text: In 2003, the Company received distributions from its equity investments totaling $0.5 million in cash and invested $0.7 
  million in two equity investments, Dolphin Communications Parallel Fund, LP and Dolphin Communications Fund II, 
  LP. These two investments recorded losses of approximately $0.4 million for the 2003 year. The Company recorded a 
  loss from the Virginia Independent Telephone Alliance investment of $19 thousand, for 2003. The Company recorded 
  a gain from the ValleyNet partnership of $84 thousand and received distributions of $84 thousand. Other equity 
  investments lost an additional $0.4 million for 2003. 
  
  The Company was committed to invest an additional $1.8 million at December 31, 2003 in various equity method 
  investees pursuant to capital calls from the fund managers. It is not practical to estimate the fair value of the other 
  investments due to their limited market and restrictive nature of their transferability. 
  
  The Company’s ownership interests in Virginia Independent Telephone Alliance and ValleyNet are approximately 
  22% and 20%, respectively. The Company purchases services from Virginia Independent Telephone Alliance and 
  ValleyNet at rates comparable with other customers. The Company’s ownership in NTC Communications is 
  approximately 18%. Other equity method investees are investment limited partnerships which are approximately 2% 
  owned each. 
  
  25 ■ 2003 ANNUAL REPORT 