<PAGE>

                                      FORM 10-Q
                                           
                          SECURITIES AND EXCHANGE COMMISSION
                                           
                                WASHINGTON, D.C. 20549
                                           
(Mark One)

[X]       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
          EXCHANGE ACT OF 1934

For the quarterly period ended     September 30, 1996
                               ---------------------------
                                        - or -

[ ]       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
                                    P.O. Box 3248
                               221 East Hickory Street
                            Mankato, Minnesota 56002-3248
                                    (800) 326-5789
                                           
                                           
Incorporated in Minnesota                  I.R.S. Employer Identification
                                           41-1524393



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 and Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the Registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. [X]


The number of shares outstanding of each of the Registrant's classes of common
stock, as of the latest practicable date:  4,860,396 shares of no par common
stock as of September 30, 1996.

<PAGE>

                               HICKORY TECH CORPORATION
                                  SEPTEMBER 30, 1996
                                           
                            PART I.  FINANCIAL INFORMATION
                                           
ITEM 1.   FINANCIAL STATEMENTS.

                            CONSOLIDATED INCOME STATEMENT
                                     (UNAUDITED)
                                           
In Thousands                             FOR QUARTER ENDED   FOR 9 MONTHS ENDED
                                         9-30-96   9-30-95   9-30-96    9-30-95
                                         -----------------   ------------------
OPERATING REVENUES
  Telephone                              $ 7,675   $ 7,421   $23,586    $22,592
  Data Processing                          2,256     2,585     7,052      6,833
  Equipment Sales                          5,056     4,064    12,542     10,874
  Telecommunications Product Development   1,652     1,801     4,942      5,792
                                         -------   -------   -------    -------
  TOTAL OPERATING REVENUES                16,639    15,871    48,122     46,091

COSTS AND EXPENSES
  Cost of Sales                            4,260     3,543    10,705      9,900
  Operating Expenses                       6,572     6,656    20,514     19,275
  Depreciation                             1,315     1,509     4,063      4,208
  Amortization of Intangibles                310       466     1,494      1,482
                                         -------   -------   -------    -------
  TOTAL COSTS AND EXPENSES                12,457    12,174    36,776     34,865
                                         -------   -------   -------    -------

OPERATING INCOME                           4,182     3,697    11,346     11,226

OTHER INCOME                                 267       288       807        692
INTEREST EXPENSE                              (7)      (18)     (144)       (64)
                                         -------   -------   -------    -------
INCOME BEFORE INCOME TAXES                 4,442     3,967    12,009     11,854

INCOME TAXES                               1,809     1,591     4,789      4,752
                                         -------   -------   -------    -------
CONSOLIDATED NET INCOME                  $ 2,633   $ 2,376   $ 7,220    $ 7,102
                                         -------   -------   -------    -------
                                         -------   -------   -------    -------

EARNINGS PER SHARE                         $0.54     $0.46     $1.43      $1.39

DIVIDENDS PER SHARE                       $0.275     $0.25    $0.825      $0.75




The accompanying notes are an integral part of the financial statements.

                                         -1-

<PAGE>

                               HICKORY TECH CORPORATION
                                  SEPTEMBER 30, 1996
                        CONSOLIDATED BALANCE SHEET (UNAUDITED)
                                           
In Thousands                                         9-30-96        12-31-95  
                                                   -----------    ------------
ASSETS
CURRENT ASSETS:
  Cash and Cash Equivalents                          $ 3,266        $ 4,517  
  Temporary Cash Investments                               0          7,176  
  Receivables, Net of Allowance                       10,400          9,381  
  Taxes Receivable                                       579              0  
  Inventories                                          3,178          2,846  
  Deferred Tax Benefit and Other                       1,298            985  
                                                   -----------    ------------
    TOTAL CURRENT ASSETS                              18,721         24,905  

INVESTMENTS                                            2,940          2,714  

PROPERTY, PLANT & EQUIPMENT:
  Telecommunications Plant                            73,148         69,162  
  Other Property and Equipment                        10,705         11,433  
                                                   -----------    ------------
    TOTAL                                             83,853         80,595  
  Less Accumulated Depreciation                       48,056         44,507  
                                                   -----------    ------------
    NET PROPERTY, PLANT AND EQUIPMENT                 35,797         36,088  

OTHER ASSETS:
  Intangible Assets                                    9,034          9,457  
  Note Receivable                                        220            340  
  Miscellaneous                                          413            433  
                                                   -----------    ------------
    TOTAL OTHER ASSETS                                 9,667         10,230  
                                                   -----------    ------------
TOTAL ASSETS                                         $67,125        $73,937  
                                                   -----------    ------------
                                                   -----------    ------------
LIABILITIES & SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
  Accounts Payable                                   $ 4,593        $ 5,568  
  Accrued Taxes                                            0            459  
  Advanced Billings & Deposits                         1,698          1,679  
  Current Maturities of Long-Term Debt                   210            206  
                                                   -----------    ------------
    TOTAL CURRENT LIABILITIES                          6,501          7,912  

LONG-TERM DEBT, NET OF CURRENT MATURITIES                930          1,087  

DEFERRED CREDITS:
  Investment Tax Credits                                 173            233  
  Income Taxes                                         3,855          3,735  
  Compensation Benefits and Other                      2,955          3,063  
                                                   -----------    ------------
    TOTAL DEFERRED CREDITS                             6,983          7,031  

SHAREHOLDERS' EQUITY:
  Common Stock                                           486          2,294  
  Additional Paid-In Capital                           1,794              0  
  Reinvested Earnings                                 50,431         55,613  
                                                   -----------    ------------
    TOTAL SHAREHOLDERS' EQUITY                        52,711         57,907  
                                                   -----------    ------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY             $67,125        $73,937  
                                                   -----------    ------------
                                                   -----------    ------------

The accompanying notes are an integral part of the financial statements.  
    
                                         -2-
<PAGE>
                                           
                               HICKORY TECH CORPORATION
                                  SEPTEMBER 30, 1996
                   CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
                                           
                                                          FOR NINE MONTHS ENDED
In Thousands                                              9-30-96      9-30-95  
                                                        -----------  -----------
CASH FLOWS FROM OPERATING ACTIVITIES
  Net Income                                              $  7,220     $  7,102 
  Adjustments to Reconcile Net Income to Net
   Cash Provided by Operating Activities
     Depreciation and Amortization                           5,721        5,690 
     Estimated Loss Resulting from Disposition of Assets         0          415 
     Equity in Subsidiary Net Income                          (419)        (384)
     Changes in Assets and Liabilities:
     Increase in:
          Receivables                                       (1,019)      (1,909)
          Taxes Receivable                                    (579)        (311)
          Inventories                                         (332)        (143)
     Increase (Decrease) in:
          Accounts Payable                                    (975)       1,076 
          Accrued Taxes                                       (459)        (404)
          Advance Billings & Deposits                           19          988 
          Deferred Investments Tax Credits                     (60)         (77)
          Deferred Income Taxes                                120          (56)
          Other                                               (401)         683 
                                                        -----------  -----------
     Net Cash Provided by Operating Activities               8,836       12,670 
                                                        -----------  -----------
CASH FLOWS FROM INVESTING ACTIVITIES
  Additions to Property, Plant & Equipment                  (3,936)      (3,670)
  Additions to Intangible Assets                            (1,071)        (641)
  (Increase) Decrease in Note Receivable                       120          (88)
  Increase in Investments                                      193          270 
  (Increase) Decrease in Temporary Cash Investments          7,176          (55)
  Proceeds from Sale of Assets                                   0          155 
                                                        -----------  -----------
     Net Cash Provided by (Used in) Investing Activities     2,482       (4,029)
                                                        -----------  -----------
CASH FLOWS FROM FINANCING ACTIVITIES
  Repayments of  Debt                                         (153)        (931)
  Proceeds from Issuance of Common Stock                       549          267 
  Acquisition of Common Stock                               (8,810)           0 
  Dividends Paid                                            (4,155)      (3,844)
                                                        -----------  -----------
     Net Cash Used in Financing Activities                 (12,569)      (4,508)
                                                        -----------  -----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS        (1,251)       4,133 

CASH AND CASH EQUIVALENTS At Beginning of Year               4,517        5,065 
                                                        -----------  -----------
CASH AND CASH EQUIVALENTS At End of Period                $  3,266     $  9,198 
                                                        -----------  -----------
                                                        -----------  -----------



The accompanying notes are an integral part of the financial statements.       

                                         -3-

<PAGE>

                               HICKORY TECH CORPORATION
                                 SEPTEMBER  30, 1996
                            PART 1. FINANCIAL INFORMATION
                                           
ITEM 1.   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
          The preceding unaudited Consolidated Statement of Income, Balance 
          Sheet and Statement of Cash Flows include all adjustments which are, 
          in the opinion of management, necessary to present a fair statement of
          the results for the interim periods being reported on.

NOTE 1.   BASIS OF CONSOLIDATION

          The Registrant is a diversified communications company headquartered 
          in Mankato, Minnesota. The consolidated financial statements of the 
          Registrant include Hickory Tech Corporation, the parent company, and 
          its seven wholly-owned operating subsidiaries. The companies and 
          operations of the Registrant are grouped into four primary lines of 
          business.

          MANKATO CITIZENS TELEPHONE COMPANY, MID-COMMUNICATIONS, INC. and 
          AMANA COLONIES TELEPHONE COMPANY are local exchange telephone 
          companies. Mankato Citizens Telephone Company also owns and 
          operates a direct broadcast satellite license under the trade name 
          DirectVision. CABLE NETWORK, INC. owns and operates fiber optic 
          cable facilities for the transportation of long distance 
          communications. It also operates cable television systems and has 
          ownership interests in Midwest Wireless, L.L.C., a cellular company 
          in southern Minnesota. These four subsidiaries comprise the 
          Registrant's Telephone Segment.

          COMPUTOSERVICE, INC. (CSI) provides data processing for the 
          Telephone Segment as well as other unrelated telephone companies. 
          It also provides services to interexchange carriers and enhanced 
          service providers throughout the United States through its 
          subsidiary, National Independent Billing, Inc. The operations of 
          Computoservice, Inc. and National Independent Billing, Inc. 
          constitute the Registrant's Data Processing Segment.

          COLLINS COMMUNICATIONS SYSTEMS CO. (Collins) sells, installs and 
          services telecommunications equipment in the retail market in the 
          metropolitan Minneapolis/St. Paul area. The Registrant's Equipment 
          Sales Segment is made up of this subsidiary, as well as the retail 
          sales and service operations of the Registrant's local exchange 
          telephone companies in southern Minnesota and east-central Iowa.

          DIGITAL TECHNIQUES, INC. (DTI) designs, assembles and distributes 
          unique business telephone system components. The operations 
          comprise the Registrant's Telecommunications Product Development 
          Segment.

          The accounting policies of the Registrant are in conformity with 
          generally accepted accounting principles and, where applicable, 
          conform to the accounting principles as prescribed by federal and 
          state telephone utility regulatory authorities.

          All intercompany transactions have been eliminated from the 
          consolidated financial statements.




                                         -4-
<PAGE>
                                           
                               HICKORY TECH CORPORATION
                                 SEPTEMBER  30, 1996
                            PART 1. FINANCIAL INFORMATION
                                           
ITEM 1.   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. (CONTINUED)

NOTE 2.   EARNINGS AND CASH DIVIDENDS PER COMMON SHARE
          Earnings per common share are based on the weighted average number 
          of shares of common stock equivalents outstanding during all 
          periods. For the quarter ended September 30, 1996, the earnings per 
          common share calculation was based on 4,893,604 shares. For the 
          nine months ended September 30, 1996, the calculation was based on 
          5,032,022 shares. For the quarter ended September 30, 1995, the 
          earnings per common share calculation was based on 5,127,569 
          shares. For the nine months ended September 30, 1995, the 
          calculation was based on 5,125,517 shares.

          Cash dividends are based on the number of common shares outstanding 
          at the respective record dates. The number of shares outstanding as 
          of the record date for the first, second and third quarters of 1996 
          and 1995 were as follows:

                    SHARES OUTSTANDING ON RECORD DATE     1996       1995
                    ---------------------------------     ----       ----
                    1st Quarter (Feb. 15)               5,121,873  5,124,291
                    2nd Quarter (May 15)                5,098,119  5,124,656
                    3rd Quarter (Aug. 15)               4,890,679  5,125,041
    
NOTE 3.   INVENTORIES
          Inventories are stated at the lower of average cost or market and 
          consist of the following:

          (In Thousands)                                 9-30-96    12-31-95
                                                         -------    --------
          Finished Goods                                 $   311    $   344
          Work in Process                                     77        142
          Materials and Supplies                           2,790      2,360
                                                         -------    --------
          Total                                          $ 3,178    $ 2,846
                                                         -------    --------
                                                         -------    --------

NOTE 4.   COMMON STOCK

          The Registrant's common stock has no par value. There are 
          25,000,000 shares authorized. There were 4,860,396 shares 
          outstanding on September 30, 1996, and 5,134,021 shares outstanding 
          on December 31, 1995.

          Pursuant to the Employee Stock Purchase Plan, 11,094 shares of 
          common stock were issued on September 1, 1996 to the employees who 
          participated in the plan.

          Pursuant to the Retainer Stock Plan for Directors, 455 shares of 
          common stock were issued in lieu of cash retainers to five members 
          of the Registrant's Board of Directors on March 31, 1996, 356 
          shares were issued in lieu of cash retainers to four members of the 
          Board of Directors on June 30, 1996 and 392 shares were issued in 
          lieu of cash retainers to four members of the Board of Directors on 
          September 30, 1996.  Pursuant to a long-term incentive award plan 
          for officers, 3,152 shares of common stock were issued to officers 
          of the Registrant during the first quarter of 1996. Shares issued 
          to directors and officers were issued at 100% of fair market value 
          on the date of issue.

                                         -5-
<PAGE>
                                           
                               HICKORY TECH CORPORATION
                                  SEPTEMBER 30, 1996
                            PART 1. FINANCIAL INFORMATION
                                           
ITEM 1.   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. (CONTINUED)

          During the nine months ended September 30, 1996, the Registrant 
          retired 295,831 shares of its common stock at a cost of $8,810,000. 
          In April, 1996, the Registrant announced a program to repurchase 
          up to 500,000 shares of its outstanding stock.  This program was 
          reported on Form 8-K dated April 8, 1996.

          Other common stock activity includes 6,757 shares issued in April 
          1996 to minority shareholders of Digital Techniques, Inc., the 
          Registrant's subsidiary, to complete a merger.

          Effective April 1, 1996, the Registrant established a stated value 
          of $0.10 per share for its common stock.  Prior to this change, the 
          Registrant's common stock had no stated value.  On April 1, 1996, 
          the accounting value of the Registrant's common stock of $1,941,000 
          was reclassified to $512,000 as common stock and $1,429,000 as 
          Additional Paid-In Capital.  This change was implemented due to the 
          Registrant's activities in repurchasing its common stock.

NOTE 5.   CORPORATE DEVELOPMENT
          The Registrant has entered into an agreement to purchase the assets 
          of eleven rural telephone exchanges in the State of Iowa from US 
          West Communications, Inc. ("US West") for $35,271,000.  The eleven 
          exchanges contain approximately 12,200 access lines.  The 
          acquisition will be structured as a purchase of telephone assets 
          from US West and must be approved by the Public Utilities Boards of 
          Iowa, South Dakota, Minnesota and the Federal Communications 
          Commission.  The approvals at the state levels have been obtained 
          and the Federal Communications Commission approval is in process.  
          It is anticipated that all the approvals for the purchase of the 
          changes should be completed in the first quarter of 1997.

          The Registrant is anticipating utilizing new long-term debt 
          instruments to fund the majority of its $35,271,000 acquisition 
          price for the US West property.  Negotiations are presently taking 
          place to secure such funding. No difficulty is anticipated in 
          obtaining this financing.

NOTE 6.   OTHER
          Certain information and footnote disclosures normally included in 
          financial statements prepared in accordance with generally accepted 
          accounting principles have been condensed or omitted. It is 
          suggested these condensed financial statements be read in 
          conjunction with the financial statements and notes thereto 
          included in the Registrant's December 31, 1995 Form 10-K.

                                         -6-
<PAGE>

                               HICKORY TECH CORPORATION
                                  SEPTEMBER 30, 1996
                                           
ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
          FINANCIAL CONDITION.

          Consolidated Net Income for the quarter ended September 30, 1996, was 
          10.8% higher  than the same period in 1995, as illustrated by the 
          following table:
    
          NET INCOME (thousands)          1996      1995      1994      1993
                                          ----      ----      ----      ----
          1st Quarter                   $2,416    $2,221    $2,121    $2,233
          2nd Quarter                    2,171     2,505     2,255     1,976
          3rd Quarter                    2,633     2,376     2,223     1,832

          Operating Revenues were  4.8% higher for the quarter ended 
          September 30, 1996, than for the quarter ended September 30, 1995, as 
          illustrated by the following table:

          OPERATING REVENUES (thousands)  1996      1995      1994      1993
                                          ----      ----      ----      ----
          1st Quarter                  $15,541   $14,647   $14,095   $13,309
          2nd Quarter                   15,942    15,573    14,589    12,762
          3rd Quarter                   16,639    15,871    14,604    12,628

A.        Material changes in results of operations:

          1.   TELEPHONE - Operating Revenues for the third quarter of 1996 were
               $254,000 or 3.4% higher than the same period in 1995. For the 
               nine months ended September 30, 1996, Operating Revenues were 
               $994,000 or 4.4% higher than the same period in 1995.  Access 
               line growth was the primary contributor to the revenue growth, 
               providing  access revenue, as well as additional minutes of use 
               revenue.

          2.   DATA PROCESSING - Operating Revenues for the third quarter of 
               1996 were $329,000 or 12.7% lower than the same period in 1995. 
               For the nine months ended September 30, 1996, Operating Revenues 
               were $219,000 or 3.2% higher than the nine months ended 
               September 30, 1995. The decline in revenue for the third quarter 
               of 1996 was due to the non-renewal of a data processing contract 
               with a large long distance company, reduced contract programming 
               services and a decline in software sales.  Data Processing 
               Operating Revenues for 1996 have increased because of the 
               initiation of a business relationship with another large 
               interexchange carrier.

          3.   EQUIPMENT SALES - Operating Revenues for this segment were 
               $992,000 or 24.4% higher for the third quarter of 1996 when 
               compared to the third quarter of 1995. For the nine months ended 
               September 30, 1996, Operating Revenues were $1,668,000 or 15.3% 
               higher than the same period in 1995. The Registrant sold the 
               assets of its California division in 1995.  Revenues from the 
               California division for the third quarter of 1995 were $77,000 
               and for the first nine months of 1995 were $693,000.  Without 
               consideration of the 1995 Revenue from the California division, 
               Operating Revenues for this segment would have increased 26.8% 
               for the quarter ended September 30, 1996, and 23.2% for the nine 
               months ended September 30, 1996, when compared to the same period
               in 1995.
                                           
                                         -7-
<PAGE>

ITEM 2. CONTINUED

               Revenue for the third quarter of 1996 for the St. Paul division 
               was enhanced by a $1 million contract with Anoka-Hennepin School
               District.  This contract was signed late in 1995.  The St. Paul 
               division has also recently entered into a $2.1 million contract 
               to provide enhanced digital equipment for a large financial 
               advising company, as well as several contracts of less than 
               $1 million each with other new customers.

          4.   TELECOMMUNICATIONS PRODUCT DEVELOPMENT - Operating Revenues for 
               the quarter ended September 30, 1996 were $149,000 or 8.3% lower 
               than the third quarter of 1995. Operating Revenues for the nine 
               months ended September 30, 1996 were $850,000 or 14.7% lower than
               the same period in 1995. Standard Product Sales for the nine 
               months ended September 30, 1996 were down $975,000 when compared 
               to the first nine months of 1995.  Standard Product Sales were 
               affected by a large customer of this segment's E911 product.  The
               customer temporarily placed E911 purchases on hold while it 
               evaluated alternative solutions.  Standard Product Sales in 1996 
               were also affected by the delayed deployment of the new Qstar 
               product.  Qstar is undergoing extensive tests by RBOC's, GTE and 
               British Telecom, Inc.  Management cannot predict when the Qstar 
               product will overcome all of its new product obstacles.  Original
               Equipment Manufacturer (OEM) sales for the nine months ended
               September 30, 1996 were $260,000 higher than the same period in 
               1995.  OEM sales are generally at a lower margin than Standard 
               Product Sales, but the volumes are more predictable.

          5.   COST OF SALES - Consolidated Cost of Sales was $717,000 or 20.2%
               higher for the quarter ended September 30, 1996, than the same 
               period in 1995. For the nine months ended September 30, 1996, 
               Cost of Sales was $805,000 or 8.1% higher than for the same 
               period in 1995. Through the first nine months of 1996, 
               Operating Revenues for the two segments (Equipment Sales and 
               Telecommunications Product Development) which generated most 
               of the Cost of Sales were $818,000 or 4.9% higher than 
               Operating Revenues during the nine months ended September 30, 
               1995. In terms of percentage of Operating Revenues from these 
               two segments, Cost of Sales was 61.2% for the nine months 
               ended September 30, 1996, compared to 59.4% for the same 
               Period in 1995.  Operating margins have been satisfactory to 
               management, considering the new business development for 
               Collins and the growth of OEM business for DTI.  The volume of 
               sales activity in 1996 is below expectations for DTI. 

          6.   OPERATING EXPENSES - Operating Expenses for the quarter ended
               September 30, 1996, were $84,000 or 1.3% lower than the same 
               period in 1995. For the nine months ended September 30, 1996, 
               Operating Expenses were $1,239,000 or 6.4% higher than in 
               1995. The Telecommunications Product Development Segment 
               incurred increases in Engineering, Sales and Marketing 
               expenses totaling $749,000 for the nine months ended September 
               30, 1996.  These increases were related to the development of 
               new products.  The Registrant recorded an estimated loss of 
               $387,000 in the second quarter of 1995 on the anticipated 
               closing and disposition of assets of the California division 
               of Collins. Without the effect of the estimated loss, the 
               increase in Operating Expenses over 1995 would have been 8.6% 
               for the nine months ended September 30, 1996.  The reduction 
               in personnel at CSI and a freeze in the hiring of personnel at 
               DTI resulted in the operating expense reductions in the 
               quarter ended September 30, 1996.

                                         -8-
<PAGE>
                                           
ITEM 2. CONTINUED

          7.   AMORTIZATION OF INTANGIBLES - Amortization for the quarter ended
               September 30, 1996, was $156,000 lower than for the quarter ended
               September 30, 1995. For the nine months ended September 30, 1996,
               amortization was $12,000 higher than for the same period in 1995.
               The Registrant accelerated the amortization of capitalized 
               software costs in its Data Processing Segment, which resulted in 
               a non-recurring expense of $573,000 in the second quarter of 
               1996.  Without the effect of this one-time expense, amortization 
               for the nine months ended September 30, 1996 was $561,000 lower 
               than the same period in 1995.  This reduction resulted from the 
               sale of assets and full amortization of some intangible assets 
               associated with acquisitions made in 1990 and 1992.


B.        Material changes in financial condition: 

          1.   CASH FLOWS - Cash and Cash Equivalents decreased $1,251,000 for 
               the nine months ended September 30, 1996, compared with an 
               increase of $4,133,000 for the same period in 1995. The 
               primary sources of cash in 1996 were from internal operations 
               and $7.2 million from use of temporary cash investments for 
               the Registrant's stock repurchase program.  The 1995 primary 
               source of cash was from internal operations.  The primary use 
               of cash in the first nine months of 1996 was the Registrant's 
               stock repurchase program which required $8.8 million.  
               Additions to Property, Plant and Equipment required $3.9 
               million in 1996 and $3.7 million in 1995. Dividends paid for 
               the first nine months were 8.1% higher in 1996 than 1995, 
               reflecting a $0.075 or 10% per share increase through the 
               first nine months of 1996.

          2.   WORKING CAPITAL - Current Assets exceeded Current Liabilities by
               $12.2 million dollars as of September 30, 1996, compared to a 
               working capital surplus of $17.0 million as of December 31, 1995.
               The primary source of working capital was internal operations.  
               The ratio of current assets to current liabilities was 2.9:1 as 
               of September 30, 1996.

          3.   USES OF CAPITAL - The largest use of internal capital during the
               quarter ended September 30, 1996 was the Registrant's 
               repurchase of 171,920 shares of its common stock.  The stock 
               repurchase program used $5.2 million of capital during the 
               quarter.  Additions to Property, Plant and Equipment have 
               historically been the Registrant's largest investing activity, 
               using $17.9 million for the three years ended December 31, 1995.
               During the first nine months of 1996, $3.8 million of working 
               capital was used to purchase fixed assets.

          4.   LONG-TERM DEBT - The Registrant's Long-Term Debt as of 
               September 30, 1996, was $930,000. In addition, Current Maturities
               of Long-Term Debt were $210,000. The general purpose of this debt
               was the financing of telephone property, plant and equipment of 
               Mid-Communications, Inc. in the 1970's.  This debt has final 
               maturities at various times in 2003 through 2007 with interim 
               sinking fund payments. Currently debt service is being funded out
               of operations. No material liquidity problems are anticipated 
               from the long-term funding of the debts maturing in 2003 through 
               2007. 


                                         -9-
<PAGE>

ITEM 2. CONTINUED
 
               The Registrant is anticipating utilizing new long-term debt
               instruments of various maturities to fund the majority of the $35
               million acquisition of the Iowa - US West telephone property in 
               1997.  Negotiations are presently taking place to obtain such 
               funding.  No difficulty is anticipated in obtaining such funding.
               In July, 1996, the Registrant secured a $10,000,000 line of 
               credit arrangement.  This line of credit will be used for general
               corporate purposes and as bridge financing for future acquisition
               activity.  The line of credit provides for borrowing at a 
               variable annual rate equal to 150 basis points in excess of the 
               30 day LIBOR rate.  Through September 30, 1996, no advances have 
               been made against this line of credit.

          5.   CAPITAL FROM OPERATIONS - Management believes the Registrant will
               be able to generate sufficient working capital internally from 
               operations to meet its immediate operating needs, and sustain its
               historical dividend levels. The Registrant has completed five 
               acquisitions in the previous six years which were all funded out
               of existing cash balances. Growth plans and acquisitions will 
               require additional debt financing in the future. Discussions have
               been conducted with several sources of long-term debt financing, 
               but no commitments have been made. Should the Registrant have a 
               need to secure senior debt financing as a result of pursuing 
               corporate acquisitions, no difficulty is anticipated.

               The Registrant's stock repurchase program has been funded with
               internal cash to date.  The Registrant's line of credit will be
               available for financing future stock repurchases. 



                                         -10-
<PAGE>

                               HICKORY TECH CORPORATION
                                           
                              PART II. OTHER INFORMATION
                                           
Item 1.   LEGAL PROCEEDINGS.
          None.

Item 2.   CHANGES IN SECURITIES.
          None.

Item 3.   DEFAULT UPON SENIOR SECURITIES
          None.

Item 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
          None.

Item 5.   OTHER INFORMATION.
          None.

Item 6.   EXHIBITS AND REPORTS OF FORM 8-K.
          None.



                                         -11-
<PAGE>
                                           
                                       SIGNATURES
                                           
          Pursuant to the requirements of the Securities and Exchange Act of 
1934, the Registrant has duly caused this report to be signed on its behalf by 
the undersigned hereto duly authorized.

Dated:    OCTOBER 25, 1996             HICKORY TECH CORPORATION



                                       By  /s/ Robert D. Alton, Jr.
                                          --------------------------------------
                                           Robert D. Alton, Jr., 
                                           Chief Executive Officer


                                       By  /s/ David A. Christensen           
                                          --------------------------------------
                                           David A. Christensen, 
                                           Chief Financial Officer





                                         -12-