D&E Communications, Inc. Balance Sheet

Balance Sheet FYE: 31-Dec

Assets	9/30/2008	6/30/2008	3/31/2008	12/31/2007
Cash & Short Term Investments	15.01	10.81	13.87	17.85
Receivables - Total	13.39	14.11	13.44	14.69
Inventories - Total	2.55	2.63	2.53	2.67
Total Current Assets	38.63	36.92	38.52	40.61
Net Property, Plant & Equipment	164.63	164.39	165.30	166.06
Total Assets	467.28	467.05	497.16	501.18
Liabilities
Accounts Payable	19.76	17.61	20.56	23.81
Debt in Current Liabilities	7.08	7.07	7.07	7.07
Total Current Liabilities	26.84	24.69	27.64	30.88
Long-Term Debt	180.82	182.59	184.36	186.88
Total Liabilities	286.66	288.85	306.46	313.31
Stockholder's Equity
Minority Interest	1.45	1.45	1.45	1.45
Preferred Stock	NA	NA	NA	NA
Common Stock	2.59	2.59	2.58	2.57
Retained Earnings	39.57	37.70	51.46	48.15
Treasury Stock	-19.33	-19.19	-19.19	-18.67
Total Stockholders' Equity	180.62	178.20	190.71	187.87
Total Liabilities and Stockholders' Equity	467.28	467.05	497.16	501.18