766561--3/5/2009--HICKORY_TECH

related topics

{regulation, government, change}

{debt, indebtedness, cash}

{personnel, key, retain}

{acquisition, growth, future}

{competitive, industry, competition}

{system, service, information}

{property, intellectual, protect}

The telecommunications industry is highly competitive. We depend on third parties, over whom we have no control, to deliver our services Our businesses may be adversely affected if we are unable to hire and retain qualified employees Legislative or regulatory changes could reduce the revenue our ILEC and CLEC operations receive from network access charges. Legislative and regulatory changes in the telecommunications industry could raise our costs by facilitating greater competition against us and reduce potential revenue. A lack of parity between us and our competitors concerning assessments and tax laws could adversely impact our ability to profitably compete If we seek additional financing, we may not be able to obtain it on favorable terms, or at all, and our shareholders may experience dilution of their ownership interest if we seek equity financing. Our lenders may not be able to fund cash draws under our credit facility. If we continue to pay dividends at the level currently anticipated under our current dividend payment practices, our ability to pursue growth opportunities may be limited.

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766561--3/5/2009--HICKORY_TECH_CORP