Citizens Utilities Reports Second Quarter 1999 Financial Results.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. , Conn.--(BUSINESS WIRE)--Aug. 5, 1999-- Revenue Increased 13%; Citizens Communications' Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. Grew 17%; Electric Lightwave's Operating And EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become Performance Improved Over Prior Quarter Citizens Utilities (NYSE NYSE See: New York Stock Exchange : CZN, CZNPr) announced today financial results for the quarter and six months ended June June: see month. 30, 1999. Revenues for the quarter grew 13% to $415 million from the $366 million reported for the corresponding 1998 quarter. This increase was driven by strong revenue growth in the company's telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. businesses. Net income for the second quarter of 1999 was $7.8 million, compared to $14.5 million for the prior year quarter. These reported figures were impacted by several special items and losses from Electric Lightwave Light in the infrared, visible and ultraviolet ranges, which falls between x-rays and microwaves. Wavelengths are between 10 nanometers and one millimeter. Inc., Citizens' competitive local exchange subsidiary. Absent special items and Electric Lightwave losses, net income was $27 million compared to $21.9 million for the prior year quarter. Earnings per share for the second quarter 1999 were 3 cents compared to 6 cents in the prior year quarter. Excluding special items and Electric Lightwave's losses, earnings per share were 10 cents compared to 8 cents in the prior year quarter. For the six months ended June 30, 1999, net income and earnings per share were $62.4 million and 24 cents respectively, as compared to $41.2 million and 16 cents for the 1998 period. Commenting on second quarter 1999 financial results, Citizens' chief financial officer 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:
adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. expenses related to Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 and separation was $46.7 million -- a 17% increase over the prior year quarter. In addition, Communications' operating and free cash flow both improved significantly over the prior year quarter, increasing 14% and 13%, to $98.3 million and $46.2 million respectively. "Our Public Services Public services is a term usually used to mean services provided by government to its citizens, either directly (through the public sector) or by financing private provision of services. businesses continued to show both operating and cash flow growth despite the adverse impact of warmer weather on revenues. Second quarter revenues totaled $141 million versus $142 million for the prior year quarter. Public Services operating income excluding Y2K and separation expense was $19.2 million or 6% higher than the year ago quarter, while operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. increased 9% to $35.9 million over the second quarter of 1998. "Electric Lightwave's financial results improved significantly during the quarter. Electric Lightwave's operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. was $24.2 million, an 18% improvement, and its EBITDA loss was $16.0 million, a 29% improvement, as compared to the first quarter of 1999. Electric Lightwave continued its double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. sequential quarterly revenue growth. Revenues grew 21% to $45 million over the 1999 first quarter, primarily driven by increases in local dial tone services and long distance services revenues. These improvements should continue throughout the year. Electric Lightwave's owned and leased gross property, plant and equipment at quarter end totaled $802 million. "Citizens continues to concentrate on growing its telecommunications businesses. Citizens announced in May and June that it has agreed to purchase approximately 730,000 telephone access lines from GTE GTE General Telephone & Electronics GTE Génie Thermique et Énergie (French) GTE Gas Turbine Engine GTE Global Tropospheric Experiment GTE Geothermal Energy GTE Gas Turbine Efficiency plc (Sweden & USA) and U S WEST. Citizens intends to permanently fund these acquisitions with proceeds from the sale of its Public Services businesses." The company recently appointed the investment banking firm Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter Dean Witter may refer to:
Citizens Utilities provides telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. and public services including gas distribution, electric distribution, water distribution and wastewater treatment services to approximately 1.9 million customers in 22 states. This document contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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, the company's ability to obtain the necessary regulatory and tax approvals and complete the separation process, 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 has no obligation to update or revise these forward-looking statements to reflect the occurrence of future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . (TABLE) -0-
Citizens Utilities Company and Subsidiaries
Consolidated Financial Data
(unaudited)
For the quarter ended
June 30,
---------------------- %
(Dollars in thousands, 1999 1998 Change
except per share data) --------------------------------
Income Statement Data
Revenues $ 414,847 $ 366,347 13%
Cost of Services 89,617 80,695 11%
Depreciation and amortization 76,484 64,765 18%
Other operating expenses 207,099 178,982 16%
Operating Income 41,647 41,905 -1%
Special items (1) (10,226) (400)
Operating Income including
special items 31,421 41,505 -24%
Investment and other income 12,037 10,736 12%
Interest expense 30,553 28,589 7%
Special items (2) - -
Income taxes 3,600 7,638 -53%
Convertible preferred dividends 1,552 1,552 0%
Net income as reported 7,753 14,462 -46%
Net income excluding special items 15,439 14,668 5%
Net income excluding special items
and ELI 27,265 21,826 25%
Per-Share Data (3)
Basic net income per share of
common stock as reported $ 0.03 $ 0.06 -50%
Basic net income per share of common stock
excluding special items $ 0.06 $ 0.06 0%
Basic net income per share of common stock
excluding special items and ELI $ 0.10 $ 0.08 25%
Weighted average shares
outstanding (3) 260,143 259,619 0%
For the six months ended
June 30,
---------------------- %
(Dollars in thousands, 1999 1998 Change
except per share data) --------------------------------
Income Statement Data
Revenues $ 852,361 $ 770,210 11%
Cost of Services 197,299 188,727 5%
Depreciation and amortization 152,125 128,362 19%
Other operating expenses 418,548 354,538 18%
Operating Income 84,389 98,583 -14%
Special items (1) (16,645) (800)
Operating Income including
special items 67,744 97,783 -31%
Investment and other income 23,723 23,457 1%
Interest expense 60,366 55,395 9%
Special items (2) 64,499 (2,334)
Income taxes 35,118 19,166 83%
Convertible preferred dividends 3,104 3,104 0%
Net income as reported 62,378 41,241 51%
Net income excluding special items 31,634 44,069 -28%
Net income excluding special items
and ELI 56,901 57,070 0%
Per-Share Data (3)
Basic net income per share of common
stock as reported $ 0.24 $ 0.16 50%
Basic net income per share of common stock
excluding special items $ 0.12 $ 0.17 -29%
Basic net income per share of common stock
excluding special items and ELI $ 0.22 $ 0.22 0%
Weighted average shares
outstanding (3) 259,775 259,339 0%
(1) Special items consist of Y2K and separation costs. (2) In the first quarter of 1999, the Company recorded a pre- pre- word element [L.], before (in time or space). pre- pref. 1. Earlier; before; prior to: prenatal. 2. tax gain of $69.5 million ($42.9 million net of tax) on the sale of Centennial Cellular stock. In the first quarter of 1998, Electric Lightwave, Inc. recorded a pre- tax charge to earnings of $2.8 million ($2.3 million net of tax) for the cumulative effect of a change in accounting principle. (3) Adjusted for subsequent stock dividends and stock splits and used in the calculation of all per share data. |
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