Citizens Utilities declares 1.6% stock dividend for 1996 third quarter.STAMFORD, Conn.--(BUSINESS WIRE)--Aug. 20, 1996--Citizens Utilities' Board of Directors today declared a 1.6% third-quarter stock dividend on the company's outstanding Series A and Series B common stock, payable September 30 to shareholders of record on September 3. The stock dividends are nontaxable on receipt.
Leonard Tow, chairman, stated that the stock dividend has a cash equivalent of 18 5/8 cents, representing an increase of 6% over the 1995 third-quarter adjusted stock dividend cash equivalent of 17 5/8 cents. Mr. Tow noted that stock dividends for the first three quarters of 1996 have a cash equivalent of 55 1/4 cents, which is 6% higher than the adjusted stock dividend cash equivalent of 52 1/4 cents for the corresponding period in 1995.
Mr. Tow also noted that the stock dividend rates for the first three quarters of 1996 totalled 4.8%, compared with 4.6% for the 1995 corresponding period.
Citizens Utilities (NYSE NYSE
See: New York Stock Exchange : CZNA, CZNB) is a diversified diversified (di·verˑ·s growth company providing telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , energy and water and wastewater treatment services to approximately 1.75 million customers in 20 states. Citizens has a significant investment in Centennial Cellular Corp., a cellular telephone company, and owns Electric Lightwave, Inc., a competitive telecommunications services In telecommunication, the term telecommunications service has the following meanings:
1. Any service provided by a telecommunication provider.
2. provider with operations in five major metropolitan areas in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River
Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . Through Citizens Telecom, the 15th largest telecommunications company See telecom company. in the nation, Citizens provides local, long distance, cellular, paging and other services.
CONTACT: Arthur Dague