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Shenandoah Telecommunications Company Reports Operating Results And Growth In Customers For The Fourth Quarter And Full Year 2010

EDINBURG, Va., March 7, 2011 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (Shentel) (Nasdaq:SHEN) announces financial and operating results for the three and twelve months ended December 31, 2010.         

Fourth Quarter 2010 Highlights

Highlights for the quarter include:

  • Revenue of $57.9 million, an increase of 44% from fourth quarter 2009
  • Net income from continuing operations of $3.5 million, compared to $5.8 million in fourth quarter 2009
  • Adjusted operating income before depreciation and amortization (adjusted OIBDA) of $21.3 million, an increase of $4.1 million from the fourth quarter of 2009
  • Net PCS additions of 5,112 postpaid customers and 10,775 prepaid customers
  • Cable segment revenue generating units increased 2,843 during the fourth quarter of 2010, compared to an increase of 1,040 in the fourth quarter of 2009, and reached 104,440 at year end 2010
  • Total postpaid PCS customers at year end were 235,697, up 5.8% for the year. Prepaid PCS customers totaled 66,956 at year end
  • Postpaid churn was 1.85% compared to 1.99% in fourth quarter 2009.  Prepaid churn was 4.63%

President and CEO Christopher E. French commented, "We are pleased that we continue to see gains in customers and revenues in the new cable and prepaid wireless markets, while also seeing growth in our other markets, particularly in our postpaid wireless business and existing cable businesses. This growth negatively impacted earnings during the quarter and the year, but is establishing a stronger foundation for the future of our Company."

Consolidated Fourth Quarter Results

For the quarter ended December 31, 2010, net income from continuing operations was $3.5 million compared to $5.8 million in the fourth quarter of 2009. Operating income for the fourth quarter of 2010 was $7.4 million, $1.2 million less than reported for the fourth quarter of 2009. Adjusted OIBDA (as defined below) increased to $21.3 million in the fourth quarter of 2010 from $17.2 million in the fourth quarter of 2009.

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