SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 2003, 2002 and 2001 in thousands See accompanying notes to consolidated financial statements. SHENANDOAH TELECOMMUNICATIONS COMPANY ■  12 ASSETS (Note 5) 2003 2002 2001 Current Assets Cash and cash equivalents $ 28,696 $ 2,209 $ 2,037 Accounts receivable, net (Notes 1 and 8) 6,488 7,536 5,739 Income taxes receivable 1,526 12 1,205 Materials and supplies 2,062 1,787 2,934 Prepaid expenses and other 1,669 2,205 1,146 Deferred income taxes (Note 6) 522 1,197 575 Assets held for sale (Note 2) - 5,548 2,973 Total current assets $ 40,963 $ 20,494 $ 16,609 Securities and Investments (Notes 3 and 8) Available-for-sale securities $ 199 $ 151 $ 12,025 Other investments 7,268 7,272 6,438 Total securities and investments $ 7,467 $ 7,423 $ 18,463 Property, Plant and Equipment Plant in service (Note 4) $ 197,431 $184,069 $154,345 Plant under construction 2,261 5,209 14,960 $ 199,692 $189,278 $169,305 Less accumulated depreciation 72,006 57,126 44,473 Net property, plant and equipment $ 127,686 $132,152 $124,832 Other Assets Assets held for sale (Note 2) $- $ - $ 3,272 Cost in excess of net assets of business acquired 5,105 5,105 5,105 Deferred charges and other assets (Notes 1 and 2) 5,999 667 1,452 $ 11,104 $ 5,772 $ 9,829 Less accumulated amortization 1,856 1,837 2,361 Net other assets $ 9,248 $ 3,935 $ 7,468 Total assets $ 185,364 $164,004 $167,372