----

----

| þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
|--------|--------------------------------------------------------------------|
|   | EXCHANGE ACT OF 1934                                               |
|   | For the quarterly period ended September 30, 2009                  |

| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934            |
|--------|-----------------------------------------------------------------------------------------------------|
|   | For the transition period from     to      . |

|   | Commission file number   0-13721 |
|--------|-------------------------------------------------|

|   | HICKORY TECH CORPORATION |
|--------|--------------------------|

|   | (Exact name of registrant as specified in its charter) |
|--------|--------------------------------------------------------|

| Minnesota                       | 41-1524393          |
|---------------------------------|---------------------|
| (State or other jurisdiction of | (I.R.S. Employer    |
| incorporation or organization)  | Identification No.) |

|   | 221 East Hickory Street |
|--------|-------------------------|

|   | Mankato, Minnesota  56002-3248 |
|--------|------------------------------------------|

|   | (Address of principal executive offices and zip code) |
|--------|-------------------------------------------------------|

|   | (800) 326-5789 |
|--------|----------------|

|   | (Registrant’s telephone number, including area code) |
|--------|------------------------------------------------------------|

----

|   |                         PARTI |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 1       | Financial Statements                                                                                                                                                                                                                                   | 3      |
|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|         | Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ended September 30, 2009 and 2008                                                                                                                                      | 3      |
|         | Consolidated Balance Sheets (unaudited) as of September 30, 2009 and December 31, 2008                                                                                                                                                                 | 4      |
|         | Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended September 30, 2009 and 2008                                                                                                                                                | 5      |
|         | Condensed Notes to Consolidated Financial Statements (unaudited)                                                                                                                                                                                       | 6      |
| Item 2       | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                                                            | 17     |
| Item 3       | Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                                                                             | 28     |
| Item 4       | Controls and Procedures                                                                                                                                                                                                                                     | 29     |
|         |                                                                                                                                                                                                                                                        |   |
|    |                PART II                                                                                                                                                                |   |
| Item 1       | Legal Proceedings                                                                                                                                                                                                                                      | 29     |
| Item 1A      | Risk Factors                                                                                                                                                                                                                                           | 29     |
| Item 2       | Unregistered Sales of Equity Securities and Use of Proceeds                                 | 29     |
| Item 3       | Defaults Upon Senior Securities                                                                                                                                                                                                                        | 29     |
| Item 4       | Submission of Matters to a Vote of Security Holders                                                                                                                                                                                                    | 29     |
| Item 5       | Other Information                                                                                                                                                                                                                                      | 29     |
| Item 6       | Exhibit Listing                                                                                                                                                                                                                                        | 29     |
|         | Signatures                                                                                                                                                                                                                                             | 30     |
|         | Exhibits                                                                                                                                                                                                                                                    |   |

----

Item 1.  Financial Statements

| HICKORY TECH CORPORATION                                                              |   |
|---------------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF OPERATIONS                                                 |   |
| (Unaudited)                                                                           |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                  |   | Three Months Ended |   |   | Nine Months Ended |   |
|                                                                                  |   | September 30 |   |   | September 30 |   |
| (Dollars in thousands, except share and per share amounts)                            |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Operating Revenue:                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Telecom Sector                                                                        |   | $ | 17,446 |   |   | $ | 18,758 |   |   | $ | 52,899 |   |   | $ | 55,051 |   |
| Enventis Sector                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equipment                                                                             |   |   | 6,604 |   |   |   | 11,725 |   |   |   | 18,788 |   |   |   | 34,602 |   |
| Services                                                                              |   |   | 10,858 |   |   |   | 9,377 |   |   |   | 29,085 |   |   |   | 25,852 |   |
| Total Enventis Sector                                                                 |   |   | 17,462 |   |   |   | 21,102 |   |   |   | 47,873 |   |   |   | 60,454 |   |
| Total operating revenue                                                               |   |   | 34,908 |   |   |   | 39,860 |   |   |   | 100,772 |   |   |   | 115,505 |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs and expenses:                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales, equipment, excluding                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    depreciation and amortization                                       |   |   | 5,653 |   |   |   | 10,190 |   |   |   | 16,369 |   |   |   | 29,605 |   |
| Cost of services, excluding                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    depreciation and amortization                                       |   |   | 13,404 |   |   |   | 13,443 |   |   |   | 37,817 |   |   |   | 37,760 |   |
| Selling, general and administrative expenses                                          |   |   | 5,817 |   |   |   | 5,637 |   |   |   | 16,379 |   |   |   | 16,786 |   |
| Depreciation                                                                          |   |   | 5,068 |   |   |   | 4,945 |   |   |   | 14,967 |   |   |   | 14,371 |   |
| Amortization of intangibles                                                           |   |   | 272 |   |   |   | 285 |   |   |   | 699 |   |   |   | 863 |   |
| Total costs and expenses                                                              |   |   | 30,214 |   |   |   | 34,500 |   |   |   | 86,231 |   |   |   | 99,385 |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                                                      |   |   | 4,694 |   |   |   | 5,360 |   |   |   | 14,541 |   |   |   | 16,120 |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income and expense:                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest and other income                                                             |   |   | 14 |   |   |   | 39 |   |   |   | 55 |   |   |   | 81 |   |
| Interest expense                                                                      |   |   | (1,728 | ) |   |   | (1,874 | ) |   |   | (5,155 | ) |   |   | (5,049 | ) |
| Total other (expense)                                                                 |   |   | (1,714 | ) |   |   | (1,835 | ) |   |   | (5,100 | ) |   |   | (4,968 | ) |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes                                                            |   |   | 2,980 |   |   |   | 3,525 |   |   |   | 9,441 |   |   |   | 11,152 |   |
| Income tax provision (benefit)                                                        |   |   | (3,126 | ) |   |   | 1,453 |   |   |   | (408 | ) |   |   | 4,802 |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                            |   | $ | 6,106 |   |   | $ | 2,072 |   |   | $ | 9,849 |   |   | $ | 6,350 |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings per share                                                              |   | $ | 0.47 |   |   | $ | 0.16 |   |   | $ | 0.75 |   |   | $ | 0.48 |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding                                            |   |   | 13,080,538 |   |   |   | 13,352,005 |   |   |   | 13,049,686 |   |   |   | 13,325,967 |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Diluted earnings per share                                                            |   | $ | 0.47 |   |   | $ | 0.16 |   |   | $ | 0.75 |   |   | $ | 0.48 |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common and equivalent shares outstanding                             |   |   | 13,083,843 |   |   |   | 13,358,390 |   |   |   | 13,049,686 |   |   |   | 13,336,424 |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dividends per share                                                                   |   | $ | 0.13 |   |   | $ | 0.12 |   |   | $ | 0.39 |   |   | $ | 0.36 |   |
|                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of the consolidated financial statements. |   |

----

| HICKORY TECH CORPORATION                                                                   |   |
|--------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED BALANCE SHEETS                                                                |   |
| (Unaudited)                                                                                |   |
|                                                                                       |   |   |   |   |   |   |
| (Dollars in thousands except share and per share amounts)                                  |   | September 30, 2009 |   |   | December 31, 2008 |   |
|                                                                                       |   |   |   |   |   |   |
| ASSETS                                                                                     |   |
| Current assets:                                                                            |   |   |   |   |   |   |
| Cash and cash equivalents                                                                  |   | $ | 7,309 |   |   | $ | 1,626 |   |
| Receivables, net of allowance for doubtful accounts of $654 and $905                       |   |   | 16,136 |   |   |   | 26,292 |   |
| Inventories                                                                                |   |   | 6,519 |   |   |   | 8,674 |   |
| Income taxes receivable                                                                    |   |   | - |   |   |   | 566 |   |
| Deferred income taxes, net                                                                 |   |   | 2,064 |   |   |   | 2,064 |   |
| Prepaid expenses                                                                           |   |   | 1,885 |   |   |   | 1,409 |   |
| Other                                                                                      |   |   | 931 |   |   |   | 1,114 |   |
|      Total current assets                                         |   |   | 34,844 |   |   |   | 41,745 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| Investments                                                                                |   |   | 4,306 |   |   |   | 4,066 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| Property, plant and equipment                                                              |   |   | 351,774 |   |   |   | 338,510 |   |
| Accumulated depreciation                                                                   |   |   | (199,543 | ) |   |   | (187,157 | ) |
|     Property, plant and equipment, net                                 |   |   | 152,231 |   |   |   | 151,353 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| Other assets:                                                                              |   |   |   |   |   |   |   |   |
| Goodwill                                                                                   |   |   | 27,308 |   |   |   | 25,239 |   |
| Intangible assets, net                                                                     |   |   | 3,327 |   |   |   | 856 |   |
| Deferred costs and other                                                                   |   |   | 1,920 |   |   |   | 2,249 |   |
|     Total other assets                                                 |   |   | 32,555 |   |   |   | 28,344 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| Total assets                                                                               |   | $ | 223,936 |   |   | $ | 225,508 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| LIABILITIES & SHAREHOLDERS' EQUITY                                                     |   |
| Current liabilities:                                                                       |   |   |   |   |   |   |   |   |
| Extended term payable                                                                      |   | $ | 6,991 |   |   | $ | 10,474 |   |
| Accounts payable                                                                           |   |   | 2,240 |   |   |   | 3,133 |   |
| Accrued expenses and other                                                                 |   |   | 7,463 |   |   |   | 8,001 |   |
| Accrued income taxes                                                                       |   |   | 2,179 |   |   |   | - |   |
| Deferred revenue                                                                           |   |   | 5,390 |   |   |   | 6,205 |   |
| Current maturities of long-term obligations                                                |   |   | 1,533 |   |   |   | 1,621 |   |
|     Total current liabilities                                          |   |   | 25,796 |   |   |   | 29,434 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| Long-term liabilities:                                                                     |   |   |   |   |   |   |   |   |
| Debt obligations, net of current maturities                                                |   |   | 123,394 |   |   |   | 125,384 |   |
| Financial derivative instruments                                                           |   |   | 2,541 |   |   |   | 3,286 |   |
| Accrued income taxes                                                                       |   |   | 3,173 |   |   |   | 7,517 |   |
| Deferred income taxes                                                                      |   |   | 20,682 |   |   |   | 18,282 |   |
| Deferred revenue                                                                           |   |   | 1,493 |   |   |   | 1,646 |   |
| Accrued employee benefits and deferred compensation                                        |   |   | 10,653 |   |   |   | 10,210 |   |
|     Total long-term liabilities                                        |   |   | 161,936 |   |   |   | 166,325 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
|        Total liabilities                                |   |   | 187,732 |   |   |   | 195,759 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| Commitments and contingencies                                                              |   |   | - |   |   |   | - |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| Shareholders' equity:                                                                      |   |   |   |   |   |   |   |   |
| Common stock, no par value, $.10 stated value                                              |   |   |   |   |   |   |   |   |
|    Shares authorized: 100,000,000                                           |   |   |   |   |   |   |   |   |
|    Shares issued and outstanding: 13,088,754 in 2009 and 12,992,376 in 2008 |   |   | 1,309 |   |   |   | 1,299 |   |
| Additional paid-in capital                                                                 |   |   | 12,673 |   |   |   | 11,504 |   |
| Retained earnings                                                                          |   |   | 24,964 |   |   |   | 20,199 |   |
| Accumulated other comprehensive (loss)                                                     |   |   | (2,742 | ) |   |   | (3,253 | ) |
|        Total shareholders' equity                       |   |   | 36,204 |   |   |   | 29,749 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| Total liabilities and shareholders' equity                                                 |   | $ | 223,936 |   |   | $ | 225,508 |   |
|                                                                                       |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of the consolidated financial statements.      |   |

----

| HICKORY TECH CORPORATION                                                                                    |   |
|-------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                       |   |
| (Unaudited)                                                                                                 |   |
|                                                                                                        |   | Nine Months Ended |   |
|                                                                                                        |   | September 30 |   |
| (Dollars in thousands)                                                                                      |   | 2009 |   |   | 2008 |   |
| OPERATING ACTIVITIES:                                                                                       |   |   |   |   |   |   |
| Net income                                                                                                  |   | $ | 9,849 |   |   | $ | 6,350 |   |
| Adjustments to reconcile net income to net                                                                  |   |   |   |   |   |   |   |   |
|   cash provided by operating activities:                                                          |   |   |   |   |   |   |   |   |
|     Depreciation and amortization                                                       |   |   | 15,666 |   |   |   | 15,234 |   |
|     Amortization of gain on sale of financial derivative instrument                     |   |   | - |   |   |   | (664 | ) |
|     Accrued patronage refunds                                                           |   |   | (422 | ) |   |   | (425 | ) |
|     Stock based compensation                                                            |   |   | 813 |   |   |   | 378 |   |
|     Other                                                                               |   |   | 424 |   |   |   | 356 |   |
|     Changes in operating assets and liabilities, net of effect from acquired net assets |   |   |   |   |   |   |   |   |
|         Receivables                                                 |   |   | 10,636 |   |   |   | (5,329 | ) |
|         Prepaids                                                    |   |   | (243 | ) |   |   | 207 |   |
|         Inventories                                                 |   |   | 2,155 |   |   |   | (1,734 | ) |
|         Accounts payable and accrued expenses                       |   |   | (2,606 | ) |   |   | (198 | ) |
|         Deferred revenue, billings and deposits                     |   |   | (1,031 | ) |   |   | 2,523 |   |
|         Income taxes                                                |   |   | (1,600 | ) |   |   | 2,509 |   |
|         Other                                                       |   |   | 695 |   |   |   | 802 |   |
| Net cash provided by operating activities                                                                   |   |   | 34,336 |   |   |   | 20,009 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |
| INVESTING ACTIVITIES:                                                                                       |   |   |   |   |   |   |   |   |
| Additions to property, plant and equipment                                                                  |   |   | (11,331 | ) |   |   | (12,416 | ) |
| Acquisitions, net of cash acquired                                                                          |   |   | (6,625 | ) |   |   | - |   |
| Other                                                                                                       |   |   | - |   |   |   | 241 |   |
| Net cash (used in) investing activities                                                                     |   |   | (17,956 | ) |   |   | (12,175 | ) |
|                                                                                                        |   |   |   |   |   |   |   |   |
| FINANCING ACTIVITIES:                                                                                       |   |   |   |   |   |   |   |   |
| Net change in extended term payables arrangement                                                            |   |   | (3,483 | ) |   |   | (3,916 | ) |
| Borrowings on credit facility                                                                               |   |   | - |   |   |   | 30,000 |   |
| Payments on credit facility and capital lease obligations                                                   |   |   | (2,494 | ) |   |   | (28,118 | ) |
| Proceeds from issuance of common stock                                                                      |   |   | 363 |   |   |   | 321 |   |
| Dividends paid                                                                                              |   |   | (5,083 | ) |   |   | (4,793 | ) |
| Net cash (used in) financing activities                                                                     |   |   | (10,697 | ) |   |   | (6,506 | ) |
|                                                                                                        |   |   |   |   |   |   |   |   |
| Net increase in cash and cash equivalents                                                                   |   |   | 5,683 |   |   |   | 1,328 |   |
| Cash and cash equivalents at beginning of the period                                                        |   |   | 1,626 |   |   |   | 171 |   |
| Cash and cash equivalents at the end of the period                                                          |   | $ | 7,309 |   |   | $ | 1,499 |   |
|                                                                                                        |   |   |   |   |   |   |   |   |
| Supplemental disclosure of cash flow information:                                                           |   |   |   |   |   |   |   |   |
| Cash paid for interest                                                                                      |   | $ | 5,333 |   |   | $ | 5,886 |   |
| Net cash paid for income taxes                                                                              |   | $ | 1,192 |   |   | $ | 2,293 |   |
| Non-cash investing and financing activities:                                                                |   |   |   |   |   |   |   |   |
| Property, plant and equipment acquired with capital leases                                                  |   | $ | 417 |   |   | $ | 334 |   |
| Change in other comprehensive income (loss) from financial derivatives                                      |   |   |   |   |   |   |   |   |
| and post-retirement benefits                                                                                |   | $ | 511 |   |   | $ | (437 | ) |
|                                                                                                        |   |   |   |   |   |   |   |   |
| The accompanying notes are an integral part of the consolidated financial statements.                       |   |

----

Item 1.   Condensed Notes to Consolidated Financial Statements (Unaudited)

----

----

|                                                                |   | Three Months Ended |       |   | Nine Months Ended |   |
|---------------------------------------------------------------------|--------|--------------------|------------|--------|-------------------|--------|
|                                                                |   | September 30       |       |   | September 30      |   |
| (Dollars in thousands, except share and earnings per share amounts) |   | 2009               |       |   | 2008              |   |   | 2009 |   |   | 2008 |   |
|                                                                |   |               |       |   |              |   |   |   |   |   |   |   |
| Net Income                                                          |   | $                  | 6,106      |   |              | $      | 2,072 |   |   | $ | 9,849 |   |   | $ | 6,350 |   |
|                                                                |   |               |       |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding                                 |   |               | 13,080,538 |   |              |   | 13,352,005 |   |   |   | 13,049,686 |   |   |   | 13,325,967 |   |
| Stock options (dilutive only)                                       |   |               | 3,305      |   |              |   | 442 |   |   |   | - |   |   |   | 1,305 |   |
| Stock subscribed (ESPP)                                             |   |               | -          |   |              |   | 5,943 |   |   |   | - |   |   |   | 9,152 |   |
| Total dilutive shares outstanding                                   |   |               | 13,083,843 |   |              |   | 13,358,390 |   |   |   | 13,049,686 |   |   |   | 13,336,424 |   |
|                                                                |   |               |       |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share:                                                 |   |               |       |   |              |   |   |   |   |   |   |   |   |   |   |   |
|     Basic                                       |   | $                  | 0.47       |   |              | $      | 0.16 |   |   | $ | 0.75 |   |   | $ | 0.48 |   |
|     Diluted                                     |   | $                  | 0.47       |   |              | $      | 0.16 |   |   | $ | 0.75 |   |   | $ | 0.48 |   |

| Shares outstanding on record date |   | 2009             |   | 2008             |
|-----------------------------------|--------|------------------|--------|------------------|
| First quarter (Feb. 15)           |   |  13,000,953 |   |  13,292,419 |
| Second quarter (May 15)           |   |  13,041,891 |   |  13,319,782 |
| Third quarter (August 15)         |   |  13,056,430 |   | 13,330,284       |

----

|                                                      |   |          |   |   |          |   |   |         |   |   |           |   |   | Accumulated   |   |
|-----------------------------------------------------------|--------|---------------|--------|--------|---------------|--------|--------|--------------|--------|--------|----------------|--------|--------|---------------|--------|
|                                                      |   | Unrecognized  |   |   | Unrecognized  |   |   | Unrecognized |   |   | Unrealized     |   |   | Other         |   |
|                                                      |   | Net Actuarial |   |   | Prior Service |   |   | Transition   |   |   | Gain/(Loss)    |   |   | Comprehensive |   |
| (Dollars in thousands)                                    |   | Loss (1)      |   |   | Credit (1)    |   |   | Asset (1)    |   |   | on Derivatives |   |   | Income/(Loss) |   |
| December 31, 2008                                         |   | $             | (1,375 | )      |          | $      | 246    |         |   | $      | (145           | )      |   | $             | (1,979 | ) |   | $ | (3,253 | ) |
| 2009 Q1 Activity                                          |   |          |   |   |          |   |   |         |   |   |           |   |   |          | 292    |   |   |   | 292 |   |
| Q1 Net Periodic Benefit Cost                              |   |          | 20     |   |          |   | (8     | )            |   |   | 9              |   |   |          |   |   |   |   | 21 |   |
| March 31, 2009                                            |   | $             | (1,355 | )      |          | $      | 238    |         |   | $      | (136           | )      |   | $             | (1,687 | ) |   | $ | (2,940 | ) |
| 2009 Q2 Activity                                          |   |          |   |   |          |   |   |         |   |   |           |   |   |          | 183    |   |   |   | 183 |   |
| Q2 Net Periodic Benefit Cost                              |   |          | 20     |   |          |   | (8     | )            |   |   | 9              |   |   |          |   |   |   |   | 21 |   |
| June 30, 2009                                             |   | $             | (1,335 | )      |          | $      | 230    |         |   | $      | (127           | )      |   | $             | (1,504 | ) |   | $ | (2,736 | ) |
| 2009 Q3 Activity                                          |   |          |   |   |          |   |   |         |   |   |           |   |   |          | (27    | ) |   |   | (27 | ) |
| Q3 Net Periodic Benefit Cost                              |   |          | 20     |   |          |   | (8     | )            |   |   | 9              |   |   |          |   |   |   |   | 21 |   |
| September 30, 2009                                        |   | $             | (1,315 | )      |          | $      | 222    |         |   | $      | (118           | )      |   | $             | (1,531 | ) |   | $ | (2,742 | ) |
|                                                      |   |          |   |   |          |   |   |         |   |   |           |   |   |          |   |   |   |   |   |   |
| (1) Amounts pertain to our post-retirement benefit plans. |   |          |   |   |          |   |   |         |   |   |           |   |   |          |   |   |   |   |   |   |

----

| (Dollars in thousands)           |         |   | As of September 30, 2009 |   |   | As of December 31, 2008 |   |
|----------------------------------|--------------|--------|--------------------------|--------|--------|-------------------------|--------|
|                             |         |   | Gross Carrying           |   |   | Accumulated             |   |   | Gross Carrying |   |   | Accumulated |   |
|                             | Useful Lives |   | Amount                   |   |   | Amortization            |   |   | Amount |   |   | Amortization |   |
| Definite-Lived Intangible Assets |         |   |                     |   |   |                    |   |   |   |   |   |   |   |
| Customer relationships           | 1 - 8 years  |   | $                        | 5,299  |   |                    | $      | 4,052 |   |   | $ | 4,229 |   |   | $ | 3,379 |   |
| Other intangibles                | 1 - 5 years  |   |                     | 2,830  |   |                    |   | 750 |   |   |   | 730 |   |   |   | 724 |   |
| Total                            |         |   | $                        | 8,129  |   |                    | $      | 4,802 |   |   | $ | 4,959 |   |   | $ | 4,103 |   |

----

| (Dollars in thousands)                     |   |    |    |   |     |   |   | Corporate and |   |          |         |   |
|--------------------------------------------|--------|---------|---------|--------|----------|--------|--------|---------------|--------|---------------|--------------|--------|
| Three Months Ended September 30, 2009      |   | Telecom |    |   | Enventis |   |   | Eliminations  |   |          | Consolidated |   |
| Revenue from unaffiliated customers        |   | $       | 17,446  |   |     | $      | 17,462 |          |   | $             | -            |   |   | $ | 34,908 |   |
| Intersegment revenue                       |   |    | 367     |   |     |   | 106    |          |   |          | (473         | )      |   |   | - |   |
|    Total operating revenue  |   |    | 17,813  |   |     |   | 17,568 |          |   |          | (473         | )      |   |   | 34,908 |   |
|                                       |   |    |    |   |     |   |   |          |   |          |         |   |   |   |   |   |
| Depreciation and amortization              |   |    | 3,856   |   |     |   | 1,459  |          |   |          | 25           |   |   |   | 5,340 |   |
| Operating income                           |   |    | 3,407   |   |     |   | 1,523  |          |   |          | (236         | )      |   |   | 4,694 |   |
| Interest expense                           |   |    | 21      |   |     |   | 3      |          |   |          | 1,704        |   |   |   | 1,728 |   |
| Income tax provision (benefit)             |   |    | 1,372   |   |     |   | 620    |          |   |          | (5,118       | )      |   |   | (3,126 | ) |
| Net Income                                 |   |    | 2,016   |   |     |   | 901    |          |   |          | 3,189        |   |   |   | 6,106 |   |
| Total assets                               |   |    | 141,845 |   |     |   | 68,300 |          |   |          | 13,791       |   |   |   | 223,936 |   |
| Property, plant and equipment, net         |   |    | 107,604 |   |     |   | 44,335 |          |   |          | 292          |   |   |   | 152,231 |   |
| Additions to property, plant and equipment |   |    | 2,589   |   |     |   | 1,438  |          |   |          | 10           |   |   |   | 4,037 |   |
|                                       |   |    |    |   |     |   |   |          |   |          |         |   |   |   |   |   |
|                                       |   |    |    |   |     |   |   |          |   |          |         |   |   |   |   |   |
|                                       |   |    |    |   |     |   |   |          |   | Corporate and |         |   |   |   |   |
| Three Months Ended September 30, 2008      |   | Telecom |    |   | Enventis |   |   | Eliminations  |   |          | Consolidated |   |
| Revenue from unaffiliated customers        |   | $       | 18,758  |   |     | $      | 21,102 |          |   | $             | -            |   |   | $ | 39,860 |   |
| Intersegment revenue                       |   |    | 174     |   |     |   | 138    |          |   |          | (312         | )      |   |   | - |   |
|    Total operating revenue  |   |    | 18,932  |   |     |   | 21,240 |          |   |          | (312         | )      |   |   | 39,860 |   |
|                                       |   |    |    |   |     |   |   |          |   |          |         |   |   |   |   |   |
| Depreciation and amortization              |   |    | 4,059   |   |     |   | 1,158  |          |   |          | 13           |   |   |   | 5,230 |   |
| Operating income                           |   |    | 3,445   |   |     |   | 1,623  |          |   |          | 292          |   |   |   | 5,360 |   |
| Interest expense                           |   |    | 21      |   |     |   | -      |          |   |          | 1,853        |   |   |   | 1,874 |   |
| Income tax provision (benefit)             |   |    | 1,413   |   |     |   | 667    |          |   |          | (627         | )      |   |   | 1,453 |   |
| Net Income (loss)                          |   |    | 2,033   |   |     |   | 959    |          |   |          | (920         | )      |   |   | 2,072 |   |
| Total assets                               |   |    | 149,483 |   |     |   | 74,228 |          |   |          | 7,758        |   |   |   | 231,469 |   |
| Property, plant and equipment, net         |   |    | 113,468 |   |     |   | 37,442 |          |   |          | 133          |   |   |   | 151,043 |   |
| Additions to property, plant and equipment |   |    | 3,117   |   |     |   | 1,338  |          |   |          | 1            |   |   |   | 4,456 |   |

----

| (Dollars in thousands)                     |   |    |    |   |     |   |   | Corporate and |   |          |         |   |
|--------------------------------------------|--------|---------|---------|--------|----------|--------|--------|---------------|--------|---------------|--------------|--------|
| Nine Months Ended September 30, 2009       |   | Telecom |    |   | Enventis |   |   | Eliminations  |   |          | Consolidated |   |
| Revenue from unaffiliated customers        |   | $       | 52,899  |   |     | $      | 47,873 |          |   | $             | -            |   |   | $ | 100,772 |   |
| Intersegment revenue                       |   |    | 844     |   |     |   | 389    |          |   |          | (1,233       | )      |   |   | - |   |
|    Total operating revenue  |   |    | 53,743  |   |     |   | 48,262 |          |   |          | (1,233       | )      |   |   | 100,772 |   |
|                                       |   |    |    |   |     |   |   |          |   |          |         |   |   |   |   |   |
| Depreciation and amortization              |   |    | 11,803  |   |     |   | 3,809  |          |   |          | 54           |   |   |   | 15,666 |   |
| Operating income (loss)                    |   |    | 10,500  |   |     |   | 4,381  |          |   |          | (340         | )      |   |   | 14,541 |   |
| Interest expense                           |   |    | 75      |   |     |   | 3      |          |   |          | 5,077        |   |   |   | 5,155 |   |
| Income tax provision (benefit)             |   |    | 4,248   |   |     |   | 1,779  |          |   |          | (6,435       | )      |   |   | (408 | ) |
| Net Income                                 |   |    | 6,199   |   |     |   | 2,600  |          |   |          | 1,050        |   |   |   | 9,849 |   |
| Total assets                               |   |    | 141,845 |   |     |   | 68,300 |          |   |          | 13,791       |   |   |   | 223,936 |   |
| Property, plant and equipment, net         |   |    | 107,604 |   |     |   | 44,335 |          |   |          | 292          |   |   |   | 152,231 |   |
| Additions to property, plant and equipment |   |    | 6,375   |   |     |   | 4,891  |          |   |          | 65           |   |   |   | 11,331 |   |
|                                       |   |    |    |   |     |   |   |          |   |          |         |   |   |   |   |   |
|                                       |   |    |    |   |     |   |   |          |   |          |         |   |   |   |   |   |
|                                       |   |    |    |   |     |   |   |          |   | Corporate and |         |   |   |   |   |
| Nine Months Ended September 30, 2008       |   | Telecom |    |   | Enventis |   |   | Eliminations  |   |          | Consolidated |   |
| Revenue from unaffiliated customers        |   | $       | 55,051  |   |     | $      | 60,454 |          |   | $             | -            |   |   | $ | 115,505 |   |
| Intersegment revenue                       |   |    | 465     |   |     |   | 404    |          |   |          | (869         | )      |   |   | - |   |
|    Total operating revenue  |   |    | 55,516  |   |     |   | 60,858 |          |   |          | (869         | )      |   |   | 115,505 |   |
|                                       |   |    |    |   |     |   |   |          |   |          |         |   |   |   |   |   |
| Depreciation and amortization              |   |    | 11,993  |   |     |   | 3,203  |          |   |          | 38           |   |   |   | 15,234 |   |
| Operating income                           |   |    | 9,998   |   |     |   | 5,882  |          |   |          | 240          |   |   |   | 16,120 |   |
| Interest expense                           |   |    | 65      |   |     |   | -      |          |   |          | 4,984        |   |   |   | 5,049 |   |
| Income tax provision (benefit)             |   |    | 4,109   |   |     |   | 2,432  |          |   |          | (1,739       | )      |   |   | 4,802 |   |
| Net Income (loss)                          |   |    | 5,848   |   |     |   | 3,453  |          |   |          | (2,951       | )      |   |   | 6,350 |   |
| Total assets                               |   |    | 149,483 |   |     |   | 74,228 |          |   |          | 7,758        |   |   |   | 231,469 |   |
| Property, plant and equipment, net         |   |    | 113,468 |   |     |   | 37,442 |          |   |          | 133          |   |   |   | 151,043 |   |
| Additions to property, plant and equipment |   |    | 8,082   |   |     |   | 4,315  |          |   |          | 19           |   |   |   | 12,416 |   |

----

|                              |   |   |    |   | Weighted Average |   |
|-----------------------------------|--------|--------|---------|--------|------------------|--------|
|                              |   | Shares |    |   | Exercise Price   |   |
| Outstanding at January 1, 2009    |   |   | 471,200 |   |             | $      | 12.79 |   |
|     Granted   |   |   | -       |   |             |   | - |   |
|     Exercised |   |   | -       |   |             |   | - |   |
|     Forfeited |   |   | -       |   |             |   | - |   |
|     Expired   |   |   | (40,250 | )      |             |   | 11.87 |   |
| Outstanding at September 30, 2009 |   |   | 430,950 |   |             | $      | 12.87 |   |
| Exercisable at September 30, 2009 |   |   | 430,950 |   |             | $      | 12.87 |   |

|                       |            |   |          |          |    | Weighted       |   |   | Weighted          |   |
|----------------------------|-----------------|--------|---------------|---------------|---------|----------------|--------|--------|-------------------|--------|
| Range of                   |            |   | Stock Options |          |    | Average        |   |   | Average Remaining |   |
| Exercise Prices            |            |   | Outstanding   |          |    | Exercise Price |   |   | Contractual Life  |   |
|                       | $6.00 - $8.00   |   |          |          | 15,000  |           |   |   | $6.95             |   |   |   | 6.92 |   |
|                       | $8.00 - $12.00  |   |          |          | 156,950 |           |   |   | 10.22             |   |   |   | 4.18 |   |
|                       | $12.00 - $16.00 |   |          |          | 205,250 |           |   |   | 13.95             |   |   |   | 1.55 |   |
|                       | $16.00 - $21.00 |   |          |          | 53,750  |           |   |   | 18.18             |   |   |   | 1.47 |   |
|                       |            |   |          |          | 430,950 |           |   |   | $12.87            |   |   |   | 2.69 |   |
|                       |            |   |          |          |    |           |   |   |              |   |   |   |   |   |
| Aggregate intrinsic value: |            |   |          | $43,700  |    |           |   |   |              |   |   |   |   |

|                      |            |   |          |          |    |             |   |   | Weighted Average |   |
|---------------------------|-----------------|--------|---------------|---------------|---------|------------------|--------|--------|------------------|--------|
| Range of                  |            |   | Stock Options |          |    | Weighted Average |   |   | Remaining        |   |
| Exercise Prices           |            |   | Exercisable   |          |    | Exercise Price   |   |   | Contractual Life |   |
|                      | $6.00 - $8.00   |   |          |          | 15,000  |             |   |   | $6.95            |   |   |   | 6.92 |   |
|                      | $8.00 - $12.00  |   |          |          | 156,950 |             |   |   | 10.22            |   |   |   | 4.18 |   |
|                      | $12.00 - $16.00 |   |          |          | 205,250 |             |   |   | 13.95            |   |   |   | 1.55 |   |
|                      | $16.00 - $21.00 |   |          |          | 53,750  |             |   |   | 18.18            |   |   |   | 1.47 |   |
|                      |            |   |          |          | 430,950 |             |   |   | $12.87           |   |   |   | 2.69 |   |
|                      |            |   |          |          |    |             |   |   |             |   |   |   |   |   |
| Aggregate Intrinsic Value |            |   |          | $43,700  |    |             |   |   |             |   |   |   |   |

----

| ·   | Level 1 – quoted prices in active markets for identical assets and liabilities. |
|--------------------|---------------------------------------------------------------------------------------|

| ·   | Level 2 – observable inputs other than quoted prices in active markets for identical assets and liabilities. |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

| ·   | Level 3 – unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Interest-Rate Swap Agreement Effective Dates |   | Coverage Amount |       |   | Rate   |   |
|----------------------------------------------|--------|-----------------|------------|--------|--------|--------|
| March 2007 - March 2010                      |   | $               | 60,000,000 |   |   |   | 4.89 | % |
| March 2008 - February 2010                   |   | $               | 40,000,000 |   |   |   | 2.54 | % |
| March 2010 - September 2011                  |   | $               | 80,000,000 |   |   |   | 2.15 | % |

|                            |                 |                          |                    |             |     |   |       |
|---------------------------------|----------------------|-------------------------------|-------------------------|------------------|----------|--------|------------|
| (Dollars in thousands)          | Gain/(Loss) Reported | Location of Gain/Proceeds     | Amount of Gain/Proceeds |
|                            | in Accumulated Other | Reclassified from Accumulated | Recognized in           |
| Derivatives in Statement 133    | Comprehensive Loss   | Other Comprehensive Income    | Income on Derivative    |
| Cash Flow Hedging Relationships | 2009                 |                          | 2008                    | into Income      | 2009     |   | 2008       |
|                            |                 |                          |                    |             |     |   |       |
| Interest Rate Contracts         |  $448           |                          |  ($476)            | Interest Expense | $ - |   |  $664 |

----

|                                                            |   | Three Months Ended |   |   | Nine Months Ended |   |
|-----------------------------------------------------------------|--------|--------------------|--------|--------|-------------------|--------|
|                                                            |   | September 30       |   |   | September 30      |   |
| (Dollars in thousands)                                          |   | 2009               |   |   | 2008              |   |   | 2009 |   |   | 2008 |   |
| Components of net periodic benefit cost                         |   |               |   |   |              |   |   |   |   |   |   |   |
| Service cost                                                    |   | $                  | 77     |   |              | $      | 63 |   |   | $ | 231 |   |   | $ | 189 |   |
| Interest cost                                                   |   |               | 137    |   |              |   | 122 |   |   |   | 411 |   |   |   | 366 |   |
| Amortization of transition obligation                           |   |               | 15     |   |              |   | 15 |   |   |   | 45 |   |   |   | 45 |   |
| Amortization of prior service cost                              |   |               | (14    | )      |              |   | (14 | ) |   |   | (42 | ) |   |   | (42 | ) |
| Recognized net actuarial loss                                   |   |               | 33     |   |              |   | 20 |   |   |   | 99 |   |   |   | 60 |   |
| Net periodic benefit cost                                       |   | $                  | 248    |   |              | $      | 206 |   |   | $ | 744 |   |   | $ | 618 |   |
|                                                            |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |               |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Employer's contributions for current premiums:                  |   |               |   |   |              |   |   |   |   | September 30, 2009 |   |
| Contributions made for the nine months ended September 30, 2009 |   |               |   |   |              |   |   |   |   |   |   |   |   | $ | 209 |   |
| Expected contributions for remainder of 2009                    |   |               |   |   |              |   |   |   |   |   |   |   |   |   | 64 |   |
| Total estimated employer contributions for fiscal year 2009     |   |               |   |   |              |   |   |   |   |   |   |   |   | $ | 273 |   |

----

| Property and Equipment                                       |   | $      | 3,998  |   |
|--------------------------------------------------------------|--------|--------|--------|--------|
| Identifiable intangible assets:                              |   |   |   |   |
|     Customer relationships and contracts |   |   | 1,070  |   |
|  Supplier relationship                                  |   |   | 2,100  |   |
| Goodwill                                                     |   |   | 2,069  |   |
| Net working capital                                          |   |   | (549   | )      |
| Other assets and liabilities                                 |   |   | (2,063 | )      |
| Allocation of purchase consideration                         |   | $      | 6,625  |   |

----

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

----

| TELECOM SECTOR                                             |   |
|------------------------------------------------------------|--------|
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       |   | Three Months Ended |   |   | Nine Months Ended |   |
|                                                       |   | September 30 |   |   | September 30 |   |
| (Dollars in thousands)                                     |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Revenue before intersegment eliminations                   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|     Local Service                      |   | $ | 3,802 |   |   | $ | 4,079 |   |   | $ | 11,559 |   |   | $ | 12,296 |   |
|     Network Access                     |   |   | 5,993 |   |   |   | 6,752 |   |   |   | 18,158 |   |   |   | 19,529 |   |
|     Long Distance                      |   |   | 872 |   |   |   | 1,097 |   |   |   | 2,930 |   |   |   | 3,484 |   |
|     Data                               |   |   | 1,949 |   |   |   | 1,877 |   |   |   | 5,724 |   |   |   | 5,628 |   |
|     Internet                           |   |   | 1,233 |   |   |   | 1,211 |   |   |   | 3,739 |   |   |   | 3,478 |   |
|     Digital TV                         |   |   | 1,128 |   |   |   | 871 |   |   |   | 3,216 |   |   |   | 2,473 |   |
|     Directory                          |   |   | 971 |   |   |   | 1,081 |   |   |   | 3,071 |   |   |   | 3,085 |   |
|     Bill Processing                    |   |   | 849 |   |   |   | 1,058 |   |   |   | 2,479 |   |   |   | 2,557 |   |
|     Intersegment                       |   |   | 367 |   |   |   | 174 |   |   |   | 844 |   |   |   | 465 |   |
|     Other                              |   |   | 649 |   |   |   | 732 |   |   |   | 2,023 |   |   |   | 2,521 |   |
| Total Telecom Revenue                                      |   | $ | 17,813 |   |   | $ | 18,932 |   |   | $ | 53,743 |   |   | $ | 55,516 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Telecom revenue before intersegment eliminations     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Unaffiliated customers                   |   | $ | 17,446 |   |   | $ | 18,758 |   |   | $ | 52,899 |   |   | $ | 55,051 |   |
|    Intersegment                             |   |   | 367 |   |   |   | 174 |   |   |   | 844 |   |   |   | 465 |   |
|                                                       |   |   | 17,813 |   |   |   | 18,932 |   |   |   | 53,743 |   |   |   | 55,516 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of services (excluding depreciation and amortization) |   |   | 7,668 |   |   |   | 7,958 |   |   |   | 22,684 |   |   |   | 23,450 |   |
| Selling, general and administrative expenses               |   |   | 2,882 |   |   |   | 3,470 |   |   |   | 8,756 |   |   |   | 10,075 |   |
| Depreciation and amortization                              |   |   | 3,856 |   |   |   | 4,059 |   |   |   | 11,803 |   |   |   | 11,993 |   |
|    Total Telecom costs and expenses         |   |   | 14,406 |   |   |   | 15,487 |   |   |   | 43,243 |   |   |   | 45,518 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating Income                                           |   | $ | 3,407 |   |   | $ | 3,445 |   |   | $ | 10,500 |   |   | $ | 9,998 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                 |   | $ | 2,016 |   |   | $ | 2,033 |   |   | $ | 6,199 |   |   | $ | 5,848 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                       |   | $ | 2,589 |   |   | $ | 3,117 |   |   | $ | 6,375 |   |   | $ | 8,082 |   |
|                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Key metrics                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Business access lines              |   |   | 25,542 |   |   |   | 26,350 |   |   |   |   |   |   |   |   |   |
|     Residential access lines           |   |   | 31,385 |   |   |   | 35,115 |   |   |   |   |   |   |   |   |   |
| Total access lines                                         |   |   | 56,927 |   |   |   | 61,465 |   |   |   |   |   |   |   |   |   |
| Long distance customers                                    |   |   | 36,761 |   |   |   | 39,533 |   |   |   |   |   |   |   |   |   |
| Digital Subscriber Line customers                          |   |   | 19,511 |   |   |   | 18,519 |   |   |   |   |   |   |   |   |   |
| Digital TV customers                                       |   |   | 9,386 |   |   |   | 7,882 |   |   |   |   |   |   |   |   |   |

----

----

----

----

| ENVENTIS SECTOR                                         |   |
|---------------------------------------------------------|--------|
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   | Three Months Ended |   |   | Nine Months Ended |   |
|                                                    |   | September 30 |   |   | September 30 |   |
| (Dollars in thousands)                                  |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
| Revenue before intersegment eliminations                |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue                                                 |   |   |   |   |   |   |   |   |   |   |   |   |
| ENS equipment                                           |   | $ | 6,604 |   |   | $ | 11,725 |   |   | $ | 18,788 |   |   | $ | 34,602 |   |
| ENS services                                            |   |   | 2,183 |   |   |   | 3,114 |   |   |   | 7,273 |   |   |   | 8,235 |   |
| ETS services                                            |   |   | 8,675 |   |   |   | 6,263 |   |   |   | 21,812 |   |   |   | 17,617 |   |
| Intersegment                                            |   |   | 106 |   |   |   | 138 |   |   |   | 389 |   |   |   | 404 |   |
| Total Enventis revenue                                  |   | $ | 17,568 |   |   | $ | 21,240 |   |   | $ | 48,262 |   |   | $ | 60,858 |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Enventis revenue before intersegment eliminations |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Unaffiliated customers                |   | $ | 17,462 |   |   | $ | 21,102 |   |   | $ | 47,873 |   |   | $ | 60,454 |   |
|    Intersegment                          |   |   | 106 |   |   |   | 138 |   |   |   | 389 |   |   |   | 404 |   |
|                                                    |   |   | 17,568 |   |   |   | 21,240 |   |   |   | 48,262 |   |   |   | 60,858 |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales, equipment                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   (excluding depreciation and amortization)   |   |   | 5,653 |   |   |   | 10,190 |   |   |   | 16,369 |   |   |   | 29,605 |   |
| Cost of services                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   (excluding depreciation and amortization)   |   |   | 6,177 |   |   |   | 5,858 |   |   |   | 16,264 |   |   |   | 15,017 |   |
| Selling, general and administrative expenses            |   |   | 2,756 |   |   |   | 2,411 |   |   |   | 7,439 |   |   |   | 7,151 |   |
| Depreciation and amortization                           |   |   | 1,459 |   |   |   | 1,158 |   |   |   | 3,809 |   |   |   | 3,203 |   |
|    Total Enventis costs and expenses     |   |   | 16,045 |   |   |   | 19,617 |   |   |   | 43,881 |   |   |   | 54,976 |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                        |   | $ | 1,523 |   |   | $ | 1,623 |   |   | $ | 4,381 |   |   | $ | 5,882 |   |
| Net income                                              |   | $ | 901 |   |   | $ | 959 |   |   | $ | 2,600 |   |   | $ | 3,453 |   |
|                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                    |   | $ | 1,438 |   |   | $ | 1,338 |   |   | $ | 4,891 |   |   | $ | 4,315 |   |

----

| ENVENTIS PRODUCT LINE REPORTING                       |   |
|-------------------------------------------------------|--------|
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   | Three Months Ended September 30 |   |   | Nine Months Ended September 30 |   |
|                                                  |   | Enterprise Network Services (ENS) |   |   | Enventis Transport Services (ETS) |   |   | Enterprise Network Services (ENS) |   |   | Enventis Transport Services (ETS) |   |
| (Dollars in thousands)                                |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |   | 2009 |   |   | 2008 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue before intersegment eliminations:             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equipment                                             |   | $ | 6,604 |   |   | $ | 11,725 |   |   | $ | - |   |   | $ | - |   |   | $ | 18,788 |   |   | $ | 34,602 |   |   | $ | - |   |   | $ | - |   |
| Service                                               |   |   | 2,183 |   |   |   | 3,114 |   |   |   | 8,675 |   |   |   | 6,263 |   |   |   | 7,273 |   |   |   | 8,235 |   |   |   | 21,812 |   |   |   | 17,617 |   |
| Intersegment                                          |   |   | - |   |   |   | - |   |   |   | 106 |   |   |   | 138 |   |   |   | - |   |   |   | - |   |   |   | 389 |   |   |   | 404 |   |
| Total Enventis revenue                                |   | $ | 8,787 |   |   | $ | 14,839 |   |   | $ | 8,781 |   |   | $ | 6,401 |   |   | $ | 26,061 |   |   | $ | 42,837 |   |   | $ | 22,201 |   |   | $ | 18,021 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales, equipment                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   (excluding depreciation and amortization) |   |   | 5,728 |   |   |   | 10,187 |   |   |   | (75 | ) |   |   | 3 |   |   |   | 16,427 |   |   |   | 29,593 |   |   |   | (58 | ) |   |   | 12 |   |
| Cost of services                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   (excluding depreciation and amortization) |   |   | 1,664 |   |   |   | 2,698 |   |   |   | 4,513 |   |   |   | 3,160 |   |   |   | 5,265 |   |   |   | 6,673 |   |   |   | 10,999 |   |   |   | 8,344 |   |
| Selling, general and administrative expenses          |   |   | 1,303 |   |   |   | 1,295 |   |   |   | 1,453 |   |   |   | 1,116 |   |   |   | 3,802 |   |   |   | 3,827 |   |   |   | 3,637 |   |   |   | 3,324 |   |
| Depreciation and amortization                         |   |   | 121 |   |   |   | 122 |   |   |   | 1,338 |   |   |   | 1,036 |   |   |   | 307 |   |   |   | 366 |   |   |   | 3,502 |   |   |   | 2,837 |   |
|    Total costs and expenses            |   |   | 8,816 |   |   |   | 14,302 |   |   |   | 7,229 |   |   |   | 5,315 |   |   |   | 25,801 |   |   |   | 40,459 |   |   |   | 18,080 |   |   |   | 14,517 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                      |   | $ | (29 | ) |   | $ | 537 |   |   | $ | 1,552 |   |   | $ | 1,086 |   |   | $ | 260 |   |   | $ | 2,378 |   |   | $ | 4,121 |   |   | $ | 3,504 |   |
| Net income                                            |   | $ | (17 | ) |   | $ | 316 |   |   | $ | 918 |   |   | $ | 643 |   |   | $ | 156 |   |   | $ | 1,394 |   |   | $ | 2,444 |   |   | $ | 2,059 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                  |   | $ | 62 |   |   | $ | 163 |   |   | $ | 1,376 |   |   | $ | 1,175 |   |   | $ | 324 |   |   | $ | 452 |   |   | $ | 4,567 |   |   | $ | 3,863 |   |

----

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----

|                                   |   | Nine Months Ended |    |
|----------------------------------------|--------|-------------------|---------|
| (Dollars in thousands)                 |   | September 30      |    |
|                                   |   | 2009              |    |   | 2008 |   |
| Net cash provided by (used for):       |   |              |    |   |   |   |
|    Operating activities |   | $                 | 34,336  |   |   | $ | 20,009 |   |
|    Investing activities |   |              | (17,956 | ) |   |   | (12,175 | ) |
|    Financing activities |   |              | (10,697 | ) |   |   | (6,506 | ) |
| Increase in cash and cash equivalents  |   | $                 | 5,683   |   |   | $ | 1,328 |   |

----

----

Item 3. Quantitative and Qualitative Disclosures about Market Risk

| Interest-Rate Swap Agreement Effective Dates |   | Coverage Amount |       |   | Rate   |   |
|----------------------------------------------|--------|-----------------|------------|--------|--------|--------|
| March 2007 - March 2010                      |   | $               | 60,000,000 |   |   |   | 4.89 | % |
| March 2008 - February 2010                   |   | $               | 40,000,000 |   |   |   | 2.54 | % |
| March 2010 - September 2011                  |   | $               | 80,000,000 |   |   |   | 2.15 | % |

----

Item 4.  Controls and Procedures

Item 1.  Legal Proceedings.

Item 1A.  Risk Factors.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

Item 3.  Defaults Upon Senior Securities.

Item 4.  Submission of Matters to a Vote of Security Holders.

Item 5.  Other Information.

Item 6.  Exhibits Listing.

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Signatures

| HICKORY TECH CORPORATION |
|--------------------------|

| By:  /s/ John W. Finke                     |
|------------------------------------------------------|
| John W. Finke, President and Chief Executive Officer |

| By:  /s/ David A. Christensen                                 |
|-------------------------------------------------------------------------|
| David A. Christensen, Senior Vice President and Chief Financial Officer |

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