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Shenandoah Telecommunications' CEO Discusses Q1 2012 Results - Earnings Call Transcript

We added 2,064 net postpaid customers during the quarter reaching a total of 250,684, which is a year-over-year increase of 5.4%. Prepaid customers grew by 7,285 in the first quarter to a total of 114,384. Continued prepaid growth was helped by churn of just 3.65% this quarter relative to 4.5% for the first quarter of 2011. Customer and revenue growth contributed to an increase of operating income in the Wireless segment of $0.5 million over the first quarter of 2011.

Cable segment highlights are shown on Slide 8. The upgrades of the cable systems acquired in 2010 are now 90% complete, and we expect the remaining markets to be completed this year. Our Cable segment total RGUs increased by 2,361 in the first quarter, an increase of 1.7% over the year-end 2011 total. We experienced a slight decrease in basic video RGUs, but had good increases in digital video, high0speed internet and voice services.

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

Adele M. Skolits

Thanks you, Chris. I’ll begin on Slide 10. Adjusted operating income before depreciation and amortization or OIBDA for Q1 ’12 was $25 million, or up $3.6 million from Q1 ’11. In order to better understand the forces driving this change, I’ve provided the OIBDA results by segment on Slide 11. Here you get a picture of how the segments results are contributing to the consolidated financial results. In a moment, I’ll go into the wireless and cable OIBDA changes in depth.

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