ex99_1.htm

Exhibit 99.1

1Q 2010 Earnings Conference Call

May 6, 2010

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.

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.

Chris French

CEO and President

1Q ‘10 Highlights

q Net Income - 1Q 2010 net income of
$6.8 million

q Operating results - Net income from
continuing operations of $6.6 million
up 7%, with wireless up 4%

q Cable Loss - Net loss from the cable
segment of $1.3 million

Net Income

(in millions)

Net Income from Continuing Operations
(in millions)

1Q ’10 Wireless Highlights

n Steady Wireless growth - customers
up 5% in the last year, net adds up
7% this quarter

n Quarterly churn improves - Q1
‘10 churn of 1.91% compared to
1.99% for Q4 ‘09 and 2.15% for Q1
’09

n Wireless upgrades completed -
Capital Spending reduced as wireless
high speed data upgrade and coverage
improvement programs are completed

PCS Customers (000s)

1Q ’10 Other Highlights

n Cable Triple Play - 68% of acquired
homes passed upgraded through
March 31

n North River commitments
delivered - DSL service available to
100% of North River customers, up
from 50% at year end

n Substantial DSL growth - DSL subs
up 5% in Q1 2010

n Discontinued Operations -
Converged Services sale process
continues

DSL Customers (000s)

Adele Skolits

CFO and VP of Finance

EPS

Earnings Per Share

Earnings per Share from Continuing
Operations

n Solid Earnings- EPS from
continuing operations of $.28 in 1Q
’10, up 8%

Profitability

OIBDA for the Quarter Ended ($ millions)

OIBDA

Change between 1Q’09and 1Q’10

in thousands

Wireless

n Average customers and
service revenues up 5%

n Operating costs
associated with PCS
network upgrades

Wireline

n Service revenues up 3%

Cable

n Revenues up despite
having sold 7% of the
RGU’s

n Increased costs
associated with network
upgrades and adding
1,172 net adds in Q1’10
vs. loss of 69 in Q1’09

Cash Flows

Cash Flows ($ millions)

n Operating cash flow - Lower due
to timing of payments vendor, tax
and Sprint payments

n Capex - Expenditures flat with
Q1’09 and lower than previous
quarters as Wireless network
improvements slow

n Cost of Capital will drop - The
balance sheet will enable us to use
leverage to acquire JetBB, shifting
the fundamental capital structure
and dropping capital costs

Earle MacKenzie

EVP and COO

Key Operational Results - Wireless

PCS Customers (000s)

Key Operational Results - Wireless

Gross Additions

Net Additions

n Decrease in churn from
2.15% in Q1 ‘09 and
1.99% in Q4 ‘09 to 1.91%
in Q1 ’10

n Improvements in retention
lead to a 7% increase in
net adds

n Bad Debt write-offs and
credits are down 5%
Q1’10 over Q1’09

Key Operational Results - PCS

Gross Billed Revenue per User - Data & Voice 1

1 - Before Service credits, bad debt, Sprint Nextel fees. See reconciliation of Non-GAAP financial measures
on slide 24

PCS Revenues

Gross Billed Revenues ($ millions)

$36.0

$37.1

PCS Customers Top Picks Q1 2010

n Top Service Plans - 49% of
Gross Adds

u Everything Data Family
1500

u Everything Messaging
Family 1500

u Everything 450

n Top Devices - Shentel
Controlled Channels

u Sanyo 3810 12%

u Sanyo 2700 11%

u Blackberry Curve 9%

u Samsung Exclaim 9%

u LG Rumor 2 9%

u Mobile Data Cards 7%

Meeting PCS Customer Needs

n Growth in sites and EVDO
coverage has slowed

n Expanded data offering

u Over 95% POP’s with
EVDO coverage

n Future investments success
based or maintenance related

Number of Cell Sites

Key Operational Results - Wireline

n Modest access line loss

n 46% overall broadband
penetration

n 12% growth in DSL
customers since 3/31/09

Access lines (000s)

Internet Customers (000s)

1 DSL only available within LEC area

2 Dial-up offered inside and outside the LEC area

Key Operational Results - Cable

n Upgrades continue to result in
substantial RGU growth

n 68% of homes passed
upgraded in acquired markets

n Voice service launched

Cable Segment Net RGU Growth

Key Operational Results - Cable

	12/31/08	3/31/09	12/31/09	3/31/10
Video
Homes Passed	64,365	64,365	56,268	56,268
Penetration	38.70%	38.50%	40.50%	41.30%
High-speed Internet
Available Homes	19,405	19,405	25,748	27,522
Penetration	5.80%	6.20%	8.10%	10.10%
Voice
Available Homes	-	-	-	6,355
Penetration	n/a	n/a	n/a	0.60%

Investing in the Future

n Wireless expansion slows to
success-based coverage &
capacity adds in 2010

n Complete program to increase
broadband speeds to 10 MB+
in LEC area

n Increased miles and capacity
of fiber

n Complete upgrade of existing
cable systems to 2-way to
provide triple play of services

n Initial JetBB upgrades

Capex Spending

Q&A

Appendix

Non-GAAP Financial Measure - Billed Revenue per Subscriber

Dollars in thousands (except subscribers and revenue per subscriber)
	1Q '09	1Q '10
Gross billed revenue

Wireless segment total operating revenues	$28,804	$30,233
Equipment revenue	-1,270	-1,218
Other revenue	-2,174	-2,488
Wireless service revenue	25,360	26,527
Service credits	3,764	3,756
Write-offs	1,705	1,422
Management fee	2,482	2,592
Service fee	2,730	2,851
Gross billed revenue	36,041	37,148


Average subscribers	212,176	223,591

Billed revenue per subscriber	$56.62	$55.38