SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2003, 2002 and 2001
in thousands
13 ■ 2003 ANNUAL REPORT
LIABILITIES AND SHAREHOLDERS’ EQUITY 2003 2002 2001
Current Liabilities
Current maturities of long-term debt (Note 5) $ 4,230 $ 4,482 $ 4,387
Revolving line of credit (Note 5) - 3,503 6,200
Accounts payable (Note 7) 4,729 5,003 5,128
Advanced billings and customer deposits 3,326 3,538 2,652
Accrued compensation 1,015 1,268 1,084
Other current liabilities 2,496 1,564 1,455
Current liabilities held for sale (Note 2) - 542 735
Total current liabilities $ 15,796 $ 19,900 $ 21,641
Long-term debt, less current maturities (Note 5) $ 39,116 $ 47,561 $ 52,049
Other Liabilities
Deferred income taxes (Note 6) $ 20,819 $ 15,859 $ 14,977
Pension and other (Note 9) 3,425 2,441 2,265
Total other liabilities $ 24,244 $ 18,300 $ 17,242
Minority Interests in discontinued operations (Note 2) $- $ 1,666 $ 1,838
Commitments and Contingencies (Notes 2,3,5,6,7,9,12, and 13)
Shareholders’ Equity (Notes 5 and 10)
Common stock, no par value, authorized 16,000 shares;
     issued and outstanding 7,593 shares in 2003, 7,552
      shares in 2002, and 7,530 shares in 2001 $ 5,733 $ 5,246 $ 4,950
Retained earnings 100,449 71,335 69,610
Accumulated other comprehensive income (loss) (Note 3) 26 (4) 42
Total shareholders’ equity $ 106,208 $ 76,577 $ 74,602
Total liabilities and shareholders’ equity $ 185,364 $164,004 $167,32$167,372
See accompanying notes to consolidated financial statements.