NTELOS 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

Investor Relations Contacts:

Jeffrey Goldberger / Rob Fink

KCSA Strategic Communications

P: 212-896-1249 / 212-896-1206

Email:jgoldberger@kcsa.com /rfink@kcsa.com

NTELOS Holdings Corp. Reports

Third Quarter 2012 Operating Results

–Net Quarterly Subscriber Additions of 5,500

–Adjusted EBITDA of $31.9 Million

–Company Declares Quarterly Dividend of $0.42 Per Share

WAYNESBORO, VA – November 8, 2012 – NTELOS Holdings Corp. (the “Company,” NASDAQ: NTLS), a leading regional provider of nationwide wireless voice and data communications and home to the “best value in wireless,” announced today operating results for its third quarter ended September 30, 2012.

Third Quarter Highlights

• Operating revenues for the third quarter 2012 increased 7% to $114.5 million, compared to $107.4 million for the same period in 2011;

• Net subscriber additions for the third quarter 2012 were 5,500, compared to a net loss of (9,800) for the same period in 2011;

• Blended subscriber churn for the third quarter 2012 improved to 2.9%, compared to 3.7% for the same period in 2011; and

• Blended ARPU for the third quarter was $50.93, compared to $49.77 for the same period in 2011.

“During the third quarter, we continued to execute successfully against our combined retail / wholesale operating model. Within our retail business, we were extremely encouraged by the substantial increase in subscriber revenue, which had its largest sequential improvement in more than four years. We also experienced substantial growth in smartphone penetration during the quarter, ending the period with smartphone customers representing 50% of our subscriber base, up from 45% and 24% at the end of Q2 2012 and Q3 2011, respectively. These accomplishments were the result of a strong response to the value proposition within our network operating footprint, continued improvements in our distribution network as well as favorable handset additions to our smartphone lineup,” noted James A. Hyde, CEO of NTELOS Holdings Corp. “At the same time, wholesale revenue increased sequentially and year-over-year, driven by the continued growth in both voice and data usage on our network.”

Highlights from Operations

• Operating revenues for the third quarter 2012 were $114.5 million, up 7% from the third quarter 2011. The increase in operating revenues reflected both an increase in wholesale revenue and an increase in retail revenues;

• Retail revenues, which include subscriber and equipment revenue, were $71.1 million for the third quarter 2012, compared to $69.9 million for the third quarter 2011;

• Wholesale and other revenue derived primarily from the Company’s Strategic Network Alliance with Sprint increased 16% to $43.3 million for the third quarter 2012, compared to $37.5 million for the third quarter 2011;

• Adjusted EBITDA was $31.9 million for the third quarter 2012, compared to $38.7 million for the third quarter 2011; and

• Income from continuing operations, less net income attributable to noncontrolling interests, was $4.6 million, or $0.22 per diluted share, for the third quarter 2012 compared to $6.5 million, or $0.31 per diluted share, for the same period in 2011.

Total Subscribers

• Total subscribers were 430,300 as of September 30, 2012, compared to 415,000 as of September 30, 2011;

• Total gross additions for the third quarter were 42,400, compared to 36,500 for the same period of 2011; and

• Total net subscriber additions for the third quarter were 5,500, compared to a loss of (9,800) for the same period for 2011.

Postpay Subscribers

• Postpay subscriber gross additions for the third quarter 2012 were 22,000, compared to 16,500 in the third quarter 2011 and 16,800 in the second quarter 2012;

• Net postpay subscriber additions were 4,900 for the third quarter 2012, compared to a loss of (6,400) in the third quarter 2011 and up significantly from a gain of 700 in the second quarter 2012;

• Postpay churn for the third quarter 2012 was 2.0%, compared to 2.6% in the third quarter 2011; and

• As of September 30, 2012, total postpay subscribers were 288,900.

Prepay Subscribers

• Prepay subscriber gross additions for the third quarter 2012 were 20,400, compared to 20,000 in both the third quarter 2011 and second quarter 2012;

• Net prepay subscriber additions were 600 for the third quarter 2012, compared to a loss of (3,400) in the third quarter 2011 and additions of 2,800 in the second quarter 2012;

• Prepay churn for the third quarter 2012 was 4.7%, compared to 6.5% in the third quarter 2011; and

• As of September 30, 2012, total prepay subscribers were 141,400.

Mr. Hyde concluded, “We expect the favorable trends seen in the first nine months of 2012 to continue. The benefits of the improvements we have made to our handset lineup and the consistent focus on our value proposition and brand positioning are successfully impacting our retail business. These results complement the continued growth recognized in the wholesale business, which combined provide a catalyst for positive returns for our shareholders.”

Discontinued Operations

The Company completed the separation of its wireless and wireline operations with the spin-off of Lumos Networks Corp. (NASDAQ: LMOS) on October 31, 2011. The wireline results are reflected asDiscontinued Operations for all periods presented. As such, the reported operating results reflect the wireless operations of the Company, including certain expenses related to the business separation.

2

Net Income

Net income, after net income attributable to noncontrolling interests, was $4.6 million, or $0.22 per diluted share, for the third quarter 2012, compared to net income, after net income attributable to noncontrolling interests, of $13.3 million, or $0.63 per diluted share, for the third quarter 2011, which included $6.8 million related to discontinued operations.

Declaration of Dividend

On November 2, 2012, the Company’s Board of Directors declared a quarterly cash dividend on its common stock in the amount of $0.42 per share to be paid on January 11, 2013 to stockholders of record on December 14, 2012.

Business Outlook

For the year ended December 31, 2012, the Company expects its full year 2012 Adjusted EBITDA to be between $132.0 million and $136.0 million. In addition, the Company expects its full year 2012 capital expenditures to be approximately $75.0 million. Lastly, the Company reaffirmed previously communicated subscriber development guidance of net positive subscriber growth in both postpaid and prepaid subscribers for the full year 2012.

Conference Call

The Company will host a conference call with investors and analysts to discuss its third quarter 2012 results this morning, November 8, 2012, at 10:00 a.m. ET. To participate, please dial 1-877-317-6789, 1-866-605-3852 in Canada and 1-412-317-6789 for international, approximately 10 minutes before the scheduled start of the call. The conference call will also be accessible live on the Investor Relations section of the Company’s website athttp://ir.ntelos.com.

An archive of the conference call will be available online athttp://ir.ntelos.com beginning approximately two hours after the call and continuing until November 15, 2012. A replay will also be available via telephone by dialing 1-877-344-7529, 1-412-317-0088 internationally and entering access code 10020133 beginning approximately two hours after the call and continuing until November 15, 2012.

Non-GAAP Measures

Adjusted EBITDA is defined as net income attributable to NTELOS Holdings Corp. before interest, income taxes, depreciation and amortization, accretion of asset retirement obligations, gain/loss on derivatives, net income attributable to noncontrolling interests, other expenses/income, equity-based compensation charges, acquisition related charges, net income from discontinued operations and costs related to the separation of the wireless and wireline operations.

ARPU, or average monthly revenue per user, is computed by dividing service revenues per period by the average number of subscribers during that period. Please see the footnotes in the exhibits for a complete definition of this measure.

Adjusted EBITDA is a key metric used by investors to determine if the Company is generating sufficient cash flows to continue to produce shareholder value, provide liquidity for future growth and continue to fund dividends. ARPU provides management with useful information concerning the appeal of the Company’s rate plans and service offerings and the Company’s performance in attracting and retaining high value customers.

Adjusted EBITDA and ARPU are non-GAAP financial performance measures. They should not be considered in isolation or as an alternative to measures determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Please refer to the exhibits and materials posted on the Company’s website for a reconciliation of these non-GAAP financial performance measures to the most comparable measures reported in accordance with GAAP and for a discussion of the presentation, comparability and use of such financial performance measures.

About NTELOS

NTELOS Holdings Corp. (NASDAQ: NTLS), operating through its subsidiaries as “nTelos Wireless,” is headquartered in Waynesboro, VA, and provides high-speed, dependable nationwide voice and data coverage for over 430,000 retail subscribers based in Virginia, West Virginia and portions of Maryland, North Carolina, Pennsylvania, Ohio and Kentucky. The Company’s licensed territories have a total population of approximately 8.1 million residents, of which its wireless network covers approximately 6.0 million residents. The Company is also the exclusive wholesale provider of

3

wireless digital PCS services to Sprint Nextel in the Company’s western Virginia and West Virginia service area for all Sprint CDMA wireless customers. Additional information about the Company is available atwww.ntelos.com orwww.facebook.com/nteloswireless andwww.twitter.com/ntelos_wireless.

SPECIAL NOTE FROM THE COMPANY REGARDING FORWARD-LOOKING STATEMENTS

Any statements contained in this press release 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. There are 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. We advise the reader to review in detail the cautionary statements and risk factors included in our SEC filings, including our most recent Annual Report filed on Form 10-K.

Exhibits:

• Condensed Consolidated Balance Sheets (unaudited)

• Condensed Consolidated Statements of Operations (unaudited)

• Reconciliation of Net Income Attributable to NTELOS Holdings Corp. to Adjusted EBITDA

• Key Metrics

• ARPU Reconciliation

4

NTELOS Holdings Corp.

Condensed Consolidated Balance Sheets(unaudited)

(In thousands)	September 30, 2012		December 31, 2011
ASSETS
Current Assets
Cash	$	64,604	$	59,950
Restricted cash		—		199
Accounts receivable, net		42,348		36,292
Inventories and supplies		10,352		7,570
Prepaid expenses and other current assets		13,662		14,445
		130,966		118,456
Securities and Investments		1,524		1,403
Property, Plant and Equipment, net		299,015		288,368
Intangible Assets
Goodwill		63,700		63,700
Radio spectrum licenses		132,326		132,318
Customer relationships and trademarks, net		10,749		13,336
Deferred Charges and Other Assets		8,910		10,409
Total Assets	$	647,190	$	627,990
LIABILITIES AND EQUITY
Current Liabilities
Current portion of long-term debt	$	5,153	$	4,412
Accounts payable		21,771		18,118
Dividends payable		8,923		8,902
Advance billings and customer deposits		11,104		10,003
Accrued expenses and other current liabilities		21,562		14,316
		68,513		55,751
Long-Term Debt		451,183		453,997
Other Long-Term Liabilities		79,485		67,108
Equity		48,009		51,134
Total Liabilities and Equity	$	647,190	$	627,990

5

NTELOS Holdings Corp.

Condensed Consolidated Statements of Operations(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands, except per share amounts)	2012			2011			2012			2011
Operating Revenues	$	114,466		$	107,404		$	336,591		$	316,633
Operating Expenses
Cost of sales and services (exclusive of items shown separately below)		46,270			36,303			127,263			106,135
Customer operations		30,068			27,980			89,459			87,258
Corporate operations		8,599			9,589			24,908			24,922
Depreciation and amortization		15,810			16,098			45,818			45,494
		100,747			89,970			287,448			263,809
Operating Income		13,719			17,434			49,143			52,824
Other Expense
Interest expense		(5,432	)		(5,509	)		(16,293	)		(17,918	)
Other expense, net		(50	)		(23	)		(156	)		(1,897	)
		(5,482	)		(5,532	)		(16,449	)		(19,815	)
Income from Continuing Operations before Income Taxes		8,237			11,902			32,694			33,009
Income Taxes		3,141			4,969			13,130			14,291
Income from Continuing Operations		5,096			6,933			19,564			18,718
Discontinued Operations, net		—			6,813			—			19,426
Net Income		5,096			13,746			19,564			38,144
Net Income Attributable to Noncontrolling Interests		(488	)		(481	)		(1,498	)		(1,322	)
Net Income Attributable to NTELOS Holdings Corp.	$	4,608		$	13,265		$	18,066		$	36,822
Earnings per Share Attributable to NTELOS Holdings Corp.1
Basic
Continuing operations	$	0.22		$	0.31		$	0.87		$	0.84
Discontinued operations		—			0.33			—			0.93
Total	$	0.22		$	0.64		$	0.87		$	1.77
Diluted
Continuing operations	$	0.22		$	0.31		$	0.85		$	0.83
Discontinued operations		—			0.32			—			0.92
Total	$	0.22		$	0.63		$	0.85		$	1.75
Weighted average shares outstanding - basic		20,900			20,799			20,877			20,767
Weighted average shares outstanding - diluted		21,375			21,084			21,317			21,049
Cash Dividends Declared per Share - Common Stock	$	0.42		$	0.56		$	1.26		$	1.68

¹  All share and per share amounts presented in this press release and on the Company’s Form 10-Q have been adjusted for the impact of the reverse stock split which occurred after market close on October 31, 2011 in connection with the separation of the Company’s wireless and wireline operations.

6

NTELOS Holdings Corp.

Reconciliation of Net Income Attributable to NTELOS Holdings Corp. to Adjusted EBITDA

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2012		2011		2012		2011
Net Income Attributable to NTELOS Holdings Corp.	$	4,608	$	13,265	$	18,066	$	36,822
Net income attributable to noncontrolling interests		488		481		1,498		1,322
Net Income		5,096		13,746		19,564		38,144
Discontinued operations, net		—		6,813		—		19,426
Income from continuing operations		5,096		6,933		19,564		18,718
Interest expense		5,432		5,509		16,293		17,918
Income taxes		3,141		4,969		13,130		14,291
Other expense (income), net		50		23		156		1,897
Operating income		13,719		17,434		49,143		52,824
Depreciation and amortization		15,810		16,098		45,818		45,494
Accretion of asset retirement obligations		163		176		463		503
Equity-based compensation		1,478		1,611		4,683		4,847
Business separation charges1		684		3,375		1,604		5,388
Adjusted EBITDA	$	31,854	$	38,694	$	101,711	$	109,056

¹  Charges in connection with the separation of the Company’s wireless and wireline operations.

7

NTELOS Holdings Corp.

Key Metrics																Nine Months Ended:
Quarter Ended:	9/30/2011			12/31/2011			3/31/2012			6/30/2012			9/30/2012			9/30/2012			9/30/2011
Subscribers
Beginning Subscribers		424,800			415,000			414,500			421,300			424,800			414,500			432,400
Prepay		122,800			119,900			122,100			135,300			139,400			122,100			125,600
Postpay		302,000			295,100			292,400			286,000			285,400			292,400			306,800
Gross Additions		36,500			41,600			45,900			36,800			42,400			125,100			116,500
Prepay		20,000			20,900			28,900			20,000			20,400			69,300			64,200
Postpay		16,500			20,700			17,000			16,800			22,000			55,800			52,300
Disconnections		46,300			42,100			39,100			33,300			36,900			109,300			133,900
Prepay		23,400			19,500			17,300			17,200			19,800			54,300			71,000
Postpay		22,900			22,600			21,800			16,100			17,100			55,000			62,900
Net Additions (Losses)		(9,800	)		(500	)		6,800			3,500			5,500			15,800			(17,400	)
Prepay		(3,400	)		1,400			11,600			2,800			600			15,000			(6,800	)
Postpay		(6,400	)		(1,900	)		(4,800	)		700			4,900			800			(10,600	)
Ending Subscribers		415,000			414,500			421,300			424,800			430,300			430,300			415,000
Prepay		119,900			122,100			135,300			139,400			141,400			141,400			119,900
Postpay		295,100			292,400			286,000			285,400			288,900			288,900			295,100
Churn, net		3.7	%		3.4	%		3.1	%		2.6	%		2.9	%		2.9	%		3.5	%
Prepay		6.5	%		5.4	%		4.5	%		4.2	%		4.7	%		4.5	%		6.3	%
Postpay		2.6	%		2.6	%		2.5	%		1.9	%		2.0	%		2.1	%		2.3	%
Other Items
ARPU	$	49.77		$	48.57		$	49.08		$	49.41		$	50.93		$	49.82		$	50.18
Prepay	$	33.68		$	33.01		$	36.56		$	34.89		$	34.50		$	35.28		$	34.00
Postpay	$	56.26		$	54.94		$	54.63		$	56.42		$	58.97		$	56.67		$	56.86
Data ARPU	$	16.17		$	17.36		$	19.05		$	19.65		$	20.25		$	19.65		$	15.38
Licensed Population (millions)		8.1			8.1			8.1			8.1			8.1			8.1			8.1
Covered Population (millions)		5.9			5.9			5.9			6.0			6.0			6.0			5.9
Total Cell Sites		1,337			1,353			1,365			1,378			1,396			1,396			1,337
Strategic Network Alliance Revenues (000’s)
Total Voice	$	22,824		$	23,122		$	23,533		$	23,856		$	24,655		$	72,044		$	65,557
Total Data		12,579			14,780			16,347			16,536			16,971			49,854			33,551
Total	$	35,403		$	37,902		$	39,880		$	40,392		$	41,626		$	121,898		$	99,108

8

NTELOS Holdings Corp.

ARPU Reconciliation

	Three Months Ended September 30,						Nine Months Ended September 30,
Average Monthly Revenue per User (ARPU)1	2012			2011			2012			2011
(In thousands, except for subscribers and ARPU)
Operating Revenues	$	114,466		$	107,404		$	336,592		$	316,633
Less: Equipment revenue from sales to new customers		(3,333	)		(2,284	)		(11,233	)		(6,214	)
Less: Equipment revenue from sales to existing customers		(3,416	)		(4,859	)		(11,722	)		(14,151	)
Less: Wholesale, other and adjustments		(42,380	)		(37,715	)		(124,278	)		(104,151	)
Gross subscriber revenue		65,337			62,546			189,359			192,117
Less: prepay subscriber revenue		(14,103	)		(11,946	)		(41,507	)		(37,170	)
Less: adjustments to prepay subscriber revenue		(434	)		(235	)		(1,469	)		(871	)
Gross postpay subscriber revenue	$	50,800		$	50,365		$	146,383		$	154,076
Prepay subscriber revenue	$	14,103		$	11,946		$	41,507		$	37,170
Plus: adjustments to prepay subscriber revenue		434			235			1,469			871
Gross prepay subscriber revenue	$	14,537		$	12,181		$	42,976		$	38,041
Average number of subscribers		427,610			418,923			422,351			425,391
Total ARPU	$	50.93		$	49.77		$	49.82		$	50.18
Average number of postpay subscribers		287,165			298,387			287,015			301,064
Postpay ARPU	$	58.97		$	56.26		$	56.67		$	56.86
Average number of prepay subscribers		140,446			120,536			135,336			124,327
Prepay ARPU	$	34.50		$	33.68		$	35.28		$	34.00
Gross subscriber revenue	$	65,337		$	62,546		$	189,359		$	192,117
Less: voice and other feature revenue		(39,366	)		(42,218	)		(114,653	)		(133,233	)
Data revenue	$	25,971		$	20,328		$	74,706		$	58,884
Average number of subscribers		427,610			418,923			422,351			425,391
Total Data ARPU	$	20.25		$	16.17		$	19.65		$	15.38
Gross postpay subscriber revenue	$	50,800		$	50,365		$	146,383		$	154,076
Less: postpay voice and other feature revenue		(33,028	)		(36,028	)		(95,950	)		(110,890	)
Postpay data revenue	$	17,772		$	14,337		$	50,433		$	43,186
Gross prepay subscriber revenue	$	14,537		$	12,181		$	42,976		$	38,041
Less: prepay voice and other feature revenue		(6,338	)		(6,190	)		(18,703	)		(22,340	)
Prepay data revenue	$	8,199		$	5,991		$	24,273		$	15,701
Average number of postpay subscribers		287,165			298,387			287,015			301,064
Postpay data ARPU	$	20.63		$	16.02		$	19.52		$	15.94
Average number of prepay subscribers		140,445			120,536			135,336			124,327
Prepay data ARPU	$	19.46		$	16.57		$	19.93		$	14.03

¹  Average monthly revenue per user (ARPU) is computed by dividing service revenues per period divided by the average number of subscribers during that period. ARPU as defined may not be similar to ARPU measures of other companies, is not a measurement under GAAP and should be considered in addition to, but not as a substitute for, the information contained in the Company’s unaudited condensed consolidated statements of operations. The Company closely monitors the effects of new rate plans and service offerings on ARPU in order to determine their effectiveness. ARPU provides management useful information concerning the appeal of NTELOS rate plans and service offerings and the Company’s performance in attracting and retaining high-value customers.

9