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:
September 21, 1999
(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.
Citizens Utilities Company entered into definitive agreements to
purchase from GTE Corporation 58,723 telephone access lines in Nebraska
for $204 million in cash. The Company expects that the acquisition,
which is subject to various state and regulatory approvals will be
completed in 2000, at which time the total access lines should number
approximately 60,000.
Item 7. Financial Statements, Exhibits.
(c) Exhibits
99.1 Press release of Citizens Utilities Company released
September 21, 1999 announcing definitive agreements to
purchase approximately 60,000 telephone access lines
from GTE Corporation.
<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/ Robert J.DeSantis
----------------------------
Chief Financial Officer,
Vice President and Treasurer
Date: September 22, 1999
Exhibit 99.1
COMPANY LOGO Citizens Utilities
3 High Ridge Park
Stamford, CT 06905
203.614.5600
Web site: www.czn.net
FOR IMMEDIATE RELEASE
Contacts:
Financial Community: Media:
Alan H. Oshiki, Assistant Vice President Brigid M. Smith,
and Assistant Treasurer Assistant Vice President
(203) 614-5629 Corporate Communications
[email protected] (203) 614-5042
[email protected]
Citizens Utilities Signs Definitive Agreement to Purchase Approximately 60,000
Telephone Access Lines from GTE in Nebraska
STAMFORD, Conn., September 21, 1999 - Citizens Utilities (NYSE: CZN, CZNPr)
announced today that it has entered into a definitive agreement to purchase
58,723 telephone access lines in Nebraska from GTE Corporation (NYSE: GTE) for
$204 million in cash. Citizens expects that the acquisition, which is subject to
various state and federal regulatory approvals, will be completed in 2000, at
which time the total access lines should number approximately 60,000.
Citizens agreed in May and June of this year to purchase 187,000 and
530,000 access lines from GTE and U S WEST respectively in 10 states, including
Nebraska. Citizens will have over 70,000 access lines in Nebraska after the
transactions close.
Citizens Utilities provides telecommunications services and public
services including gas distribution, electric distribution, water distribution
and wastewater treatment services to approximately 1.9 million customers in 22
states. Citizens also owns 83% of Electric Lightwave, Inc. (NASDAQ: ELIX), a
facilities-based, integrated communications provider that offers a broad range
of services to telecommunications-intensive businesses throughout the United
States. More information about Citizens can be found at www.czn.net.
This document contains forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ materially
from those expressed or implied in the statements. These and all forward-looking
statements are only predictions or statements of current plans that are
constantly under review by the company. All forward-looking statements may
differ from actual results because of, but not limited to, changes in the local
and overall economy, changes in market conditions for debt and equity
securities, the nature and pace of technological changes, the number and
effectiveness of competitors in the company's markets, success in overall
strategy, weather conditions, changes in legal or regulatory policy, changes in
legislation, the company's ability to identify future markets and successfully
expand existing ones and the mix of products and services offered in the
company's target markets. These important factors should be considered in
evaluating any statement contained herein and/or made by the company or on its
behalf. The foregoing information should be read in conjunction with the
company's filings with the U.S. Securities and Exchange Commission including,
but not limited to, reports on Forms 10-K and 10-Q. The company does not intend
to update or revise these forward-looking statements to reflect the occurrence
of future events or circumstances.
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