text: is the intent of the Company to evaluate whether to hold or sell parts or all of each investment on an individual basis. 
  At December 31, 2003, the Company had external investments totaling $7.5 million. 
  
  In 2004, the Company anticipates taking advantage of a conversion feature on its Rural Telephone Bank stock. The 
  Company will convert a portion of its holdings into a different class of stock that will pay cash dividends each year. 
  The bank declares a dividend rate that varies, each year. The range of the dividend has been between 4.2% and 5.65% 
  over the last 5 years. The rate in the two most recent years was 4.2%. This transaction is estimated to provide the 
  Company with approximately $0.3 million in dividend income each year, based on the 2003 dividend rate of 4.2% and 
  assuming we had converted the stock at the beginning of 2003. 
  
  **Financial Condition, Liquidity and Capital Resources**
  
  The Company has four principal sources of funds available to meet the financing needs of its operations, capital 
  projects, debt service, investments and potential dividends. These sources include cash flows from operations, cash 
  and cash equivalents, the liquidation of investments and borrowings. Management routinely considers the alternatives 
  available to determine what mix of sources are best suited for the long-term benefit of the Company. 