 29,701
Operating Expenses 87,233 83,636 62,298 39,067 24,624
Income Taxes (Benefit) 5,304 (2,109) 5,811 2,975 1,729
Interest Expense 3,510 4,195 4,127 2,936 1,951
Income (Loss) from Continuing
  Operations $ 9,761 $ (2,893 ) $ 9,694 $ 5,091 $ 2,927
Discontinued Operations, net of tax 22,389 7,412 6,678 4,764 3,501
Cumulative effect of a change in
   accounting, net of tax (76) - ---
Net Income 32,074 4,519 16,372 9,855 6,428
Total Assets $ 185,364 $ 164,004 $ 167,372 $ 152,585 $ 133,644
Long-term Obligations 43,346 52,043 56,436 55,487 33,030
Salary and Wages 11,115 10,051 8,994 7,402 6,637
Shareholder Information:
   Number of Shareholders 3,930 3,954 3,752 3,726 3,683
   Shares Outstanding 7,592,768 7,551,818 7,530,956 7,518,462 7,511,520
Income (Loss) per share from
 Continuing Operations-diluted $ 1.28 $ (0.38) $ 1.28 $ 0.68 $ 0.39
Income per share from
 Discontinued Operations-diluted 2.94 0.98 0.88 0.63 0.47
Loss per share from cumulative effect of
 a change in accounting-diluted (0.01) - ---
Net Income per share-diluted 4.22 0.60 2.17 1.31 0.86
Cash dividends per share $ 0.39 $ 0.37 $ 0.35 $ 0.33 $ 0.28
(Dollar figures in thousands, except per share data.)
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