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:
(Date of earliest event reported)
December 15, 2000
CITIZENS COMMUNICATIONS COMPANY
(Exact name of registrant as specified in charter)
Delaware 001-11001 06-0619596
_____________________ __________________________ _____________________
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
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 former address, if changed since last report)
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Item 5. Other Events.
Citizens Communications, through its Louisiana Gas Services operation, settled a
long-standing rate proceeding with the Louisiana Public Service Commission
through a settlement agreement effective December 14, 2000.
As a result, Louisiana Gas Service will refund $27 million to ratepayers during
the month of January 2001, effected as a credit on customers' bills.
The settlement ends a proceeding covering rates charged between 1992 and 1997,
as well as a related lawsuit against the company. As a result, Citizens will
record a total one-time charge of $29.5 million or $0.11 per share during the
fourth quarter of its fiscal year ended December 31, 2000.
The Louisiana Gas Service business is to be sold to Atmos Energy Co., and the
sale is expected to close during the first quarter of 2001.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 Press release of Citizens Communciations Company released December 15,
2000 announcing settlement of a long-standing rate proceeding with the Louisiana
Public Service Commission.
<PAGE>
SIGNATURE
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 thereunto duly authorized.
CITIZENS COMMUNICATIONS COMPANY
(Registrant)
Date: December 18, 2000 By: /s/ Robert J. Larson
--------------------------
Vice President and
Chief Accounting Officer
<PAGE>
Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Don Armour
203.614.5124
[email protected]
CITIZENS COMMUNICATIONS
SETTLES PROCEEDING WTH
LOUISIANA PUBLIC SERVICE COMMISSION
December 15, 2000 -- Citizens Communications, through its Louisiana Gas Services
operation, settled a long-standing rate proceeding with the Louisiana Public
Service Commission through a settlement agreement effective December 14, 2000.
As a result, Louisiana Gas Service will refund $27 million to ratepayers during
the month of January 2001, effected as a credit on customers' bills.
The settlement ends a proceeding covering rates charged between 1992 and 1997,
as well as a related lawsuit against the company. As a result, Citizens will
record a total one-time charge of $29.5 million or $0.11 per share during the
fourth quarter of its fiscal year ended December 31, 2000.
The Louisiana Gas Service business is to be sold to Atmos Energy Co., and the
sale is expected to close during the first quarter of 2001.
Citizens Communications
Citizens Communications serves 1.4 million access lines in 17 states. In 1999
and 2000, Citizens agreed to purchase 1.7 million additional access lines in
transactions that began to close in June of 2000. Citizens also owns 86 percent
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
(including oral representations) 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, changes in legal or regulatory policy, changes in legislation, the
company's ability to identify future markets and successfully expand existing
ones, the mix of products and services offered in the company's target markets,
the effects of acquisitions and dispositions and the ability to effectively
integrate businesses acquired. 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.
