CITIZENS UTILITIES SETS NEW RECORDS; 1995 MARKS THE COMPANY'S 51st CONSECUTIVE YEAR OF INCREASED REVENUES, NET INCOME AND EARNINGS PER SHARE.STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Connecticut--(BUSINESS WIRE)--March 7, 1996-- Citizens Utilities' chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Dr. Leonard Leon·ard , Ray Charles Known as "Sugar Ray." Born 1956. American boxer who won the 1976 Olympic light welterweight title. He held five world titles as both a welterweight and middleweight between 1979 and 1987. Noun 1. Tow, announced record results for the year ended December December: see month. 31, 1995, the company's 51st consecutive year of increased revenues, net income, earnings per share and dividend distributions to shareholders. Dr. Tow reported that Citizens' revenues were up 18% from $906.2 million in 1994 to $1.07 billion in 1995. Net income for 1995 of $159.5 million increased 11% over 1994 net income of $144 million. Citizens also achieved record high earnings per share of 73 cents in 1995. Commenting on Citizens' performance, Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. J. DeSantis DeSantis is a common surname. Well-known people with this name include:
pre- pref. 1. Earlier; before; prior to: prenatal. 2. tax annual telephone subsidy subsidy, financial assistance granted by a government or philanthropic foundation to a person or association for the purpose of promoting an enterprise considered beneficial to the public welfare. which was discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: at the end of 1994. Earnings per share increased to 73 cents in 1995 from 72 cents in 1994 despite the elimination of 12 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. reported in 1994 which was attributable to the discontinued $38 million subsidy. This increase in earnings per share was further achieved over the sale, in January January: see month. 1995, of 19 million new shares of the company's common stock. These exceptional net income and earnings per share results are directly attributable to superior internal growth and a successfully implemented acquisition strategy." -0-
EPS Comparison
12/31/95 12/31/94 Increase
As reported $ .73 $ .72 1% Subsidy $ -- $ .12 -- Comparative EPS $ .73 $ .60 22% Average shares outstanding 219M 200M 19M -0-
Reflecting on the record results, Dr. Tow stated, "We are
extremely proud of the very strong results that management has
achieved for Citizens' shareholders in 1995. The subsidy loss,
the assimilation of the GTE and ALLTEL operations, the completion
of the permanent financing of these acquisitions and the division
of net income by 19 million additional shares were just some of
the significant hurdles we overcame in 1995 in order to achieve
our 51st successive year of increases in net income, revenues,
earnings per share and dividends. We are extremely proud of this
record, which is unmatched by any other publicly traded company
in the nation. Now that the challenges of 1995 are behind us we
have every reason to believe that Citizens' 1996 performance will
be exceptional."
Dr. Tow added, "Substantial increases in productivity,
continued above-average growth at our telecommunications and
utility properties, and vigorous growth in new businesses like
Citizens Long Distance and Electric Lightwave virtually assure
that our company will experience a significantly accelerated rate
of growth in net income and earnings per share in 1996. In
telecommunications in particular," Dr. Tow said, "Citizens will
benefit from the recently enacted Telecommunications Act of 1996,
and we are extremely excited about the opportunities that lie
ahead. Our company is well positioned to take full advantage of
the opportunities offered by the convergence of telephone, cable
television, data communications and wireless telecommunications
technologies."
Citizens Utilities (NYSE:CZNA, CZNB) is a diversified growth
company providing telecommunications, natural gas distribution,
electric distribution, water and wastewater treatment services to
approximately 1.6 million customers in 19 states. Citizens has a
significant investment in Centennial Cellular Corp. (NASDAQ), a
cellular telephone company, and owns Electric Lightwave, Inc., an
alternative telecommunications service provider and Citizens Long
Distance, a long distance telephone company.
-0-
CITIZENS UTILITIES COMPANY SUMMARY INCOME STATEMENT DATA (000 omitted except for per-share amounts) Years Ended December 31 1995 1994 Revenues $1,069,032 $906,150 Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. 814,859 678,026 Income from operations 254,173 228,124 Other income 59,955 52,940 Interest expense 87,775 72,744 Income before income taxes 226,353 208,320 Income taxes (1) 66,817 64,323 Net income 159,536 143,997 Earnings per share of Common Stock Series A and Series B (2) $.73 $.72 Average number of shares outstanding adjusted for subsequent stock dividends 218,871 200,057 -0- NOTES: (1) Includes provision for Federal income taxes of $59,408 and $56,227 for 1995 and 1994, respectively. (2) Earnings per share is based on the average number of shares outstanding. Earnings per share is adjusted for subsequent stock dividends. The calculation is not adjusted for the 1.6% first-quarter stock dividend declared on February February: see month. 16, 1996 because its effect is immaterial Not essential or necessary; not important or pertinent; not decisive; of no substantial consequence; without weight; of no material significance. immaterial adj. . The effect on earnings per share of the exercise of dilutive options is immaterial. CONTACT: Arthur Dague 203/329-5094 adague@czn.com |
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