SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 38
Note 15.  Quarterly Results (unaudited)
(in thousands except for per share data)
For the year ended December 31, 2003 First Second Third Fourth Total
Revenues $ 24,947 $ 24,844 $ 27,582 $ 28,488 $ 105,861
Operating income 4,150 2,402 4,976 7,100 18,628
Income from
 Continuing operations 1,931 1,044 2,717 4,069 9,761
Income from discontinued
   operations, net of taxes 22,628 - (23) (216) 22,389
Cumulative effect of change in
     accounting (76) - - - (76)
Net income (a) $ 24,483 $ 1,044 $ 2,694 $ 3,853 $ 32,074
Income (loss) per share –
   Continuing operations-diluted $ 0.26 $ 0.14 $ 0.36 $ 0.53 $ 1.28
   Discontinued operations -diluted 2.99 - - (0.03) 2.94
Cumulative effect of change in
    accounting – diluted (0.01) - - - (0.01)
Net income per share – basic $ 3.24 $ 0.14 $ 0.36 $ 0.51 $ 4.23
Net income per share - diluted 3.23 0.14 0.35 0.50 4.22
For the year ended December 31, 2002 First Second Third Fourth Total
Revenues $ 20,697 $ 22,186 $ 24,631 $ 25,460 $ 92,974
Operating income 2,316 2,617 2,371 2,034 9,338
Income (loss) from
 Continuing operations 370 (3,984) 383 338 (2,893)
Income from Discontinued
   operations, net of taxes 1,786 1,870 1,841 1,915 7,412
Net income (b) $ 2,156 $ (2,114) $ 2,224 $ 2,253 $ 4,519
Income (loss) per share –
   Continuing operations -diluted $ 0.05 $ (0.53) $ 0.05 $ 0.04 $ (0.38)
   Discontinued operations -diluted 0.24 0.25 0.24 0.25 0.98
Net income per share – basic $ 0.29 $ (0.28) $ 0.29 $ 0.30 $ 0.60
Net income per share - diluted 0.29 (0.28) 0.29 0.30 0.60
(a)  Fourth quarter results of 2003 include favorable adjustments to revenue and expenses totaling $2.5 million, related
to true-ups of management’s estimates and settlements of disputes with Sprint and a $0.4 million benefit related to a
change in vacation benefit accrual for employees.
(b)  Second quarter results of 2002 include the loss of $4.9 million, net of tax effects on the other than temporary write-
down of the VeriSign stock.
Per share earnings may not add to the full year values as each per share calculation stands on its own.
2.98
(76)
(0.38)
0.98
0.60
0.60