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SureWest Reports Fourth Quarter and Full Year 2010 Results

ROSEVILLE, Calif. Feb. 24, 2011 December 31, 2010

Steve Oldham $4 million $1 million

Kansas City Sacramento Sacramento

"The investments we’ve made over the last several years to expand our extensive fiber-to-the-home network and enhance our suite of services have delivered excellent returns and offer many opportunities for additional value creation. Our 2011 plan includes ongoing capital investment to take advantage of residential and business opportunities, with the goal of maintaining long-term sustainable free cash flow and creating shareholder value."

The following table highlights financial results for continuing operations on a consolidated basis (dollars are in thousands):

Quarters Ended December 31,

Years Ended December 31,

Consolidated

2010

2009

Change

%

2010

2009

Change

%

Broadband Revenue

$ 45,032

$ 41,566

$   3,466

8%

$ 174,546

$ 161,222

$ 13,324

8%

Telecom Revenue

16,614

18,733

(2,119)

(11%)

68,953

80,478

(11,525)

(14%)

Total Revenue

61,646

60,299

1,347

2%

243,499

241,700

1,799

1%

Adjusted EBITDA

21,780

19,585

2,195

11%

82,511

77,898

4,613

6%

Income (loss) from Continuing Ops

1,951

(100)

2,051

2051%

3,355

667

2,688

403%

Capital Expenditures

13,289

14,967

(1,678)

(11%)

52,560

58,330

(5,770)

(10%)

Net Cash Provided by Operating Activities from Continuing Ops

17,044

19,785

(2,741)

(14%)

63,553

71,842

(8,289)

(12%)

Free Cash Flow

4,439

359

4,080

1136%

12,620

2,061

10,559

512%

Net Debt

202,472

215,556

(13,084)

(6%)

202,472

215,556

(13,084)

(6%)

See Non-GAAP measure notes near end of release, and Adjusted EBITDA, Free Cash Flow and Net Debt reconciliations for adjustments.

Fourth Quarter Financial Results

$61.6 million $3.5 million $2.1 million $21.8 million

$40.9 million $6 million $1.3 million

$1.95 million $100 thousand $0.14 $0.10

$4.4 million $12.6 million $2.1 million Kansas City

$2.9 million $7.5 million $17.6 million $7.07 $3 million $202.5 million

$13.3 million $52.6 million $58.3 million Kansas City Kansas City $60-70 million

Broadband Segment Results

Broadband revenues increased 8% year-over-year and accounted for 73% of the company’s total revenues, compared to 69% in the fourth quarter 2009. Broadband Adjusted EBITDA increased 37% year-over-year and now represents 50% of the company’s total EBITDA. SureWest expects to continue increasing its Broadband revenues and Adjusted EBITDA through expansion of both residential and business product offerings. The long-term strategy remains growing the Broadband segment while continuing to successfully offset industry-wide structural declines in the traditional Telecom segment. SureWest’s capital plan is focused on its core Broadband growth strategy, with approximately 25% of 2011 expenditures planned for network expansion and over 55% scheduled for success-based investment.

Broadband Residential:

$31.6 million

Q4 ’10 vs. Q4 ’09 Change

Q4 ’10 vs. Q3 ’10 Change

Sacramento Market

Kansas City Market

Total

Sacramento Market

Kansas City Market

Total

Broadband Residential RGUs

7%

0%

3%

1%

0%

0%

Data RGUs

1%

1%

1%

0%

1%

0%

Video RGUs

11%

1%

5%

2%

0%

1%

Voice RGUs

12%

(3%)

5%

1%

(1%)

0%

Total Residential Subscribers

1%

1%

1%

0%

0%

0%

Sacramento Sacramento

$115 $3 $1 September 1, 2010

Residential customer churn improved sequentially to 1.6% in the fourth quarter as a result of churn reduction programs, value-added features and ongoing superior service levels. Churn increased slightly from 1.5% in the same period last year.  

Broadband Business:

$2.1 million $12.4 million $535 Sacramento Kansas City Kansas City Sacramento

Sacramento Kansas City December 31, 2010 $2 million

Telecom Segment Results

$16.6 million

As the company focuses on growing its Broadband segment, the Telecom segment continues to account for a smaller percentage of total revenues at 27%, compared to 31% in the fourth quarter 2010.

Telecom Residential:

$3.8 million

Telecom Business:

$8.6 million Sacramento California $359

Telecom Access:

$470 thousand $4.1 million $4.1 million $6.1 million $2 million January 1, 2011 $2 million

Non-GAAP Measures

In addition to the results presented in accordance with generally accepted accounting principles (GAAP) throughout this press release, the company has presented non-GAAP financial measures such as Adjusted EBITDA, free cash flow and net debt. Adjusted EBITDA represents net income (loss) from continuing operations excluding amounts for income taxes, depreciation and amortization, non-cash pension and certain post-retirement benefits, non-cash stock compensation, severance and other related termination costs, and all other non-operating income/expenses. Free cash flow represents net income (loss) from continuing operations plus depreciation and amortization less capital expenditures. Free cash flow is a measure of operating cash flows available for corporate purposes after providing sufficient fixed asset additions to maintain current productive capacity. Net debt represents total long-term debt (including current maturities) less cash and cash equivalents. Net debt can be used as a component in measuring leverage. The company believes these non-GAAP measures, viewed in addition to but not in lieu of its reported GAAP results, provide useful information to investors as they are an integral part of the internal evaluation of operating performance. In addition, they are measures that the company uses to evaluate management’s effectiveness. Reconciliations to the comparable GAAP measures are provided in the accompanying financial and operating summaries. SureWest’s non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies.

Conference Call and Webcast

11 a.m. Eastern Time Thursday, February 24 www.surw.com March 3, 2011 www.surw.com

About SureWest

www.surewest.com Northern California Sacramento Kansas City

Safe Harbor Statement

Statements made in this news release that are not historical facts are forward-looking statements and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. In some cases, these forward-looking statements may be identified by the use of words such as "may," "will," "should," "expect," "plan," "anticipate" or "project," or the negative of those words or other comparable words. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the company’s actual results to differ from those projected in such forward-looking statements.

California Kansas Missouri Sacramento, California Kansas City, Kansas Missouri

Contacts:

Ron Rogers

Corporate Communications

916-746-3123

[email protected]

Misty Wells

Investor Relations

916-786-1799

[email protected]

SUREWEST COMMUNICATIONS

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited; Amounts in thousands, except per share amounts)

Quarters Ended

December 31,

September 30,

$

%

2010

2010

Change

Change

Operating revenues:

Broadband

$          45,032

$            43,861

$ 1,171

3%

Telecom

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