UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 10-K ANNUAL REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2000 Commission File
Number:  0-13721   HICKORY TECH CORPORATION  Minnesota
  41-1524393(State or other
  jurisdiction of  incorporation or
  organization)
  (I.R.S. Employer
  Identification No.)
 221 East Hickory
Street
P.O. Box 3248Mankato, Minnesota  56002(Address of principal executive offices and
zip code) Registrant's telephone number, including area
code:  800-326-5789 Securities registered pursuant to Section
12(b) of the Act:  None Securities registered pursuant to Section
12(g) of the Act: Common Stock, No Par ValuePreferred Stock Purchase RightsTitle of Class Indicate by check mark whether the Registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months, and (2) has
been subject to such filing requirements for the past 90 days.                               
                          Yes X  No Indicate by a check mark if disclosure of
delinquent filers pursuant to Item 405 of Regulation S-K is not contained
herein, and will not be contained, to the best of Registrant's knowledge, in
definitive proxy or information statements incorporated by reference in Part
III of this Form 10-K or any amendment to this Form 10-K.  [  ] As of March 5, 2001, the aggregate market
value of the common stock held by non-affiliates of the registrant was $211,301,440 based on the last sale price
of $16.00 on The Nasdaq National Market. The total number of shares of the
registrant's common stock outstanding as of March 5, 2001:  13,886,669. Documents
Incorporated by Reference: Portions of the
registrants Annual Report to Shareholders for the year ended December 31, 2000
(Annual Report) are incorporated by reference in Parts I, II and IV of this
Form 10-K. Portions of the registrants definitive Proxy Statement for the
Annual Meeting of Shareholders to be held on April 9, 2001 (Proxy Statement)
are incorporated by reference in Part III of this Form 10-K.  PART IItem 1.Business.GENERALHickory Tech Corporation (HickoryTech) is a diversified communications
company headquartered in Mankato, Minnesota. HickoryTech has over a 100-year
history in the local telephone exchange business. From those roots, it has
expanded into five business segments and nine operating companies.
HickoryTechs core business is the operation of four incumbent local exchange
carriers (ILECs). This business consists of connecting customers to the
telephone network, providing switched service and dedicated private lines,
connecting customers to long distance service providers and providing many
other services commonly associated with ILECs. In addition in 1998, HickoryTech
undertook business startup initiatives in long distance, internet access and
competitive local exchange carrier (CLEC) businesses. This business takes
advantage of HickoryTechs telecommunications expertise and expands service into
areas served by other ILECs. HickoryTech also provides wireless
telecommunications services to customers in and in the area surrounding its
ILEC service territory in Minnesota and also in an area surrounding
Minneapolis/St. Paul. As additional lines of business, HickoryTech provides
data processing services to the telecommunications industry and installs and
maintains telephone systems.The nine
subsidiaries of HickoryTech and the business segments they operate in are:TELEPHONE SECTOR   -    Mankato
Citizens Telephone Company (MCTC)   -    Mid-Communications, Inc. (Mid-Comm)
   -   
Heartland Telecommunications Company of Iowa (Heartland)
   -    Amana Colonies Telephone
Company (ACTC)
   -   
Cable Network, Inc. (CNI)COMMUNICATIONS SERVICES SECTOR-    Crystal Communications, Inc.(Crystal)WIRELESS SERVICES SECTOR-   Minnesota Southern Wireless
Company (MSWC)INFORMATION SOLUTIONS SECTOR-   National Independent
Billing, Inc. (NIBI)ENTERPRISE SOLUTIONS SECTOR   -  Collins
Communications Systems Co. (Collins)HickoryTech
and its subsidiaries are engaged in businesses that provide services to their
customers for a fee. These services are repetitive and recurring, and, as a
result, backlog orders and seasonality are not significant factors. Working
capital requirements primarily involve the funding of the construction and
maintenance of telephone landline and wireless fixed assets, the payroll costs
of highly skilled labor and the inventory to service its telephone equipment
customers.The materials
and supplies which are necessary for the operation of the businesses of
HickoryTech and its subsidiaries are available from a variety of sources, and
no future supply problems are anticipated. All of HickoryTechs ILEC central
office switches and wireless switches, as well as a majority of HickoryTechs
equipment sold in its Enterprise Solutions Sector, are the Nortel brand. Nortel
is a leading supplier of communications equipment, and HickoryTechs dependence
on this brand is not viewed as a significant risk.Asof December 31, 2000, HickoryTech had 552 full-time equivalent employees.ACQUISITIONSOn October 9,
2000, HickoryTech acquired the dial-up internet customer accounts of Internet
Connections, a Mankato-based internet service provider. Internet Connections
had approximately 5,000 internet customers in southern Minnesota.On June 1,
1999, HickoryTech acquired the Minneapolis/St. Paul Metro A-2 cellular license
and property. The property surrounds the metropolitan Twin Cities area and is
located in five Minnesota counties and in one Wisconsin county. The population
of the serving area is approximately 170,000.DISPOSITIONSOn July 21,
2000, HickoryTech announced plans to sell its telephone exchange in Amana, Iowa
(ACTC). ACTC serves approximately 1,500 access lines in the seven communities
of the Amana Colonies in east central Iowa. The operations of ACTC are included
in the Telephone Sector.On May 12, 1999,
HickoryTech sold its 6.4% equity interest in Midwest Wireless Communications,
LLC (MWC), a rural cellular telecommunications provider in southern Minnesota
to MWC. The equity interest was reflected in the operations of the Telephone
Sector.

INDUSTRY SEGMENTS FINANCIAL DATAFinancial
information about the industry segments is included on pages 14 to 35 of the
annual report to shareholders, which part of the annual report is incorporated
by reference.

INDUSTRY SEGMENTSHickoryTechs
operations are conducted in the following five segments:TELEPHONE SECTORMCTC, Mid-Comm,
Heartland and ACTC are ILECs and CNI is a fiber optic network company. Together
they provide telephone-related services and are combined into HickoryTechs
Telephone Sector. None of the companies in the Telephone Sector experienced
major changes in scope or direction of their operations during the past year.
MCTC owns and operates an independent telephone system serving the cities of
Mankato and North Mankato and adjacent rural areas in Blue Earth and Nicollet
Counties in south central Minnesota, approximately 75 miles south of
Minneapolis/St. Paul. Mid-Comm provides telephone services to the communities
of Amboy, Cambria, Eagle Lake, Garden City, Good Thunder, Judson, Lake Crystal,
Madison Lake, Mapleton, Pemberton, St. Clair and Vernon Center and to the
surrounding rural areas located primarily in Nicollet and Blue Earth Counties
in south central Minnesota. The Mid-Comm service territory is adjacent to and
surrounds the MCTC service territory. Heartland provides service to the
northwest Iowa communities of Akron, Bancroft, Boyden, Doon, Hawarden, Hull,
Ireton, Lakota, Rock Rapids, Rock Valley and Sibley. ACTC provides telephone
services to the Amana Colonies in east central Iowa. CNI owns and operates
fiber optic cable facilities in southern and central Minnesota, which are used
to transport interexchange communications as a service to telephone exchange
companies, primarily to MCTC and Mid-Comm.MCTC derives its principal revenues and income from
local services charged to subscribers in its service area, from access services
charged to interexchange carriers and
from the operation of a toll tandem switching center in Mankato, Minnesota.
Revenues and income for Mid-Comm are also derived from local service charges in
its area of operation and from providing access to long distance services for its
subscribers through the toll center in Mankato. Local and interexchange
telephone access for the two companies are provided on an integrated basis. The
local and interexchange telephone access for both telephone companies utilize
the same facilities and equipment and are managed and maintained by the same
work force. Heartland and ACTC derive their principal revenues and income from
local services charged to subscribers in their respective service areas in Iowa
and from providing interexchange access for their subscribers. Interexchange
telephone access is provided by all four of HickoryTechs telephone
subsidiaries by connecting the communications networks of interexchange and
cellular carriers with the equipment and facilities of end users by use of its switched
networks or private lines.MCTC and
Mid-Comm are Minnesota public utilities operating pursuant to indeterminate
permits issued by the Minnesota Public Utilities Commission. Heartland and ACTC
are also public utilities, which operate pursuant to certificates of public
convenience and necessity issued by the Iowa Utilities Board. These state
agencies regulate the services provided by MCTC, Mid-Comm, Heartland and ACTC.
None of CNIs operations are subject to regulation by the Minnesota Public
Utilities Commission. Due to the size of HickoryTechs operations in Minnesota
and in Iowa, these state agencies do not regulate the rate of return or profits
of HickoryTechs telephone operations. Local service rates are filed as tariffs
with the applicable state regulatory authority. At the present time, Iowas
level of regulation of local service rates is less restrictive than
Minnesotas. The Minnesota state telephone industry regulates ILECs with less
than 50,000 customers by regulating their prices instead of their profits.
HickoryTechs two Minnesota telephone subsidiaries fall under this reduced
level of regulation. HickoryTechs telephone subsidiaries local service rates
are below most neighboring ILECs. This relieves HickoryTech of substantial
regulatory oversight. Regardless of whether a particular rate is subject to
regulatory review, HickoryTechs ability to change rates will be determined by
various factors, including economic and competitive circumstances. Due to the
rural nature of HickoryTechs service territory and the relatively small size
of HickoryTechs service territory in each state, management does not expect
state or federal regulation to materially impact HickoryTechs operations in
the near future.As local
exchange telephone companies, MCTC, Mid-Comm, Heartland and ACTC provide end
office switching and ancillary services to long distance interexchange
carriers. These relationships allow HickoryTechs telephone subscribers to
place long distance telephone calls. By paying access charges on the long
distance calls of all of the individual customers who use their service, the
long distance interexchange carriers are large customers of HickoryTech, but
individually none of them represent more than ten percent of HickoryTechs
consolidated revenues.Alternatives to
HickoryTech service include customers leasing private line switched voice and
data services in or adjacent to the territories served by HickoryTech, which
permits the bypassing of local telephone facilities. In addition, microwave transmission
services, wireless communications, fiber optic and coaxial cable deployment and
other services permit bypass of the local exchange network. These alternatives
to local exchange service represent a potential threat to HickoryTechs
long-term ability to provide local exchange service at economical rates.In order to meet this competition, HickoryTech has
deployed new technology for its local exchange network to increase operating
efficiencies and to provide new services to its customers. These newtechnologies include the latest release of digital switching technology
on all of HickoryTechs switches, remote switching technology to within 12,000
feet of every customer in the local network, installation of over 500 miles of
fiber optic cable and installation of SS7 (an out-of-band system) for all of
its access lines. HickoryTech has also protected its interexchange network with
fiber-ring (redundant route designs which allow traffic to re-route if trouble
appears in the line), which allows HickoryTech to provide a very reliable level
of service to its customers.Competition from
CLECs in HickoryTechs ILEC service area has only developed in one of
HickoryTechs 24 exchanges. In the city of Hawarden, Iowa, the municipal city
government overbuilt the citys telephone service infrastructure and is
providing an alternative to HickoryTechs telephone service. The Hawarden CLEC
has acquired approximately 700 access lines or approximately 40% of that citys
business from HickoryTech. The impact of this is already recorded in the 2000
and 1999 financial results and HickoryTech management does not believe there
will be significant further impact from competition in Hawarden.Competition is
less likely to be a factor in rural areas because population densities are much
lower than in urban areas and rural LECs, such as the ones operated by
HickoryTech, are advanced in terms of technology. HickoryTech has already begun
to respond to competitive changes with active programs to market products and
to engineer its infrastructure.Competition also
exists for some of the services provided to interexchange carriers, such as
customer billing services, operator services, and network switching. This
competition comes primarily from the interexchange carriers themselves. The provision
of these services is of a contractual nature and is primarily controlled by the
interexchange carriers.  Other services,
such as directory advertising, local private line transport and cellular
communications, are open to competition. Competition is based primarily on
service and experience.

COMMUNICATIONS
SERVICES SECTORCrystal began
operations in January 1998 as a new startup business. The passage of the
Telecommunications Act created the opportunity for HickoryTech to offer
communications service in territories served by other telephone companies.
Crystal offers local dial tone, long distance and local call internet access
services as a CLEC business to customers in towns in southern Minnesota and
Iowa not in HickoryTechs Telephone Sectors service area. This alternative
service is currently being offered by Crystal to customers in Ellendale,
Faribault, Janesville, New Richland, Nicollet, Northfield, St. Peter and Waseca
in Minnesota, as well as Adel, Ankeny, Urbandale, West Des Moines and Winterset
in Iowa. Crystal plans to expand into several new communities each year.
Crystals primary strategy is to provide service by overbuilding the ILEC with
new telecommunications switching networks and telephone lines, thus the pace of
expansion is dictated by engineering and construction. Crystal also resells
long distance service to HickoryTechs Telephone Sectors southern Minnesota
and northwestern Iowa subscribers.Crystal is not
subject to regulation by the public utilities commissions in the states it
serves regarding rates and services. The CLEC activities of Crystal do require
it to file for authority to operate in each state it enters. Crystal competes
directly against existing ILECs in the areas in which Crystal operates. Crystal
will continue to offer services to other markets and will require additional
investment of assets to be competitive in those markets.Crystal is not
dependent upon any single customer or small group of customers. No one customer
accounts for ten percent or more of HickoryTechs consolidated revenues in the
Communications Services Sector.WIRELESS
SERVICES SECTORMSWC owns and
operates a cellular phone business in Minnesotas Rural Service Area (RSA) 10.
This business holds the  A-side FCC
license for seven counties in south central Minnesota. The area overlaps and is
larger than the telephone line service area of HickoryTechs Minnesota
telephone service area and serves a population of approximately 230,000. On
June 1, 1999, the Metro A-2 cellular property was acquired. This cellular
property surrounds metropolitan Minneapolis/St. Paul with a service area
population of approximately 170,000.MSWC derives its
principal revenues and income from providing cellular telephone service to the
seven counties in south central Minnesota where it has retail customers, local
service and roaming traffic and from the six counties surrounding the
metropolitan Minneapolis/St. Paul area where it has only roaming revenue at
this time.MSWC directly
competes against one local cellular company in southern Minnesota and multiple
wireless companies offering service in the Minneapolis/St. Paul area.
HickoryTechs wireless businesses share the market with other wireless
providers of the PCS (personal communications services) type and may see growth
in business regardless of its market share growth due to the rapidly expanding
market in total. MSWC will require additional investment of assets to build the
infrastructure to provide high quality service to this service area.

INFORMATION
SOLUTIONS SECTORThrough NIBI,
HickoryTechs Information Solutions Sector (formerly Billing/Data Services
Sector) provides data processing and related services, principally for
HickoryTech, other local exchange telephone companies, CLECs, interexchange
network carriers, wireless companies, municipalities and utilities. The
computer operations of NIBI are considered a separate segment of business in
HickoryTechs consolidated financial statements. NIBI's principal activity is
the provision of monthly batch processing of computerized data. Services for
telephone company customers include the processing of long distance telephone
calls from data sources and telephone switches, the preparation of the
subscriber telephone bills, customer record keeping, carrier access bills and
general accounting and payroll services. NIBI also provides certain billing
clearinghouse functions for interexchange carriers. NIBI obtains specialty
programming contracts with these carriers due to its expertise in the
telecommunications field. NIBI generates revenues from the initial sale of
software products as well as related support and contract programming services.There are a
number of companies engaged in supplying data processing services comparable to
those furnished by NIBI. Competition is based primarily on price and service.
There are some companies of much larger size that dominate certain aspects of
the billing and data services business. There are many new market niches for
telecommunications billing and data services. The new CLECs require facilities
for rating, billing and other related services. NIBI is in a position to
provide these services for the CLECs. Wireless billing and data needs are
similar to ILECs and CLECs. NIBI is in a position to provide services to
wireless carriers.HickoryTechs
Information Solutions Sector is developing a new convergent billing product
called SuiteSolution (formerly WRITE2k). In the fourth quarter of 1999, NIBI
implemented this billing product in HickoryTechs Wireless Services Sector.
HickoryTech considers the wireless market, whether it is cellular, personal
communications services (PCS) or paging, an important component in the future
of telecommunications.  SuiteSolution is
also being designed as a CLEC and an ILEC data processing product and should
enable NIBI to become a full-service billing provider for all aspects of the
telecommunications industry.NIBI is
currently developing services to become more attractive to new entrants in the
telecommunications markets.  Entities
such as wireless communications companies, CLECs, electric utilities and cable
providers are moving toward convergent billing operations but do not have
in-house facilities and operations to accommodate these requirements.
Convergent billing entails the billing and marketing of multiple elements, and
the ability to bundle, discount and tally the charges for the services of these
similar but unrelated businesses. NIBI is well positioned in this market
because of its technical expertise in communications, its proprietary software,
its experience and existing customer base of LECs, municipal power companies,
long distance companies, CLECs and its ability to tailor products to an
end-user.

ENTERPRISE
SOLUTIONS SECTORThrough Collins,
the Enterprise Solutions Sector (formerly Communications Products Sector)
activities are focused on the sale, installation and service of business
telephone systems and data communications equipment to companies based in
metropolitan Minneapolis/St. Paul, Minnesota. Collins also provides the
business telephone system expertise for HickoryTech ILEC and CLEC operations in
southern Minnesota and in Iowa. The customers in the Enterprise Solutions
Sectors market are the individual business end users of telecommunications
service with ongoing service needs. Products consist of telecommunication
platforms such as Nortel and Octel on the voice side of Collins' business, and
Cisco and Bay Networks (Nortel) equipment on the data side of its business.
Collins specializes in the quality custom installation and maintenance of wide
area networking, local networking and transport solutions in telecommunications
for end user customers.Revenues are
primarily earned by the sales, installation and service of business telephone
systems. Collins continues its commitment to service and support of its core
product, Nortel, while identifying new opportunities such as call centers,
computer telephone integration voice mail and interactive voice response
systems.HickoryTechs
Enterprise Solutions Sector is not dependent upon any single customer or small
group of customers. Its activities are a commodity business and no one customer
accounts for ten percent or more of HickoryTechs consolidated revenues in the
Enterprise Solutions Sector.There are
several companies competing in the communications products market in which
Collins operates. Competition is based primarily on price and service. No one
company is dominant in this field. Collins offers customer premises telephone
equipment through well-trained and experienced market representatives with
long-term customer relationships. It also enjoys a very strong reputation for
quality service. Collins has built a strong base of customers and it is
Collins' goal to derive 60-70% of its revenue from sales to its base.

OTHER REGULATIONThere are no
material portions of the businesses of HickoryTech or its subsidiaries that may
be terminated or adversely affected by government regulations.HickoryTech does
not anticipate any material effects on their capital expenditures, earnings or
competitive position because of laws pertaining to the protection of the
environment.

OTHER COMPETITIONSince the mid-1980's, HickoryTechs business strategy
has been to position itself as a "one-stop" telecommunications
services provider. Long-term businessrelationships with
its customers have strengthened HickoryTechs business position. HickoryTech
believes that its customers value the fact that it is the "local
company" whose goal is to meet the customers' total communications needs.
HickoryTech has several competitive advantages: its prices and costs are low;
its service reputation is high; its investment in technology has been strong
and it has a direct billing relationship with almost all of the customers in
its service territories.The long-range
effect of competition on the provision of telecommunications services and
equipment will depend on technological advances, regulatory actions at both the
state and federal levels, court decisions, and possible additional future state
and federal legislation. The trend resulting from past legislation has been to
expand competition in the telecommunications industry. It is imperative to
HickoryTech that competition in this industry remain open on an equal basis to
all providers. HickoryTech has chosen to participate in the competitive trend
by establishing its Communications Services Sector.FORWARD-LOOKING STATEMENTSThis Form 10-K Annual Report, Management's Discussion and Analysis and
other sections of this Annual Report contain forward-looking statements that are
based on current expectations, estimates and projections about the industry in
which HickoryTech operates and management's beliefs and assumptions.
HickoryTech is developing several internal growth businesses, including its
Communications Services Sector, its Wireless Services Sector and its
SuiteSolution product in the Information Solutions Sector, and in this Form
10-K is making certain forward-looking statements about these growth
businesses. Such forward-looking statements are subject to uncertainties that
could cause HickoryTech's future actual results to differ materially from such
statements. These statements are not guarantees of future performance and
involve certain risks, uncertainties and probabilities, which are difficult to
predict. Therefore, actual outcomes and results may differ materially from what
is expressed or forecasted in such forward-looking statements, whether as a
result of new information, future events or otherwise.  Factors that might cause such a difference
include, but are not limited to, those contained in this Item 1,
"Management's Discussion and Analysis" in Item 7 and Exhibit 99,
which is incorporated herein by reference. 
You are cautioned not to place undue reliance on these forward looking
statements, which speak only as of the date on which they were made.  HickoryTech undertakes no obligation to
update any of its forward-looking statements for any reason.

Item 2. Properties.HickoryTechs
business is primarily focused on the provision of services and its properties are
used for administrative support and to store and safeguard equipment.  At December 31, 2000, HickoryTechs gross
property, plant and equipment of $203,362,000 consisted primarily of telephone
wire, cable and switches. HickoryTech owns or leases the telephone property,
plant and equipment which it utilizes to operate its telephone systems. The
four telephone subsidiaries of HickoryTech in Minnesota and Iowa own central
telephone offices with related real estate in all of the communities they
serve. HickoryTech's Telephone and Communications Services Sectors own the
telephone network, including telephone outside plant, fiber-optic cable and
central office equipment, over which they provide services to their customers.
It is the opinion of HickoryTechs management that the properties of
HickoryTech are suitable and adequate to provide modern and effective
telecommunications services within its service areas, including both local and
long distance service. The capacity for furnishing these services both currently
and in the future are under ongoing review by HickoryTechs engineering staff.
Facilities are placed in full use after installation and appropriate testing
under the guidance associated with multi-year capital expenditure plans.HickoryTechs
principal properties are the following:(1)      MCTC's
general offices and principal central office exchange building are located in
downtown Mankato, Minnesota.  This
facility is owned by MCTC and is a three-level brick and stone building
containing approximately 60,000 square feet of floor space.  Portions of this building are leased to
HickoryTech for its general offices and to NIBI for its data processing
equipment.(2)      MCTCs main warehouse is located in
Mankato, Minnesota.  The warehouse,
built in 1996, is owned by MCTC and is a one-story concrete building containing
approximately 48,000 square feet.  The
warehouse is used to store vehicles and supplies and is also used as office
space for engineering and outside telephone personnel.(3)      Heartlands main central office equipment
is located in a one-story brick structure owned by Heartland in Rock Rapids,
Iowa. Heartland also leases general office space in Rock Valley, Iowa.(4)      ACTC leases general office and telephone
central office equipment space in Homestead, Iowa.(5)      Crystal leases office space in Mankato,
Minnesota and West Des Moines, Iowa for administrative support. Crystal also
leases office space in West Des Moines for telephone switching equipment.(6)      MSWC leases office space in Mankato,
Minnesota for cellular switch equipment and administration. MSWC also leases
and owns various cellular tower sites through southern Minnesota and the
Minneapolis/St. Paul metropolitan area.(7)      NIBI owns a three-story building in
Mankato, Minnesota.  The building
contains 17,000 square feet.  NIBI owns
a mainframe computer and related peripheral equipment that it uses to provide
data processing services for HickoryTech and other customers. This mainframe
computer data center is operated in leased space in MCTCs general office
building in downtown Mankato. NIBI also leases general office space in
Minneapolis, Minnesota for NIBI programmers to access the mainframe computer
data center from a remote location.(8)      Collins leases building and warehouse
space in Roseville, Minnesota.Item 3. Legal
Proceedings.None.Item 4. Submission
of Matters to a Vote of Security Holders.No matters were
submitted to a vote of security holders during the fourth quarter of the fiscal
year covered by this 2000 Annual Report on Form 10-K.PART
IIItem 5. Market
for Registrant's Common Equity and Related Stockholder Matters.The common stock
of HickoryTech is traded on The Nasdaq National Market under the symbol HTCO.The following
table sets forth for the period indicated, the high and low closing sales price
of the common stock.

High
  Low2000
  4th Quarter
  $23.0000
  $18.37503rd Quarter
  $22.2500
  $13.75002nd Quarter
  $15.5000
  $11.93751st Quarter
  $15.0000
  $12.93751999
  4th Quarter
  $15.3125
  $12.75003rd Quarter
  $14.0000
  $9.87502nd Quarter
  $11.2500
  $10.00001st Quarter
  $14.2500
  $10.2500As of March 5,
2001, there were approximately 3,300 holders of record of common stock,
registered and in street name accounts.HickoryTech
has declared quarterly dividends on its common stock of $.11 per share during
the two years ended December 31, 2000. A quarterly cash dividend of $.11 per
share was paid on March 5, 2001 to stockholders of record at the close of
business on February 15, 2001.Item 6.        Selected
Financial Data."Selected
Financial and Operating Data" included on page 35 of the Annual Report is
incorporated by reference.Item 7.        Management's
Discussion and Analysis of Financial Condition and Results of Operations.Managements
Discussion and Analysis included on pages 14 to 20 of the Annual Report is
incorporated by reference.Item 8.Financial Statements and
Supplementary Data.

"Financial
Statements" and "Notes to Consolidated Financial Statements"
included on pages 21 to 35 of the Annual Report is incorporated by reference.Item 9.        Changes
in and Disagreements with Accountants on Accounting and Financial Disclosures.None.PART IIIItem 10.         Directors
and Executive Officers of HickoryTech.Information as to Directors and Executive
Officers of HickoryTech included on pages 3 and 5 of the Proxy Statement and
Section 16(a) Beneficial Ownership Reporting Compliance on page 14 of the
Proxy Statement are incorporated by reference.Item 11.         Executive
Compensation.Information as to executive compensation
included on pages 6 to 11 of the Proxy Statement is incorporated by reference.Item 12.         Security
Ownership of Certain Beneficial Owners and Management.The information as to beneficial ownership of
more than five percent of HickoryTechs common stock included on page 5 of the
Proxy Statement is incorporated by reference. The
information as to security ownership of management included on page 4 of the
Proxy Statement is incorporated by reference.Item 13.         Certain
Relationships and Related Transactions.HickoryTech
does not know of any matter required to be reported under this item.PART IVItem 14.         Exhibits,
Financial Statement Schedules, and Reports on Form 8-K.(a)1.      Consolidated Financial StatementsThe following is contained in the Annual Report:Page(s)
  in 2000 Annual
  Report to ShareholdersManagements Discussion and Analysis
  14-20Report of Management and Report of Independent Accountants
  21Consolidated Statements of Income Years Ended December 31, 2000,
  1999, and 1998
  22Consolidated Balance Sheets December 31, 2000 and 1999
  23Consolidated Statements of Cash Flows Years Ended December 31, 2000,
  1999, and 1998
  24Consolidated Statements of Shareholders Equity Years Ended December
  31, 2000, 1999, and 1998
  25Notes to Consolidated Financial Statements
  26-34Selected Financial and Operating Data
  352.       Consolidated Financial Statement
  Schedules
  Form 10-K
  Page NumberReport of Independent Accountants
  16Schedule II  Valuation and Qualifying Accounts
  17All schedules
not included are omitted either because of the absence of conditions under
which they are required or because the required information is given in the
financial statements or notes thereto.3.       Exhibits

Exhibit
  Description3(a)
  Restated Articles of Incorporation (Incorporated
  by reference to Exhibit 3 to the registrants Form 10-Q dated May 6, 1999)3(b)
  Restated By-Laws (Incorporated by reference
  to Exhibit 3(b) to the registrants Form 10-K dated March 29, 2000)3(c)
  Certificate of Designations of Series A Junior
  Participating Preferred Stock of Hickory Tech Corporation (Incorporated by
  reference to Exhibit 3(c) to the registrants Form 10-K dated March 29, 2000)4(a)
  Shareholder Rights Agreement (Incorporated
  by reference to Exhibit 1 to the registrants Form 8-A dated March 9, 1999)4(b)
  Second Amended and Restated Credit
  Agreement dated as of September 21, 2000, by and among Hickory Tech
  Corporation, as Borrower, the Lenders referred to herein and First Union
  National Bank, as Administrative Agent (Incorporated by reference to Exhibit
  4 to the registrants Form 10-Q dated November 10, 2000)10(a) 
  Supplemental Retirement Agreement dated
  January 1, 1993, between registrant and Robert D. Alton, Jr. (Incorporated by
  reference to Exhibit 10(a) to the registrants Form S-8 dated May 11, 1993)Exhibit
  Description10(b) 
  Supplemental Retirement Agreement dated
  January 31, 1984, between registrants subsidiary, Mankato Citizens Telephone
  Company, and David A. Christensen (Incorporated by reference to Exhibit 10(b)
  to the registrants Form S-8 dated May 11, 1993)10(c) 
  Hickory Tech Corporation Executive
  Incentive Plan (Incorporated by reference to Exhibit 10(c) to the
  registrants Form S-8 dated May 11, 1993)10(d) 
  Change in Control Agreement dated June 25,
  1998, between registrant and Robert D. Alton (Incorporated by reference to
  Exhibit 10(d) to the registrants Form 10-K dated March 29, 2000)10(e) 
  Change in Control Agreement dated June 25,
  1998, between registrant and Jon L. Anderson, David A. Christensen, John W.
  Finke, Mary T. Jacobs, F. Ernest Lombard and Bruce H. Malmgren (Incorporated
  by reference to Exhibit 10(e) to the registrants Form 10-K dated March 29,
  2000)10(g) 
  Hickory Tech Corporation Directors Stock
  Option Plan Amended and Restated March 29, 2000 (Incorporated by reference to
  Exhibit 10 to the registrants Form 10-Q dated May 5, 2000)10(h) 
  Employment Agreement dated January 1, 1993,
  between registrant and Robert D. Alton, Jr. (Incorporated by reference to
  Exhibit 10(h) to the registrants Form S-8 dated May 11, 1993)10(i) 
  Hickory Tech Corporation Retainer Stock
  Plan for Directors Restated and Amended effective September 1, 1996
  (Incorporated by reference to Exhibit 10(m) to the registrants Form 10-Q
  dated August 12, 1996)10(j) 
  Hickory Tech Corporation Retirement Savings
  Plan and Trust, as amended (Incorporated by reference to Exhibit 10(j) to the
  registrants Form S-8 dated May 11, 1993)10(k) 
  Hickory Tech Corporation Amended and
  Restated Employee Stock Purchase Plan (Incorporated by reference to Exhibit
  10(j) to the registrants Form 10-Q dated August 12, 1996)10(l) 
  Hickory Tech Corporation 1993 Stock Award
  Plan (Amended and Restated effective January 29, 1997) (Incorporated by
  reference to Exhibit 10(l) to the registrants Form 10-K dated March 26,
  1997)10(m)
  Agreement for Sale of Amana Colonies
  Telephone Company Assets, dated July 21, 2000 (Incorporated by reference to
  Exhibit 99 to the registrants Form 10-Q dated August 11, 2000)10(n) *
  Agreement for Purchase and Sale of Assets
  dated as of September 29, 2000 between Internet Connections, Inc., as Seller
  and Hickory Tech Corporation, as Buyer13 *
  Portion (pages 14-35) of the Annual Report
  to Shareholders for the year ended December 31, 200021 *
  Subsidiaries of Hickory Tech Corporation23 *
  Consent of Independent Accountants99 *
  Cautionary Statement for Purposes of the
  Safe Harbor Provision of the Private Securities Litigation Reform Act of
  1995* Filed herewith. Management compensation plan or
arrangement required to be filed as an exhibit.

b)         1.       Reports on Form 8-KNo reports on
Form 8-K were filed during the last quarter of the period ended December 31,
2000.Report of Independent Accountants on Financial Statement ScheduleTo the Shareholders and Board of Directors of
Hickory Tech CorporationOur audits of the consolidated financial
statements referred to in our report dated February 2, 2001 appearing in the
2000 Annual Report to Shareholders of Hickory Tech Corporation (which report
and consolidated financial statements are incorporated by reference in this
Annual Report on Form 10-K) also included an audit of the financial statement
schedule listed in Item 14(a)(2) of this Form 10-K. In our opinion, this
financial statement schedule presents fairly, in all material respects, the
information set forth therein when read in conjunction with the related
consolidated financial statements.



PricewaterhouseCoopers LLP
Minneapolis, Minnesota
February 2, 2001SCHEDULE II 
VALUATION AND QUALIFYING ACCOUNTS

ALLOWANCE FOR
UNCOLLECTIBLE ACCOUNTS:Years Ended December 31,(In Thousands)
  2000
  1999
  1998Balance, at beginning of year
  $413
  $618
  $461Additions charged to income
  1,005
  9
  325Write-offs, net of recoveries
  (457)
  (214)
  (168)Balance, at end of year
  $961
  $413
  $618

SIGNATURESPursuant to the
requirements of section 13 or 15(d) of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.Dated: March 29, 2001
  
  HICKORY TECH CORPORATIONBy:
  /s/ David A. ChristensenDavid A. Christensen, Secretary,Vice President, Chief Financial Officerand Treasurer

Pursuant to the
requirements of the Securities Exchange Act of 1934, this report has been
signed by the following persons on behalf of the registrant and in the
capacities and on the dates indicated./s/  Robert D. Alton, Jr.
  
  March 29, 2001Robert D. Alton, Jr.Chairman, President, Chief Executive Officer and Director(principal executive officer)/s/ David A. Christensen
  
  March 29, 2001David A. Christensen, Secretary,Vice President, Chief Financial Officer and Treasurer(principal financial officer and principal accounting officer)/s/  Lyle T. Bosacker
  
  March 29, 2001Lyle T. Bosacker, Director/s/  Robert K. Else
  
  March 29, 2001Robert K. Else, Director/s/  Lyle G. Jacobson
  
  March 29, 2001Lyle G. Jacobson, Director/s/  R. Wynn Kearney, Jr.
  
  March 29, 2001R. Wynn Kearney, Jr., Director(a majority of directors)HICKORY TECH
CORPORATION AND SUBSIDIARIESExhibit
Index to Form 10-K for the Year Ended December 31, 2000Exhibit
  Description3(a)
  Restated Articles of Incorporation
  (Incorporated by reference to Exhibit 3 to registrants Form 10-Q dated May
  7, 1999)3(b)
  Restated By-Laws (Incorporated by reference
  to Exhibit 3(b) to the registrant's Form 10-K dated March 29, 2000)3(c)
  Certificate of Designations of Series A
  Junior Participating Preferred Stock of Hickory Tech Corporation
  (Incorporated by reference to Exhibit 3(c) to the registrant's Form 10-K
  dated March 29, 2000)4(a)
  Shareholder Rights Agreement (Incorporated
  by reference to Exhibit 1 to the registrants Form 8-A12G dated March 12,
  1999)4(b)
  Second Amended and Restated Credit
  Agreement dated as of September 21, 2000, by and among Hickory Tech
  Corporation, as Borrower, the Lenders referred to herein and First Union
  National Bank, as Administrative Agent (Incorporated by reference to Exhibit
  4 to the registrants Form 10-Q dated November 10, 2000)10(a) 
  Supplemental Retirement Agreement dated
  January 1, 1993, between registrant and Robert D. Alton, Jr. (Incorporated by
  reference to Exhibit 10(a) to the registrants Form S-8 dated June 28, 1993)10(b) 
  Supplemental Retirement Agreement dated
  January 31, 1984, between registrants subsidiary, Mankato Citizens Telephone
  Company, and David A. Christensen (Incorporated by reference to Exhibit 10(b)
  to the registrants Form S-8 dated June 28, 1993)10(c) 
  Hickory Tech Corporation Executive
  Incentive Plan (Incorporated by reference to Exhibit 10(c) to the
  registrants Form S-8 dated June 28, 1993)10(d) 
  Change in Control Agreement dated June 25,
  1998, between registrant and Robert D. Alton (Incorporated by reference to
  Exhibit 10(d) to the registrants Form 10-K dated March 29, 2000)10(e) 
  Change in Control Agreement dated June 25,
  1998, between registrant and Jon L. Anderson, David A. Christensen, John W.
  Finke, Mary T. Jacobs, F. Ernest Lombard and Bruce H. Malmgren (Incorporated
  by reference to Exhibit 10(e) to the registrants Form 10-K dated March 29,
  2000)10(g) 
  Hickory Tech Corporation Directors Stock
  Option Plan Amended and Restated March 29, 2000 (Incorporated by reference to
  Exhibit 10 to the registrants Form 10-Q dated May 5, 2000)10(h) 
  Employment Agreement dated January 1, 1993,
  between registrant and Robert D. Alton, Jr. (Incorporated by reference to
  Exhibit 10(h) to the registrants Form S-8 dated May 11, 1993)10(i) 
  Hickory Tech Corporation Retainer Stock
  Plan for Directors Restated and Amended effective September 1, 1996
  (Incorporated by reference to Exhibit 10(m) to the registrants Form 10-Q
  dated August 12, 1996)10(j) 
  Hickory Tech Corporation Retirement Savings
  Plan and Trust, as amended (Incorporated by reference to Exhibit 10(j) to the
  registrants Form S-8 dated May 11, 1993)10(k) 
  Hickory Tech Corporation Amended and
  Restated Employee Stock Purchase Plan (Incorporated by reference to Exhibit
  10(j) to the registrants Form 10-Q dated August 12, 1996)10(l) 
  Hickory Tech Corporation 1993 Stock Award
  Plan (Amended and Restated effective January 29, 1997) (Incorporated by
  reference to Exhibit 10(l) to the registrants Form 10-K dated March 26,
  1997)10(m)
  Agreement for Sale of Amana Colonies
  Telephone Company Assets, dated July 21, 2000 (Incorporated by reference to
  Exhibit 99 to the registrants Form 10-Q dated August 11, 2000)10(n) *
  Agreement for Purchase and Sale of Assets
  dated as of September 29, 2000 between Internet Connections, Inc., as Seller
  and Hickory Tech Corporation, as Buyer13 *
  Portion (pages 14-35) of the Annual Report
  to Shareholders for the year ended December 31, 200021 *
  Subsidiaries of Hickory Tech Corporation23 *
  Consent of Independent Accountants99 *
  Cautionary Statement for Purposes of the
  Safe Harbor Provision of the Private Securities Litigation Reform Act of
  1995*        Filed herewith.       Management compensation plan or arrangement required to be filed
as an exhibit.