Exhibit 99.1

CT COMMUNICATIONS PRESS RELEASE

For Immediate Release
October 21, 2003
Contact:
Jim Hausman
704.722.2410
Mark Hadley
704.722.3231

CT Communications Announces Third Quarter Results

CT Communications, Inc. (NASDAQ: CTCI) announces operating revenue for the quarter ended September 30, 2003 of $40.6 million, representing an increase of 10% compared to operating revenue of $37.0 million for the same period in 2002. This $3.6 million increase in operating revenue was primarily attributable to a $1.4 million increase in wireless revenue driven by a 13% increase in customers and an increase in network traffic, a $0.8 million increase in competitive local exchange carrier (CLEC) revenue driven by a 10% increase in access lines, a $0.8 million increase in incumbent telephone revenue driven primarily by an increase in sales of phone systems, a $0.4 million increase in Greenfield revenue driven by a 58% increase in Greenfield access lines, and a $0.2 million increase in internet and data revenue related to a 63% increase in digital subscriber lines (DSL).

Operating income for the third quarter of 2003 was $4.4 million, a 12% decrease from the $5.0 million in operating income reported in the third quarter of 2002. Factors driving this decrease in operating income include a $0.8 million reduction of higher margin access and interconnection revenues offset somewhat by lower margin phone system sales in the incumbent phone business, a $0.6 million increase in wireless customer acquisition costs associated with a 54% increase in wireless gross additions, a $0.4 million increase in pension and post retirement expenses and a $0.3 million increase in depreciation expense.

Other income was $0.5 million in the third quarter of 2003 compared to expense of $0.3 million in the third quarter of 2002. The $0.8 million increase in other income was due to a $0.8 million gain on sale of investments realized in the third quarter of 2003 primarily related to the sale of ITC Holding Company earlier this year, a $0.4 million increase in earnings from a cellular partnership and a $0.1 million reduction in interest expense offset somewhat by a $0.5 million write-down of investments.

Net income for the third quarter of 2003 was $3.1 million, or $0.17 per diluted common share, compared to a net loss of $0.5 million, or ($0.03) per diluted common share in the third quarter of 2002. The third quarter of 2002 net loss of $0.5 million included a loss from discontinued operations of $3.4 million.

For the nine months ended September 30, 2003, operating revenue was $119.3 million, a 9% increase compared to the same nine-month period in 2002. Operating income for the first three quarters of 2003 was $13.9 million, a 2% increase over the first three quarters of 2002. Net income for the first three quarters of 2003, which includes a gain on sale of our ITC Holding investment of $15.2 million, was $16.0 million compared to $4.9 million in the first three quarters of 2002.

“We continued our focus on improving cash flows from operations. In the third quarter, we saw significant growth in our wireless subscriber base, continued strength in DSL customer additions and encouraging early adoption of our primary line bundle offering, which should contribute to future cash flows from those businesses,” said Michael R. Coltrane, President and Chief Executive Officer at CT Communications, Inc.

Results by business unit:

•	ILEC – (“Concord Telephone”)
	Concord Telephone’s operating revenue of $24.1 million for the third quarter of 2003 increased 3% from $23.3 million in the third quarter of 2002. Operating income for the third quarter of 2003 was $6.9 million, a 29% operating margin, compared to operating income of $7.6 million and a 33% operating margin for the third quarter of 2002. Driving this decrease in operating margin is a $0.4 million increase in pension and post retirement expenses and a decrease of $0.8 million in higher margin access and interconnection revenues offset somewhat by lower margin phone system sales. Concord Telephone ended the third quarter of 2003 with 116,214 access lines in service, a 3.7% decrease from the third quarter of 2002. Concord Telephone ended the third quarter of 2003 with 85,045 long distance lines, a 73% penetration of access lines.
•	CLEC – (“CTC Exchange Services”)
	CTC Exchange Services’ operating revenue of $4.9 million for the third quarter of 2003 increased 22% compared to the third quarter of 2002 operating revenue of $4.0 million. Operating loss for the third quarter of 2003 was $0.4 million compared to an operating loss of $1.0 million for the third quarter of 2002. CTC Exchange Services ended the third quarter of 2003 with 28,756 access lines in service, a 10% increase over the third quarter of 2002. CTC Exchange Services ended the third

	quarter of 2003 with 14,922 long distance lines compared with 13,779 lines at the end of the third quarter of 2002.
•	Greenfield
	Greenfield’s operating revenue of $1.5 million for the third quarter of 2003 increased 33% compared to $1.2 million in the third quarter of 2002. Operating loss for the third quarter of 2003 was $1.3 million, a negative 83% operating margin compared to an operating loss of $1.4 million and negative 117% operating margin for the third quarter of 2002. Greenfield ended the third quarter of 2003 with 9,109 access lines in service, a 58% increase over the third quarter of 2002. Greenfield ended the third quarter of 2003 with 4,154 long distance lines in service, an 88% increase over the end of the third quarter of 2002. Greenfield signed seven provider agreements in the third quarter of 2003 to end the quarter with 87 signed agreements representing an estimated 47,000 lines at completion of the projects.
•	Digital Wireless Service – (“CTC Wireless”)
	CTC Wireless’ operating revenue of $7.5 million for the third quarter of 2003 increased 23% compared to $6.1 million in the third quarter of 2002. Contributing to the increase in wireless revenue was a $0.4 million increase in settlement revenue and a 13% growth in wireless subscribers. Operating income for the third quarter of 2003 was $0.2 million, a 2% operating margin, compared to $0.7 million and an 11% operating margin for the third quarter of 2002. Driving this decline in operating margin was a $0.6 million increase in customer acquisition costs related to a 54% increase in gross additions and the re-signing of existing customers to new contracts in advance of the implementation of number portability and a 35% increase in depreciation expense. CTC Wireless ended the third quarter with 36,778 post pay subscribers.
•	Internet & Data – (“CTC Internet Services”)
	CTC Internet Services’ operating revenue of $2.6 million for the third quarter of 2003 increased 7% compared to $2.4 million in the third quarter of 2002. This $0.2 million increase in revenue was attributable to a 63% increase in DSL customers, partially offset by a decrease in dial-up and high-speed customers as well as an increase in service interruption credits for the quarter. Operating loss for the third quarter of 2003 was $0.4 million, a negative 17% operating margin, compared to an operating loss of $0.3 million and a negative 13% operating margin for the third quarter of 2002. CTC Internet Services ended the third quarter of 2003 with 9,591 DSL lines as compared to 5,874

lines at the end of the third quarter of 2002. Dial-up accounts decreased 10% to 11,535 and high-speed accounts decreased 11% to 536 at September 30, 2003 compared to September 30, 2002.

Future Period Guidance

We currently expect operating results to approximate the following during these future periods:

• 4th Quarter 2003

• Revenue of $38 to $40 million

• Operating income of $4.0 to $4.5 million

• Consolidated earnings per share of $0.12 to $0.14

• Capital expenditures of $6 to $8 million

• Full Year 2003

• Revenue of $157 to $159 million

• Operating income of $18.0 to $18.5 million

• Consolidated earnings per share of $0.97 to $0.99

• Capital expenditures of $23 to $25 million

CT Communications will host a conference call to discuss the results of the third quarter on Wednesday, October 22, 2003 at 9:00 AM ET. You are invited to listen to the conference call that will be broadcast live over the Internet at www.ctc.net. If you are unable to listen during the live webcast, the call will be archived on the web site at www.ctc.net until November 30, 2003. Additionally, a replay of the call will be available until 11:30 AM ET on Friday, October 24th at 800-633-8284. Enter access number 21163316.

CT Communications, Inc. is headquartered in Concord, N.C. and is a growing provider of integrated telecommunications services to residential and business customers located primarily in North Carolina. CT Communications, Inc. offers a comprehensive package of telecommunications services, including local and long distance telephone services, Internet and data services and digital wireless services.

Certain statements contained in this press release are “forward-looking statements,” within the meaning of federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and assumptions made by management about us, including, among other things, changes in industry conditions created by the Telecommunications Act of 1996 and related state and federal legislation and regulations, the impact of economic conditions related to financial performance of customers, business partners, competitors and peers within the

telecommunications industry, the recovery of the substantial costs incurred over the past few years in connection with our expansion into new businesses, retention of our existing customer base and our ability to attract new customers, our ability to control pricing and product offerings in a highly competitive industry, the performance of our investments, rapid changes in technology, our ability to manage capital expenditures related to changes in technology, actions of our competitors, and the impact of economic and political events on our business, operating regions and customers, including terrorist attacks. In some cases, these forward-looking statements can be identified by the use of words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “intend” or “potential” or the negative of those words or other comparable words. These forward-looking statements may differ materially from actual events or results because they involve estimates, assumptions and uncertainties and should be viewed with caution. We undertake no obligation to update or revise any forward-looking statements, whether as the result of new information, future events or otherwise. Readers are also directed to consider the risks, uncertainties and other factors discussed in documents filed by us with the Securities and Exchange Commission, including those matters summarized under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2002.

CT Communications, Inc.
Consolidated Statements of Income
(unaudited, in thousands, except per share amounts)

					(Restated)
		Three Months Ended			Three Months Ended
		September 30, 2003			September 30, 2002			% Change
Operating Revenue
	ILEC Services	$	24,132		$	23,344			3.4	%
	CLEC Services		4,911			4,041			21.5	%
	Greenfield Services		1,540			1,155			33.3	%
	Digital Wireless Services		7,468			6,053			23.4	%
	Internet & Data Services		2,552			2,376			7.4	%
Total Operating Revenue			40,603			36,969			9.8	%
Operating Expense
	ILEC Services		17,207			15,760			9.2	%
	CLEC Services		5,311			5,085			4.4	%
	Greenfield Services		2,820			2,507			12.5	%
	Digital Wireless Services		7,302			5,403			35.1	%
	Internet & Data Services		2,988			2,679			11.5	%
	Other		594			580			2.4	%
Total Operating Expense			36,222			32,014			13.1	%
Operating Income			4,381			4,955			(11.6	%)
Other Income (Expense)
	Investment, Equity Method		1,787			1,436			24.4	%
	Gains, Interest, Dividends		858			13			—
	Impairment On Investments		(460	)		—			—
	Other Expenses, Principally Interest		(1,682	)		(1,730	)		2.8	%
Total Other Income (Expense)			503			(281	)		279.0	%
Pre-Tax Income From Continuing Operations			4,884			4,674			4.5	%
Income Tax Expense			1,735			1,776			(2.3	%)
Income From Continuing Operations			3,149			2,898			8.7	%
(Loss) From Discontinued Operations, Net Of Tax			—			(3,416	)		—
Net Income (Loss)		$	3,149			($518	)		707.9	%
Weighted Average Diluted Shares			18,853			18,713
Earnings (Loss) Per Diluted Common Share		$	0.17			($0.03	)

CT Communications, Inc.
Consolidated Statements of Income
(unaudited, in thousands, except per share amounts)

					(Restated)
		Nine Months Ended			Nine Months Ended
		September 30, 2003			September 30, 2002			% Change
Operating Revenue
	ILEC Services	$	71,232		$	70,471			1.1	%
	CLEC Services		14,759			11,361			29.9	%
	Greenfield Services		4,417			2,857			54.6	%
	Digital Wireless Services		21,149			17,899			18.2	%
	Internet & Data Services		7,695			7,162			7.4	%
Total Operating Revenue			119,252			109,750			8.7	%
Operating Expense
	ILEC Services		50,057			47,462			5.5	%
	CLEC Services		15,955			16,109			(0.9	%)
	Greenfield Services		8,236			6,756			21.9	%
	Digital Wireless Services		19,389			15,473			25.3	%
	Internet & Data Services		8,904			8,749			1.8	%
	Other		2,852			1,571			81.5	%
Total Operating Expense			105,393			96,120			9.6	%
Operating Income			13,859			13,630			1.7	%
Other Income (Expense)
	Investment, Equity Method		4,235			3,296			28.5	%
	Gains, Interest, Dividends		16,122			4,801			235.8	%
	Impairment On Investments		(1,744	)		(704	)		147.7	%
	Other Expenses, Principally Interest		(5,558	)		(4,627	)		20.1	%
Total Other Income (Expense)			13,055			2,766			372.0	%
Pre-Tax Income From Continuing Operations			26,914			16,396			64.1	%
Income Tax Expense			10,501			6,396			64.2	%
Income From Continuing Operations			16,413			10,000			64.1	%
(Loss) From Discontinued Operations, Net Of Tax			(424	)		(5,104	)		(91.7	%)
Net Income		$	15,989		$	4,896			227.0	%
Weighted Average Diluted Shares			18,791			18,763
Earnings Per Diluted Common Share		$	0.85		$	0.26

CT Communications, Inc.
Consolidated Balance Sheets
(unaudited, in thousands)

		September 30, 2003		December 31, 2002
ASSETS
	Cash and Cash Equivalents	$	16,825	$	7,652
	Accounts Receivable and Unbilled Revenue, Net		21,000		22,289
	Income Tax Receivable		489		3,007
	Other Assets		5,457		5,696
Current Assets			43,771		38,644
Investment Securities			5,387		4,521
Investments in Unconsolidated Companies			14,630		14,587
Property, Plant and Equipment, Net			209,388		214,421
Other Assets			47,889		66,591
TOTAL ASSETS		$	321,065	$	338,764
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Accounts Payable	$	7,839	$	8,632
	Customer Deposits		2,371		2,593
	Other Accrued Liabilities		16,434		12,363
	Liabilities of Discontinued Operations		1,213		1,645
Current Liabilities			27,857		25,233
Long-Term Debt			86,000		127,697
Deferred Credits and Other Liabilities			33,169		25,633
Stockholders’ Equity			174,039		160,201
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	321,065	$	338,764

CT Communications, Inc.
Customer Information

		September 30, 2003		September 30, 2002		% Change
ILEC Access Lines
	Business Lines		29,263		31,434		(6.9	%)
	Residential Lines		86,951		89,304		(2.6	%)
Total ILEC Lines			116,214		120,738		(3.7	%)
CLEC Access Lines			28,756		26,202		9.7	%
Greenfield Access Lines			9,109		5,757		58.2	%
Total Wired Access Lines			154,079		152,697		0.9	%
Wireless Subscribers			36,778		32,668		12.6	%
Long Distance Lines
	In ILEC		85,045		84,944		0.1	%
	In CLEC		14,922		13,779		8.3	%
	In Greenfield		4,154		2,214		87.6	%
Total Long Distance Lines			104,121		100,937		3.2	%
Internet Access Customers
	Dial-Up		11,535		12,887		(10.5	%)
	DSL Lines		9,591		5,874		63.3	%
	High Speed		536		599		(10.5	%)
Total Internet Access Customers			21,662		19,360		11.9	%

Greenfield Projects

				Estimated Lines
		# Lines In Service		At Completion		# Of Projects
By Year Signed
	1999		1,326		1,516		2
	2000		3,605		11,947		18
	2001		2,872		14,062		29
	2002		1,292		13,246		24
	2003		14		6,188		14
Totals			9,109		46,959		87
By Type
	Mall		2,356		2,800		3
	Single Family Homes		3,716		34,748		46
	Multi-Dwelling Units		2,617		8,620		33
	Business		420		791		5
Totals			9,109		46,959		87

CT Communications, Inc.
Other Selected Financial Data
(unaudited, in thousands)

Capital Expenditures

	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
	September 30, 2003			September 30, 2002			September 30, 2003			September 30, 2002
ILEC	$	2,712		$	4,172		$	8,887		$	12,936
CLEC		242			532			707			2,118
Greenfield		996			3,046			3,148			7,877
Wireless		784			1,302			965			3,906
Internet		639			514			1,954			1,367
Other		1,053			614			1,791			9,298
Total	$	6,426		$	10,180		$	17,452		$	37,502
% of Revenues		15.8	%		27.5	%		14.6	%		34.2	%

Depreciation Expense

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	September 30, 2003		September 30, 2002		September 30, 2003		September 30, 2002
ILEC	$	4,990	$	5,163	$	15,442	$	15,010
CLEC		635		568		1,721		1,630
Greenfield		659		531		2,074		1,430
Wireless		450		333		1,250		811
Internet		540		431		1,512		1,222
Other		331		234		993		445
Total	$	7,605	$	7,260	$	22,992	$	20,548