SHENANDOAH TELECOMMUNICATIONS COMPANY ■ 16
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31, 2003, 2002 and 2001
in thousands
2003 2002 2001
Cash Flows from Operating Activities
Income (loss) from continuing operations $ 9,761 $ (2,893) $ 9,694
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 16,612 14,476 10,540
Amortization 19 6 723
Deferred income taxes 5,664 289 8,666
Loss on disposal of assets 348 739 506
Net (gain) loss on disposal of investments 3 9,034 (14,162)
Net (gain) loss from patronage and equity
   investments 52 393 789
Other 403 443 987
Changes in assets and liabilities:
(Increase) decrease in:
Accounts receivable 1,069 (1,797) (864)
Materials and supplies (275) 1,147 (307)
Increase (decrease) in:
Accounts payable (275) 1,067 (3,968)
Other prepaids, deferrals and accruals (2,780) 120 (2,263)
Net cash provided by operating activities $30,601 $ 23,024 $ 10,341
Cash Flows From Investing Activities
Purchase and construction of plant and equipment, net
   of retirements (12,476) (22,612) (27,972)
Purchase of investment securities (796) (1,775)  (1,250)
Proceeds from sale of equipment 109 77  482
Proceeds from sale of radio spectrum license - -  1,133
Proceeds from investment activities (Note 3) 714 3,301 5,842
Net cash used in investing activities (12,449) $ (21,009) $ (21,765)
(Continued)
(2,778)
$ 30,599
$
$
$ $