customers within the Company's geographic service area and large telecommunications companies.  The Company's
allowance for uncollectable receivables related to continuing operations was $477 thousand, $914 thousand and $650
thousand at December 31, 2003, 2002 and 2001, respectively.
Securities and investments: The classifications of debt and equity securities are determined by management at the date
individual investments are acquired.  The appropriateness of such classification is continually reassessed.  The
Company monitors the fair value of all investments, and based on factors such as market conditions, financial
information and industry conditions, the Company will reflect impairments in values as is warranted.  The
classification of those securities and the related accounting policies are as follows:
Available-for-Sale Securities: Debt and equity securities classified as available-for-sale consist of securities which the
Company intends to hold for an indefinite period of time, but not necessarily to maturity.  Any decision to sell a
security classified as available-for-sale would be based on various factors, including changes in market conditions,
liquidity needs and similar criteria.  Available-for-sale securities are recorded at fair value as determined by quoted
Available-for-Sale Securities: Debt and equity securities classified as available-for-sale consist of securities which the
Company intends to hold for an indefinite period of time, but not necessarily to maturity.  Any decision to sell a
security classified as available-for-sale would be based on various factors, including changes in market conditions,
liquidity needs and similar criteria.  Available-for-sale securities are recorded at fair value as determined by quoted
SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 18
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Available-for-Sale Securities: Debt and equity securities classified as available-for-sale consist of securities
which the Company intends to hold for an indefinite period of time, but not necessarily to maturity.  Any
decision to sell a security classified as available-for-sale would be based on various factors, including
changes in market conditions, liquidity needs and similar criteria.  Available-for-sale securities are recorded
at fair value as determined by quoted market prices.  Unrealized holding gains and losses, net of the related
tax effect, are excluded from earnings and are reported as a separate component of other comprehensive