Shenandoah Telecommunications (SHEN) 8-K Results of Operations and Financial Condition

Shenandoah Telecommunications Company
Consolidating income statement by segment
For the three months ended June 30, 2008
(dollars in thousands)

	Wireless			Wireline			Cable			Other			Eliminations			Consolidated
External Revenues:
Service revenues		22,510			3,273			1,197			—			—			26,980
Access charges		—			2,320			—			—			—			2,320
Facilities and tower lease		1,006			1,652			—			—			—			2,658
Equipment		1,511			58			15			—			—			1,584
Other		1,710			957			100			—			—			2,767
Total external revenues		26,737			8,260			1,312			—			—			36,309
internal revenues		604			2,861			8			—			(3,473	)		—
Total Operating Revenues		27,341			11,121			1,320			—			(3,473	)		36,309
Cost of goods and services, exclusive of depreciation and amortization shown separately below		8,131			3,842			932			94			(3,031	)		9,967
Selling,general & administrative, exclusive of depreciation and amortization shown separately below		3,634			1,958			331			773			(442	)		6,255
Depreciation and amortization		4,202			1,864			262			72			—			6,400
Total Operating Expenses		15,967			7,664			1,525			939			(3,473	)		22,622
Operating Income		11,374			3,457			(205	)		(939	)		(0	)		13,687
Non-operating income (expense)		170			86			8			711			(606	)		369
Interest (expense)		(118	)		(121	)		(66	)		(647	)		606			(346	)
Income (loss) from continuing operations before income taxes		11,426			3,422			(263	)		(875	)		(0	)		13,710
Income taxes		4,711			1,306			(100	)		(277	)		—			5,640
Net income (loss) from continuing operations		6,715			2,116			(163	)		(598	)		(0	)		8,070

Shenandoah Telecommunications Company
Consolidating income statement by segment
For the three months ended September 30, 2008
(dollars in thousands)

	Wireless			Wireline			Cable			Other			Eliminations			Consolidated
External Revenues:
Service revenues		24,240			3,249			1,187			—			—			28,676
Access charges		—			2,968			—			—			—			2,968
Facilities and tower lease		1,017			1,576			—			—			—			2,593
Equipment		1,409			433			19			—			—			1,861
Other		254			943			113			—			—			1,310
Total external revenues		26,920			9,169			1,319			—			—			37,408
internal revenues		606			2,789			8			—			(3,403	)		—
Total Operating Revenues		27,526			11,958			1,327			—			(3,403	)		37,408
Cost of goods and services, exclusive of depreciation and amortization shown separately below		8,533			4,082			902			98			(2,953	)		10,662
Selling,general & administrative, exclusive of depreciation and amortization shown separately below		4,557			1,883			383			1,351			(450	)		7,724
Depreciation and amortization		4,200			1,887			265			73			—			6,425
Total Operating Expenses		17,290			7,852			1,550			1,522			(3,403	)		24,811
Operating Income		10,236			4,106			(223	)		(1,522	)		—			12,597
Non-operating income (expense)		129			29			(14	)		374			(751	)		(233	)
Interest (expense)		(85	)		(114	)		(68	)		(587	)		751			(103	)
Income (loss) from continuing operations before income taxes		10,280			4,021			(305	)		(1,735	)		—			12,261
Income taxes		4,274			1,516			(115	)		(856	)		—			4,819
Net income (loss) from continuing operations		6,006			2,505			(190	)		(879	)		—			7,442

Shenandoah Telecommunications Company
Consolidating income statement by segment
For the three months ended December 31, 2008
(dollars in thousands)

	Wireless			Wireline			Cable			Other			Eliminations			Consolidated
External Revenues:
Service revenues		24,347			3,292			2,001			—			—			29,640
Access charges		—			2,173			—			—			—			2,173
Facilities and tower lease		1,063			1,517			—			—			—			2,580
Equipment		994			50			5			—			—			1,049
Other		601			938			139			—			—			1,678
Total external revenues		27,005			7,970			2,145			—			—			37,120
internal revenues		606			2,883			8			—			(3,497	)		—
Total Operating Revenues		27,611			10,853			2,153			—			(3,497	)		37,120
Cost of goods and services, exclusive of depreciation and amortization shown separately below		10,155			3,861			1,460			95			(3,042	)		12,529
Selling,general & administrative, exclusive of depreciation and amortization shown separately below		4,797			1,786			563			826			(455	)		7,517
Depreciation and amortization		4,588			2,169			466			84			—			7,307
Total Operating Expenses		19,540			7,816			2,489			1,005			(3,497	)		27,353
Operating Income		8,071			3,037			(336	)		(1,005	)		—			9,767
Non-operating income (expense)		(112	)		(97	)		(19	)		171			(475	)		(532	)
Interest (expense)		(96	)		(129	)		(59	)		(417	)		475			(226	)
Income (loss) from continuing operations before income taxes		7,863			2,811			(414	)		(1,251	)		—			9,009
Income taxes		3,120			1,056			(160	)		(360	)		—			3,656
Net income (loss) from continuing operations		4,743			1,755			(254	)		(891	)		—			5,353

Shenandoah Telecommunications Company
Consolidating income statement by segment
For the year ended December 31, 2007
(dollars in thousands)

	Wireless			Wireline			Cable			Other			Eliminations			Consolidated
External Revenues:
Service revenues		80,099			13,141			4,573			—			—			97,813
Access charges		—			10,765			—			—			—			10,765
Facilities and tower lease		3,704			5,989			—			—			—			9,693
Equipment		5,015			341			33			—			—			5,389
Other		2,436			3,849			420			—			—			6,705
Total external revenues		91,254			34,085			5,026			—			—			130,365
internal revenues		2,216			10,036			32			—			(12,284	)		—
Total Operating Revenues		93,470			44,121			5,058			—			(12,284	)		130,365
Cost of goods and services, exclusive of depreciation and amortization shown separately below		30,017			16,261			4,161			741			(10,556	)		40,624
Selling,general & administrative, exclusive of depreciation and amortization shown separately below		15,987			9,293			1,660			4,389			(1,728	)		29,601
Depreciation and amortization		16,030			6,138			1,050			235			—			23,453
Total Operating Expenses		62,034			31,692			6,871			5,365			(12,284	)		93,678
Operating Income		31,436			12,429			(1,813	)		(5,365	)		—			36,687
Non-operating income (expense)		655			746			—			3,883			(2,823	)		2,461
Interest (expense)		(609	)		(346	)		(273	)		(3,468	)		2,823			(1,873	)
Income (loss) from continuing operations before income taxes		31,482			12,829			(2,086	)		(4,950	)		—			37,275
Income taxes		13,260			4,718			(826	)		(2,041	)		—			15,111
Net income (loss) from continuing operations		18,222			8,111			(1,260	)		(2,909	)		—			22,164

Shenandoah Telecommunications Company
Consolidating income statement by segment
For the year ended December 31, 2008
(dollars in thousands)

	Wireless			Wireline			Cable			Other			Eliminations			Consolidated
External Revenues:
Service revenues		92,149			13,081			5,592			—			—			110,822
Access charges		—			9,954			—			—			—			9,954
Facilities and tower lease		4,074			6,398			—			—			—			10,472
Equipment		5,214			625			56			—			—			5,895
Other		3,038			3,790			453			—			—			7,281
Total external revenues		104,475			33,848			6,101			—			—			144,424
internal revenues		2,410			11,506			32			—			(13,948	)		—
Total Operating Revenues		106,885			45,354			6,133			—			(13,948	)		144,424
Cost of goods and services, exclusive of depreciation and amortization shown separately below		35,735			15,586			4,205			402			(12,154	)		43,774
Selling,general & administrative, exclusive of depreciation and amortization shown separately below		17,623			7,354			1,594			3,793			(1,794	)		28,570
Depreciation and amortization		17,214			7,666			1,250			304			—			26,434
Total Operating Expenses		70,572			30,606			7,049			4,499			(13,948	)		98,778
Operating Income		36,313			14,748			(916	)		(4,499	)		—			45,646
Non-operating income (expense)		264			(1	)		(38	)		1,523			(2,387	)		(639	)
Interest (expense)		(383	)		(470	)		(256	)		(2,287	)		2,387			(1,009	)
Income (loss) from continuing operations before income taxes		36,194			14,277			(1,210	)		(5,263	)		—			43,998
Income taxes		14,851			5,413			(462	)		(2,133	)		—			17,669
Net income (loss) from continuing operations		21,343			8,864			(748	)		(3,130	)		—			26,329