Exhibit 99.1

FOR IMMEDIATE RELEASE		CONTACT: Timothy W. Henry
		Telephone: (704) 344.8150
		Email: Thenry@fairpoint.com

FAIRPOINT REPORTS STABLE SECOND QUARTER
OPERATING RESULTS

CHARLOTTE, N.C. (Aug. 11, 2003) – FairPoint Communications, Inc. (“FairPoint”) today announced its financial results for the second quarter ended June 30, 2003 and its six-month results for the period ended June 30, 2003.

Highlights of FairPoint’s financial results for the second quarter from continuing operations, compared with the same quarter a year ago, include:

• Consolidated revenues increased 3.1 percent to $57.3 million.

• RLEC revenues increased 2.5 percent to $55.8 million.

• Adjusted consolidated 2003 earnings before interest, taxes, depreciation and amortization (EBITDA) increased 7.3 percent to $33.4 million.

• Adjusted RLEC EBITDA increased 7.0 percent to $33.2 million.

• Access line equivalents (voice plus DSL) increased 0.7 percent when compared to the previous quarter.

Results for the second-quarter ended June 30, 2003

FairPoint reported second-quarter consolidated revenues from continuing operations of $57.3 million, a 3.1 percent increase compared to $55.6 million for the three months ended June 30, 2002. The RLEC companies reported revenues of $55.8 million, an increase of 2.5 percent compared to $54.5 million for the same period in 2002. FairPoint’s wholesale long distance subsidiary, FairPoint Carrier Services, Inc. (“Carrier Services”) reported revenues of $1.5 million, a 36.4 percent increase compared to $1.1 million for the second-quarter of 2002.

Adjusted Consolidated EBITDA from continuing operations (excluding non-cash items and competitive local exchange carrier (“CLEC”) discontinued operations, but including results from our South Dakota properties which are pending divestiture) was $33.4 million, a 7.3 percent increase from $31.1 million for the same period in 2002. This year over year increase was primarily attributed to the 3.1 percent increase in consolidated revenues. Adjusted RLEC EBITDA from continuing operations (excluding non-cash items, but including results from our South Dakota properties which are pending divestiture) was $33.2 million, a 7.0 percent increase from $31.0 million in the second

quarter of 2002. Carrier Services reported EBITDA of $0.1 million in the second quarter of 2003, an increase of $0.1 million from last year.

FairPoint reported a consolidated net loss after taxes of $0.5 million compared to consolidated net income of $11.1 million for the same period in 2002. This year over year change was attributed to a gain on CLEC discontinued operations of $18.3 million in 2002. FairPoint reported a $6.7 million decrease in loss from continuing operations during the three- month period ended June 30, 2003 as compared to the same period in 2002.

See the attached “EBITDA Reconciliation” table for an explanation of our calculation of EBITDA, Adjusted Consolidated EBITDA and Adjusted RLEC EBITDA and a reconciliation of such items to net cash provided by operating activities of continuing operations.

Results for the six month period ended June 30, 2003

FairPoint reported six-month consolidated revenues from continuing operations of $113.1 million, a 0.3 percent increase compared to $112.7 million for the six months ended June 30, 2002. The RLEC companies reported revenues of $110.3 million, an increase of 1.9 percent compared to $108.2 million last year. Carrier Services reported revenues of $2.8 million, a 37.8 percent decrease compared to $4.5 million for the six-month period in 2002.

Adjusted Consolidated EBITDA from continuing operations (excluding non-cash items and CLEC discontinued operations, but including the operations from our South Dakota properties pending divestiture) was $67.2 million in the six-month period in 2003, a 1.9 percent increase from $65.9 million for the same period in 2002. This year over year increase was mainly attributed to an increase in revenues of $0.4 million and a decrease in cash operating expenses of $0.5 million. Adjusted RLEC EBITDA from continuing operations (excluding non-cash items, but including the operations from our South Dakota properties pending divestiture) was $66.8 million, a 2.4 percent increase from $65.3 million for the same period in 2002. Carrier Services reported EBITDA of $0.3 million for the six-month period of 2003 compared to $0.6 million last year.

FairPoint reported consolidated net income after taxes of $0.8 million for the six-month period of 2003 compared to $16.6 million for the same period in 2002. This year over year change was attributed to a gain on CLEC discontinued operations of $18.3 million in 2002. FairPoint reported a $2.5 million decrease in loss from continuing operations during the six-month period ended June 30, 2003 as compared to the same period in 2002.

For the quarter ended June 30, 2003, access line equivalents (voice plus DSL) increased 0.7 percent to 251,597 from 249,274 at March 31, 2003. For the six-month period ended June 30, 2003, access line equivalents (voice plus DSL) increased 1.2 percent from 248,581 at December 31, 2002.

RLEC Acquisition Pending in New York State

Since the first quarter earnings release, the Company, MJD Ventures, Inc. and FairPoint Berkshire Corporation (“FairPoint Berkshire”) executed an agreement and plan of merger, dated June 18, 2003, with Berkshire Telephone Corporation (“Berkshire”) to merge FairPoint Berkshire with Berkshire, pending required regulatory approvals. Shareholders of Berkshire would receive approximately $19.2 million, subject to adjustment. Berkshire is an independent local exchange carrier that provides voice communication services to over 6,700 access lines serving five communities in New York State. Berkshire communities of service are adjacent to Taconic Telephone Corp., one of the Company’s subsidiaries. This acquisition is expected to close during the first quarter of 2004.

“Similar to our announcement last quarter upon executing an agreement to acquire Community Service Telephone Co. located in Maine, the Berkshire acquisition is consistent with our objective to acquire strategically located companies and rationalize our footprint. Berkshire is adjacent to FairPoint’s Taconic Telephone Corp.,” said Gene Johnson, FairPoint’s Chief Executive Officer. “With this acquisition we will enable Berkshire and Taconic customers to benefit from enhanced communications services offerings, customer service and other synergies which will result from the merger.”

About FairPoint

FairPoint Communications, Inc. is one of the leading providers of telecommunications services to rural communities across the country. Incorporated in 1991, FairPoint’s mission is to acquire and operate telecommunications companies that set the standard of excellence for the delivery of service to rural communities. Today, FairPoint owns and operates 29 rural local exchange companies located in 18 states. FairPoint serves customers with 251,597 access line equivalents (voice plus DSL) and offers an array of services including local voice, long distance, data and Internet.

Forward Looking Statement

The statements in this news release that are not historical facts are forward-looking statements that are subject to material risks and uncertainties. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors which are discussed in previous FairPoint Communications, Inc. filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, uncertainties relating to economic conditions, acquisitions and divestitures, growth and expansion risks, the availability of equipment, materials, inventories and programming, product acceptance, and the ability to construct, expand and upgrade its services and facilities. FairPoint does not undertake to update any forward-looking statements in this news release or with respect to matters described herein.

# # #

FairPoint Communications, Inc.

Consolidated and Rural Local Exchange Comparative Financial Information

For the Three and Six Months Ended June 30, 2003 and 2002

($ million)	Three-Months Ended 06/30/03			Three-Months Ended 06/30/02
Consolidated Results from Continuing Operations:
Revenues	$	57,285		$	55,570
Operating expenses	39,383			38,721
Income from operations	17,902			16,849
Other expense	(18,883		)(1)(2)	(24,530		)(3)(4)
Income from continuing operations before income taxes	(981		)	(7,681		)
Income (loss) from discontinued operations - CLEC	—			18,308
Income from discontinued operations - SD Divestiture	608			601
Income taxes	(131		)	(144		)
Minority Interest in income of subsidiaries	—			(1		)
Net income (loss)	$	(504	)	$	11,083

Adjusted Consolidated EBITDA	$	33,351		$	31,080
Free Cash Flow	2,778			4,413

Other information:
Gross property, plant and equipment	$	630,671		$	605,285
Capital expenditures	6,947			5,972
Interest expense (adjusted for amortization)	22,264			19,174

Rural Local Exchange Operations:
Revenues	$	55,818		$	54,473
Operating expenses	37,986			37,675
Income from operations	17,832			16,798
Other income (expense)	(18,407		)(2)	(18,593		)(3)
Earnings (Loss) before income taxes	(575		)	(1,795		)
Income from discontinued operations - SD Divestiture	608			601
Income taxes	(275		)	(144		)
Minority Interest in income of subsidiaries	—			(1		)
Net income (loss)	$	(242	)	$	(1,339	)

Adjusted RLEC EBITDA	$	33,207		$	31,025
Free Cash Flow	3,286			4,607

Other information:
Gross property, plant and equipment	$	630,586		$	605,210
Capital expenditures	6,943			5,972
Interest expense (adjusted for amortization)	21,718			18,857

	Six-Months Ended 06/30/03			Six-Months Ended 06/30/02
Consolidated Results from Continuing Operations:
Revenues	$	113,097		$	112,726
Operating expenses	77,067			76,105
Income from operations	36,030			36,621
Other expense	(36,205		)(5)(6)(7)(8)	(39,164		)(10)(11)
Income from continuing operations before income taxes	(175		)	(2,543		)
Income (loss) from discontinued operations	—			18,308
Income from discontinued operations - SD Divestiture	1,234			1,175
Income taxes	(268		)	(355		)
Minority Interest in income of subsidiaries	(1		)	(1		)
Net income (loss)	$	790		$	16,584

Adjusted Consolidated EBITDA	$	67,153		$	65,914
Free Cash Flow	12,187			14,897

Other information:
Gross property, plant and equipment	$	630,671		$	605,285
Capital expenditures	10,489			10,009
Interest expense (adjusted for amortization)	42,053			37,884

Rural Local Exchange Operations:
Revenues	$	110,240		$	108,208
Operating expenses	74,445			72,193
Income from operations	35,795			36,015
Other income (expense)	(35,814		)(7)(8)(9)	(33,230		)(10)
Earnings (Loss) before income taxes	(19		)	2,785
Income from discontinued operations - SD Divestiture	1,234			1,175
Income taxes	(322		)	(355		)
Minority Interest in income of subsidiaries	(1		)	(1		)
Net income (loss)	$	892		$	3,604

Adjusted RLEC EBITDA	$	66,842		$	65,298
Free Cash Flow	13,197			14,506

Other information:
Gross property, plant and equipment	$	630,586		$	605,210
Capital expenditures	10,479			10,009
Interest expense (adjusted for amortization)	40,934			37,567
Access line equivalents (voice plus DSL)	251,597			249,306

Footnotes:

(1) Includes $0.5 million interest expense on Carrier Services long term debt for the three months ended June 30, 2003.

(2) Includes FASB 133 mark-to-market gain of $1.9 million for the three months ended June 30, 2003.

(3) Includes FASB 133 mark-to-market loss of $0.9 million for the three months ended June 30, 2002.

(4) Includes $5.6 million impairment of Choice One stock for the three months ended June 30, 2002.

(5) Includes $1.1 million interest expense on Carrier Services long term debt for the six months ended June 30, 2003.

(6) Includes $3.5 million gain on extinguishment of debt for the six months ended June 30, 2003.

(7) Includes $5.0 million write off of loan origination costs for the six months ended June 30, 2003.

(8) Includes FASB 133 mark-to-market gain of $3.9 million for the six months ended June 30, 2003.

(9) Includes $2.8 million gain on extinguishment of debt for the six months ended June 30, 2003.

(10) Includes FASB 133 mark-to-market gain of $1.0 million for the six months ended June 30, 2002.

(11) Includes $5.6 million impairment of Choice One stock for the six months ended June 30, 2002.

FairPoint Communications, Inc.

Sequential Financial Information for the Quarters ending June 30 and March 31, 2003, December 31, September 30 and June 30, 2002

($ million)	Three-Months Ended 6/30/03			Three-Months Ended 3/31/03			Three-Months Ended 12/31/02			Three-Months Ended 9/30/02			Three-Months Ended 6/30/02
Consolidated Results:
Revenues:
Local calling services	$	14,255		$	13,691		$	13,797		$	13,901		$	13,745
USF - high cost loop support	4,865			5,001			6,261			5,964			5,241
Interstate access revenue	16,364			15,479			18,667			16,106			15,844
Intrastate access revenue	10,815			10,737			10,863			10,927			10,603
Long distance services	3,895			3,840			3,759			4,027			3,520
Data and internet services	2,691			2,718			2,522			2,353			2,328
Other services	4,400			4,346			4,445			4,501			4,289
Total revenues	57,285			55,812			60,314			57,779			55,570
Operating expenses	39,383			37,684			43,766			37,627			38,721
Income from operations	17,902			18,128			16,548			20,152			16,849
Other income (expense)	(18,883		)	(17,322		)	(20,806		)	(21,525		)	(24,530		)
Earnings (loss) from continuing operations before income taxes	(981		)	806			(4,258		)	(1,373		)	(7,681		)
Income (loss) from discontinued operations - CLEC	—			—			(534		)	1,726			18,308
Income from discontinued operations - SD Divestiture	608			626			609			649			601
Income taxes	(131		)	(137		)	(94		)	(69		)	(144		)
Minority interest in income of subsidiaries	—			(1		)	(1		)	—			(1		)
Net income (loss)	$	(504	)	$	1,294		$	(4,278	)	$	933		$	11,083

Adjusted Consolidated EBITDA	$	33,351		$	33,802		$	33,505		$	34,487		$	31,080
Free Cash Flow	2,778			9,409			(6,688		)	3,926			4,413

Other information:
Gross property, plant and equipment	$	630,671		$	635,915		$	624,091		$	613,545		$	605,285
Capital expenditures	6,947			3,542			19,800			9,722			5,972
Interest expense (adjusted for amortization)	22,264			19,789			18,929			19,416			19,174

($ million)	Three-Months Ended 6/30/03			Three-Months Ended 3/31/03			Three-Months Ended 12/31/02			Three-Months Ended 9/30/02			Three-Months Ended 6/30/02
Rural Local Exchange Operations:

Revenues:
Local calling services	$	14,258		$	13,693		$	13,799		$	13,903		$	13,749
USF - high cost loop support	4,865			5,001			6,261			5,964			5,241
Interstate access revenue	16,364			15,479			18,667			16,106			15,844
Intrastate access revenue	10,815			10,737			10,863			10,927			10,603
Long distance services	2,416			2,439			2,349			2,630			2,446
Data and internet services	2,691			2,718			2,522			2,353			2,328
Other services	4,409			4,355			4,482			4,502			4,262
Total revenues	55,818			54,422			58,943			56,385			54,473
Operating expenses	37,986			36,459			42,770			36,454			37,675
Income from operations	17,832			17,963			16,173			19,931			16,798
Other income (expense)	(18,407		)	(17,407		)	(19,485		)	(19,129		)	(18,593		)
Earnings (loss) before income taxes	(575		)	556			(3,312		)	802			(1,795		)
Income taxes	(275		)	(47		)	(94		)	(69		)	(144		)
Income from discontinued operations - SD Divestiture	608			626			609			649			601
Minority inerest in income of subsidiaries	—			(1		)	(1		)	—			(1		)
Net income (loss)	$	(242	)	$	1,134		$	(2,798	)	$	1,382		$	(1,339	)

Adjusted RLEC EBITDA	$	33,207		$	33,635		$	33,126		$	34,261		$	31,024
Free Cash Flow	3,286			9,911			(6,481		)	4,279			4,607

Other information:
Gross property, plant and equipment	$	630,586		$	635,834		$	624,016		$	613,470		$	605,210
Capital expenditures	6,943			3,536			19,800			9,722			5,972
Interest expense (adjusted for amortization)	21,718			19,216			18,343			18,837			18,857
Access line equivalents (voice plus DSL)	251,597			249,717			248,581			249,255			249,306

FairPoint Communications, Inc.

EBITDA

RECONCILATION

For the Three and Six Months Ended June 30, 2003 and 2002

	Three-Months Ended 06/30/03			Three-Months Ended 06/30/02

Net cash provided by operating activities of continuing operations	$	3,734		$	2,857
Adjustments:
Depreciation and amortization	(12,110		)	(11,375		)
Impairment of investments	—			(5,621		)
Other non-cash items	3,162			1,431
Changes in assets and liabilities arising from continuing operations, net of acquisitions	4,102			4,882
Income from continuing operations	(1,112		)	(7,826		)
Adjustments:
Interest expense	23,299			20,062
Provision for income taxes	131			144
Depreciation and amortization	12,110			11,375
EBITDA	34,428			23,755
Adjustments:
South Dakota Divestiture EBITDA	779			794
Stock-based compensation, net of forfeitures	—			—
FASB 133	(1,856		)	910
Impairment of investments	—			5,621
Gain on extinguishment of debt	—			—
Write off loan origination costs	—			—
Adjusted Consolidated EBITDA	33,351			31,080
Carrier Services EBITDA	(144		)	(55		)
Adjusted RLEC EBITDA	$	33,207		$	31,025

	Six-Months Ended 06/30/03			Six-Months Ended 06/30/02

Net cash provided by operating activities of continuing operations	$	19,889		$	26,745
Adjustments:
Depreciation and amortization	(24,197		)	(22,915		)
Impairment of investments	—			(5,621		)
Other non-cash items	5,203			5,146
Changes in assets and liabilities arising from continuing operations, net of acquisitions	(1,339		)	(6,254		)
Income (loss) from continuing operations	(444		)	(2,899		)
Adjustments:
Interest expense	44,003			39,472
Provision for income taxes	268			355
Depreciation and amortization	24,197			22,915
EBITDA	68,024			59,843
Adjustments:
South Dakota Divestiture EBITDA	1,577			1,612
Stock-based compensation, net of forfeitures	—			(197		)
FASB 133	(3,949		)	(965		)
Impairment of investments	—			5,621
Gain on extinguishment of debt	(3,466		)	—
Write off loan origination costs	4,967			—
Adjusted Consolidated EBITDA	67,153			65,914
Carrier Services EBITDA	(311		)	(616		)
Adjusted RLEC EBITDA	$	66,842		$	65,298

“EBITDA” means net income (loss) from continuing operations before interest expense, income taxes, and depreciation and amortization. We believe EBITDA is useful to investors because EBITDA is commonly used in the telecommunications industry to analyze companies on the basis of operating performance, leverage and liquidity. We believe EBITDA allows a standardized comparison between companies in the industry, while minimizing the differences from depreciation policies, financial leverage and tax strategies. EBITDA is also used in covenants in credit facilities and high yield debt indentures to measure a borrower’s ability to incur debt and for other purposes, and may be the preferred measure for these covenants in our credit facility and in the indentures for our senior subordinated notes and the notes that limit our ability to incur debt are based upon EBITDA. While providing useful information, EBITDA should not be considered in in isolation or as a substitute for consolidated statement of operations and cash flows data prepared in accordance with generally accepted accounting princples. Adjusted Consolidated EBITDA is EBITDA as adjusted for the items noted in the above reconciliation. Adjusted RLEC EBITDA is Adjusted Consolidated EBITDA excluding Carrier Services EBITDA.

FairPoint Communications, Inc.

Sequential QTR / QTR Free Cash Flow

	Three-Months Ended 06/30/03		Three-Months Ended 03/31/03		Three-Months Ended 12/31/02			Three-Months Ended 09/30/02		Three-Months Ended 06/30/02
Consolidated Results:

Adjusted Consolidated EBITDA	$	33,351	$	33,802	$	33,505		$	34,487	$	31,080
Less:
Scheduled principal payments	1,231		925		1,370			1,354		1,377
Interest expense (adjusted for amortization)	22,264		19,789		18,929			19,416		19,174
Capital expenditures	6,947		3,542		19,800			9,722		5,972
Income taxes	131		137		94			69		144
Consolidated Free Cash Flow	$	2,778	$	9,409	$	(6,688	)	$	3,926	$	4,413

Rural Local Exchange Operations:

Adjusted RLEC EBITDA	$	33,207	$	33,635	$	33,126		$	34,261	$	31,024
Less:
Scheduled principal payments	985		925		1,370			1,354		1,377
Interest expense (adjusted for amortization)	21,718		19,216		18,343			18,837		18,857
Capital expenditures	6,943		3,536		19,800			9,722		5,972
Income taxes	275		47		94			69		211
Rural Local Exchange Free Cash Flow	$	3,286	$	9,911	$	(6,481	)	$	4,279	$	4,607

Financial Statements

FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

	June 30, 2003			December 31, 2002
	(unaudited)
	(Dollars in thousands)
Assets
Current assets:
Cash	$	7,784		5,394
Accounts receivable	25,958			25,024
Other	6,319			5,463
Assets of discontinued operations	615			806
Assets held for sale	16,467			16,647
Total current assets	57,143			53,334
Property, plant, and equipment, net	258,351			271,690
Other assets:
Investments	43,695			43,627
Goodwill, net of accumulated amortization	443,781			443,781
Deferred charges and other assets	24,316			16,821
Total other assets	511,792			504,229
Total assets	$	827,286		829,253
Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	13,804		20,664
Current portion of long-term debt and other long-term liabilities	13,304			6,240
Demand notes payable	416			427
Accrued interest payable	17,221			10,501
Other accrued liabilities	19,611			21,208
Liabilities of discontinued operations	3,583			5,065
Liabilities held for sale	692			639
Total current liabilities	68,631			64,744
Long-term liabilities:
Long-term debt, net of current portion	802,218			798,486
Liabilities of discontinued operations	5,039			5,265
Deferred credits and other long-term liabilities	11,828			13,449
Total long-term liabilities	819,085			817,200
Commitments and contingencies
Minority interest	16			16
Common stock subject to put options	2,136			3,136
Redeemable preferred stock	87,650			90,307
Stockholders’ deficit:
Common stock	499			499
Additional paid-in capital	198,050			206,942
Accumulated other comprehensive loss	(17		)	(1,132	)
Accumulated deficit	(348,764		)	(352,459	)
Total stockholders’ deficit	(150,232		)	(146,150	)
Total liabilities and stockholders’ deficit	$	827,286		829,253

FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited)

	Three months ended June 30,					Six months ended June 30,
	2003			2002		2003		2002
	(Dollars in thousands)

Revenues	$	57,285		55,570		113,097		112,726
Operating expenses:
Operating expenses, excluding depreciation and amortization and stock-based compensation	27,273			27,346		52,870		53,387
Depreciation and amortization	12,110			11,375		24,197		22,915
Stock-based compensation	—			—		—		(197	)
Total operating expenses	39,383			38,721		77,067		76,105
Income from operations	17,902			16,849		36,030		36,621
Other income (expense):
Net gain (loss) on sale of investments and other assets	104			(50	)	109		305
Interest and dividend income	270			478		729		1,091
Interest expense	(23,299		)	(20,062	)	(44,003	)	(39,472	)
Impairment on investments	—			(5,621	)	—		(5,621	)
Equity in net earnings of investees	2,185			1,634		4,513		3,568
Other nonoperating, net	1,857			(909	)	2,447		965
Total other expense	(18,883		)	(24,530	)	(36,205	)	(39,164	)
Loss from continuing operations before income taxes	(981		)	(7,681	)	(175	)	(2,543	)
Income tax expense	(131		)	(144	)	(268	)	(355	)
Minority interest in income of subsidiaries	—			(1	)	(1	)	(1	)
Loss from continuing operations	(1,112		)	(7,826	)	(444	)	(2,899	)
Discontinued operations	608			18,909		1,234		19,483
Net income (loss)	(504		)	11,083		790		16,584
Redeemable preferred stock dividends and accretion	(4,202		)	(2,527	)	(8,892	)	(2,527	)
Gain on repurchase of redeemable preferred stock	—			—		2,905		—
Net income (loss) attributed to common shareholders	$	(4,706	)	8,556		(5,197	)	14,057

FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six months ended June 30,
	2003			2002
	(Dollars in thousands)
Cash flows from operating activities:
Net income	$	790		16,584
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
Income from discontinued operations	(1,234		)	(19,483	)
Amortization of debt issue costs	2,000			1,641
Depreciation and amortization	24,197			22,915
Gain on early retirement of debt	(3,466		)	—
Write-off of debt issue costs	4,967			—
Other non cash items	(8,704		)	(1,167	)
Changes in assets and liabilities arising from operations:
Accounts receivable and other current assets	(1,371		)	7,081
Accounts payable and accrued expenses	2,710			(1,080	)
Income taxes	443			149
Other assets/liabilities	(443		)	105
Total adjustments	19,099			10,161
Net cash provided by operating activities of continuing operations	19,889			26,745
Cash flows from investing activities of continuing operations:
Acquisitions of telephone properties	(1,795		)	—
Net capital additions	(10,167		)	(9,769	)
Distributions from investments	6,227			5,165
Other, net	(323		)	(217	)
Net cash used in investing activities of continuing operations	(6,058		)	(4,821	)
Cash flows from financing activities of continuing operations:
Debt issue costs	(14,826		)	(42	)
Proceeds from issuance of long-term debt	295,180			58,455
Repayments of long-term debt	(281,479		)	(69,042	)
Repurchase of preferred and common stock	(9,645		)	(1,002	)
Net cash used in financing activities of continuing operations	(10,770		)	(11,631	)
Net cash contributed from continuing operations to discontinued operations	(671		)	(8,596	)
Net increase in cash	2,390			1,697
Cash, beginning of period	5,394			2,919
Cash, end of period	$	7,784		4,616
Supplemental disclosures of noncash financing activities:
Redeemable preferred stock dividends paid in kind	$	8,163		2,286
Gain on repurchase of redeemable preferred stock	$	2,905		—
Accretion of redeemable preferred stock	$	729		241
Long-term debt issued in connection with Carrier Services’ Tranche B interest payment	$	796		—