text: In many respects, 2003 was a successful year. Churn and levels of uncollectable accounts in the PCS operation 
  returned to more acceptable levels. PCS revenues reached $67.0 million, and total revenues reached $105.9 million. 
  The PCS operation recognized a small profit for the year, including favorable adjustments associated with settlement of 
  disputed items with Sprint. Excluding the favorable adjustments, the PCS operation recognized a profit in the fourth 
  quarter. With improved operating cash flow and reduced capital spending in 2003, the Company prepaid $4.6 million 
  in debt, selecting those notes with nominal prepayment penalties. Additionally, after receiving the cash and paying 
  taxes on the gain of the sale of the Virginia 10 partnership interest, the Company invested the remaining proceeds in 
  liquid financial instruments, available for future deployment. Additionally, the Company has been successful at 
  decreasing its dependency on wireline revenues. Wireline revenues, at $29.0 million in 2003 compared to $18.6 million 
  in 1998, were 27.4% of total revenues in 2003 compared to 76.6% in 1998. 
  
  Entering 2004, the Company is pleased with the milestone of a profitable quarter in the PCS operation, but recognizes 
  that much work remains to ultimately earn a reasonable return on this investment. The recently announced signing of 
  an addendum to the management and services agreements with Sprint is expected to lead to cost savings and greater 
  certainty in fees paid to Sprint. However, the consolidation predicted for the wireless industry in recent years, 
  including the recently announced Cingular/ATT deal and anticipated improvements in the overall economics of 
  wireless services, has not yet materialized. Future Sprint marketing efforts, designed to meet the competition, could 
  potentially have an unfavorable impact on the Company and lead to additional losses. The risks associated with the 
  Sprint PCS affiliation are described in further detail elsewhere in this document. The Company is now reviewing 
  alternatives for other businesses to further diversify our revenue base, from either a services platform or a geographic 
  concentration. 