The second component of interest rate risk is temporary excess cash, primarily invested in overnight repurchase
agreements and short-term certificates of deposit and money market funds.  The Company currently has approximately
$27.9 million of cash equivalents in money market funds, which are earning rates of approximately 1% per year. The
cash is currently in short-term investment vehicles that have limited interest rate risk.  Management continues to
evaluate the most beneficial use of these funds.
The Company’s market risks relate primarily to changes in interest rates on instruments held for other than trading
purposes.  Our interest rate risk involves three components, although only one is of any significance at this time.  The
first component is outstanding debt with variable rates.  As of December 31, 2003, the Company's variable rate debt
balance was zero.  The Company has a variable rate line of credit totaling $0.5 million with SunTrust Banks.  The
Company's remaining debt has fixed rates through its maturity.  A 10.0% decline in interest rates would increase the
fair value of the fixed rate debt by approximately $1.1 million, while the estimated current fair value of the fixed rate
debt is approximately $42.6 million.
Market Risk
The Company may not be able to utilize all of its net operating loss carry forwards for taxes in certain states before
they expire, resulting in the Company writing off some of its deferred tax assets and impacting its cash position.
The Company currently has a 12-month, $1.2 million contract with the Virginia Department of Transportation (VDOT)
to provide 511 Travel services in the I-81 corridor of Virginia.  This contract expires in February 2005.  VDOT has
recently requested a proposal for a three-year contract with two two-year extensions to extend 511 services to the entire
state.  Although the Company plans to submit a proposal for the new VDOT contract, there is no certainty that the
Company will be selected to provide these services after the end of its current contract.
The Company operates the cable television system in Shenandoah County, Virginia.  The Company has seen increased
competition from satellite providers that are larger and have cost advantages over the Company in the procurement of
programming.  The continued success of the satellite television providers may have an adverse impact on the
Company’s cable television results.
The Company’s revenue from fiber leases may be adversely impacted by further erosion in demand or in price
competition for these facilities.  There is also the potential for additional bankruptcies of the Company’s customers.
The Company monitors each of its fiber lease customers closely to minimize the risk related to this business.
On May 24, 2004, Local Number Portability  (LNP) will be required in the Company’s local wireline service area.  The
Company’s customers will be able to retain their existing wireline phone number and use it to obtain service from a
competing wireline or wireless provider in the service area.  At this time, the Company cannot estimate the potential
impact on its telephone operations.  If a significant number of customers disconnect the Company’s service, it will have
an adverse impact on the Company’s telephone operating results.
There has been a trend for incumbent local exchange carriers to see a decrease in access lines due to the effect of
wireless and wireline competition, a slow down in the economy, and the elimination of a second line dedicated to dial
up Internet as customers migrate to broadband connections.  Although the Company has not seen a material reduction
in its number of access lines to date, it experienced line decreases in each of the last two quarters.  There is a significant
risk that this trend could have a material adverse effect on the Company’s telephone operations in the future.
The Company’s access revenue may be adversely impacted by legislative or regulatory actions that decrease access