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):  August 8, 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 August 8, 2011, Shenandoah Telecommunications Company held its second 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 Second 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)

August 8, 2011	/S/ Adele M. Skolits
	Adele M. Skolits
	Vice President - Finance and
	Chief Financial Officer
	(Duly Authorized Officer)

2

EX-99.1

2Q 2011 Earnings Conference Call

August 8, 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

5

Wireless Highlights

PCSCustomers (000s)

qPrepaid - Q2’11net
additions of 11,089 and
91,332 prepaid subs at
6/30

qPostpaid Churn
improves - Q2’11 churn
of 1.6% compared to
1.7%for Q2’10 and 1.8%
for Q1’11

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Cable Highlights

qGrowth

uTotal Cable RGUs 131 thousand at end of Q2 2011

qTriple Play

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

qCable Upgrades

uFormer JetBroadband markets are approximately 10%
complete

qSales Momentum

u2Q 2011 net RGU additions of 310, net of temporary
losses due to college students leaving for the summer

7

2011 Financial Highlights

q2010 Pension Expense

- 2Q’10 is net of $2.1 million of
after-tax pension settlement

qDepreciation and
Amortization Expense

- Increased $3.4 million, after tax,
due to cable and prepaid sub
acquisitions

qInterest Expense

- Increased $1.6 million, after tax,
related to new debt required to
fund cable acquisition

qCable Growth

- Generated OIBDA of $1.4 million

Net Income

(in millions)

Net Income from Continuing Operations
(in millions)

8

Adele Skolits

CFO and VP of Finance

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Profitability

Adjusted OIBDA ($ millions)

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Adjusted OIBDA by Segment

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Wireless Segment - Change in Adjusted
OIBDA Q2’10 vs. Q2’11

12

Cable Segment - Change in Adjusted
OIBDA Q2’10 vs. Q2’11

13

Wireline Segment - Change in Adjusted
OIBDA Q2’10 vs. Q2’11

14

Earle MacKenzie

EVP and COO

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Key Operational Results - Wireless

PCS Postpaid Customers (000s)

16

Key Operational Results - Wireless

Gross Additions- Postpaid

Net Additions - Postpaid

nQ2 2011 net adds of
3,037, a 4% increase over
Q2 2010

nQ2 2011 churn of 1.6%
improved from 1.7% in Q2
2010

17

Key Operational Results - PCS

Gross Billed Revenue per Postpaid User- Data & Voice 1

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

18

PCS Revenues

Gross Billed Revenues- Postpaid ($ millions)

$37.2

$41.0

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

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Postpaid PCS Customers Top Picks Q2 2011

nTop Service Plans - 75% of
Gross Adds

uEverything Data Family
1500 - 52%

uEverything 450 - 17%

uEverything Messaging
Family 1500 - 6%

nTop Devices - New Activations
- All Channels

uLG Optimus 22% 

uHTC EVO 4G           15%

uLG Rumor Touch9%

uSanyo Vero               7%

uSamsung Epic 4G 5%

uMobile Data Cards  5%

uMobile Computing  2%

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PCS Prepaid Statistics

Gross Additions (000s)

Cumulative Customers

6/30/1191,332

3/31/1180,243

12/31/1066,956

9/30/1056,181

7/1/1049,885

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PCS Prepaid Statistics

Churn %

Average Gross Billed Revenue

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Key Operational Results - Wireline

nModest access line loss
of 2% in past 12 months

nContinued broadband
penetration in LEC area
to 52%

n5% growth in DSL
customers since 6/30/10,
offsetting access line
losses to keep total
connections at 35.7
thousand

Access lines (000s)

Internet Customers (000s)

23

RGU Growth by Quarter - Cable

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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.

25

Investing in the Future

nIncreased planned Wireless
spending for 2011 EVDO
growth

nUpgrade of Jet Network is
approximately 10% complete

nAll Virginia systems upgrades
projected to be completed in
2011

nWest Virginia and Maryland
systems upgrades to be
completed in 2012

Capex Spending

$13.5

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Q&A

27

Appendix

28

Non-GAAP Financial Measure - Billed Revenue per Postpaid Subscriber

Dollars in thousands (except subscribers and revenue per subscriber)
	2Q 2010	2Q 2011
Gross billed revenue
Wireless segment total operating revenues	$30,031	$37,534
Equipment revenue	(1,287)	(1,059)
Tower Lease Revenue	(2,006)	(2,198)
Prepaid Net Service Revenues		(5,304)
Other revenue	(474)	(470)
Wireless service revenue - postpaid	26,264	28,503
Service credits	3,714	4,178
Write-offs	1,381	1,067
Management fee	2,606	2,887
Service fee	3,213	4,328
Gross billed revenue - postpaid	$37,178	$40,963
Average postpaid subscribers	225,824	239,308
Billed revenue per postpaid subscriber	54.88	57.06