Company entered the PCS business through an affiliation with American Personal Communications (APC), initiating
service along the Interstate 81 corridor from Harrisonburg, Virginia to Chambersburg, Pennsylvania.  This territory was
a very close match to the Company’s fiber network, thereby providing economic integration that might not be available
to other wireless carriers.  In 1999, the Company entered a new affiliation arrangement with Sprint, the successor to
APC (which introduced the Company to a nationally-branded wireless service) and expanded the PCS footprint further
into Central Pennsylvania. The Company’s combined capital investment in 2000 and 2001 in the PCS operation was
$45.1million.
This annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934, including statements regarding our expectations, hopes,
intentions, or strategies regarding the future.  These statements are subject to certain risks and uncertainties that could
cause actual results to differ materially from those anticipated in the forward-looking statements.  Factors that might cause
such a difference include, but are not limited to, changes in the interest rate environment, management’s business strategy,
national, regional and local market conditions, and legislative and regulatory conditions.  The Company undertakes no
obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances, except as
required by law.
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
39 ■ 2003 ANNUAL REPORT