Citizens Utilities reports double-digit earnings and EPS growth for the three months and six months ended June 30, 1996.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. 15, 1996--Citizens Utilities announced today record revenues and profits for the three- and six-month periods ended June June: see month. 30, 1996. 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:
For the six months ended June 30th, DeSantis reported that 1996 revenues of $647.3 million increased 25% over 1995 revenues of $518.7 million. Net income of $85.1 million increased 12% over net income of $75.8 million during the same period last year. Earnings per share of 37 cents for this period was also up 12% over earnings per share of 33 cents during the corresponding period in 1995. Commenting on these financial results, DeSantis said, "Citizens' excellent performance is attributable to continuous above-average growth in volume and profitability in each of its sectors, particularly telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. . Such growth has enabled the company to increase its cash flow by 53% to $150 million for the first six months of 1996." Citizens Utilities (NYSE NYSE See: New York Stock Exchange : CZNA, CZNB) is a diversified diversified (di·verˑ·s growth company providing telecommunications, 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., and owns 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., 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, the 7th largest independent telecommunications company See telecom company. in the nation, Citizens provides local, long distance, cellular, paging and other services. -0-
Citizens Utilities Company and Subsidiaries
Summary of Financial Results
for the Three Months and Six Months Ended
June 30, 1996 and 1995
(Unaudited)
(000 omitted except for per-share amounts)
3 Months Ended June 30 6 Months Ended June 30
1996 1995 1996 1995
Revenues $318,128 $251,678 $647,265 $518,712
Expenses:
Operating expenses 196,845 151,443 407,962 320,182
Depreciation 47,200 38,103 94,229 77,496
244,045 189,546 502,191 397,678
Income from operations 74,083 62,132 145,074 121,034
Other income, net 17,776 14,924 28,823 27,779
Interest expense 22,645 21,007 44,647 43,704
Income before income taxes and dividends on convert- ible preferred securities 69,214 56,049 129,250 105,109 Income taxes(1) 21,584 14,110 41,511 29,266 Income before dividends on convertible preferred securities 47,630 41,939 87,739 75,843 Dividends on convertible preferred securities, net of Income tax benefit 1,379 -- 2,632 -- Net Income $ 46,251 $ 41,939 $ 85,107 $ 75,843 Earnings per share of Common Stock Series A and Series B(2) $.20 $.18 $.37 $.33 Average number of shares outstanding adjusted for subsequent stock dividends 231,500 233,208 230,139 227,500
NOTES:
(1) Includes provision for Federal income taxes of $19,210 and
$12,275 for the three months ended June 30, 1996 and 1995,
respectively; and $36,945 and $25,461 for the six months ended
June 30, 1996 and 1995, respectively.
(2) Earnings per share is based on the average number of shares
outstanding. Earnings per share is adjusted for subsequent stock
dividends. The effect on earnings per share of the exercise of
dilutive options is immaterial.
CONTACT: Citizens Utilities Arthur Arthur, king of Britain: see Arthurian legend. Arthur king and hero of Scotland, Wales, and England. [Arthurian Legend: Parrinder, 28] See : Heroism Dague, 203/329-5094 adague@czn.com |
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