Citizens Utilities holds annual meeting of shareholders; Board of Directors declares second-quarter stock dividend and announces on-going stock buy-back program.STAMFORD, Conn.--(BUSINESS WIRE)--May 23, 1996--Leonard Tow, chairman and chief executive officer of Citizens Utilities, told shareholders attending the company's annual meeting yesterday in Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. , that barring unforeseen circumstances management expects 1996 to be Citizens' best year ever and its 52nd consecutive year of increased revenues, net income, earnings per share and dividends. Dr. Tow announced that the Board of Directors has authorized a $75 million program under which Citizens will, from time to time, repurchase shares of its common stock on the open market. The amount and timing of the purchases will be subject to market conditions and other factors. In addition, Dr. Tow announced that Citizens' Board of Directors declared a 1.6% second-quarter stock dividend on the company's outstanding Series A and Series B common stock, payable June 30 to shareholders of record on June 3. The stock dividends are nontaxable on receipt. In declaring the dividend, Dr. Tow noted that the stock dividends for the first six months of 1996 have a cash equivalent of 37 1/4 cents, representing an increase of 6% over the cash equivalent of 35 1/8 cents for the stock dividends paid during the first six months of 1995, adjusted for subsequent stock dividends. At the annual meeting, Dr. Tow and other members of senior management reviewed the company's first quarter 1996 performance and the status of the company's operations, focusing on its telecommunications activities and the opportunities afforded Citizens as a result of the passage of the Telecommunications Act There are several laws named the Telecommunications Act
Citizens Utilities (NYSE NYSE See: New York Stock Exchange : CZNA, CZNB) is a diversified growth company providing telecommunications, energy and water and wastewater treatment services to approximately 1.6 million customers in 20 states. Citizens has a significant investment interest in Centennial Cellular Corp., an investment in Hungarian Telephone and Cable Hungarian Telephone and Cable Corp. (HTCC) (AMEX:HTC) is a telecommunications company based in Seattle, Washington, USA. It provides a variety of telecommunications services in Hungary through its subsidiaries, Hungarotel Tavkozlesi Rt. and Pantel Tavkozlesi Kft. Corp., 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 West 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, one of the country's 15 largest telecommunications companies See telecom company. , Citizens provides local, long distance, cellular, paging and other services to customers throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . CONTACT: Brigid M. Smith (203) 329-5042 bsmith@czn.com or Arthur D. Dague (203) 329-5094 adague@czn.com |
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