<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               March 31, 1997                 
                         
                                     - 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: 4,665,298 shares of no par common
stock as of March 31, 1997.

<PAGE>

                            HICKORY TECH CORPORATION
                                 MARCH 31, 1997

                          PART I.  FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS.

                           CONSOLIDATED INCOME STATEMENT
                                   (NOT AUDITED)

In Thousands                                 For Three Months Ended
                                           --------------------------
                                            3/31/97            3/31/96
                                            -------           -------
OPERATING REVENUES
     Telephone                             $  9,016          $  8,545
     Billing and Data Services                2,304             2,674
     Equipment Sales                          4,467             2,755
     Telecom. Product Development             1,703             1,567
                                           --------          --------
     TOTAL OPERATING REVENUES                17,490            15,541

COSTS AND EXPENSES
     Cost of Sales                            4,320             2,859
     Operating Expenses                       7,204             7,141
     Depreciation                             1,423             1,385
     Amortization of Intangibles                198               302
                                           --------          --------
     TOTAL COSTS AND EXPENSES                13,145            11,687
                                           --------          --------
OPERATING INCOME                              4,345             3,854

OTHER INCOME                                    332               299
INTEREST EXPENSE                                 56                95
                                           --------          --------
INCOME BEFORE INCOME TAXES                    4,621             4,058

INCOME TAXES                                  1,899             1,642
                                           --------          --------
CONSOLIDATED NET INCOME                    $  2,722          $  2,416
                                           --------          --------
                                           --------          --------

EARNINGS PER SHARE                          $  0.58           $  0.47

DIVIDENDS PER SHARE                         $  0.30           $ 0.275

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

                                      -1-

<PAGE>

                            HICKORY TECH CORPORATION
                                 MARCH 31, 1997
                     CONSOLIDATED BALANCE SHEET (NOT AUDITED)

In Thousands                                3/31/97           12/31/96
                                            -------           --------
ASSETS
CURRENT ASSETS:
     Cash and Cash Equivalents              $   478           $ 2,954
     Receivables, Net of Allowance           11,127            10,782
     Inventories                              2,702             2,859
     Deferred Tax Benefit and Other           1,270             1,372
                                            -------           -------
       TOTAL CURRENT ASSETS                  15,577            17,967

INVESTMENTS                                   3,139             2,980

PROPERTY, PLANT & EQUIPMENT
     Telecommunications Plant                79,521            78,132
     Other Property and Equipment             9,684             9,464
                                            -------           -------
       TOTAL                                 89,205            87,596
     Less Accumulated Depreciation           48,418            46,723
                                            -------           -------
       NET PROPERTY, PLANT & EQUIPMENT       40,787            40,873

OTHER ASSETS:
     Intangible Assets                        8,601             8,735
     Note Receivable                            105               230
     Miscellaneous                              477               478
                                            -------           -------
        TOTAL OTHER ASSETS                    9,183             9,443
TOTAL ASSETS                                $68,686           $71,263
                                            -------           -------
                                            -------           -------

LIABILITIES & SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
     Note Payable                           $ 2,170           $   -  
     Accounts Payable                         5,874             8,674
     Accrued Taxes                            1,696               722
     Advanced Billings & Deposits             1,467             2,080
     Current Maturities of Long-Term Debt         -               212
                                            -------           -------
        TOTAL CURRENT LIABILITIES            11,207            11,688

LONG-TERM DEBT, NET OF CURRENT MATURITIES     1,037               877

DEFERRED CREDITS:
     Investment Tax Credits                     137               153
     Income Taxes                             2,768             2,768
     Compensation Benefits and Other          3,214             3,150
                                            -------           -------
        TOTAL DEFERRED CREDITS                6,119             6,071

SHAREHOLDERS' EQUITY
     Common stock                               467               479
     Additional Paid-In Capital               1,823             1,778
     Reinvested Earnings                     48,033            50,370
                                            -------           -------
        TOTAL SHAREHOLDERS' EQUITY           50,323            52,627

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY    $68,686           $71,263
                                            -------           -------
                                            -------           -------


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

                                      -2-

<PAGE>

                            HICKORY TECH CORPORATION
                                 MARCH 31, 1997
                CONSOLIDATED STATEMENT OF CASH FLOWS (NOT AUDITED)


In Thousands                                  For Three Months Ended
                                            --------------------------
                                            3/31/97            3/31/96
                                            -------           --------
CASH FLOWS FROM OPERATING ACTIVITIES
     Net Income                             $ 2,722           $ 2,416
     Adjustments to Reconcile Net 
       Income to Net
     Cash Provided by Operating Activities
     Depreciation and Amortization            1,665             1,836
     Equity in Partnership Income              (148)             (140)
     Provision for Losses on Notes Rec. & 
       Investments                              175                25
     Gain on Disposition of Assets             (326)                - 
      (Increase) Decrease in:
     Receivables                               (345)             (823)
     Inventories                                157              (331)
     Increase (Decrease) in:
     Accounts Payable and Accrued Taxes      (1,826)              684
     Advance Billings & Deposits               (613)             (216)
     Deferred Investment Tax Credits            (16)              (20)
     Deferred Income Taxes                        -               (16)
     Other                                      167               (99)
                                            --------          --------
        Net Cash Provided by 
          Operating Activities                1,612             3,316
                                            --------          --------
CASH FLOW FROM INVESTING ACTIVITIES
Additions to Property, Plant & Equipment     (1,452)              (993)
Additions to Intangible Assets                  (64)              (888)
Increase in Notes Receivable and Investments    (61)               (64)
Changes in Temporary Cash Investments             -              1,664
Proceeds from Sale of Assets                    397                  -
                                            --------          --------
        Net Cash Used in Investing 
          Activities                         (1,180)              (281)
                                            --------          --------
CASH FLOWS FROM FINANCING ACTIVITIES
     Repayments of Debt                         (52)               (51)
     Advances on Line of Credit               2,170                  - 
     Proceeds from Issuance of Common Stock      93                106 
     Retirement of Common Stock              (3,699)              (459)
     Dividends Paid                          (1,420)            (1,408)
                                            --------          --------
     Net Cash Used in Financing Activities   (2,908)            (1,812)
                                            --------          --------
NET INCREASE(DECREASE) IN CASH AND 
  CASH EQUIVALENTS                           (2,476)             1,223

CASH AND CASH EQUIVALENTS At Beginning 
  of Year                                     2,954              4,517
                                            --------          --------
CASH AND CASH EQUIVALENTS At End of Period   $  478           $  5,740
                                            --------          --------
                                            --------          --------


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

                                     -3-

<PAGE>

                         HICKORY TECH CORPORATION
                              MARCH 31, 1997
                       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.

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 in southern Minnesota which are 
used to transport interexchange communications as a service to telephone 
exchange carriers. It also holds a minority ownership interest in a rural 
cellular limited liability company in south central Minnesota. These four 
subsidiaries comprise the Registrant's Telephone Sector.

          COMPUTOSERVICE, INC. (CSI) provides data processing service to 
local telephone companies, interexchange long distance companies and enhanced 
service providers throughout the United States.  CSI also provides standard 
batch processing of telephone billing and rating in large volume 
applications, as well as specialized contract data processing services, 
through its subsidiary, National Independent Billing, Inc. (NIB).  The 
operations of CSI and NIB constitute the Registrant's Billing and Data 
Services Sector.

          COLLINS COMMUNICATIONS SYSTEMS CO. (Collins) sells, installs and 
services telecommunications equipment in the retail market in the 
metropolitan Minneapolis/St. Paul area.  Collins primarily installs and 
maintains Nortel PBX and key system equipment and integrated software.  The 
Registrant's Equipment Sales Sector is made up of this subsidiary.

          DIGITAL TECHNIQUES, INC. (DTI) designs, assembles and distributes 
unique business telecommunications components for business telephone systems 
throughout North America, the United Kingdom and the Pacific Rim.  The 
operations comprise the Registrant's Telecommunications Product Development 
Sector.

     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.

     Certain balances for 1996 have been restated to conform with 
presentation of 1997. In 1997 and 1996, $608,000 and $621,000 respectively, 
of revenues associated with Equipment Sales in southern Minnesota were 
reclassified from the Equipment Sales Sector to the Telephone Sector. This 
reclassification more closely matches the Registrant's management reporting 
lines. Total revenues and all other subtotals of the Consolidated Income 
Statement remain unchanged.

                                     -4-

<PAGE>

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 March 31, 1997, the earnings per common share calculation was 
based on 4,712,448 shares. For the quarter ended March 31, 1996, the earnings 
per common share calculation was based on 5,122,339 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 quarter ended March 31, 1997 was 4,733,981.  The number 
of shares outstanding as of the record date for the quarter ended March 31, 
1996 was 5,121,873.

NOTE 3.   INVENTORIES

          Inventories are stated at the lower of average cost or market and 
consist of the following:

                      (In Thousands)           3/31/97   12/31/96
                                               -------   --------
                      Finished Goods           $  245    $   211
                      Work in Process             125        156
                      Materials and Supplies    2,332      2,492
                                               -------   --------
                      Total                    $2,702     $2,859
                                               -------   --------
                                               -------   --------

NOTE 4.   COMMON STOCK
          The Registrant's common stock has no par value. There are 
25,000,000 shares authorized. There were 4,665,298 shares outstanding on 
March 31, 1997, and 4,790,229 shares outstanding on December 31, 1996.

          Pursuant to the Retainer Stock Plan for Directors, 264 shares of 
common stock were issued in lieu of retainers to three members of the 
Registrant's Board of Directors on March 31, 1997. Pursuant to a long-term 
incentive award plan for officers, 3,155 shares of common stock were issued 
to officers of the Registrant. Shares issued to directors and officers were 
issued at 100% of fair market value on the date of issue. 

          During the quarter ended March 31, 1997, 128,350 shares of common 
stock were retired at a cost of $3,699,495.

          On January 29, 1997, the Board of Directors of the Registrant 
adopted a new share repurchase program authorizing the Registrant to 
repurchase up to 500,000 additional shares, which represents 10.8% of its 
outstanding common stock. This new repurchase program follows the repurchase 
program which the Registrant announced on April 8, 1996.  Due to the 
successful completion of the initial repurchase program in February 1997, the 
Registrant began the new repurchase program effective February 17, 1997.  
This program was reported on Form 8-K dated February 17, 1997.

                                     -5-


<PAGE>

NOTE 5.   CORPORATE DEVELOPMENT

          On January 31, 1997, the Registrant sold the assets associated with 
its cable television operations to Woodstock LLC.  The Registrant recorded a 
gain on the sale of the assets of $326,000.

          On April 10, 1997, the Registrant acquired 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 
12,500 access lines.  The acquisition was structured as a purchase of 
telephone assets from US West.  The acquisition was financed by new long-term 
debt instruments from seven institutional investors in a private debt 
placement.  A total of $40,000,000 in senior unsecured notes was funded.  
This acquisition was reported on Form 8-K dated April 25, 1997.

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, 1996 
Form 10-K.

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION.

          Consolidated net income for the quarter ended March 31, 1997, was 
12.7% higher than the same period in 1996, as illustrated by the following 
table:
     
      NET INCOME (thousands)           1997      1996      1995      1994
                                      ------    ------    ------    ------
      1st Quarter                     $2,722    $2,416    $2,221    $2,121


           Operating Revenues were 12.5% higher for the quarter ended March 
31, 1997, than for the quarter ended March 31, 1996, as illustrated by the 
following table:

      OPERATING REVENUES (thousands)   1997      1996      1995      1994
                                      ------    ------    ------    ------
      1st Quarter                    $17,490   $15,541   $14,647   $14,095

A.        Material changes in results of operations:

          1.   TELEPHONE - Operating Revenues for the first quarter of 1997 
increased $471,000 or 5.5% compared with the same period in 1996. New fiber 
optic cable networks providing additional toll transport revenue as well as 
access line and minutes of use growth were the primary contributors to the 
revenue growth.

          2.   BILLING AND DATA SERVICES - Operating Revenues for the first 
quarter of 1997 decreased $370,000 or 13.8% compared with the same period in 
1996. This decline was due to less contract programming services as compared 
to the same period in the prior year. Although the revenues were lower, the 
higher margins associated with processing the sector's growing volume of 
service bureau transactions resulted in a significant increase in 
profitability for this sector.

                                     -6-

<PAGE>

          3.   EQUIPMENT SALES - Operating Revenues for this sector increased 
$1,712,000 or 62.1% compared with the first quarter of 1997 when compared to 
the first quarter of 1996.  This increase in Operating Revenues was a result 
of a $758,000 increase in new phone system installations and $881,000 
increase in phone system moves, adds and changes (MAC) over first quarter 
1996.  The Equipment Sales Sector experienced considerable customer base 
growth in 1996 which has assisted in the higher margin MAC activity in the 
first quarter 1997.

          4.   TELECOMMUNICATIONS PRODUCT DEVELOPMENT - Operating Revenues 
for the quarter ended March 31, 1997 increased $136,000 or 8.7% compared with 
the first quarter of 1996. Standard Product Sales increased $191,000 as 
compared to 1996's first quarter.  Standard Product Sales are sold at a 
higher margin than Original Equipment Manufacturer (OEM) Sales.  The OEM 
Sales were flat as compared to the same period in 1996. The sector is 
generating a net profit in 1997, and it was not in 1996.

          5.   COST OF SALES - Consolidated Cost of Sales increased 
$1,461,000 or 51.1% for the quarter ended March 31, 1997, compared with the 
same period in 1996. Through the first three months of 1997, Operating 
Revenues for the two sectors (Equipment Sales and Telecommunications Product 
Development) which generated most of the Cost of Sales increased $1,848,000 
or 42.8% compared with Operating Revenues during the three months ended March 
31, 1996. In terms of percentage of Operating Revenues from these two 
sectors, Cost of Sales was 70.0% for the three months ended March 31, 1997, 
compared to 66.1% for the same period in 1996.  Operating margins have been 
satisfactory to management, considering the new business development for 
Collins and DTI. 

          6.   OPERATING EXPENSES - Operating Expenses for the quarter ended 
March 31, 1997, increased $63,000 or .9% compared with the same period in 
1996.  This minimal increase, in light of a 12.5% increase in revenues, is a 
result of various cost control measures implemented in 1996. 0perating 
Expense curtailment has been particularly effective in the Billing and Data 
Services and the Telecommunications Product Development Sectors.

          7.   AMORTIZATION OF INTANGIBLES - Amortization for the quarter 
ended March 31, 1997, was $104,000 lower than for the quarter ended March 31, 
1996.  The decrease is a result of some intangible assets associated with 
capitalized software development in the Billing and Data Services Sector that 
became fully amortized in 1996.

          8.   OTHER INCOME - Other Income increased $33,000 or 11.0% for the 
quarter ended March 31, 1997, compared to the same period last year.  Gain on 
the sale of cable television assets of $326,000 offset by a note receivable 
write-off of $110,000 were the main contributors to the balance.

                                     -7-

<PAGE>

B.        Material changes in financial condition: 

          1.   CASH FLOWS - Cash and Cash Equivalents decreased $2,476,000 
for the three months ended March 31, 1997, compared with an increase of 
$1,223,000 for the same period in 1996. The primary sources of cash in 1997 
were from internal operations and $2,170,000 of advances on the Registrant's 
line of credit.  The primary use of cash in the first three months of 1997 
was the Registrant's stock repurchase program which required $3,699,000.  
Additions to Property, Plant and Equipment required $1,452,000 in 1997 and 
$993,000 in 1996. Dividends paid for the first three months were $1,420,000 
in 1997 compared to $1,408,000 for the same period in 1996. The 0.9% increase 
was due to a combination of a $0.025 or 9.1% per share increase in dividends 
paid, offset by a 388,000 or 7.6% decrease in the number of shares outstanding 
on the respective record dates.

          2.   WORKING CAPITAL - Current Assets exceeded Current Liabilities 
by $4,370,000 as of March 31, 1997, compared to a working capital surplus of 
$6,279,000 as of December 31, 1996.  The primary source of working capital 
was internal operations.  The ratio of current assets to current liabilities 
was 1.4:1.0 as of March 31, 1997.

          3.   USES OF CAPITAL - The largest use of internal capital during 
the quarter ended March 31, 1997 was the Registrant's repurchase of 128,350 
shares of its common stock.  The stock repurchase program used $3,699,000 of 
capital during the quarter.  Additions to Property, Plant and Equipment have 
historically been the Registrant's largest investing activity, using 
$22,325,000 for the three years ended December 31, 1996.  During the first 
three months of 1997, $1,452,000 of working capital was used to purchase 
fixed assets.

          4.   LONG-TERM DEBT - The Registrant's Long-Term Debt as of March 
31, 1997, was $1,037,000.  Due to accumulated principal prepayment credits 
with Rural Utilities Service (RUS), the Registrant has not recorded current 
maturities on the long-term debt.  The accumulated prepayment credits will be 
applied to the long-term debt payments over the next twelve months.  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. 

          On April 8, 1997, the Registrant secured new $40,000,000 long-term 
debt instruments with 15 year maturities to fund the $35,271,000 acquisition 
of the Iowa - US West telephone exchanges.  The new long-term debt will 
accrue interest at 7.11%.  No principal payments are due during the first 
four years. 
     
          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.  On March 31, 1997, the Registrant had made 
advances of $2,170,000 against this line of credit.

                                     -8-

<PAGE>

          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 seven acquisitions in the 
previous six years which were funded out of existing cash balances. The April 
1997 acquisition of Iowa rural telephone property from US West required 
external debt financing. Growth plans and acquisitions in the future will 
require additional debt financing. Should the Registrant have a 
need to secure additional senior debt financing as a result of pursuing 
additional corporate acquisitions, the Registrant has been assured by its 
financial capital sources that no difficulty should be anticipated.

          The Registrant's stock repurchase program has been funded with 
internal cash and advances on the line of credit to date.  It is anticipated 
the same sources will be utilized for financing future stock repurchases. 

                                     -9-


<PAGE>

                          HICKORY TECH CORPORATION
                                MARCH 31, 1997
                         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.
     
          On February 17, 1997, the Registrant filed a Form 8-K.   Item 5 
(Other Events) was reported on the Form 8-K.  The Form 8-K reported that on 
January 29, 1997, the Board of Directors of the Company adopted a new share 
repurchase program authorizing the Company to repurchase up to 500,000 
additional shares of its outstanding common stock.  This new repurchase 
program follows the repurchase program which the Company announced on 
April 8, 1996.

          On April 25, 1997, the Registrant filed a Form 8-K.  Items 2 
(Acquisition or Disposition of Assets) and 7 (Financial Statements and 
Exhibits) were reported on the Form 8-K.  The Form 8-K reported that on April 
10, 1997, the Company acquired the assets of 11 rural telephone exchanges in 
the State of Iowa from US West Communications, Inc.  Pro forma financial 
statements were filed with the Form 8-K. 

                                     -10-

<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:    May 12, 1997      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


                                     -11-