SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS 13 ■  2003 ANNUAL REPORT See accompanying notes to consolidated financial statements. December 31, 2003, 2002 and 2001 in thousands LIABILITIES AND SHAREHOLDERS’ EQUITY 2003 2002 2001 Current Liabilities Current maturities of long-term debt (Note 5) $ 4,230 $ 4,482 $ 4,387 Revolving line of credit (Note 5) - 3,503 6,200 Accounts payable (Note 7) 4,729 5,003 5,128 Advanced billings and customer deposits 3,326 3,538 2,652 Accrued compensation 1,015 1,268 1,084 Other current liabilities 2,496 1,564 1,455 Current liabilities held for sale (Note 2) - 542 735 Total current liabilities $ 15,796 $ 19,900 $ 21,641 Long-term debt, less current maturities (Note 5) $ 39,116 $ 47,561 $ 52,049 Other Liabilities Deferred income taxes (Note 6) $ 20,819 $ 15,859 $ 14,977 Pension and other (Note 9) 3,425 2,441 2,265 Total other liabilities $ 24,244 $ 18,300 $ 17,242 Minority Interests in discontinued operations (Note 2) $- $ 1,666 $ 1,838 Commitments and Contingencies (Notes 2,3,5,6,7,9,12, and 13) Shareholders’ Equity (Notes 5 and 10) Common stock, no par value, authorized 16,000 shares; issued and outstanding 7,593 shares in 2003, 7,552 shares in 2002, and 7,530 shares in 2001 $ 5,733 $ 5,246 $ 4,950 Retained earnings 100,449 71,335 69,610 Accumulated other comprehensive income (loss) (Note 3) 26 (4) 42 Total shareholders’ equity $ 106,208 $ 76,577 $ 74,602 Total liabilities and shareholders’ equity $ 185,364 $164,004 $167,32 $167,372