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): May 6, 2011

___________________

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):

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

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

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

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

1

Item 7.01 Regulation FD Disclosure.

The following information is furnished pursuant to Regulation FD: On May 6, 2011, Shenandoah Telecommunications Company held its first quarter 2011 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 First Quarter 2011 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)

May 6, 2011	/S/ Adele M. Skolits
	Adele M. Skolits
	Vice President - Finance and
	Chief Financial Officer
	(Duly Authorized Officer)

2

EX-99.1

1Q 2011 Earnings Conference Call

May 6, 2011

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

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1Q’11 Highlights

qTotal wireless customers increased by five percent to a total
of 318 thousand at end of the quarter

qOver 13 thousand additional prepaid customers in Q1 2011,
over 30 thousand added since the initial purchase of
approximately 50 thousand Virgin Mobile customers in July
2010

qPostpaid net additions of nearly six percent since 3/31/10

qTotal Cable RGUs 130,700 at end of Q1 2011

6

Cable Highlights

qSales Momentum

u1Q 2011 net RGU additions of 2,438

qTriple Play

uGains in digital video, high-speed Internet, and voice
services

qCable Upgrades

uFormer JetBroadband markets work underway

7

Wireless Highlights

PCSPostpaid Customers (000s)

qPrepaid - Q1’11net
additions of 13,287 and
80,243 prepaid subs at
12/31

qPostpaid Churn
improves - Annual churn
of 1.8% compared to
1.9% for Q1’10

8

2011 Financial Highlights

qPrepaid Customer Growth

- Added $2.4 million to
acquisition costs, after taxes

qCable Growth

- Added $1.0 million in after
tax acquisition costs

Net Income

(in millions)

Net Income from Continuing Operations
(in millions)

9

Adele Skolits

CFO and VP of Finance

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Profitability

Adjusted OIBDA ($ millions)

11

Adjusted OIBDA by Segment

12

Wireless Segment - Change in Adjusted
OIBDA Q1’10 vs. Q1’11

13

Cable Segment - Change in Adjusted
OIBDA Q1’10 vs. Q1’11

14

Earle MacKenzie

EVP and COO

15

Key Operational Results - Wireless

PCS Postpaid Customers (000s)

16

Key Operational Results - Wireless

Gross Additions- Postpaid

Net Additions - Postpaid

nGross postpaid customer
additions up 4%

nQ1 2011 net adds of
3,016, a 77% increase
over Q1 2010

nQ4 2010 churn of 1.8%
improved from 1.9% in Q1
2010

17

Key Operational Results - PCS

Gross Billed Revenue perPostpaid User- Data & Voice 1

1 - Before Service credits, bad debt, Sprint Nextel fees.

18

PCS Revenues

Gross Billed Revenues- Postpaid ($ millions)

$37.1

$39.7

*-The Net Service Fee percentage increased from 8.8% to 12% effective 6/1/10

19

Postpaid PCS Customers Top Picks Q1 2011

nTop Service Plans - 63% of
Gross Adds

uEverything Data Family
1500 - 51%

uEverything 450 - 16%

uEverything Messaging
Family 1500 - 7%

nTop Devices - New Activations
- All Channels

uLG Optimus         20% 

uLG Rumor Touch    15%

uHTC EVO 4G           13%

uSanyo Vero              5%

uHTC EVO Shift 4g     5%

uMobile Data Cards  5%

uMobile Computing  1%

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PCS Prepaid Statistics

ØAcquired 49,885 prepaid subscribers effective 7/1/10

§Paid $138 per sub

ØGross adds of 23,170 in Q1 2011 and 56,568 since
7/1/10

ØNet adds of 13,287 in Q1 2011 and 30,358 since 7/1/10

ØEnding subscribers of 80,243

ØChurn rate of 4.5% for Q1 2011 down from 4.6% for Q4
2010

ØAverage Gross Billed Revenue of $21.91 for Q1 2011 up
from $18.42 in Q4 2010

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Key Operational Results - Wireline

nModest access line loss

nImproved broadband
penetration in LEC area
to over 51%

n6% growth in DSL
customers since 3/31/10

Access lines (000s)

Internet Customers (000s)

22

RGU Growth by Quarter - Cable

Net RGU growth excludes 1,754 RGU’s sold Q4’09 and 65,338 acquired Q3’10 and 4,245
acquired in Q4’10

23

Key Operational Results - Cable

Note:Video homes passed includes 16K homes located in Shenandoah County, VA, where internet and
voice services are not available from the cable company.

24

Investing in the Future

nCompleted hardening of Jet
Network in Q4 2010

nUpgrade of Farmville system
completed in Q1 2011 with
other eastern VA systems to
be completed in Q2 2011

nAll Virginia systems upgrades
projected to be completed in
2011

nWest Virginia systems
upgrades to be completed in
2012

Capex Spending

25

Q&A

26

Appendix

27

Non-GAAP Financial Measure - Billed Revenue per Postpaid Subscriber

	1Q 2010	1Q 2011
Gross billed revenue
Wireless segment total operating revenues	$30,233	$36,469
Equipment revenue	(1,218)	(1,569)
Tower Lease Revenue	(1,948)	(2,177)
Prepaid Net Service Revenues		(4,424)
Other revenue	(540)	(519)
Wireless service revenue - postpaid	26,527	27,780
Service credits	3,756	3,948
Write-offs	1,422	1,060
Management fee	2,592	2,701
Service fee	2,851	4,214
Gross billed revenue - postpaid	$37,148	$39,703
Billed revenue per postpaid subscriber	$55.38	$56.05