text: Shenandoah Long Distance Company (Long Distance)  Provides long distance services. 
  
  Shenandoah Network Company (Network)  Leases interstate fiber optic facilities. 
  
  ShenTel Communications Company (Shen Comm)  Provides DSL services as a CLEC operation. 
  
  Shenandoah Personal Communications Company (PCS) 
  
  As a PCS Affiliate of Sprint, provides digital wireless 
  service to a portion of a four-state area covering the 
  region from Harrisburg, York and Altoona, 
  Pennsylvania, to Harrisonburg, Virginia. 
  
  The accounting policies of the segments are the same as those described in the summary of significant accounting 
  policies. Each segment accounts for inter-segment sales and transfers as if the sales or transfers were to outside parties. 
  
  Income (loss) recognized from equity method nonaffiliated investees by segment is as follows: 
  
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              [html]<thead><tr><td>Year</td><td>Holding</td><td>Telephone</td><td>Consolidated Totals</td></tr></thead><tbody><tr><td></td><td></td><td>( in thousands )</td><td></td></tr><tr><td>2003</td><td>$</td><td>( 441 )</td><td>$ 65</td></tr><tr><td>$ _ ( 376 )</td><td>2002</td><td>$</td><td>( 822 )</td></tr><tr><td>$ 45</td><td>$ ( 777 )</td><td>2001</td><td>$</td></tr></tbody>
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