NTELOS 8-K Regulation FD Disclosure

Investor Presentation

3rd Quarter 2009 Update

Exhibit 99.1

1

Use of Non-GAAP Financial Measures

Included in this presentation are certain non-GAAP financial measures that

are not determined in accordance with US generally accepted accounting

principles.  These financial performance measures are not indicative of cash

provided or used by operating activities and exclude the effects

of certain

operating, capital and financing costs and may differ from comparable

information provided by other companies, and they should not be considered

in isolation, as an alternative to, or more meaningful than measures of

financial performance determined in accordance with US generally

accepted

accounting principles.  These financial performance measures are

commonly

used in the industry and are presented because NTELOS believes they

provide relevant and useful information to investors.  NTELOS utilizes these

financial performance measures to assess its ability to meet future capital

expenditure and working capital requirements, to incur indebtedness if

necessary, and to fund continued growth.  NTELOS also uses these

financial

performance measures to evaluate the performance of its business, for

budget planning purposes and as factors in its employee compensation

programs.

2

Special Note Regarding Forward-Looking

Statements

Any statements contained in this presentation that are not statements of

historical fact, including statements about our beliefs and expectations, are

forward-looking statements and should be evaluated as such. The words

"anticipates," "believes," "expects," "intends," "plans," "estimates," "targets,"

"projects," "should," "may," "will" and similar words and expressions are

intended to identify forward-looking statements. Such forward-looking

statements reflect, among other things, our current expectations, plans and

strategies, and anticipated financial results, all of which are subject to known and

unknown risks, uncertainties and factors that may cause our actual results to

differ materially from those expressed or implied by these forward-looking

statements. Many of these risks are beyond our ability to control or predict.

Because of these risks, uncertainties and assumptions, you should not place

undue reliance on these forward-looking statements. Furthermore, forward-

looking statements speak only as of the date they are made. We do not

undertake any obligation to update or review any forward-looking information,

whether as a result of new information, future events or otherwise. Important

factors with respect to any such forward-looking statements, including certain

risks and uncertainties that could cause actual results to differ from those

contained in the forward-looking statements, include, but are not limited to: rapid

development and intense competition in the telecommunications industry;

adverse economic conditions; operating and financial restrictions imposed by our

senior credit facilities and other indebtedness; our cash and capital requirements; 

declining prices for our services;

3

Special Note Regarding Forward-Looking Statements

(cont.)

the potential to experience a high rate of customer turnover; our dependence on

our affiliation with Sprint Nextel ("Sprint"); a potential increase in our roaming

rates and wireless handset subsidy costs; the potential for Sprint to build

networks in our markets; federal and state regulatory fees, requirements and

developments; loss of our cell sites; the rates of penetration in the wireless

telecommunications industry; our reliance on certain suppliers and vendors and

the transition of our prepay billing services to a new vendor; and other

unforeseen difficulties that may occur. These risks and uncertainties are not

intended to represent a complete list of all risks and uncertainties inherent in our

business, and should be read in conjunction with the more detailed cautionary

statements and risk factors included in our SEC filings, including our Annual

Reports filed on Forms 10-K.

Company Overview

5

Company Overview

•

Leading provider of wireless and wireline communications services in Virginia and West

Virginia

•

Strategies

•

Facilities based

•

Retail & Wholesale

•

Multiple products

•

Leverage brand

•

Leverage common cost

•

Wireless revenue 5-year CAGR of 15%

•

Exclusive strategic wholesale Sprint agreement through July 2015

•

Wireline business includes CLECs with double digit strategic high-speed broadband product

revenue growth and RLECs with strong Adjusted EBITDA margins

•

Continued revenue growth fueled by investments in cell sites, fiber network upgrades and

acquisitions and new enhanced Prepay subscriber functionality

•

Strong growth in Free Cash Flows

6

Regionally-Focused Service Provider

($ in millions)

(1)

As of September 30, 2009 or for the twelve months ended September 30,

2009

(2)

Throughout this presentation, year over year (YOY) comparisons are

calculated using the twelve month periods ending on September 30, 2008

and September 30, 2009

(3)

Refer to Form 10-Q for the period ended September 30, 2009 for

explanation and impact of change from gross to net reporting of handset

insurance revenues and costs effective April 1, 2008

•

Average of 23.0 MHz of spectrum

•

5.5 million covered POPs

•

438K

(1)

retail subscribers (YoY

increase of 3%)

•

7%

YoY

Revenue

growth

(3)

•

Retail revenues increased 2% YoY

to $308

million

•

Data ARPU growth driven by EV-DO upgrade

and expanded prepay data offerings

•

Wholesale revenues (primarily Sprint Nextel

agreement) increased 19% YoY

to $120 million

•

5% YoY

Adjusted EBITDA growth

•

39% YTD Adjusted EBITDA margin

Wireless ($428 Revenue / $164 Adj. EBITDA)

(1) (2)

7

Wireline: Repositioning as High Speed Data Provider

(1)

($ in millions)

(1)

Assumes closing on acquisition of assets from Allegheny Energy, Inc. on

or about year-end; closing remains subject to regulatory approval and

customary

closing

terms

and

conditions;

see

press

release

dated

October

6, 2009 available on the Company’s website

(2)

As of September 30, 2009 or for the twelve months ended September 30,

2009

(3)

Throughout this presentation, year over year (YOY) comparisons are

calculated using the last twelve month periods ending on September 30,

2008 and September 30, 2009

•

Competitive Segment

•

Commercial or Institutional

Healthcare

Government

Education

Regional Banking

•

15% YoY

growth in strategic broadband and video

services

•

42% YTD Adjusted EBITDA margin

•

Acquisition of 2,200 fiber route mile assets of Allegheny

Energy, Inc. with nearly double the network

(1)

25 new markets

50% more colleges and universities

25% larger population than existing markets

•

RLEC -

Growth in Data and Video

•

98% DSL coverage with 6 MB speed

•

20% IPTV penetration of homes passed with fiber; 32%

penetration of homes passed in vintage neighborhoods

Wireline

($125 Revenue / $71 Adj. EBITDA)

(2) (3)

$343

$392

$440

$500

$536

$551

0

100

200

300

400

500

$600

2004

2005

2006

2007

2008

2009G

8

Focused on Growth Opportunities

($ in millions)

Total Revenue

Total Adj. EBITDA/

Margin %

Strong financial performance

(2)

(1)

Throughout this presentation, Free Cash Flow is defined as Consolidated Adjusted EBITDA less CAPEX

(2)

Based on Midpoint of guidance range of $549 million to $553 million

(3)

Based on Midpoint of guidance range of $227 million to $230 million

(4)

Based

on

Midpoint

of

guidance

range

of

Adjusted

EBITDA

and

CAPEX

range

of

$107

million

to

$108

million

Note: Throughout

this

presentation,

Compound

Annual

Growth

Rates

(CAGR)

presented

are

calculated

over

the

period

of

2004

to

2008.

Free

Cash

Flow

(1)

(3)

(4)

$121

$147

$172

$203

$223

$228

35%

37%

39%

41

%

42

%

41

%

0

50

100

150

200

$250

2004

2005

2006

2007

2008

2009G

$61

$58

$86

$93

$91

$121

0

25

50

75

100

125

$150

2004

2005

2006

2007

2008

2009G

$66

$90

$112

$142

$159

$163

28%

32%

35%

38%

39%

38%

0

50

100

150

$200

2004

2005

2006

2007

2008

2009G

9

(2)

Revenue

(1)

Network Upgrade and Data Drives Wireless Growth

($ in millions)

Adjusted EBITDA/Margin %

(3)

(1)

Refer to Form 10-Q for the period ended September 30, 2009 for explanation and impact of change

from gross to net reporting of handset insurance revenues and costs effective April 1, 2008

(2)

Based on Midpoint of guidance range of $425 million to $427 million for total wireless revenue and

$116 million to $118 million for combined wholesale and roaming revenues

(3)

Based on Midpoint of guidance range of $162 million to $164 million

Retail

Wholesale

Roaming

$183

$217

$244

$282

$305

$309

$51

$62

$77

$95

$104

$113

$3

$

235

0

100

200

300

400

$500

2004

2005

2006

2007

2008

2009G

$426

$235

$280

$322

$412

$378

$

4

$229

$232

$75

$86

$2

$4

0

100

200

300

$400

9 Mo 2008

9 Mo 2009

$306

$322

10

Revenue

(1)

YTD 2009 over YTD 2008 Wireless Operations

($ in millions)

Adjusted EBITDA/Margin %

(1)

Refer to Form 10-Q for the period ended September 30, 2009 for explanation and impact of change from

gross to net reporting of handset insurance revenues and costs effective April 1, 2008

Retail

Wholesale

Roaming

11

Catalysts for Sales Growth

•

NTELOS brand positioned as the “Best Value

in Wireless”

•

Leveraging extensive retail presence –

80%

of sales through direct channels

•

The most complete nationwide coverage with

no roaming

•

EV-DO network upgrade: All of scheduled

sites completed at 6/30/09

•

Emphasis on Postpay

plans

Expansion of data products and services

Enhanced handset lineup

•

FRAWG Unlimited prepay in VA East urban

markets

Gross adds exceeding expectations

84% of gross adds at the two highest

price tiers of $40 and $50

Postpay

Prepay

Gross Adds

Churn

9 Mo 2008

9 Mo 2009

Postpay

1.9%                           2.2%  

Total         2.8%                         3.2%

81

85

88

96

0

50

100

150

200

LTM 9/30/08

LTM 9/30/09

181

169

Planned Device Line-up 4Q09

Planned Device Line-up 4Q09

Motorola Hint

QA30

$207

BlackBerry

Curve 8330

$399

LG 300

$95

Motorola

W385

$116

Nokia

1606

$89

Motorola

VE465

$158

Samsung

SCH-r810

Finesse

$348

BlackBerry

Flip 8230

$349

Samsung

SCH-r350

Freeform

$145

LG 265 

Script

$148

LG 840

Spyder

II

$339

LG 700

Volt

Nov

$222

Samsung 

SCH-r600

$160

LG 370

Force

$159

HTC Snap

Dec

$299

Franklin

Wireless 

U210

Nov

$99

Novatel

MC760

$127

Axesstel

MV440

$310

Kyocera

S1300

Melo

$65

HTC Hero

Android

Nov

$399

Samsung

SCH-r520

Trill

Nov

$180

LG 9600

Dec

$365

Motorola

W845

Quantico

Dec

$238

BlackBerry

Tour 9630

Dec

$449

Smartphone

Data

Card

Touch

QWERTY  

Feature

EV-DO

Feature

1X

Value

$49

.06

$47

.40

$47.52

$44

.74

$7.18

$9.83

$7.26

$9.02

$56.24

$57

.23

$54.78

$53

.76

0

25

50

$75

9 Mo

2008

Post

9 Mo

2009

Post

9 Mo

2008

Total

9 Mo

2009

Total

13

Successful Growth in Subscribers and ARPU

Retail ARPU

(1)

NTELOS Branded Subscribers (000s)

(1)

Refer to Form 10-Q for the period ended September 30, 2009 for explanation of change in reporting of data services and data ARPU

(2)

Pro forma; refer to Form 10-Q for the period ended September 30, 2009 for explanation and impact of change from gross to net

reporting

of

handset

insurance

revenues

and

costs

effective

April

1,

2008;

see

Appendix

for

presentation

of

actual

ARPU

Data

(2)

Postpay

Prepay

(2)

$349

$353

15.0%

29.0%

0

10

20

30

40

50%

0

100

200

300

$400

9 Mo 2008

9 Mo 2009

14

Direct Distribution Model Improves Customer

Satisfaction

Extensive

Retail

Presence

(1)

CPGA ($)/Smart Phone & Data

Card %

(2)

-YTD

(1)

As

of

December

31,

2008

for

all

competitors;

as

of

September

30,

2009

for

NTELOS

(2)

Represents

Smart

Phone

&

Data

Card

sales

as

a

%

of

Postpay

Gross

Adds

$51

$62

$77

$95

$104

$113

0

50

100

$150

2004

2005

2006

2007

2008

2009G

15

Wireless

Wholesale

Revenue

(1)

Strategic

Network

Alliance

Leverages

NTELOS’

Network

•

Sprint Nextel Strategic Network

Alliance through at least July 2015

•

$9 million monthly minimum revenue

guarantee

•

Attractive contribution margin

•

Growing Data usage

•

529% growth in travel data usage

since EV-DO launched

•

825% growth in home data usage

since EV-DO launched

($ in millions)

High Growth, Attractive Margin Revenue Stream

(1)

Excludes roaming

16

Greensboro, NC

(1)

Assumes closing on acquisition of assets from Allegheny

Energy, Inc. on or about year-end; closing remains subject

to regulatory approval and customary closing terms and

conditions; see press release dated October 6, 2009

available on the Company’s website

(2)

As of September 30, 2009 or for the twelve months ended

September 30, 2009

($ in millions)

Data Driving Wireline

Growth

(1)

RLEC  ($59 Revenue / $44 Adj. EBITDA)

(2)

Competitive

($67 Revenues / $27 Adj. EBITDA)

(2)

•

Revenue growth of 5% YoY

•

Adjusted EBITDA growth of 12% YoY

•

42% YTD Adjusted EBITDA margin

•

Strategic Broadband and Video revenue

growth of 18% YOY to $36 million

•

2,500

mile existing fiber network; 2,200

mile Allegheny fiber network being

acquired

(1)

•

New fiber route from Charlottesville to

Ashburn, VA: Connectivity to internet hub

and adds 3 new key markets

•

Fiber swap: Winchester to Ashburn, VA and

segments from Beckley to Clarksburg, WV

•

Repositioning assets (data/video)

•

Adjusted EBITDA growth YoY

•

Broadband customer penetration at 50%

•

IPTV Launched in Q307

•

Continued strong Adjusted EBITDA margin

$33

$37

$41

$46

$52

$18

$17

$15

$15

$11

$56

$57

$61

$61

$60

0

50

100

$150

2004

2005

2006

2007

2008

2009G

$125

$107

$111

$117

$123

$122

17

Adjusted EBITDA/Margin%

Revenue

Wireline

Provides Strong, Stable Cash Flow

($ in millions)

(1)

(1)

Based on Midpoint of guidance range of $124 million to $126 million

(2)

Based on Midpoint of guidance range of $71 million to $72 million

Note: Competitive -

Strategic includes voice and broadband data services, IPTV video, high-capacity network access

and transport services.

Competitive

-

Strategic

Competitive

-

Other

RLEC

Competitive

RLEC

18

Penetration

Transport/Data/IP Revenue

Competitive Growth Drivers

($ in millions)

Video –

Neighborhoods open in Q1-08

Broadband –

Customer Penetration

(1) Revenue before intercompany eliminations

(1)

$

$14.7

$19.8

$24.8

$30.8

17.2%

28.0%

37.6%

45.8%

51.6%

2005

2006

2007

2008

3Q09

0

15

30

2005

2006

2007

2008

Data/IP

Transport/Wireless Transport

3.5%

14.4%

20.7%

25.0%

28.9%

31.8%

32.4%

1Q08

2Q08

3Q08

4Q08

1Q09

2Q09

3Q09

$39

$42

$9

$8

$44

$44

0

50

$100

9 Mo 2008

9 Mo 2009

$92

$94

19

Adjusted EBITDA/Margin%

Revenue

YTD 2009 over YTD 2008 Strong, Stable Cash Flow

($ in millions)

Competitive

-

Strategic

Competitive

-

Other

RLEC

Financial Overview

Wireless  

Wireline  

Other

21

Wireless Drives Revenue Growth

Total Revenue

(1)

($ in millions)

YTD Revenue

(1)

(1)

Refer to Form 10-Q for the period ended September 30, 2008 for explanation and impact of change from gross to net reporting of

handset insurance revenues and costs effective April 1, 2008

(2)

Based on Midpoint of guidance range for Consolidated Revenue of $549 million to $553 million

(2)

$306

$322

$92

$

94

0

100

200

300

400

$500

9 Mo 2008

9 Mo 2009

$398

$416

$235

$280

$322

$

378

$

412

$426

$

107

$111

$117

$122

$123

$125

0

150

300

450

$600

2004

2005

2006

2007

2008

2009

G

Wireless CAGR =  15%

Wireline

CAGR  =   4% 

$500

$440

$392

$343

$536

$551

$122

$126

$52

$54

$170

$175

(5)

50

105

160

$215

9 Mo 2008

9 Mo 2009

Wireless  

Wireline  

Other

22

YTD Adjusted EBITDA

Wireless Growth Enhances Adjusted EBITDA

Total Adjusted EBITDA

($ in millions)

(1)

Based

on

Midpoint

of

guidance

range

for

Consolidated

Adjusted

EBITDA

of

$227

million

to

$230 million

(1)

$66

$90

$112

$142

$159

$162

$59

$62

$65

$65

$69

$72

$121

$147

$172

$203

(15)

30

75

120

165

210

$255

2004

2005

2006

2007

2008

2009G

Wireless CAGR =  25%

Wireline

CAGR  =  4% 

$228

$223

$61

$58

$86

$93

$91

$121

0

25

50

75

100

125

$150

2004

2005

2006

2007

2008

2009G

23

Accelerating Consolidated Free Cash Flow

Free Cash Flow

Consolidated CapEx

($ in millions)

(1) (2)

(1)

Based on midpoint of guidance ranges

(2)

Included in 2009G for Other CAPEX is an expected investment of between $10 million and $12 million for a new wireless prepay billing platform

and a web portal

(1)

Wireless  

Wireline

Other

Discretionary, Incremental EVDO Investment

& Strategic Fiber Builds

$36

$41

$32

$37

$31

$35

$19

$20

$21

$25

$35

$37

$5

$8

$6

$7

$9

$19

$20

$28

$41

$57

$16

0

50

100

$150

2004

2005

2006

2007

2008

2009G

$89

$60

$107

$87

$110

$132

24

Cash Flows Guidance

($ in millions)

2009G

(1)

Adjusted EBITDA

$   228

Less CAPEX

107

Free Cash Flow

$   121

Less:

Cash Interest, net of interest income

30

Cash Taxes

10

Cash Flows, net before dividends and debt payments

$      81

Less:

Cash Dividends ($0.26 per share per qtr)

44

Scheduled 2009 Debt Payments

5

Allegheny Purchase

(2)

27

Add:

Refinancing Proceeds

(3)

4

Cash Flows, net

(4) (5)

$       9

Cash on Hand at December 31, 2008

$     66

(1)

Based on midpoint of guidance ranges

(2)

Assumes acquisition closes by 12/31/09

(3)

Refinancing net of debt issuance and closing costs, swap termination and origination issue discount

(4)

Before adjustments for changes in working capital

(5)

Before use of cash for stock repurchase in 2009 of up to $40 million and purchase of fiber network

25

Capitalization

($ in millions)

(1)

Based on midpoint of guidance ranges

(2)

Before adjustments for changes in working capital and use of cash for stock repurchase in 2009 of up to $40 million

2009

Guidance

(1)

Adjusted EBITDA

$      203.0

$      223.1

$      228.5

Cash

$       53.5

$       65.7

$       75.0

(2)

1st lien senior secured credit facility

$      612.9

$      606.5

$      634.4

Capital leases

            1.3

            1.4

            1.5

   Total Debt

$      614.2

$      607.9

$      635.9

Total Debt Leverage Ratio

3.03x

2.72x

2.78x

Net Debt (total debt less cash)

$      560.7

$      542.2

$      560.9

(2)

Net Debt Leverage Ratio

2.76x

2.43x

2.45x

(2)

    2007A

    2008A

26

Summary

•

Consistently Strong Financial Performance

•

Numerous Catalysts for Sustainable Growth

•

Focused on Long-term Net Income and Free Cash Flow Growth

•

Diversified Business Model

•

Network Upgrade Drives Wireless Growth

•

Data Revenue Growth

•

High-Margin Wholesale Revenue

•

Strong Performing and Growing Regional Wireline Business Focused

on Data Provision

•

Scalable Systems for Continued Expansion

•

Experienced Management Team

Appendix

28

Adjusted EBITDA Reconciliation

($ in millions)

2004

2005

2006

2007

2008

2008

2009

Consolidated

Operating Income

$55

$53

$61

$100

$115

$87

$102

Depreciation and Amortization

65

83

85

97

103

79

69

Capital and Operational Restructuring

Charges

1

15

-

-

-

-

-

Accretion of Asset Retirement Obligations

-

1

1

1

1

1

1

Advisory Termination Fees

-

-

13

-

-

-

-

Gain on Sale of Assets

-

(9)

-

-

-

-

-

Secondary Offering Costs

-

-

-

1

-

-

-

Non-cash Compensation Charge

-

4

13

4

3

2

3

Voluntary Early Retirement Plan Charge

-

-

-

-

1

1

-

Adjusted EBITDA

$121

$147

$172

$203

$223

$170

$175

9 months ended

29

Adjusted EBITDA Reconciliation

($ in millions)

2004

2005

2006

2007

2008

2008

2009

Wireless

Operating Income

$21

$32

$53

$71

$85

$63

$77

Depreciation and Amortization

44

57

58

70

73

58

48

Accretion of Asset Retirement Obligations

1

1

1

1

1

1

1

Adjusted EBITDA

$66

$90

$112

$142

$159

$122

$126

Wireline

Operating Income

$39

$36

$39

$38

$41

$31

$33

Depreciation and Amortization

20

25

26

27

27

20

21

Voluntary Early Retirement Plan Charge

-

-

-

-

1

1

-

Adjusted EBITDA

$59

$61

$65

$65

$69

$51

$54

9 months ended

30

ARPU

(1)

Reconciliation

($ in thousands, except for subscribers and ARPU data)

Nine Months Ended:

9/30/2008

9/30/2009

(1)

Refer to Form 10-Q for the quarter ended September 30, 2009 for explanation and impact of change from gross to net

reporting of handset insurance revenues and costs effective April 1, 2008

Three  Months Ended:

9/30/2008

9/30/2009

Operating Revenues

135,074

$              

135,686

$              

398,128

$         

416,351

$        

Less: Wireline

and other operating revenue

(31,180)

(31,460)

(92,371)

(94,061)

Wireless communications revenue

103,894

104,226

305,757

322,290

Less: Equipment revenue from sales to new customers

(1,665)

(1,525)

(9,196)

(4,408)

Less: Equipment revenue from sales to existing customers

(4,131)

(4,788)

(8,710)

(14,537)

Less: Wholesale revenue

(27,307)

(28,507)

(76,674)

(89,870)

Less: Other revenues, eliminations and adjustments

(290)

856

(452)

51

Wireless gross subscriber revenue

70,501

$                 

70,262

$                 

210,725

$         

213,526

$        

Less:  Paid in advance subscriber revenue

(18,526)

(15,535)

(58,867)

(51,784)

Plus: adjustments

313

(1,121)

174

(870)

Wireless

gross

postpay

subscriber

revenue 

52,288

$                 

53,606

$                 

152,032

$         

160,872

$        

Average subscribers

426,552

440,052

421,637

441,287

Total ARPU

55.09

$                   

53.22

$                   

55.53

$             

53.76

$            

Average postpay

subscribers

301,264

310,601

296,359

312,348

Postpay

ARPU

57.85

$                   

57.53

$                   

57.00

$             

57.23

$            

Wireless gross subscriber revenue

70,501

$                 

70,262

$                 

210,725

$         

213,526

$        

Less: Wireless voice and other feature revenue

(60,871)

(57,942)

(183,179)

(177,686)

Wireless data revenue

9,630

$                   

12,320

$                 

27,546

$           

35,840

$          

Average subscribers

426,552

440,052

421,637

441,287

Total Data ARPU 

7.53

$                     

9.33

$                    

7.26

$              

9.02

$             

Wireless

gross

postpay

subscriber

revenue

52,288

$                 

53,606

$                 

152,032

$         

160,872

$        

Less:

Wireless

postpay

voice

and

other

feature

revenue

(45,119)

(44,047)

(132,868)

(133,228)

Wireless

postpay

data

revenue

7,169

$                   

9,559

$                   

19,164

$           

27,644

$          

Average postpay

subscribers

301,264

310,601

296,359

312,348

Postpay

data ARPU 

7.93

$                     

10.26

$                   

7.18

$              

9.83

$             

31

Summary of Operating Results

($ in thousands)

Nine Months Ended:

Three Months Ended:

September 30, 2008

September 30, 2009

September 30, 2008

September 30, 2009

Operating Revenues

Wireless PCS Operations

103,894

$                 

104,226

$                 

305,757

$                 

322,290

$                 

Wireline

Operations 

RLEC

15,078

14,395

44,435

43,543

Competitive Wireline

15,979

16,944

47,515

50,154

Wireline

Total

31,057

31,339

91,950

93,697

Other

123

121

421

364

135,074

$                 

135,686

$                 

398,128

$                 

416,351

$                 

Operating Expenses

Wireless PCS Operations

63,285

$                   

65,106

$                   

183,992

$                 

196,363

$                 

Wireline

Operations 

RLEC

4,009

3,326

11,743

10,792

Competitive Wireline

9,920

9,446

28,627

29,129

Wireline

Total

13,929

12,772

40,370

39,921

Other

1,470

1,170

4,243

5,041

78,684

$                   

79,048

$                   

228,605

$                 

241,325

$                 

Adjusted EBITDA

(a non-GAAP Measure)

Wireless PCS Operations

40,609

$                   

39,120

$                   

121,765

$                 

125,927

$                 

Wireline

Operations 

RLEC

11,069

11,069

32,692

32,751

Competitive Wireline

6,059

7,498

18,888

21,025

Wireline

Total

17,128

18,567

51,580

53,776

Other

(1,347)

(1,049)

(3,822)

(4,677)

56,390

$                   

56,638

$                   

169,523

$                 

175,026

$                 

Capital Expenditures

Wireless PCS Operations

31,334

$                   

7,759

$                     

61,703

$                   

42,381

$                   

Wireline

Operations

RLEC

3,918

3,636

11,519

10,498

Competitive Wireline

5,200

5,914

17,613

21,270

Wireline

Total

9,118

9,550

29,132

31,768

Other

974

4,161

7,321

16,863

41,426

$                   

21,470

$                   

98,156

$                   

91,012

$                   

Adjusted

EBITDA

less

Capital

Expenditures

(a non-GAAP measure)

Wireless PCS Operations

9,275

$                     

31,361

$                   

60,062

$                   

83,546

$                   

Wireline

Operations

RLEC

7,151

7,433

21,173

22,253

Competitive Wireline

859

1,584

1,275

(245)

Wireline

Total

8,010

9,017

22,448

22,008

Other

(2,321)

(5,210)

(11,143)

(21,540)

14,964

$                   

35,168

$                   

71,367

$                   

84,014

$                   

(before

depreciation

&

amortization,

asset

impairment

charges,

accretion

of

asset

retirement

obligations,

non-cash

compensation

and

voluntary

early

retirement

program charges, a non-GAAP Measure of operating expenses)