BOARD OF DIRECTORS FIVE-YEAR SUMMARY OF SELECTED FINANCIAL DATA 2003 2002 2001 2000 1999 Operating Revenues $ 105,861 $ 92,974 $ 68,722 $ 44,445 $ 29,701 Operating Expenses 87,233 83,636 62,298 39,067 24,624 Income Taxes (Benefit) 5,304 (2,109 ) 5,811 2,975 1,729 Interest Expense 3,510 4,195 4,127 2,936 1,951 Income (Loss) from Continuing Operations $ 9,761 $ (2,893 ) $ 9,694 $ 5,091 $ 2,927 Discontinued Operations, net of tax 22,389 7,412 6,678 4,764 3,501 Cumulative effect of a change in accounting, net of tax (76) - - - - Net Income 32,074 4,519 16,372 9,855 6,428 Total Assets $ 185,364 $ 164,004 $ 167,372 $ 152,585 $ 133,644 Long-term Obligations 43,346 52,043 56,436 55,487 33,030 Salary and Wages 11,115 10,051 8,994 7,402 6,637 Shareholder Information: Number of Shareholders 3,930 3,954 3,752 3,726 3,683 Shares Outstanding 7,592,768 7,551,818 7,530,956 7,518,462 7,511,520 Income (Loss) per share from  Continuing Operations-diluted $ 1.28 $ (0.38) $ 1.28 $ 0.68 $ 0.39 Income per share from  Discontinued Operations-diluted 2.94 0.98 0.88 0.63 0.47 Loss per share from cumulative effect of  a change in accounting-diluted (0.01) - - - - Net Income per share-diluted 4.22 0.60 2.17 1.31 0.86 Cash dividends per share $ 0.39 $ 0.37 $ 0.35 $ 0.33 $ 0.28 (Dollar figures in thousands, except per share data.) - of  - - - 7 ■  2003 ANNUAL REPORT Douglas C. Arthur Attorney-at-Law Arthur and  Allamong Ken L. Burch Farmer Harold Morrison, Jr. Chairman of the  Board Woodstock Garage, Inc.  (an auto sales and  repair firm) Zane Neff Manager, Retired Hugh Saum  Company, Inc. (a hardware and  furniture store) Christopher E. French President Shenandoah Telecommunications Company and its  subsidiaries James E. Zerkel II Vice President James E. Zerkel, Inc. (a hardware firm)  Grover M. Holler, Jr. President Valley View, Inc. (a real estate  developer) Dick D. Bowman President Bowman Bros., Inc.  (a farm equipment  dealer) Noel M. Borden President, Retired  H. L. Borden  Lumber Company  (a retail building  materials firm)