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Shenandoah Telecommunications' CEO Discusses Q1 2011 Results - Earnings Conference Call

Stocks in this article: SHEN

Prepaid customers grew by 13,287 in the first quarter to a total of 80,243. Postpaid wireless PCS customers are up by 6% since March 31, 2010. Continued postpaid growth was helped by churn of just 1.8% this quarter relative to 1.9% for the first quarter 2010.

Financial results on a consolidated business, as shown on slide 8, were negatively impacted by significant costs associated with acquiring new prepaid and cable customers. We're reporting net income of $3 million for the quarter compared to $6.8 million from the first quarter of 2010.

Net income from continuing operations was $3.1 million for the quarter as compared to $6.6 million in the same quarter of last year. We continue to believe our cable acquisitions and our entry into prepaid represent great opportunities for us to create long-term growth and shareholder value.

We continue to work with potential buyers on the sale of our converged services business. We recently closed on the sale of five properties from this business for $1 million, which approximate the carrying value of the assets sold. We're continuing our efforts to sell the remaining properties.

I'll now turn the call back to Adele to review the details of our financial results.

Adele Skolits

Thank you, Chris. I'll begin on slide 10. Adjusted operating income before depreciation and amortization, or OIBDA, for Q1 '11 was $21.3 million or up $1.4 million from Q1 2010. In order to better understand the forces driving this change, I have provided the OIBDA results by segment on slide 11.

Here you get a picture of the segment's results and how they're contributing to the consolidated financial results. In a moment, I'll go into the wireless and cable OIBDA changes in depth. What you see from this table is that adjusted wireless OIBDA has held steady despite the significant incremental costs associated with acquiring prepaid customers.

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