We believe our commitment to good customer service, and our expanding PCS coverage area, will provide an advantage
as we strive to profitably add customers.
The telecommunications industry remains in a period of rapid change, both from technological and regulatory
perspectives.  While these changes present challenges to our existing operations, they present opportunities as well.  As an
organization we need to address the continuing shift of minutes and customers away from our traditional networks to
newer wireless and Internet Protocol (IP)-based networks.  Finding a way to profitably offer V oice Over IP services will
be one of our immediate goals.  We have rapidly deployed broadband data capabilities, now making DSL access available
to over 80 percent of our telephone customers.  While DSL is currently provided over our wireline network, we need to
look to wireless technologies to deliver broadband services to more customers in a larger footprint.  Our video service
offerings are increasingly in competition with satellite based services, and thus need enhancements in order to be the
preferred choice of our customers.  As we work to identify new services to offer, a major objective will also be to find
ways to do so profitably.
Being able to deliver good financial results over the long term requires the efforts of many talented and dedicated
employees.  In the pages of this annual report, you will get a glimpse of how many of our employees also make a
contribution to their communities.  Our Company strives to be a good corporate citizen, a goal which is enhanced by our
employees' own effort to make a positive impact with their volunteer activities.
We have had a history of investing heavily in the capabilities of our networks, expanding and enhancing them in
order to offer the best service possible.  As our business has continued to grow and become more complex, we also need
to invest in additional management resources.  One of the recent steps in this direction was to hire Earle MacKenzie, who
joined our organization as Executive Vice President in June.  Earle brings 30 years of telecommunications experience to
our Company, having worked for a range of organizations, including Contel, Arthur Andersen, startup ventures, and
consulting firms.  In his position, he will serve as Chief Financial Officer of the organization, freeing up Larry Paxton to
focus on our information technology needs.  In addition to the new management positions, we have underway a
reorganization of our management structure to more closely align it with our functional areas.
In addition to the normal challenges of managing a growing business, our Board of Directors and members of
management have spent considerable time and effort to ensure compliance with the numerous new rules and requirements
resulting from the various corporate scandals over the past few years.  While a valid argument can be made as to whether
all the new requirements are necessary, or even if they would have avoided the scandals that were uncovered, we have
approached these efforts as an additional opportunity to further improve what we hope is already a well governed
organization.  The cost of complying with the new rules will be significant, but the cost of not doing what is right would
be worse, and certainly not acceptable to you as owners of the Company.
As announced last October, the Board of Directors declared a two-for-one stock split to shareholders of record as of 
January 30, 2004.  The certificates for the new shares were distributed to shareholders February 20, 2004 and the stock
began trading on a post-split basis February 23, 2004.  With the split, shareholders received one new share for each
existing share they held on the record date.  While the split results in no change to a shareholder's ownership of the
Company, it is hoped that the lower post-split trading price will make the shares more affordable to a larger number of
potential investors.