Citizens Utilities declares 1.6 percent stock dividend for 1995 third quarter.

STAMFORD, Conn.--(BUSINESS WIRE)--Aug. 22, 1995--Citizens Utilities' board of directors today declared a 1.6 percent third-quarter stock dividend on the company's outstanding Series A and Series B common stock.

The dividend is payable Sept. 29 to shareholders of record on Sept. 1. The stock dividends are nontaxable on receipt.

Leonard Tow, chairman, stated that the stock dividend has a cash equivalent of 18 3/4 cents, representing an increase of 5 percent over the 1994 third quarter stock dividend cash equivalent of 17 7/8 cents. Tow noted that stock dividends for the first three quarters of 1995 have a cash equivalent of 55 5/8 cents, which is 5 percent higher than the stock dividend cash equivalent of 53 cents for the corresponding period in 1994. The cash equivalents of stock dividends paid prior to the third quarter 1995 stock dividend have been adjusted to reflect subsequent stock dividends.

Tow also noted that the stock dividend rates for the first three quarters of 1995 totalled 4.6 percent, compared with 3.55 percent for the 1994 corresponding period.

Citizens Utilities (NYSE:CZNA, CZNB) is a diversified service company providing telecommunications, services, natural gas distribution, electric distribution, and water and wastewater treatment services to over 1.4 million customers in 18 states. Citizens has a significant investment interest in Centennial Cellular Corp., a cellular telephone company, and owns Electric Lightwave, Inc., a competitive telecommunications services provider operating in five major cities in the Western United States.

CONTACT: Citizens Utilities

Arthur Dague, 203/329-5094