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:
December 16, 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 a definitive agreement to
purchase from GTE Corporation 106,850 telephone access lines in
Illinois for $303 million in cash. The Company expects that the
acquisition, which is subject to various state and federal regulatory
approvals, will close in late 2000, at which time the total access
lines should number approximately 115,000.
Item 7. Financial Statements, Exhibits.
(c) Exhibits
99.1 Press release of Citizens Utilities Company released
December 16, 1999 announcing a definitive agreement to
purchase 106,850 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/ Livingston Ross
----------------------------
Vice President and
Chief Accounting Officer
Date: December 20, 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, Assistant Vice
Investor Relations President Corporate Communications
(203) 614-5629 (203) 614-5042
[email protected] [email protected]
Citizens Utilities to Purchase 115,000 Telephone Access Lines
from GTE in Illinois
STAMFORD, Conn., December 16, 1999 - Citizens Utilities (NYSE: CZN, CZNPr)
announced today that it has entered into a definitive agreement to purchase
106,850 (year-end 1998) telephone access lines in Illinois from GTE Corporation
(NYSE: GTE) for $303 million in cash. Citizens expects that the acquisition,
which is subject to various state and federal regulatory approvals, will close
in late 2000, at which time the total access lines should number approximately
115,000.
Combined with other access line purchases announced earlier this year,
Citizens will be adding approximately 925,000 access lines in 2000.
Citizens Utilities provides telecommunications services and public
utility services to 1.9 million customers in 22 states. Citizens also owns 82%
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. To fund
its expansion in the telecommunications business, the company will use the
proceeds of its previously announced public utility divestitures. 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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