SHENANDOAH TELECOMMUNICATIONS COMPANY
AND SUBSIDIARIES
2003 Financial Statements
11 ■ 2003 ANNUAL REPORT
INDEPENDENT AUDITOR’S REPORT
The Board of Directors and Shareholders
Shenandoah Telecommunications Company:
We have audited the accompanying consolidated balance sheets of Shenandoah Telecommunications Company and
subsidiaries (the Company), as of December 31, 2003, 2002, and 2001, and the related consolidated statements of
income, shareholders’ equity and comprehensive income, and cash flows for the years then ended.  These consolidated
financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion
on these consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of Shenandoah Telecommunication s Company and subsidiaries as of December 31, 2003, 2002 and
2001, and the results of their operations and their cash flows for the years then ended, in conformity with accounting
principles generally accepted in the United States of America.
As discussed in note 1 to the consolidated financial statements, the Company changed its method of accounting for
goodwill in 2002.  As further discussed in note 1 to the consolidated financial statements, the Company changed its
method of accounting for asset retirement obligations in 2003.
Richmond, Virginia
February 6, 2004