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Citizens Utilities Declares a 1% Stock Dividend for 1997 Third Quarter.

STAMFORD, Conn.--(BUSINESS WIRE)--August 20, 1997--Citizens Utilities' Board of Directors declared today a 1% third-quarter 1997 stock dividend on the company's outstanding common stock. The dividend is payable September 30 to shareholders of record on September 1. The stock dividend is nontaxable on receipt.

Leonard Tow, chairman, stated that the 1% third-quarter 1997 stock dividend has a cash equivalent of 8 cents. 1997 stock dividends declared to date now total 4.2% with a cash equivalent of 43 cents as compared to 4.8% with a cash equivalent of 51 cents for the same period in 1996.

Mr. Tow said the 1997 dividends declared to date reflect the company's lower earnings. "Although earnings for the first half of 1997 were affected by the company's expansion of long distance service into adjacent markets and by non-recurring charges," Mr. Tow said, "we believe the actions we initiated in the second quarter to reduce expenses and improve earnings will have a positive effect on Citizens' results in the third and fourth quarters of 1997 and beyond."

Citizens Utilities (NYSE: CZNA, CZNB, CZNPr) provides telecommunications and public utility services to approximately 1.6 million customers in 22 states. Citizens Communications is an integrated communications provider offering local telephone, long distance, cellular, paging, Internet, network sales and other communications products and services. Citizens also has investments in Centennial Cellular Corp. (NASDAQ: CYCL) and Hungarian Telephone and Cable Corp. (ASE: HTC) and owns Electric Lightwave, Inc., a leading competitive provider of communications services for business and long distance carriers in the western United States.

For more information about Citizens, please visit our web site at http://www.czn.net .

This press release contains forward-looking statements relating to future expenses, capital expenditures, revenues, charges and earnings. These statements may differ from actual future results due to, but not limited to, the actual effects of the restructuring, reduction in capital expenditures and other actions described herein, changes in the local and overall economy, the nature and pace of technological change, the number and effectiveness of competitors in the company's markets, success in marketing and selling expenditures and efforts, weather conditions, changes in legal and regulatory policy, name recognition, and the mix of products and services offered in the company's target markets. Investors may wish to consider these important factors in evaluating any statements herein.

CONTACT: Arthur Dague

(203) 329-5094

adague@czn.com
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Copyright 1997, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Aug 20, 1997
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