SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended December 31, 2003, 2002 and 2001 in thousands (Continued) SHENANDOAH TELECOMMUNICATIONS COMPANY ■  16 2003 2002 2001 Cash Flows from Operating Activities Income (loss) from continuing operations $ 9,761 $ (2,893) $ 9,694 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 16,612 14,476 10,540 Amortization 19 6 723 Deferred income taxes 5,664 289 8,666 Loss on disposal of assets 348 739 506 Net (gain) loss on disposal of investments 3 9,034 (14,162) Net (gain) loss from patronage and equity investments 52 393 789 Other 403 443 987 Changes in assets and liabilities: (Increase) decrease in: Accounts receivable 1,069 (1,797) (864) Materials and supplies (275) 1,147 (307) Increase (decrease) in: Accounts payable (275) 1,067 (3,968) Other prepaids, deferrals and accruals (2,780) 120 (2,263) Net cash provided by operating activities $30,601 $ 23,024 $ 10,341 Cash Flows From Investing Activities Purchase and construction of plant and equipment, net of retirements (12,476) (22,612) (27,972) Purchase of investment securities (796) (1,775)  (1,250) Proceeds from sale of equipment 109 77  482 Proceeds from sale of radio spectrum license - -  1,133 Proceeds from investment activities (Note 3) 714 3,301 5,842 Net cash used in investing activities (12,449) $ (21,009) $ (21,765) (2,778) $ 30,599 $ $ $ $