text: Administrative expenses increased $1.0 million or 17.1%. This increase is a result of increased professional fees, 
  insurance and pension costs. During 2003, the Company added several positions to expand the management team to 
  support the Company’s growing operations. 
  
  Bad debt expense decreased $2.6 million to $1.8 million or 58.3%. This decrease was due to more restrictive credit 
  terms for new PCS subscribers (limiting the high credit risk customers who obtained service), lower churn in the PCS 
  operation and improvement in the interexchange carrier segment of the business. This expense is net of normal 
  recoveries and includes a recovery of $0.2 million for an interexchange carrier settlement the Company received in 
  2003 which was written off in 2002. 
  
  Operating income grew to $18.6 million, an increase of $9.3 million or 100%. Revenue growth, primarily in the PCS 
  operation in addition to the reduced bad debt expenses, adjustments of management estimates, and the settlement of 
  disputed items with Sprint, all contributed to the operating income improvements. The Company’s operating margin 
  was 17.6%, compared to 10.0% in 2002. 
  
  Other income (expense) is comprised of non-operating income and expenses, interest expense and gain or loss on 
  investments. Collectively, the net impact of these items to pre-tax income was an expense of $3.6 million for 2003, 
  compared to expense of $14.3 million from 2002. The 2002 results were primarily the results of the previously 
  disclosed $9.0 million loss recorded on the sale of the VeriSign stock. 