text: March 22, 2004 
  
  Dear Shareholder: 
  
  I am pleased to report on an excellent year for your Company, one in 
  which we achieved strong financial results and reached several significant 
  accomplishments. 
  
  Our financial performance was very positive in 2003. For the first time in 
  
  our history, revenues exceeded $100 million, reaching a total of $105.9 
  million for the year. While revenues increased by $12.9 million, our 
  operating expenses only increased by $3.6 million, resulting in a $9.3 million 
  improvement in operating income which reached $18.6 million. Helped by 
  the one-time gain from the sale of our cellular partnership interest, our net 
  income was a record $32.1 million. Our net income from continuing 
  operations, which excludes the cellular impact, reached $9.8 million. 
  
  While the last few years have not been kind to many companies in the 
  *Christopher E. French*
  
  telecommunications industry, your Company has not just survived, it has 
  thrived. In addition to the operating results, our balance sheet became even 
  stronger. Total debt was again reduced, decreasing by $12.2 million to $43.3 million as of the end of the year. At the 
  same time, our cash and equivalents at the end of the year was $28.7 million, while total assets were $185.4 million. With 
  our total long-term debt equaling only 23.4 percent of total assets, your Company's balance sheet is envied in an industry 
  where many companies have encountered problems just meeting their debt obligations, much less being able to invest in 
  their future. 