17 ■ 2003 ANNUAL REPORT
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 Financing Activities
Proceeds from issuance of long-term debt $ $ - $ 24,641
Principal payments on long-term debt (8,697) (4,393) (23,692)
Net proceeds from (payments of) lines of credit (3,503) (2,697)        6,200
Debt issuance costs - -         (175)
Dividends paid (2,960)  (2,794) (2,635)
Proceeds from exercise of incentive stock options 487 296 133
Net cash provided by (used in) financing
activities $ (14,673) $ (9,588) $ 4,472
Net cash used in continuing operations $ 3,477 $ (7,573) $ (6,952)
Net cash provided by discontinued operations 23,010 7,745 6,444
Net increase (decrease) in cash and cash
equivalents $ 26,487 $ 172 $     (508)
Cash and cash equivalents:
Beginning 2,209 2,037 2,545
Ending $ 28,696 $ 2,209 $ 2,037
Supplemental Disclosures of Cash Flow Information
Cash payments for:
Interest, net of capitalized interest of $26 in 2003;
$93 in 2002, and $134 in 2001 $ 3,577 $ 4,274 $ 4,217
Income taxes $ 15,569 $ 1,045 $ 506
Non-cash transactions:
During 2002, the Company issued 4,654 shares of Company stock to employees valued at $0.1 million
in recognition of the Company’s 100th year anniversary.
In December 2001, the Company received 310,158 shares of VeriSign Inc. common stock in exchange
for 333,504 shares of Illuminet Holdings, Inc. stock as a result of the merger of the two entities.
The Company completed the sale of its GSM network equipment in January 2001, for approximately
$6.5million of which approximately $4.9 million was escrowed as part of a like-kind exchange
transaction.  The escrowed funds were disbursed as new equipment was received during the first six
months of 2001.
$(14,673)
See accompanying notes to consolidated financial statements.