CTE Substantially Completes Initial $100 Million of Authorized Common Stock Repurchases.

Business Editors/High-Tech Writers

DALLAS, Pa.--(BUSINESS WIRE)--April 12, 2004

Commonwealth Telephone Enterprises, Inc. ("CTE") (Nasdaq: CTCO), today announced that it has substantially completed the initial $100 million of authorized common stock repurchases in connection with its previously announced $150 million total Board authorized common stock repurchase program. Since the stock repurchase program began last November, CTE has repurchased 2,589,010 common shares in open market and block transactions at an average all-in cost of approximately $38.30 per share, or just over $99 million.

Repurchased shares have been placed in Treasury and may be used for the Company's employee benefit plans or for other general corporate purposes. No time limit was set for the completion of the remaining $50 million of authorized common stock repurchases. The remaining authorized repurchases will be executed at CTE's discretion, based on ongoing assessments of the Company's capital needs and the market value of CTE's common stock.

"I am pleased to report to our shareholders today that we have made substantial progress repurchasing our shares since we announced on February 10, 2004, that we had repurchased 1,709,310 common shares from the time when the program began last November," said Michael J. Mahoney, CTE's president and chief executive officer. "Over the past seven weeks, we have repurchased an additional 879,700 common shares at attractive price levels, and our strong cash position allows us to continue to execute this program at our discretion without impacting our long-term plans."

About CTE

Headquartered in Dallas, PA, Commonwealth Telephone Enterprises, Inc., serves a growing base of business and residential customers with the full array of technologically advanced data and voice telecommunications products and services, including broadband data services and high-speed Internet access, delivered over its 100% digitally switched, fiber-rich network.

CTE's primary operating segments are: Commonwealth Telephone Company ("CT"), the nation's seventh largest publicly held independent local exchange carrier, which has been operating in various rural Pennsylvania markets since 1897; and, CTSI, LLC ("CTSI"), a local exchange carrier operating in competitive markets outside CT's territory, that formally commenced operations in 1997. Jack Flash(R), a broadband data service that uses DSL technology to offer high-speed Internet access and digital connectivity solutions, is offered throughout CTE's service territories. CTE's support businesses include epix(R) Internet Services (www.epix.net), one of the Northeast's largest rural Internet Service Providers ("ISPs"), and Commonwealth Communications, a provider of telecommunications equipment and facilities management services.

A web site featuring current information regarding Commonwealth Telephone Enterprises, Inc., can be found on the Internet at www.ct-enterprises.com.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release is forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect expected results in the future and cause them to be different from those expressed in any forward-looking statements made by, or on behalf of, the Company. These risks and uncertainties include, but are not limited to, uncertainties related to the Company's ability to further penetrate its markets and the related costs of that effort, economic conditions, acquisitions and divestitures, government and regulatory policies, the pricing and availability of equipment, materials and inventories, technological developments and changes in the competitive environment in which the Company operates and receipt of necessary approvals.