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):  March 4, 2010

___________________

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 March 4, 2010, Shenandoah Telecommunications Company held its fourth quarter and year end 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 furnished with this Current Report on Form 8-K.

99.1 Fourth Quarter and Year End 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)
March 4, 2010	/S/ Adele M. Skolits
	Adele M. Skolits
	Vice President - Finance and
	Chief Financial Officer
	(Duly Authorized Officer)

EX-99.1

Exhibit 99.1

4Q 2009 Earnings Conference Call

March 4, 2010

1

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 statementsinclude, 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

2

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.

3

Chris French

CEO and President

4

2009 Highlights

qStrong operating results - Net income
from continuing operations of $25.1 million

qReturning value to shareholders -
Dividend of $.32/share up 7%

qPositioning the consolidated
enterprise to maximize shareholder
returns - Invested in upgrade of acquired
cable networks;sale of outlying cable
systems completed; North River acquisition
completed and DSL roll-out nearly complete

Net Income from Continuing Operations
(in millions)

5

2009 Highlights

qAcquired networks - Completed
integration of 17,000 customers and
42,000 homes passed

qEnhanced networks - 64% of
acquired homes passed upgraded at
12/31/09

qSales results improving -The cable
network upgrades which began in
late June are beginning to improve
sales/retention

Cable Segment RGU’s Growth(1)

(1) - Excludes the impact of RGU’s in markets sold in 4Q’09

Cable Segment Operating Losses

6

2009 Highlights (Continued)

qWireless growth drives results -
3,465 net subscriber additions for
4Q’09 to 222,818 at year end;
average subs up 8% for 2009

qInvestment in wireless for
sustained growth - Expansion of
EVDO to 95% of the PCS footprint,
15% growth in cell sites

qProviding a quality local
customer experience - PCS churn
2.0% in 4Q’09, 1.9% in 4Q’08

PCS Subscribers (000s)

Number of Cell Sites

7

Adele Skolits

CFO and VP of Finance

8

EPS

Earnings Per Share - Year over Year

Earnings per Share from Continuing
Operations

- Quarter over Quarter

nDelivering value for
Shareholders- EPS growth of 9%
in 4Q’09 over 4Q’08

*-Includes gain on sale of Rural Telephone Bank stock of $.27in EPS from Continuing
Operations and EPS

9

Profitability

Results ($’s in millions)

Maintaining profitability while investing in growth -
OIBDA up 5% for 2009 over 2008

10

OIBDA

Change between 2008 and 2009

Change between 4Q’08 and 4Q’09

in millions

11

Cash Flows

Cash Flows ($ millions)

nRecord operating cash flow -
48% growth in cash generated by
operations

nExtended debt facility supports
sustained growth - Increased
capital expenditures supports cable
upgrades and PCS development

nManageable debt service - Debt
facility has equal amortization over
five years beginning next year

nPositioned to deliver for
shareholders - Debt capacity and
cash flow generation will enable
the company to be opportunistic or
return value to shareholders

12

Earle MacKenzie

COO and EVP

13

Key Operational Results - Wireless

PCS Retail Subscribers (000s)

14

Key Operational Results - Wireless

PCS Gross Additions

PCS Net Additions

15

Key Operational Results - Wireless

PCS Gross Billed Revenue per User

Data & Voice

Quarter over Quarter

nBilled revenue per subscriber
declining

nData revenue growth not enough
to compensate

16

Key Operational Results - Wireless

PCS Gross Billed Revenue per User

Data & Voice

Year over Year

nBilled revenue per subscriber
declines slightly due to add-a-
phone

nData revenue continues to grow

17

Wireless Revenues

PCS Quarterly Billed Service Revenues ($ millions)

$35.1

$36.4

18

PCS Revenues

PCS Annual Billed Service Revenues ($ millions)

$134.2

$144.8

19

PCS Customers Top Picks - Q4’09

nService Plans

uEverything Data
Family 1500

uEverything Messaging
Family 1500

uEverything Data 450

u3G Connector Card

nHandsets

uSamsung Exclaim

uBlackberry 8330

uLG Rumor 2

uData Cards

uSanyo 3810

20

Meeting PCS Customer Needs

nExpanded data
offering

uOver 95% POP’shave
EVDO coverage

nPA coverage
improved

nCapacity increased

Number of Cell Sites

21

Key Operational Results - Wireline

nAdded approximately
935 NRTC access
lines 11/1/2009

nModest access line
loss

n45% data penetration

nIncreased broadband
speeds - most
customers able to get
up to 10 Mbps

Access lines (000s)

-.7% CAGR

Internet Customers (000s)

22

Key Operational Results - Cable

nAcquisition of 18,000
new RGUs in Q4’08; sold
1,750 in Q4’09

n64% of acquired homes
passed upgraded as of
12/31/09

nExpect to offer triple play
to 100% of acquired
homes passed by third
quarter 2010

Number of RGUs (000’s)

23

Investing in the Future

nExpanding wireless coverage
& capacity with 64 new cell
sites and data with 125
EVDO sites in 2009

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

24

Q&A

25

Appendix

26

Non-GAAP Financial Measure - Billed Revenue per Subscriber

Dollars in thousands (except subscribers and revenue per subscriber)
	2008	2009
Gross billed revenue
Wireless segment total operating revenues	$106,885	$115,695
Tower lease revenue	(6,480)	(7,144)
Equipment revenue	(5,214)	(4,522)
Other revenue	(3,042)	(1,833)
Wireless service revenue	92,149	102,196
Service credits	15,018	14,725
Write-offs	8,064	6,782
Management fee	9,034	10,028
Service fee	9,938	11,030
Gross billed revenue	134,203	144,761
Average subscribers	199,794	216,143
Billed revenue per subscriber	$55.98	$55.81