Madison River Communications Announces Its 2003 Fourth Quarter and Year-End Financial and Operating Results.

Business Editors

MEBANE, N.C.--(BUSINESS WIRE)--March 4, 2004

Madison River Communications (MADRIV) today announced its financial and operating results for the fourth quarter and the year ended December 31, 2003.

2003 Fourth Quarter Financial and Operating Results

For the fourth quarter ended December 31, 2003, the Company reported revenues of $48.8 million, an increase of $2.2 million, or 4.8%, over revenues of $46.6 million in the fourth quarter ended December 31, 2002. Local service revenues increased $1.2 million, or 3.4%, in the fourth quarter of 2003 compared to the fourth quarter of 2002. The increase is attributed to higher penetration of local services and an increase in network access revenues related to certain cost study adjustments in the Company's RLEC operations. In addition, in the fourth quarter of 2003, long distance revenues increased $0.3 million and Internet and enhanced data service revenues increased $0.8 million compared to the fourth quarter of 2002. The increases are attributed to increases in long distance accounts and DSL connections served.

For the fourth quarter of 2003, the Company reported operating income of $9.1 million, a decrease of $0.7 million, or 6.8%, from operating income of $9.8 million for the fourth quarter ended December 31, 2002. The decrease in operating income is attributed primarily to higher operating expenses of $2.9 million partially offset by higher revenues of $2.2 million.

Historically, the Company's operations were organized into two operating divisions, the Local Telecommunications Division, or LTD, and the Integrated Communications Division, or ICD. The LTD was responsible for the integration, operation and development of the Company's four ...

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