Good day and welcome to the Shenandoah Telecommunications second quarter 2009 results conference call. Today’s conference is being recorded. At this time I’d like to turn the conference over to Ms. Adele Skolits. Please go ahead ma’am.

Good morning and thank you for joining us. The purpose of today’s call is to review Shentel’s results for the quarter ended June 30, 2009. Our results were announced in a press release distributed last night, and the presentation we'll be reviewing is included on our website at www.shentel.com. Please note that a replay of the call will be made available later today. The details are set forth in the press release announcing this call. With us on the call today are Christopher French, our President and Chief Executive Officer and Earle MacKenzie, our Executive Vice President and Chief Operating Officer. After our prepared remarks we will conduct a question-and-answer session. I’ll begin with slide two of the presentation. While we don’t provide guidance with respect to specific financial results, we caution that this call may contain forward-looking statements, which involve a number of known and unknown risks and uncertainties. These may cause our actual results to differ materially from these statements. Shentel provides a detailed discussion of various risk factors in our SEC filings, which you are strongly encouraged to review. You are cautioned not to place undue reliance on these forward-looking statements. Except as required by law we undertake no obligation to publicly update or revise any forward-looking statement. Also, in an effort to provide useful information to investors, we note on slide three that our comments today include non-GAAP financial measures. Details on these measures including why we use them and reconciliations to the most comparable GAAP measures are included in this presentation. I’ll now turn the call over to Chris.

Good morning everyone and thank you for joining us. The second quarter of 2009 was another good quarter for Shentel. While economic conditions remain weak, our wireless business continues to grow and we are positioning the company to offer expanded services in the cable markets we have acquired. The member owners of the small telephone cooperative we offer to purchase have approved the acquisition. This telephone system is near our existing local telephone operations and our fiber networks and we are excited about the prospect of bringing high-speed broadband service to this community. As you can see on slide five, on a consolidated basis we are reporting net income of $6.7 million for the quarter, compared to net income of $7.2 million from the second quarter of 2008, a decrease of 7%. Net income from continuing operations was $6.8 million for the quarter as compared to $8 million in the second quarter of 2008. The results for the second quarter of ’08 included $0.6 million after-tax of non-recurring wireless income related to prior period USF fees received from Sprint Nextel. The second quarter of 2009 included after-tax losses of $0.7 million for the newly acquired Cable TV operations. We expected to incur these Cable TV losses, while we rebuild the networks and launched new services, which in turn should create long-term value. We are now in the final stage of the sale of our Converged Services operations, while not the best market conditions for a sale. We've been placed with the interest in these assets and expect to be able to execute the sale in the third quarter. On slide six, we've listed the significant initiatives we currently have underway. Progress continues on our upgrades to the cable systems we acquired from Rapid Communications with work completed on the larger…

Thank you, Chris. I will begin on slide eight. As Chris mentioned we are pleased with our second quarter results including the results of discontinued operations, earnings per share was $0.29 for Q2 '09 in comparison to $0.31 for Q2 '08. For Q2 '09 earnings per share from continuing operations was $0.29 in comparison to $0.34 for Q2 '08. The company continues to deliver solid returns to shareholders. On slide nine, operating income for Q2 '09 was $11.6 million or down $2 million from Q2 '08. Wireless operating income was flat, but we've had solid gains and revenues. Average PCS customers are at 9% and gross revenues before credits, Sprint fees and write-off are up by 14%. However, in Q2 '08 we've recorded non-recurring revenue of $1.1 million related to USF fees received from Sprint related to prior periods. The operating costs associated with enhancing our PCS network at a $0.5 million to PCS operating costs in Q2 '09 over Q2 '08. As we have discussed in previous earnings calls we incurred additional operating costs related to the additional enhanced cell sites in advance of the incremental revenues they produce. In the short run, these increased expenses will reduce the margins in the wireless segment. In the longer term, we expect that the margins will grow as a result of the additional data revenues and the additional customers in the new coverage areas. We have continued to upgrade our wireline networks, as Earle will review in a moment. The increased depreciation associated with these enhancements is the primary reason wireline margins are down by $0.7 million over Q2 ‘08. In December 2008, we acquired cable operations from Rapid Communications. We are in the process of upgrading these operations while in the long run these enhancements will give us the opportunity…

Thanks, Adele. Good morning. As shown on slide 13 in spite of the current economic conditions we continue to have net growth in our wireless operations and are reporting total wireless customers at June 30 of 216,067. On slide 14, the number of gross additions in the second quarter of 2009 was inline with the same period last year, but the increase in churn from 1.74% in 2008 to 2.07% in 2009 resulted in fewer net adds at 3,013. In light of the condition of the economy, we are encouraged that churn improved slightly from the first quarter of 2009 and that our bad debt expense in the second quarter of 2009 is a 11% lower than the same quarter in 2008. Slide 15 reflects the impact of our continued EVDO build-out. Gross billed revenue per subscriber was $55.84 with $18.35 of the total from data. At $18.35 data ARPU has increased by $4.83 from a year ago and $0.36 from the first quarter of this year. With fewer sites let to upgrade EVDO during the rest of this year, we expect the rate of data revenue growth will slow. Slide 16 shows the components of our PCS revenue to reconcile from gross billed revenue to the net revenue recorded by the company. Both bad debt and service credits are down not only as a percent of billed revenue, but as absolute amounts. The increase in management and service fees are consistent with the 14% increase in net-billed revenue. On slide 17 we list the top selling price plans and equipment during the second quarter. Again this quarter almost half of our gross additions took one of our three highest revenue rate plans. This focus on selling premium plans is the reason we've been able to retain an ARPU in…

This concludes our prepared remarks. Laurie, would you review the instructions for posing a question.

Certainly. (Operator Instructions) And we will go to Will Lauber with Sterling Capital Management. William Lauber – Sterling Capital Management: Yes. On the wireless side trend you, as reconciled, I see the billed revenue per subscriber is going up a little bit and the data portion is going up a lot, but the voice is going down is it been driven mainly by the Simply Everything plans that there is a greater proposition that is allocated to the data side?

That’s true. We have a combination plan that offers unlimited voice and data or very large buckets of voice and data. We allocate 30% of the revenue to data and 70% of the revenue to voice. William Lauber – Sterling Capital Management: Okay. And, I'm guessing that when you said that you expect, I guess going forward do you expect the data portion, the growth to slow down is that…

Yeah. It's Earle MacKenzie. We do expect it will primarily because we've reached the point where now 94% of our customers have access to 3G and we see a pent-up demand as we add new locations and data usage jumps, but now that we are reaching kind of full penetration it will only really be on going as we add new customers and existing customers find new applications that they can use the 3G network. So, we expect it will continue to grow, but certainly not at $4.83, which was the increase over the same period last year. William Lauber – Sterling Capital Management: Okay. So, I guess what I'm still kind of unclear about is when you guys did the business case to spend this money for the upgrades, did you take into account that, at the time that Sprint Simply Everything plan was coming out. I guess I'm just trying to figure out, did you build revenue subscriber, are you hoping to get that up to $60 or what’s kind of might be amount, where all these investments made sense?

Well the plan to actually build-out this network started long before Sprint announced the Everything plan, the lead time is fairly significant in doing the planning, but we did anticipate that there were many more applications coming online that people would need and want more broadband services and therefore we saw the need just as we are in our wirelines business of continuing to build the network to offer higher and higher broadband speeds. As far as what average revenue will turn out to be in total, we don’t anticipate it to be, to grow significantly over the mid-50s, which is we are kind of at the top and inline with most of the, with all of the other large players. We do can see shift between voice and data, as people are texting rather than making a phone call that is why we are seeing the voice part of our revenue continue to decrease obviously making the EVDO investment has proven to be a very good decision on our part, because it has allowed us to continue to stay at the top of the average data ARPU in the industry. William Lauber – Sterling Capital Management: Okay. Okay. So, I guess it would be safe to say I guess the business case was, would be build more on just being competitive with the industry and not losing market share as opposed to we are going to make this investment and we have to get this much additional revenue and EBITDA out of it.

Well I think probably both is correct I mean we are, need to stay competitive, but if you look at our data revenue, compared to others who have not made the EVDO investment there is a significant delta between our data ARPU and theirs. So, I think that in both cases its proved to be a good decision on our part. William Lauber – Sterling Capital Management: When your friend or other people would be the other companies that having an agreement with Sprint or where we you…

No its just really if you look at carriers across the board, some have been more aggressive than others at building out their 3G networks. William Lauber – Sterling Capital Management: Okay. Okay, that’s it for now. Thank you.

Thank you, Will.

Thank you, Will.

(Operator Instructions). We will go next to Charlie Kesio with Raymond James. Please go ahead. Charlie Kesio – Raymond James: Hi. This is Charlie sitting in for Rick Prentiss. How are you guys?

Good morning, Charlie. Charlie Kesio – Raymond James: Good.

Hear from you? Charlie Kesio – Raymond James: Let me ask, have you guys put on any further thought into positively launching your own prepaid offering?

Charlie its Earle MacKenzie. We have continued to look at that, but from a practical standpoint, from the size of our footprint and the fact that we don’t have the wireless infrastructure in-house, we basically as you well know as a Sprint affiliate use Sprint's billing platform and their customer service. The incremental cost of us building the back office and having the support on a limited footprint of 2 million POPs really we just can't come up with, making the economics work. So rather than dividing our attention, we have made the decision at least up to this point to continue to focus on the postpaid and grow that business. Charlie Kesio – Raymond James: Okay I understood. Then I guess switching more towards the high end, you were mentioning during the quarter Palm Pre supply was obviously limited, and, Sprint was, clearly saying, something along the same lines. What about currently, are you guys getting them into the stores or is it still kind of spotty?

The supply has gotten better, we still are able to sell pretty much every one that we get. So the supply in July has been better than June, but still significantly below where we would like it to be and we've been informed that that it will continue to improve throughout the rest of this year. So it's very, very important for us obviously for the fourth quarter to have a good supply of the phones that folks want. Charlie Kesio – Raymond James: Right, okay. And final question in terms of Converged Services, obviously you guys were saying you are in the final stages there do you have any type of timeframe like before the end of the quarter or anything like that further to close on the sale?

We certainly are hoping to close in the third quarter. Charlie Kesio – Raymond James: Okay. Great. All right. Thank you guys.

Thank you, Charlie.

Thank you, Charlie.

And with no other questions in queue, I would like to turn the conference back over to Ms. Skolits for any additional or closing comments.

Thank you for participating. As usual I would like to extend an invitation to each of you to let me know if there are additional details you would like to see on future calls. My contact information was provided in the press release. Thank you.

That does conclude today's conference. Thank you for your participation.