SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 36
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 14.  Segment Reporting (Continued)
Selected financial data for each segment is as follows:
Holding Telco CATV ShenTel Leasin g
Operating revenues - external: (in thousands)
2003 $ - $ 22 ,729 $ 4 ,433 $ 6 ,897 $ 14
2002 - 22,461 4,358 6,312  20
2001 - 21,599 3,810 5,078 25
Operating revenues - internal:
2003 $ - $ 3 ,062 $ 24 $ 307 $ -
2002 - 2,888 5 349 -
2001 - 2,532 2 362            -
Depreciation and amortization:
2003 $ 196 $ 4 ,279 $ 777 $ 410 $ -
2002 196 3,798 718 414 -
2001 196 3,609 1,354 472 -
Operating income (loss):
2003 $ (726 $ 1 1,927 $ 890 $ 1 ,469 $ 4
2002 (555) 11,908 1,145 776 11
2001 (504) 12,321 54 168 10
Non-operating income less expenses:
2003 $ 4 ,275 $ (151) $ (31) $9 $ 1
2002 4,966 (474) (23) (93)  1
2001 3,804 646  (184)  (36) 1
Interest expense:
2003 $ 3 , 070 $ 443 $ 514 $ 171 $ -
2002 3,540 662 583 165 -
2001 2,664 1,428 690 237            -
Income tax expense (benefit) from continuing operations:
2003 $ 29 $ 4 ,268 $ 146 $ 501 $ 2
2002  (3,363) 3,237 198 191 5
2001 5,117 4,373  (312)  (32) 4
Income (loss) from continuing operations:
2003 $ 7 $ 7 ,064 $ 200 $ 805 $ 3
2002 (5,771) 7,536 341 327 8
2001 8,463 7,167  (509)  (73) 7
Income from discontinued operations, net of taxes:
2003 $ - $ 12 $ - $ - $ -
2002 - 72 2 - -
2001 - 72 2 - -
Net income (loss) including cumulative effect
2003 $ 7 $ 7 ,076 $ 200 $ 805 $ 3
2002 (5,771) 7,608 343 327 8
2001 8,463 7,239 (507) (73) 7
Total assets:
2003 $141 ,658 $ 57 ,533 $ 10 ,340 $ 6 ,721 $188
2002 112,765 59,554 10,961 6,255 187
2001 114,280 56,090 11,480 5,373 254
(726) 11,927
3,070
-
-
-