Business Journal by Daily News-Record

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Volume 18, No. 6, April 25, 2017

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SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, April 25, 2017

Inside This Issue The Shenandoah Valley Business Journal is a monthly publication of Rockingham Publishing Company, Inc., 231 S. Liberty St., Harrisonburg, VA 22801.

Editorial Staff Editor and General Manager: Peter S. Yates

Focus Section: Agribusiness ■ Companies Lend Valley Farms Helping Hand........Page 6

Other Business News

By mail: Shenandoah Valley Business Journal P.O. Box 193 Harrisonburg, VA 22803

By fax: 433-9112

■ Local Ledger..................................................Page 10

Managing Editor: Jerry Blair Staff Writers: Preston Knight, Vic Bradshaw, Nolan Stout

Columns ■ Financial Focus with Kathy Armentrout.......... Page 3

bachelor’s degree in mass communications from Virginia Commonwealth University. Home Instead Senior Care provides nonmedical care for older adults in their homes. The local office serves Rockingham, Augusta and Rockbridge counties and the cities within their borders. — Vic Bradshaw

Loving Remains On ICBA HARRISONBURG — Bill Loving, president and CEO of Pendleton Community Bank in Franklin, W.Va., is remaining in two leadership roles with the Independent Community Bankers of America. Loving, the organization’s chairman for 2014-15, is remaining on its executive See MOVERS, Page 4

By phone: 574-6267 (news) 574-6229 (ads) On The Cover:

Contributing Photographers: Stephen Swofford, Daniel Lin

HARRISONBURG — Steve Landes recently joined the staff of Home Instead Senior Care as a community liaison for the Harrisonburg and Rockingham County area. Landes, a Republican who has represented the 25th House District in the Virginia House of Delegates for 22 years, most recently was vice president of marketing development for Blue Ridge Bank. He previously Landes worked as the community relations coordinator for DuPont Community Credit Union. A Weyers Cave resident, he earned a

By email: svbjnews@dnronline.com

■ Shentel Sees 4Q Loss After Integration............Page 11

Landes Liaison For Home Instead

Harrisonburg, Va.

Google AdWords Taps Immerge HARRISONBURG — Immerge Technologies has been designated as a Google AdWords Partner. The marketing division of the Harrisonburg company went through a yearlong process to receive the designation, according to a news release. Immerge is the first local company to do so. AdWords is online advertising for which advertisers pay for brief ad displays to Internet users. Google awards its partner recognition to companies with expertise in their AdWords advertising service. AdWords accounts Immerge managed for clients exceeded Google’s required performance, spend and quality levels, including “managing a minimum outlay of $10,000 during a 90-day period,” the release states. Immerge employees James Carter,

Stephen Swofford / DN-R Matt Flemming welds a project for the Virginia Poultry Growers Cooperative feed mill in Broadway.

Samuel Johnson, Raquel Sheriff and Brittany Goldman have completed their examinations for AdWords professional certification. A full-service web-design and digital-marketing company, Immerge was founded in 2004 and became part of the Waynesboro-based McClung Cos. in 2010. — Vic Bradshaw

Shamrock Making Expansion VERONA — Shamrock Farms in Verona will invest more than $40 million to expand its operation, according to a March statement from Gov. Terry McAuliffe. See SCENE, Page 3

Harrisonburg, Va.

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, April 25, 2017

Financial Gifts — And Tips — For New Graduates

t’s Graduation Season again. If your child is graduating from high school or college, you have reason to celebrate. But what should you give to your newly minted diploma holder? You might want to consider offering a combination of financial gifts and tips, which, taken together, could set your graduate on a path toward a successful, independent life. What sort of gifts and tips should you consider? Here are a few ideas: ■ Give a few shares of stock. Everyone should understand the financial markets and how they work. One great way to encourage this interest is to give your child a few shares of stock. Young people enjoy owning a piece of a company that makes the products and services they like — and the very act of ownership can inspire them to learn more about investing and to ask questions: What causes the stock price to go up or down? How long should I hold this stock? Should I own several stocks like this one, or is it better to branch out to find new opportunities? Over time, in learning the answers to these and other questions, your child

can become familiar with investing and how to make the best choices. ■ Encourage your graduate to open an IRA. Your child can open an IRA as long as he or she has some earned income. You might want to suggest that your child consider a Roth IRA, which, at the child’s age and income level, may be a good choice. With a Roth IRA, children can access their contributions at any time, taxand penalty-free. They can’t touch the earnings without incurring both taxes and penalties, however, until they reach 59½. But you will want to encourage them to keep the money in their IRA intact, giving it the chance to grow. ■ Provide some financial education. Unfortunately, most young people don’t really receive any kind of formal financial education. Of course, you can try to provide some of this knowledge to your own children, but, as you know, advice from Mom and Dad sometimes gets ignored. However, you might get better results if you arrange for your recent graduate to meet with a financial pro-

Financial Focus Kathy Armentrout fessional. As mentioned above, owning stocks, and following their progress, can teach your children a great deal about investing, but a financial professional can paint the “big picture” and explain how all aspects of money management — such as borrowing, budgeting, saving and investing — fit together to help individuals stay in control of their finances and make progress toward their important financial goals, such as buying a house and retiring in comfort. Recent graduates, whether leaving high school or college, are at “turning points” in their lives and can benefit greatly from understanding the impor-

tance of developing good, lifelong financial habits. Most of us can think of several money-related mistakes we’ve made over the course of many years. And your children will make some errors, too. But by providing them with some appropriate financial gifts and valuable advice upon their graduation, they may well be better prepared to keep those mistakes to a minimum — while maximizing their ability to make good decisions. This article was written by Edward Jones for use by Kathy Armentrout, an Edward Jones financial adviser at 560 Neff. Ave., Suite 100, Harrisonburg; 540-574-1013.

McAuliffe: Expansion Will Create 70 Jobs Scene

FROM PAGE 2

McAuliffe announced that the dairy farm’s expansion will create more than 70 jobs. Shamrock Farms opened a milk manufacturing operation in Augusta County in 2013, which created 60 jobs, the release says. McAuliffe approved a $400,000 grant for the company through the Virginia Department of Agriculture and Consumer Services, the release says, in addition to a $400,000 performance-based grant from the Virginia Investment Partnership program.

— Nolan Stout

Perdue Plant Reaches Milestone HARRISONBURG — The Perdue Farms Inc. plant in Bridgewater reached a safety milestone in March, surpassing 1.5 million consecutive production hours

without an Occupational Safety and Health Administration-recordable losttime incident. The mark was eclipsed on March 27, according to a news release. The safework streak began Oct. 8, 2015. The Bridgewater plant is known for workplace safety. It topped three million hours without an employee being injured severely enough to miss work as part of a streak that ended in 2009, and it’s topped a million hours without a lost-time case six of the last nine years. In 2015, the last year for which data is available, the U.S. Bureau of Labor Statistics reported that the nationwide losttime rate for goods-producing industries was 1.1 per 100 workers. Perdue’s rate that year was 0.19 per 100 workers. Perdue Farms is a family-owned chicken company based in Salisbury, Md. — Vic Bradshaw See SCENE, Page 5

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ICBA National Trade Association That Promotes Locally Owned Community Banks Movers

FROM PAGE 2

committee as a past chairman. He also is serving as chairman of ICBA Consolidated Holdings, a wholly owned subsidiary of ICBA. Based in Washington, D.C., the ICBA is a national trade association that promotes locally owned community banks and savings institutions. — Vic Bradshaw

in 1982. He’s on the governing boards of Rockingham Cooperative, the Shenandoah Valley Soil and Water Conservation District, and the Massanutten Dairy Herd Improvement Association. Farm Credit of the Virginias is a cooperative provides financing for more than 10,000 farmers, agribusinesses and rural homeowners in parts of Virginia, West Virginia and Maryland. It has issued loans totaling more than $1.8 billion. — Vic Bradshaw

Farm Credit Board Taps Craun HARRISONBURG — Farm Credit of the Virginias stockholders have elected Kevin Craun to the organization’s board of directors. Craun co-owns Hillview Farm Inc. in Bridgewater with his brother, Steve. The farm raises both dairy and beef cattle, with 190 Holsteins and 120 beef cows. The Crauns are fourth-generation dairymen. Kevin Craun earned a bachelor’s degree in dairy science from Virginia Tech

Brown Named Bank Of James VP HARRISONBURG — Bank of the James has promoted Scott Brown to vice president and mortgage loan officer at its Harrisonburg branch. Brown is a Spotswood High School graduate who then earned a bachelor’s degree in business administration at James Madison University. He joined Bank of the James in February 2016, having previously spent five years with SunTrust Mortgage Inc. He

also has worked as a marketing associate with Sysco of Virginia. Bank of the James, a wholly owned subsidiary of Bank of the James Financial Group Inc. (NASDAQ: BOTJ), operates 13 branches in central Brown and western Virginia. Its Harrisonburg office is on South High Street.

in communications with a concentration in organizational communications from James Madison University. In her new role, she’ll assist the daily operation of the Hardesty-Higgins House Visitor CenRasul ter, plan events and promotions, and promote local attractions at events and festivals.

— Vic Bradshaw — Vic Bradshaw

Rasul Joins City Tourism Staff HARRISONBURG — Roshna Rasul has been hired by Harrisonburg Tourism and Visitor Services as a visitor services coordinator. Rasul has more than six years of experience in retail management and customer service. A 17-year Shenandoah Valley resident, she earned a bachelor’s degree

Yoder Takes Charge Of Everence HARRISONBURG — Teresa Boshart Yoder has been named managing director of Everence’s Harrisonburg region operations. She replaces Joseph L. Lapp, who See MOVERS, Page 5

SHENANDOAH VALLEY BUSINESS JOURNAL

Harrisonburg, Va.

Tuesday, April 25, 2017

Yoder Graduate Of Coe College In Iowa F&M Bank Opens Staunton Branch Movers

FROM PAGE 4

stepped down from his role in March to work full time as Everence’s asset management and charitable planning clients. The changes were announced in a company news release. Yoder joined the nonprofit financial services organization, which is affiliated with Mennonite Church USA, in 2015. She most recently worked as a Yoder stewardship consultant. A graduate of Coe College in her home state, Iowa, she previously worked for Sentara RMH Medical Center for 24 years and earned a master’s degree in nursing administration from George Mason University. Lapp previously was Eastern Mennonite University’s president for 16 years and remains president emeritus.

He graduated from EMU and earned a law decree from the Illinois Institute of Technology Chicago-Kent School of Law, practicing in Pennsylvania for 15 years before leading the university. Everence is a faith-based organization offering banking, insurance and financial planning services. — Vic Bradshaw

Crossroads Adds Lee To Board HARRISONBURG — Crossroads to Brain Injury Recovery announced Tuesday that Jaime Lee has been added to the not-for-profit organization’s board. According to the press release, Lee is an expert who has published extensively related to her work with neurogenic communication disorders. Lee received her doctorate in communication disorders and sciences from the University of Oregon, a master’s in speech language pathology from Vanderbilt See MOVERS, Page 10

Scene

FROM PAGE 3

F&M Bank Opens New Branch TIMBERVILLE — F&M Bank, a locally owned independent community bank headquartered in Timberville, marked the grand opening of its Myers Corner in Staunton’s 30 Gosnell Crossing on April 13. A ribbon-cutting ceremony was followed by a Business After Hours event hosted by the Greater Augusta Chamber of Commerce Lobby and drive-thru hours at the new branch are Monday through Thursday from 8:30 a.m. to 5 p.m., Friday 8:30 a.m. to 5:30 p.m. and Saturday from 8:30 a.m. to noon.

ership in MedTech Award for Contract Manufacturing. Medical Design & Outsourcing magazine readers voted until Dec. 31 on the award, and MDO announced the winners with the most votes in late February. Cadence received the official award in April. Cadence, based in Staunton, provides services to medical device and diagnostics companies worldwide. The firm employs more than 450 people, including at locations in Pennsylvania, Rhode Island and Wisconsin. — Staff Reports

— Staff Reports

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Lending A Helping Hand On The Farm Companies Provide Assistance, Expertise For Valley Agriculture By PRESTON KNIGHT Special to the SVBJ

Daniel Lin / DN-R

Massanutten Fabrication owner James Rodes modifies a clutch for a piece of farm equipment at his shop in McGaheysville.

The peaceful, rural landscape that defines the Shenandoah Valley actually seems to go against its own thriving agricultural lifeblood. “Feeding time really can’t wait,” said Derek Showalter, co-owner of Virginia Silo in Dayton. The dietary requirements of animals are a reminder of how a farmer’s life can be anything but peaceful. They have around-the-clock needs, and every moment in which their efficiency is compromised, serious ramifications — financial, particularly — are in play. Fortunately for them, a robust support system of companies is available around the Valley, providing expertise, equipment, and skillful hands to keep business bustling. “If somebody comes in broken down, we won’t say it’ll be two weeks to fix it,”

said Lanny Beach, president and owner of Top Bead Welding Service in Broadway. “They’ll jump on it and fix it right then. We don’t like pushing anybody off, but if somebody is broken down, we will drop everything and go help them. People appreciate that.” Support services for Valley farmers generally can be viewed as farmers helping farmers. In the case of twin brothers Derek and Daren Showalter, 33, they grew up on a dairy farm and got back to their roots when they purchased Virginia Silo, a 50-year-old business today, in 2012. An older brother now operates the family farm outside of Bridgewater. With five employees to help at all hours of the day and night, the Showalters lead a company specializing in service on a wide variety of silo components, feeding systems, grain bins, and livestock equipment throughout the mid-Atlantic. See HELP, Page 7

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Tuesday, April 25, 2017

Top Bead Began As Side Job In 1998, Has Ballooned Into A Business Since we’re just a pretty significant support system,” he said. “We really like working Derek Showalter said dairy farms get with farmers.” At Top Bead, a wider net is cast to most of the company’s attention. “That’s sort of ground zero for us,” provide assistance. What began as a side job with a partner in 1998 for Beach he said. “To have a company like us has ballooned into a business who has the parts, experience, that sends its employees as and equipment, it gets the far away as Texas and job done quickly and efLouisiana for metal ficiently [when equipand equipment rement goes down]. … To have a company pairs on farms, in It’s very time senlike us who has the poultry plants, and sitive to have the parts, experience, and more. He has 40 equipment up and employees and a running again.” equipment, it gets the customer base that Given the najob done quickly. includes poultry giture of their work, ants George’s, Tyson Virginia Silo em Derek Showalter, Foods, and Pilgrim’s ployees frequently Virginia Silo co-owner Pride. are given short notice Beach raises 30 catto respond to a farm. tle, 150 sheep, and plows Of course, if a farmer hay at his family farm, helped could predict when a piece of by his wife and business partner, equipment is about to fail, he or she Daniel Lin / DN-R Tara, as well as their two children. While would fix the issue well in advance. Showalter is happy to fill the void for special projects, such as helping with the Massanutten Fabrication owner James Rodes modifies a clutch for farm equipment in his McGaheysville shop. Massanutten Fabrication offers a wide variety of services to local farmers, when the unpredictable occurs. See HELP, Page 8 including aluminum welding and equipment installation. “During the week or over the weekend,

Help

FROM PAGE 6

“

SHENANDOAH VALLEY BUSINESS JOURNAL

Tuesday, April 25, 2017

Harrisonburg, Va.

Beach: Whether Individual Farmer Or Large Plant, Employees Focus On Efficiency “It’s cheaper to have us come in and get them running,” he said. recent expansion of James Madison UniWhether it’s an individual farmer or versity’s Bridgeforth Stadium, are a part large poultry plant, Beach said his emof Top Bead’s portfolio, the majority of ployees focus on efficiency. They ofits work involves agriculture. ten go into plants when they This includes walk-ins shut down over weekends, for help with vehicles, installing equipment at Haybines or other that time. Beach even equipment. has employees who I’ve got a good group of “I’ve got a good work at poultry guys. ... They take on group of guys,” plants as mainteBeach said. “Two nance men, checka lot more responsibility o’clock [in the ing in directly than they really should, morning], five there. but they do a good job. o’clock, they’ll be “We’re busy here. They take on Monday through Lanny Beach, president a lot more responsiFriday, but the bility than they realweekend is when the and owner of Top Bead ly should, but they do guys will put in 12 to Welding Service a good job.” 13 hours a day,” he said. Middle-of-the-night “There’s not been a weekcalls might entail dropped end where we failed to be done grain elevator belts or a mill’s mixer — by Monday morning.” its “heart,” Beach says — breaking down. On a smaller scale in McGaheysTop Bead can provide the equipment, ma- ville, James Rodes runs Massanutten terial, and manpower that farmers might See HELP, Page 9 lack, especially for major jobs.

Help

FROM PAGE 7

“

Experience better business banking.

Stephen Swofford / DN-R

John Rivers of Top Bead Welding Service welds a handle onto a farm truck for the Virginia Poultry Growers Cooperative feed mill in Broadway. Top Bead started as a side job for owner and President Lanny Beach, but now sends employees as far as Texas and Louisiana for metal and equipment repairs.

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Tuesday, April 25, 2017

Rodes Estimates Half Of Massanutten Fabrication Business Comes From Sales Help

sonburg. Every job is a new challenge, he said. Fabrication, offering a wide range of “I enjoy my work; I really do,” he said. services, such as aluminum welding and “I am a people person, up and down. I just equipment installation, that farmers ei- love working for the people. I wouldn’t ther cannot do on their own or prefer not trade the relationships for anything. I to, for time and money’s sake. think that sets me apart from some other Rodes’ shop sits on property where businesses.” his family also runs a public greenJames Rodes estimates that house, Massanutten Plants, half of Massanutten Fabricaand raises chickens. Mastion’s business comes from sanutten Fabrication sales, including steel. started in 2003, and has It’s just a nice “I love working the a varied customer base counter, but I also enindustry to be beyond farmers that joy this,” he said as he involved in. includes contractors. worked in his shop in “They’re from all mid-April. Derek Showalter, over the place,” said Beach gets the same Marvin Rodes, 28, Virginia Silo co-owner level of fulfillment. He one of the children who said he enjoys the work helps with the business. for the satisfaction of get“Most farmers have a weldting the job done each time, er, torch, and some sort of saw. watching his company grow, and Some things they can do, but it’s easier seeing employees learn from him. Stephen Swofford / DN-R to get someone else [like us] to do it. … The opportunity to help farmers — Cost and time are the two things they’re and, by extension, the greater Valley Massanutten Fabrication owner James Rodes modifies a clutch for farm equipment in his interested in.” community — makes the job worthwhile, McGaheysville shop. James Rodes grew up in a farming Derek Showalter said. family, and honed his skills while work“It’s just a nice industry to be involved ing at Criders Machine Shop in Harri- in,” he said. FROM PAGE 8

“

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Tuesday, April 25, 2017

Manages Aphasia Research Lab At James Madison Movers

FROM PAGE 5

University and her bachelor’s in sociology from Indiana University. She manages the Aphasia Research and Treatment Lab at James Madison University, which complements her research on aphasia, a communication disorder resulting from brain damage. Crossroads to Brain Injury RecovLee ery, based at JMU, is a not-for-profit organization serving five counties in Virginia to improve the quality of life for people affected by brain injuries. — Staff Reports

WAW Attorneys Named To Super Lawyer/Rising Stars Lists HARRISONBURG — Five Wharton Aldhizer & Weaver PLC attorneys have been named Virginia Super Lawyer/Rising Stars for 2017. Four attorneys were named Super Lawyers, which is an annual publication that selects only 5 percent of those practicing in Virginia, according to a press release from the firm announcing their selection. WAW also had an attorney named to the Rising Stars list, which is composed of attorneys younger than 40 or in practice for 10 years or less, the release says. WAW attorneys named to as 2017 Super Lawyers are: ■ Daniel L. Fitch, civil litigation. ■ Charles F. Hilton, medical malpractice. ■ Gregory T. St. Ours, civil litigation. ■ Thomas E. Ullrich, employment litigation. The firm’s 2017 Rising Star is Lauren R. Darden, general litigation. Wharton Aldhizer & Weaver is a full-service law firm with offices in Harrisonburg and Staunton. — Staff Reports

Harrisonburg, Va.

Local Ledger Central Valley Area Home Sales Median Price Harrisonburg Rockingham Page Shenandoah Augusta Staunton Waynesboro

March 2017

March 2016

Pct. Change

$150,000 $223,000 $158,700 $180,750 $222,750 $127,000 $154,900

$175,000 $195,000 $108,775 $187,762 $177,000 $132,900 $129,950

-14.00% 14.36% 45.90% -3.73% 25.85% -4.44% 19.20%

Days On Market Harrisonburg Rockingham Page Shenandoah Augusta Staunton Waynesboro

March 2017

March 2016

Pct. Change

53 101 169 139 47 58 42

51 80 208 97 127 89 81

3.92% 26.25% -18.75% 43.30% -62.99% -34.83% -48.15%

Units Sold Harrisonburg Rockingham Page Shenandoah Augusta Staunton Waynesboro

March 2017

March 2016

Pct. Change

32 59 12 56 58 33 29

27 58 12 42 55 27 20

18.52% 1.72% 0.00% 33.33% 5.45% 22.22% 45.00%

Unemployment Harrisonburg Rockingham Page Shenandoah Augusta Staunton Waynesboro

Feb. 2017

Jan. 2017

Feb. 2016

4.3% 3.3% 7.1% 3.7% 3.5% 3.8% 4.2%

4.5% 3.5% 8.4% 3.8% 3.7% 4.0% 4.2%

4.6% 3.7% 7.7% 4.1% 3.9% 4.2% 4.3%

Source: Virginia Employment Commission

Labor Force Harrisonburg Rockingham Page Shenandoah Augusta Staunton Waynesboro

Feb. 2017

Jan. 2017

Feb. 2016

24,943 41,066 11,346 20,882 36,953 12,084 10,268

24,530 40,377 11,415 20,800 36,840 12,067 10,248

23,942 39,687 11,343 21,106 35,704 11,729 9,817

Source: Virginia Employment Commission

You Read the

Sources: Funkhouser Real Estate Group; Real Estate Business Intelligence

Retail Sales (in millions) Harrisonburg Rockingham Page Shenandoah Augusta Staunton Waynesboro

Jan. 2017

$98.1 $50.6 $11.9 $31.2 $38.8 $29.0 $38.3

Source: Weldon Cooper Center for Economic and Policy Studies

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Tuesday, April 25, 2017

Costs Of Integration Lead Shentel Into 4Q Loss By VIC BRADSHAW Daily News-Record

HARRISONBURG — Costs of integrating former nTelos customers into its networks led Shenandoah Telecommunications Co. to a fourth-quarter and annual loss, but it headed into 2017 with more opportunities for growth, company officials said last week. Its acquisition of Waynesboro-based nTelos boosted total revenue 78 percent, or $68.3 million, to $155.6 million for the quarter. Expenses associated with the transaction dragged the Edinburg company commonly known as Shentel (NASDAQ: SHEN) to a $184,000 loss. In the fourth quarter of 2015, the company netted $12.1 million. For the year, operating income rose to $535.3 million from $342.5 million in 2015. Additional spending, though, left the company $895,000 in the hole for the year against $40.9 million in net income in 2015. The results were reported March 20, and company officials held a conference call with analysts that day to discuss the performance. Despite the red number to close the year, Shentel President and CEO Chris French

called the fourth quarter “strong” during in the company’s legacy area, and he expects the conference call. The company’s custom- that trend to continue as network upgrades er base has expanded; its revenue is up; and continue. Those upgrades, which include improveit’s ahead of schedule on projects tied to the ments from 3G to 4G technology at 363 sites, nTelos acquisition. Adele Skolits, Shentel’s vice president of should be complete by the end of 2017, he said. finance and chief financial officer, “They’ve gone from a network noted that extraordinary depreci“We are that is truly inferior to one that ation and amortization expenses investing in is getting better fast,” MacKendrove the negative numbers. Its operating income before those ex- growth [today].” zie said of nTelos customers, and he expects those improvements to penses were factored in rose $35.9 — EARLE MACKENZIE million, or 89.2 percent, to $76 SHENTEL EXECUTIVE continue throughout 2017. Shentel’s growth should continmillion in the fourth quarter and VICE PRESIDENT ue over the next several years as it $95.2 million, or 63.1 percent, to was scheduled to take over service $246.1 million for the year. Shentel, a Sprint PCS affiliate, provided in some territory from Sprint on April 1. The deal moves the company into the wireless, wireline and cable services to customers in parts of Virginia, West Virginia, Cumberland, Md., and Parkersburg and Maryland, Pennsylvania, Kentucky and Huntington, W.Va., markets. Shentel has agreed to invest $32 million through 2020 to Ohio in 2016. upgrade existing sites and add as many as Improvements Coming 50 new ones to support 4G service. Earle MacKenzie, Shentel’s executive Though it will be entering new marvice president and chief operating officer, kets, MacKenzie said Shentel won’t start said phone-service additions in the former marketing efforts until upgrades are comnTelos service area are growing faster than plete in an area.

“We don’t want to add customers to a network that is inferior,” he said, “because they’ll be disappointed and won’t stick around.” Upgrading the system while not trying to add customers will hurt the company’s bottom line for a while, MacKenzie admitted, but Shentel is looking to the future. “We are investing in growth [today],” he said, “for 2019, ’20 and ’21.” Shentel filed its annual report Thursday, past the normal reporting deadline, because of efforts it had to undertake retroactively to document valuations tied to its nTelos purchase and a simultaneous deal with Sprint. Auditors didn’t disagree with the assessments but needed more information about how they were derived. French said taking time to get the information right was important. “While we’re not happy with the delay,” he said, “it is important that we ensure the complexities of our three-way transaction be properly documented.” Contact Vic Bradshaw at 574-6279 or vbradshaw@dnronline.com

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