8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 29, 2009

___________________

Shenandoah Telecommunications Company

(Exact name of registrant as specified in its charter)

__________________

Virginia	0-9881	54-1162807
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

500 Shentel Way P.O. Box 459 Edinburg, VA	22824
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:  (540) 984-4141

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2-(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure.

The following information is furnished pursuant to Regulation FD:  On July 29, 2009, Shenandoah Telecommunications Company held its second quarter 2009 earnings release conference call.  The materials attached hereto as Exhibit 99.1 were utilized during the conference call.  These materials are also available on the Company’s website.

These materials may contain forward-looking statements about Shenandoah Telecommunications regarding, among other things, our business strategy, our prospects and our financial position.  These statements can be identified by the use of forward-looking terminology such as “believes,” “estimates,” “expects,” “intends,” “may,” “will,” “should,” “could,” or “anticipates” or the negative or other variation of these or similar words, or by discussions of strategy or risks and uncertainties.  Shenandoah Telecommunications undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.

Item 9.01  Financial Statements and Exhibits.

(c)   Exhibits

The following exhibit is filed with this Current Report on Form 8-K.

99.1   Second Quarter 2009 Earnings Release Conference Call Slides

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

SHENANDOAH TELECOMMUNICATIONS COMPANY
(Registrant)
	July 29, 2009	Adele M. Skolits
		Adele M. Skolits Vice President - Finance and Chief Financial Officer (Duly Authorized Officer)

EX-99.1

2Q 2009 Earnings Conference Call

July 29, 2009

 Exhibit 99.1

2

Safe Harbor Statement

This presentation includes “forward-looking statements” within the meaning of Section
27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding, among other things, our business strategy, our prospects and our
financial position.These statements can be identified by the use of forward-looking
terminology such as “believes,” “estimates,” “expects,” “intends,” “may,” “will,”
“should,” “could,” or “anticipates” or the negative or other variation of these similar
words, or by discussions of strategy or risks and uncertainties.These statements are
based on current expectations of future events. If underlying assumptions prove
inaccurate or unknown risks or uncertainties materialize, actual results could vary
materially from the Company’s expectations and projections.Important factors that
could cause actual results to differ materially from such forward-looking statements
include, without limitation, risks related to the following:

qIncreasing competition in the communications industry; and

qA complex and uncertain regulatory environment.

A further list and description of these risks, uncertainties and other factors can be found
in the Company’s SEC filings which are available online at www.sec.gov,
www.shentel.com or on request from the Company.The Company does not undertake
to update any forward-looking statements as a result of new information or future
events or developments.

3

Use of Non-GAAP Financial Measures

Included in this presentation are certain non-GAAP financial measures that are not
determined in accordance with US generally accepted accounting principles.These
financial performance measures are not indicative of cash provided or used by operating
activities and exclude the effects of certain operating, capital and financing costs and
may differ from comparable information provided by other companies, and they should
not be considered in isolation, as an alternative to, or more meaningful than measures
of financial performance determined in accordance with US generally accepted
accounting principles.These financial performance measures are commonly used in the
industry and are presented because Shentel believes they provide relevant and useful
information to investors.Shentel utilizes these financial performance measures to
assess its ability to meet future capital expenditure and working capital requirements, to
incur indebtedness if necessary, return investment to shareholders and to fund
continued growth.Shentel also uses these financial performance measures to evaluate
the performance of its businesses and for budget planning purposes.

4

Chris French

CEO and President

5

2Q ‘09 Highlights

qNet Income - 2Q ‘09 net income of
$6.7 million

qDiscontinued Operations -
Converged Services sale in progress

qOperating results - Net income from
continuing operations of $6.8 million

Net Income (in millions)

Net Income from Continuing Operations
(in millions)

6

2Q ‘09 Highlights

nCable Triple Play- Covington, VA
upgrade of cable plant complete,
upgrade of significant remaining
markets in progress, billing systems
transitioned

nInvestment in wireless for
sustained growth - 41 additional
EVDO sites and 13 additional cell sites

nAcquisition of Rural Access Lines
- North River Co-op membership
approved sale ofapproximately
1,000 rural access lines for $600k,
upgrading to DSL for $1.0 m

Number of Cell Sites

7

Adele Skolits

CFO and VP of Finance

8

EPS

Earnings Per Share

Earnings per Share from Continuing
Operations

- Quarter over Quarter

nEPS - EPS of $.29 for 2Q ’09

nDelivering value for
Shareholders - - EPS from
continuing operations$.29 in 2Q
‘09

9

Segment Results - Operating Income

Wireless

nAverage customers up 9% and Gross billings up 14%

nOperating costs associated with PCS network upgrades of $.5 million

nNon-recurring income - 2Q ‘08 included receipt of $1.1 in USF funds from Sprint for prior
periods

Wireline

nIncreased network and depreciation associated with network enhancements of $.5 million

Cable

nThe acquired cable operations will continue to impact earnings; it added $1.1 million to the
net operating loss in 2Q ’09

10

Profitability

OIBDA for the QuarterEnded ($ millions)

Maintaining profitability while investing in growth

11

Cash Flows

Cash Flows ($ millions)

nStrong operating cash flow -
92% growth in cash generated by
operations

nCapex Well Supported-
Increased capital expenditures
supported more than adequately by
operating cash flow and debt
facility

nFuture Cash Flows - New debt
facility has equal amortization over
six years beginning in 2010, when
CAPEX spending is expected to
drop

nPositioned to deliver for
shareholders - Ability to be
opportunistic or return value to
shareholders

12

Earle MacKenzie

EVP and COO

13

Key Operational Results - PCS

Retail Subscribers (000s)

14

Key Operational Results - PCS

Gross Additions

Net Additions

nModest decrease in churn
from 2.15% in Q1 ‘09 to
2.07% in Q2 ‘09, but an
increase from 1.74% in
Q2 ‘08

nLower bad debt in Q2 ‘09
compared to Q2 ’08 (from
$1.8m to $1.6m)

15

Key Operational Results - PCS

Gross Billed Revenue per User - Data &
Voice 1

nGross Billed revenue per
subscriber continues to
grow - - Data revenues
growth continues

1 - Before Service credits, bad debt, Sprint Nextel fees.See reconciliation of Non-GAAP financial measures on slide 23.
Prior to January 1, 2009 and consistent with Sprint’s methodology, 30% of service plans which included voice and data
revenue were allocated to data ARPU.Subsequently, Sprint specifically identified in its affiliate reporting the amount
related to data and voice revenues.

16

PCS Revenues

Gross Billed Revenues ($ millions)

$32.6

$35.9

17

PCS Customers Top Picks Q2 2009

nTop Service Plans - 48% of
Gross Adds

uEverything Messaging
Family 1500

uEverything Data Family
1500

uSimply Everything

nTop Devices - Shentel
Controlled Channels

uLG Rumor 15%

uSamsung Rant 10%

uMobile Data Cards 9%

uSamsung HighNote 9%

uLG Lotus 8%

n62% of Equipment Sales -
Shentel Controlled Channels

18

Key Operational Results - Telco

nModest access line
loss

n43% data penetration

n2009& 2010 Capex
to increase
broadband speeds to
10Mbps

Access lines (000s)

Internet Customers (000s)

1 DSL only available within LEC area

2 Dial-up offered inside and outside the LEC area

19

Key Operational Results - Cable

nIntegrating acquisition of
17,000 new customers

nConverting acquired systems
to our billing platform

nUpgrade underway to enable
us to offer triple play to 85%
of acquired homes passed by
year end 2009

nRe-launch of the first acquired
market in late Q2

Number of Customers (000’s)

20

Investing in the Future

nExpanding wireless coverage
& capacity with 21 new cell
sites and data with 67 EVDO
sites

nIncreasing broadband speeds
to 10 MB in LEC area

nIncreased miles and capacity
of fiber

nUpgrade of cable systems to 2
-way to provide triple play of
services

Capex Spending

21

Q&A

22

Appendix

23

Non-GAAP Financial Measure - Billed Revenue per Subscriber