SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report:
April 7, 1998
(Date of earliest event reported)
CITIZENS UTILITIES COMPANY
(Exact name of Registrant as specified in charter)
Delaware 001-11001 06-0619596
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
3 High Ridge Park, P.O. Box 3801, Stamford, Connecticut 06905
- ------------------------------------------------------- -----
(Address of principal executive offices) (Zip Code)
(203) 614-5600
(Registrant's telephone number, including area code)
No change since last report
(Former name or address, if changed since last report)
<PAGE>
Item 5. Other Events
Exhibit 27. Restated Financial Data Schedules for the years ended
December 31, 1996 and December 31, 1995.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CITIZENS UTILITIES COMPANY
Registrant
By:/s/ Livingston E. Ross
-----------------------------
Vice President and Controller
Date: April 7, 1998
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION FOR THE YEAR
ENDED DECEMBER 31, 1996 EXTRACTED FROM THE COMPANY'S CONSOLIDATED FINANCIAL
STATEMENTS PRESENTED IN THE 1997 FORM 10-K AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS. EPS HAS BEEN RESTATED PURSUANT
TO THE APPLICATION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.128.
</LEGEND>
<CIK> 0000020520
<NAME> CITIZENS UTILITIES COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 3,138,052
<OTHER-PROPERTY-AND-INVEST> 539,152<F1>
<TOTAL-CURRENT-ASSETS> 369,770
<TOTAL-DEFERRED-CHARGES> 193,779<F2>
<OTHER-ASSETS> 282,395<F3>
<TOTAL-ASSETS> 4,523,148
<COMMON> 59,788
<CAPITAL-SURPLUS-PAID-IN> 1,381,341
<RETAINED-EARNINGS> 244,066
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,678,183
201,250<F4>
0
<LONG-TERM-DEBT-NET> 1,509,697
<SHORT-TERM-NOTES> 0
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 3,593
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 2,640,122
<TOT-CAPITALIZATION-AND-LIAB> 4,523,148
<GROSS-OPERATING-REVENUE> 1,306,517
<INCOME-TAX-EXPENSE> 84,937
<OTHER-OPERATING-EXPENSES> 221,104<F5>
<TOTAL-OPERATING-EXPENSES> 1,010,831
<OPERATING-INCOME-LOSS> 295,686
<OTHER-INCOME-NET> 66,455
<INCOME-BEFORE-INTEREST-EXPEN> 362,141
<TOTAL-INTEREST-EXPENSE> 92,695
<NET-INCOME> 178,660
5,849<F4>
<EARNINGS-AVAILABLE-FOR-COMM> 178,660
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 375,181
<EPS-PRIMARY> .70<F6>
<EPS-DILUTED> .70<F7>
<FN>
<F1>REPRESENTS INVESTMENT FUNDS.
<F2>REPRESENTS REGULATORY ASSETS.
<F3>DEFERRED DEBITS AND OTHER ASSETS.
<F4>COMPANY OBLIGATED MADATORILY REDEEMABLE CONVERTIBLE PREFERRED SECURITIES
OF A SUBSIDIARY TRUST, THE SOLE ASSETS OF WHICH ARE SECURITIES OF A
SUBSIDIARY PARTNERSHIP, SUBSTANTIALLY ALL THE ASSETS OF WHICH ARE
CONVERTIBLE DEBENTURES OF THE COMPANY.
<F5>REPRESENTS COMMODITIES PURCHASED
<F6>REPRESENTS BASIC EPS AND HAS BEEN RESTATED PURSUANT TO THE REQUIREMENTS
OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.128 ADOPTED BY THE
COMPANY ON DECEMBER 31, 1997.
<F7>HAS BEEN RESTATED PURSUANT TO THE REQUIREMENTS OF STATEMENT OF FINANCIAL
ACCOUNTING STANDARDS NO.128 ADOPTED BY THE COMPANY ON DECEMBER 31, 1997.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> UT
<LEGEND>
THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION FOR THE YEAR
ENDED DECEMBER 31, 1995 EXTRACTED FROM THE COMPANY'S CONSOLIDATED FINANCIAL
STATEMENTS PRESENTED IN THE 1997 FORM 10-K AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS. EPS HAS BEEN RESTATED PURSUANT
TO THE APPLICATION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.128.
</LEGEND>
<CIK> 0000020520
<NAME> CITIZENS UTILITIES COMPANY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 2,908,030
<OTHER-PROPERTY-AND-INVEST> 329,090<F1>
<TOTAL-CURRENT-ASSETS> 252,702
<TOTAL-DEFERRED-CHARGES> 220,110<F2>
<OTHER-ASSETS> 208,255<F3>
<TOTAL-ASSETS> 3,918,187
<COMMON> 56,896
<CAPITAL-SURPLUS-PAID-IN> 1,263,694
<RETAINED-EARNINGS> 235,236
<TOTAL-COMMON-STOCKHOLDERS-EQ> 1,559,913
0
0
<LONG-TERM-DEBT-NET> 1,187,000
<SHORT-TERM-NOTES> 140,650
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 0
<LONG-TERM-DEBT-CURRENT-PORT> 3,865
0
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 2,213,759
<TOT-CAPITALIZATION-AND-LIAB> 3,918,187
<GROSS-OPERATING-REVENUE> 1,069,032
<INCOME-TAX-EXPENSE> 66,817
<OTHER-OPERATING-EXPENSES> 193,553<F4>
<TOTAL-OPERATING-EXPENSES> 814,859
<OPERATING-INCOME-LOSS> 254,173
<OTHER-INCOME-NET> 59,955
<INCOME-BEFORE-INTEREST-EXPEN> 314,128
<TOTAL-INTEREST-EXPENSE> 87,775
<NET-INCOME> 159,536
0
<EARNINGS-AVAILABLE-FOR-COMM> 159,536
<COMMON-STOCK-DIVIDENDS> 0
<TOTAL-INTEREST-ON-BONDS> 0
<CASH-FLOW-OPERATIONS> 338,611
<EPS-PRIMARY> .66<F5>
<EPS-DILUTED> .65<F6>
<FN>
<F1>REPRESENTS INVESTMENT FUNDS.
<F2>REPRESENTS REGULATORY ASSETS.
<F3>DEFERRED DEBITS AND OTHER ASSETS.
<F4>REPRESENTS COMMODITIES PURCHASED
<F5>REPRESENTS BASIC EPS AND HAS BEEN RESTATED PURSUANT TO THE REQUIREMENTS
OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.128 ADOPTED BY THE
COMPANY ON DECEMBER 31, 1997.
<F6>HAS BEEN RESTATED PURSUANT TO THE REQUIREMENTS OF STATEMENT OF FINANCIAL
ACCOUNTING STANDARDS NO.128 ADOPTED BY THE COMPANY ON DECEMBER 31, 1997.
</FN>
</TABLE>
