-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Gbwn76jikX3IhNIssV+n04uT+MVmY1G5l8tZZZW/25CIDw3/V2rvRIXyB3yVIVwj 8WZVVgiL7oOo16JohtwcJQ== 0000020520-01-500019.txt : 20010813 0000020520-01-500019.hdr.sgml : 20010813 ACCESSION NUMBER: 0000020520-01-500019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010807 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20010810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CITIZENS COMMUNICATIONS CO CENTRAL INDEX KEY: 0000020520 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 060619596 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11001 FILM NUMBER: 1703170 BUSINESS ADDRESS: STREET 1: HIGH RIDGE PK BLDG 3 STREET 2: P O BOX 3801 CITY: STAMFORD STATE: CT ZIP: 06905 BUSINESS PHONE: 2033298800 MAIL ADDRESS: STREET 1: HIGH RIDGE PARK BLDG NO 3 CITY: STAMFORD STATE: CT ZIP: 06905 FORMER COMPANY: FORMER CONFORMED NAME: CITIZENS UTILITIES CO DATE OF NAME CHANGE: 19920703 8-K 1 ccpr2qtr.txt CC 2ND QTR PR SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): August 7, 2001 CITIZENS COMMUNICATIONS COMPANY (Exact name of Registrant as specified in its charter) Delaware 001-11001 06-0619596 (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 3 High Ridge Park, P.O. Box 3801 Stamford, Connecticut 06905 (Address of Principal Executive Offices) (Zip Code) (203) 614-5600 (Registrant's Telephone Number, Including Area Code) No Change Since Last Report ---------------------------------------------- (Former name or former address, if changed since last report) Item 7. Financial Statements, Exhibits (c) Exhibits 99.1 Press Release of Citizens Communications Company released August 7, 2001 announcing earnings for the quarter and six months ended June 30, 2001. 99.2 Financial and operating data Citizens Communications 3 High Ridge Park Stamford, CT 06905 203-614-5600 Web site: www.czn.net FOR IMMEDIATE RELEASE Contact: Brigid Smith Assistant Vice President, Corporate Communications 203.614.5042 bsmith@czn.com Citizens Communications Reports Financial Results for the Second Quarter of 2001 Stamford, Conn., August 7, 2001-- Citizens Communications (NYSE:CZN, CZB) today reported financial results for the quarter ended June 30, 2001. Consolidated second-quarter revenue from continuing operations, which includes revenue from the company's telecommunications, electric and gas operations, was $505.7 million, an increase of 21 percent from the second quarter of 2000. For the six months ended June 30, 2001, consolidated revenue from continuing operations was $1.13 billion, an increase of 30 percent from the same period of 2000. Second quarter 2001 EBITDA from continuing operations totaled $174.9 million, a 45 percent increase over 2000 second quarter EBITDA of $120.6 million. For the six months ended June 30, 2001, EBITDA from continuing operations totaled $368.5 million, a 44 percent increase over EBITDA of $255.3 million for the same period of 2000. The current and year-ago quarters include $153.8 million and $98.0 million of EBITDA, respectively, from the company's ILEC and Electric Lightwave operations. The current and year-ago quarters also include $10.0 million and $10.8 million of EBITDA, respectively, from the company's gas operations and $11.1 million and $11.8 million, respectively, of EBITDA from the company's electric operations. The current and year-ago six-month periods ended June 30 include $306.9 million and $193.5 million of EBITDA, respectively, from the company's ILEC and Electric Lightwave operations. The current and year-ago six-month periods ended June 30 also include $38.8 million and $35.3 million of EBITDA, respectively, from the company's gas operations and $22.8 million and $26.5 million, respectively, of EBITDA from the company's electric operations. Second quarter consolidated net loss was $0.6 million compared to consolidated net income of $3.0 million for the prior year quarter. For the six months ended June 30, 2001, consolidated net income was $19.1 million compared to consolidated net income of $10.3 million for the same period of the prior year. Telecommunications - Incumbent Local Exchange Carrier (ILEC ) Revenue for the second quarter of 2001 from the company's ILEC operations was $288.8 million, up 27 percent from $227.4 million for the 2000 second quarter. Acquisitions completed in the second half of 2000 representing approximately 340,700 access lines accounted for $52.5 million of the increase. Revenue for the six months ended June 30, 2001 from the company's ILEC was $576.1 million, up 27 percent from $453.7 million for the same period in 2000. Acquisitions accounted for $100.6 million of the increase. ILEC EBITDA for the second quarter was $149.0 million, up 50 percent from $99.2 million in the prior year period, resulting in an EBITDA margin of 52 percent. Second quarter ILEC EBITDA results included $7.1 million of assimilation expense related to acquisitions of telephone access lines that are pending. Absent this one-time expense, continuing ILEC EBITDA was $156.1 million, a 46 percent increase over the prior year's corresponding period, for an EBITDA margin of 54 percent for the 2001 second quarter compared to 47 percent in the second quarter of 2000. ILEC EBITDA for the six months ended June 30, 2001 was $298.0 million, up 48 percent from $201.1 million in the prior year period, resulting in an EBITDA margin of 52 percent. ILEC EBITDA results for the six months ended June 30, 2001 included $12.5 million of assimilation expense related to acquisitions of telephone access lines that are pending. Absent this one-time expense, continuing ILEC EBITDA was $310.6 million, a 46 percent increase over the prior year's corresponding period, for an EBITDA margin of 54 percent for the six months ended June 30, 2001 compared to 47 percent in the same period of 2000. Electric Lightwave, Inc. (NASDAQ:ELIX) (ELI) Second quarter ELI revenue totaled $60.4 million compared to $60.6 million for the prior year period. ELI revenue for the six months ended June 30, 2001 was $123.0 million, compared to $117.4 million for the same period in 2000. ELI second quarter EBITDA was $4.1 million, a $5.5 million improvement over the $1.4 million loss of the year ago second quarter. ELI EBITDA for the six months ended June 30, 2001 was $7.4 million, a $15.5 million improvement over the $8.1 million loss of the same period in 2000. The Nasdaq Stock Market, Inc. has informed ELI that its Class A Common Stock failed to maintain a minimum bid price of $5.00 for 30 consecutive trading days and thus does not meet the minimum listing criteria of Nasdaq for shares listed on the National Market System. ELI has filed an application for its listing to be transferred to the Nasdaq SmallCap Market. As part of the application process, Citizens Communications has agreed to convert approximately 25.3 million shares of ELI's Class B Common Stock into the same number of shares of ELI's Class A Common Stock. Listing on Nasdaq's SmallCap Market requires that the market capitalization of ELI's Class A Common Stock be at least $35 million. Public Services Gas and Electric second-quarter revenues totaled $157.6 million versus $131.3 million for the prior year quarter. Public Services EBITDA was $21.1 million, a decrease of 7 percent from the second quarter of 2000. Revenues for the six months ended June 30, 2001 totaled $432.8 million versus $297.5 million for the same period in the prior year. For the six months ended June 30, 2001, Public Services EBITDA was $61.6 million as compared to $61.8 million for the same period of 2000. Acquisitions and Divestitures Update On June 29, Citizens Communications completed the purchase from Global Crossing Ltd. of 1.1 million local exchange telephone access lines owned by Frontier Telephone. The purchase price was $3.4 billion. On July 2, 2001, Citizens Communications completed the sale of its Louisiana Gas operations to Atmos Energy Corporation for approximately $363.4 million in cash. On July 20, 2001, Citizens Communications notified Qwest Communications International that it was terminating an agreement to purchase approximately 540,000 access lines for $1.6 billion. On July 25, 2001, Citizens announced the sale of its Colorado Gas division to Kinder Morgan for $11 million. About Citizens Communications - ----------------------------- Citizens Communications serves 2.5 million access lines in 24 states and has contracted to acquire an additional 70,000 access lines. Citizens owns 85 percent of Electric Lightwave, Inc. (NASDAQ:ELIX), a facilities-based, integrated communications provider offering a broad range of services to telecommunications-intensive businesses in the West. More information about Citizens can be found at www.czn.net. This document contains forward-looking statements 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 (including oral representations) 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, 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, changes in legal or regulatory policy, changes in legislation, the company's ability to identify future markets and successfully expand existing ones, the mix of products and services offered in the company's target markets, the effects of acquisitions and dispositions and the ability to effectively integrate businesses acquired. 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 does not intend to update or revise these forward-looking statements to reflect the occurrence of future events or circumstances.
Citizens Communications Company Financial and Operating Data by Service (unaudited) For the quarter ended For the six months ended June 30, June 30, -------------------------- ------------------- % % (Amounts in thousands - except per-share amounts) 2001 2000 Change 2001 2000 Change ----------- --------- ------- ---------- --------- ------ Income Statement Data (1) Revenue from continuing operations $ 505,741 $ 418,607 21% $ 1,130,023 $ 867,309 30% Operating income from continuing operations 60,549 33,966 78% 148,432 72,698 104% Income from discontinued operations, net of tax 3,367 2,663 26% 4,476 3,344 34% Net income (649) 3,012 -122% 19,074 10,338 85% Carrying cost of equity forward contracts 12,647 - 100% 12,647 - 100% Net income (loss) available to common shareholders (13,296) 3,012 -541% 6,427 10,338 -38% EBITDA Data (2) EBITDA from continuing operations before acquisition assimilation expenses $ 181,977 $ 128,226 42% $ 381,050 $ 266,913 43% EBITDA from continuing operations 174,915 120,609 45% 368,504 255,322 44% EBITDA from discontinued operations 13,532 11,418 19% 22,009 19,389 14% Total Company EBITDA 188,447 132,027 43% 390,513 274,711 42% Per Share Data Net income available to common shareholders per common share $ (0.05) $ 0.01 -600% $ 0.02 $ 0.04 -50% EBITDA per share from continuing operations 0.65 0.46 41% 1.38 0.98 41% EBITDA per share from discontinued operations 0.05 0.04 25% 0.08 0.07 14% Total Company EBITDA per share 0.70 0.51 37% 1.46 1.05 39% EBITDA per share from continuing operations before acquisition assimilation expenses 0.67 0.49 37% 1.43 1.02 40% Shares of common stock outstanding 289,038 261,901 10% 289,038 261,901 10% Weighted average shares outstanding 269,879 261,215 3% 266,898 261,426 2% (1) Includes our Incumbent Local Exchange Carrier (ILEC), Electric Lightwave, Inc. (ELI), (our Competitive Local Exchange Carrier) and our natural gas and electric businesses. The natural gas and electric businesses are presented in continuing operations in the selected income statement data and as assets held for sale on our balance sheet. We are reporting our water and wastewater businesses as discontinued operations. Prior year has been restated to conform to current presentation. Continuing operations reflect the elimination of intercompany transactions (see segment footnote in the SEC Form 10-Q). (2) EBITDA is operating income plus depreciation and amortization.
Citizens Communications Company Consolidated Financial Data (unaudited) For the quarter ended For the six months ended June 30, June 30, ----------------- --------------------- % % (Amounts in thousands - except per-share amounts) 2001 2000 Change 2001 2000 Change -------------------------- ------------------------------ Income Statement Data Continuing operations (1) Revenue $ 505,741 $418,607 21% $1,130,023 $ 867,309 30% Cost of Services 128,528 103,434 24% 353,893 224,342 58% Depreciation and amortization 114,366 86,643 32% 220,072 182,624 21% Other operating expenses 195,236 186,947 4% 395,080 376,054 5% Acquisition assimilation expenses 7,062 7,617 -7% 12,546 11,591 8% Operating income 60,549 33,966 78% 148,432 72,698 104% Investment and other income, net 10,641 4,219 152% 13,425 9,817 37% Minority interest - 5,937 -100% - 12,222 -100% Interest expense 73,129 41,750 75% 134,581 79,340 70% Income tax expense 525 471 11% 9,573 5,298 81% Convertible preferred dividends 1,552 1,552 - 3,105 3,105 - Income (loss) from continuing operations (4,016) 349 -1251% 14,598 6,994 109% Income from discontinued operations, net of tax 3,367 2,663 26% 4,476 3,344 34% Net income (649) 3,012 -122% 19,074 10,338 85% Carrying cost of equity forward contracts 12,647 - 100% 12,647 - 100% Net income (loss) available to common shareholders (13,296) 3,012 -541% 6,427 10,338 -38% EBITDA and Capital Expenditure Data (2) EBITDA from continuing operations $ 174,915 $120,609 45% $ 368,504 $ 255,322 44% EBITDA from discontinued operations 13,532 11,418 19% 22,009 19,389 14% Total Company EBITDA 188,447 132,027 43% 390,513 274,711 42% EBITDA from continuing operations before acquisition assimiliation expenses 181,977 128,226 42% 381,050 266,913 43% Capital expenditures from continuing operations 87,177 119,071 -27% 184,093 252,305 -27% Capital expenditures from assets held for sale 16,655 22,783 -27% 33,708 39,755 -15% Capital expenditures from discontinued operations 2,861 22,719 -87% 12,893 34,476 -63% Total Company capital expenditures 106,693 164,573 -35% 230,694 326,536 -29% Balance Sheet Data Cash and investments $ 222,896 $ 542,594 -59% Total assets 10,845,688 6,073,322 79% Net plant (continuing operations) 4,662,361 3,264,007 43% Assets held for sale 1,240,998 1,070,922 16% Assets of discontinued operations 687,275 608,899 13% Long-term debt (continuing operations) 6,278,312 2,530,370 148% Equity 2,016,196 1,879,580 7% Shares of common stock outstanding 289,038 261,901 10% Weighted average shares outstanding 269,879 261,215 3% 266,898 261,426 2% Per-Share Data (3) Net income available to common shareholders per common share $ (0.05)$ 0.01 -527% $ 0.02 $ 0.04 -39% EBITDA per share from continuing operations 0.65 0.46 40% 1.38 0.98 41% EBITDA per share from discontinued operations 0.05 0.04 15% 0.08 0.07 11% Total Company EBITDA per share 0.70 0.51 38% 1.46 1.05 39% Book value per share 7.55 7.19 5% Other Financial Data Long-term debt to long-term debt and equity 76% 57% Common equity market capitalization (in billions) $ 3.48 $ 4.52 Equity market capitalization (in billions) $ 3.68 $ 4.79 Market capitalization (in billions) (4) $ 9.96 $ 7.32 (1) Includes our Incumbent Local Exchange Carrier(ILEC),Electric Lightwave, Inc.(ELI), (our Competitive Local Exchange Carrier) and our natural gas and electric businesses. The natural gas and electric businesses are presented in continuing operations in the selected income statement data and as assets held for sale in the balance sheet data. We are reporting our water and wastewater businesses as discontinued operations. Prior year has been restated to conform to current presentation. Continuing operations reflect the elimination of intercompany transactions (see segment footnote in the SEC Form 10-Q). (2) EBITDA is operating income plus depreciation and amortization. (3) Calculated based on weighted average shares outstanding. (4) Equity market capitalization plus long-term debt.
Citizens Communications Company Financial and Operating Data by Service
For the quarter ended For the six months ended June 30, June 30, ----------------------- ------------------------- % % (Dollars in thousands, except operating data) 2001 2000 Change 2001 2000 Change ------------------------------- --------------------------------- ILEC Select Income Statement Data Revenue Network access services $ 139,403 $ 108,423 29% $ 271,800 $ 215,293 26% Local network services 95,713 74,871 28% 196,405 147,924 33% Long distance and data services 32,675 24,480 33% 63,284 49,462 28% Directory services 10,999 9,000 22% 21,689 17,922 21% Other 9,998 10,622 -6% 22,955 23,107 -1% Total revenue 288,788 227,396 27% 576,133 453,708 27% Network access expense 18,607 15,246 22% 35,148 34,649 1% Depreciation and amortization 88,312 59,765 48% 174,689 129,771 35% Other operating expenses 114,122 105,384 8% 230,395 206,341 12% Acquisition assimilation expenses (1) 7,062 7,617 -7% 12,546 11,591 8% Total expense 228,103 188,012 21% 452,778 382,352 18% Operating income 60,685 39,384 54% 123,355 71,356 73% EBITDA and Capital Expenditure Data EBITDA (2) $ 148,997 $ 99,149 50% $ 298,044 $ 201,127 48% EBITDA margin (3) 52% 44% 18% 52% 44% 17% EBITDA before acquisition assimilation expenses 156,059 106,766 46% 310,590 212,718 46% EBITDA margin before acquisition assimilation expense 54% 47% 15% 54% 47% 15% Capital expenditures 72,207 74,227 -3% 148,789 182,090 -18% Balance Sheet Data Total assets $ 7,459,087 $ 2,673,415 179% Net plant 3,735,861 2,353,722 59% Operating Data Access Lines: (4) Embedded properties 1,062,784 1,017,188 4% Acquired properties 340,736 62,200 n/a Total Access lines 1,403,520 1,079,388 30% Switched access minutes of use (in millions) 1,941 1,380 41% 3,752 2,703 39% Employees 4,471 3,752 19% (1) Represents expenses associated with the completed and pending acquisition of approximately 2 million telephone access lines. (2) EBITDA is operating income plus depreciation and amortization. (3) EBITDA divided by total revenue. (4) Excludes access lines acquired from Frontier on June 29, 2001.
Citizens Communications Company Financial and Operating Data by Service For the quarter ended For the six months ended June 30, June 30, ---------------------- -------------------------- % % (Dollars in thousands, except operating data) 2001 2000 Change 2001 2000 Change -------------------------------- ------------------------------------ Electric Lightwave, Inc. Select Income Statement Data Revenue Network services $ 26,121 $ 17,173 52% $ 51,889 $ 33,177 56% Local telephone services 21,868 25,951 -16% 43,664 50,225 -13% Long distance services 3,098 4,265 -27% 6,183 8,862 -30% Data services 9,342 13,231 -29% 21,255 25,134 -15% Total revenue 60,429 60,620 0% 122,991 117,398 5% Network access expense 17,051 18,294 -7% 33,782 38,990 -13% Gross margin 43,378 42,326 2% 89,209 78,408 14% Depreciation and amortization 19,834 14,721 35% 38,728 27,476 41% Other operating expenses 39,314 43,761 -10% 81,852 86,508 -5% Total expense 76,199 76,776 -1% 154,362 152,974 1% Operating loss (15,770) (16,156) 2% (31,371) (35,576) 12% EBITDA and Capital Expenditure Data EBITDA (1) $ 4,064 $ (1,435) 383% $ 7,357 $ (8,100) 191% Capital expenditures (2) 14,970 44,844 -67% 35,304 70,215 -50% Balance Sheet Data Total assets $ 949,796 $903,737 5% Gross plant 1,023,783 936,368 9% Operating Data Access Line Equivalents 187,981 196,259 -4% Route miles 6,734 5,911 14% Fiber miles 349,455 295,157 18% Customers 2,267 2,788 -19% Buildings connected 856 838 2% Employees 949 1,195 -21% Revenue per employee $ 63,677 $ 50,728 26% $ 129,601 $ 98,241 32% Reciprocal compensation received (in thousands) $ 8,011 $ 10,400 -23% $ 15,725 $ 20,026 -21% (1) EBITDA is operating income plus depreciation and amortization. (2) Excludes capitalized leases.
Citizens Communications Company Financial and Operating Data by Service For the quarter ended For the six months ended June 30, June 30, --------------------- ---------------------- % % (Dollars in thousands, except operating data) 2001 2000 Change 2001 2000 Change -------------------------------- ---------------------------------- Gas Sector Select Income Statement Data Revenue Residential distribution $ 40,036 $ 33,920 18% $ 164,789 $ 89,422 84% Commercial distribution 32,748 29,224 12% 93,554 65,601 43% Industrial distribution 21,252 11,064 92% 47,927 23,081 108% Total distribution 94,036 74,208 27% 306,270 178,104 72% Other 8,119 3,157 157% 16,400 12,317 33% Total revenue 102,155 77,366 32% 322,670 190,421 69% Gas purchased 63,914 42,785 49% 227,077 100,056 127% Gross margin 38,241 34,581 11% 95,593 90,365 6% Depreciation and amortization (1) 155 5,922 -97% 305 12,368 -98% Other operating expenses 28,204 23,783 19% 56,792 55,047 3% Total expense 92,273 72,490 27% 284,174 167,471 70% Operating income 9,882 4,876 103% 38,496 22,950 68% EBITDA and Capital Expenditure Data EBITDA (2) $ 10,037 $ 10,798 -7% $ 38,801 $ 35,318 10% Capital expenditures 10,751 15,963 -33% 18,158 23,738 -24% Balance Sheet Data Assets held for sale $ 651,569 $592,713 10% Net plant 552,618 508,402 9% Operating Data Customers 478,185 470,234 2% Employees 1,024 1,022 0% Customers per employee 467 460 1% Gross margin (net revenue) per employee $ 37,345 $ 33,837 10% $ 93,353 $ 88,420 6% Billion Cubic Feet of gas throughput (BCF) 13.8 14.1 - 37.5 37.7 - (1) Our gas operations are reported as "assets held for sale" and are expected to be sold for a profit. Accordingly, we ceased to record depreciation expense effective October 1, 2000. (2) EBITDA is operating income plus depreciation and amortization.
Citizens Communications Company Financial and Operating Data by Service For the quarter ended For the six months ended June 30, June 30, ---------------------- ------------------------ % % (Dollars in thousands, except operating data) 2001 2000 Change 2001 2000 Change ------------------------------ ---------------------------------- Electric Sector Select Income Statement Data Revenue Residential distribution $ 22,359 $ 23,061 -3% $ 46,064 $ 46,049 0% Commercial distribution 16,236 17,231 -6% 31,434 31,567 0% Industrial distribution 12,991 12,055 8% 25,274 23,673 7% Total distribution 51,586 52,347 -1% 102,772 101,289 1% Other 3,878 1,570 147% 7,389 5,820 27% Total revenue 55,464 53,917 3% 110,161 107,109 3% Electric energy and fuel oil purchased 29,969 27,801 8% 59,655 51,974 15% Gross margin 25,495 26,116 -2% 50,506 55,135 -8% Depreciation and amortization (1) 5,800 6,247 -7% 5,800 13,077 -56% Other operating expenses 14,435 14,347 1% 27,747 28,670 -3% Total expense 50,204 48,395 4% 93,202 93,721 -1% Operating income 5,260 5,522 -5% 16,959 13,388 27% EBITDA and Capital Expenditure Data EBITDA (2) $ 11,060 $ 11,769 -6% $ 22,759 $ 26,465 -14% Capital expenditures 5,904 6,820 -13% 15,550 16,017 -3% Balance Sheet Data Assets held for sale $ 589,429 $ 478,209 23% Net plant 437,549 415,957 5% Operating Data Customers 127,592 122,808 4% Employees 344 333 3% Customers per employee 371 369 1% Gross margin (net revenue) per employee $ 74,113 $ 78,426 -5% $ 146,820 $ 165,571 -11% Megawatt hours sold 472,472 460,540 3% 937,804 898,469 4% Megawatt hours generated 111,648 102,954 8% 211,015 203,289 4% Megawatt hours purchased 412,020 426,660 -3% 804,193 800,815 0% (1) Our electric operations are reported as "assets held for sale" and are expected to be sold for a profit. Accordingly, we ceased to record depreciation expense effective January 1, 2001. (2) EBITDA is operating income plus depreciation and amortization.
Signature --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CITIZENS COMMUNICATIONS COMPANY ------------------------------- (Registrant) By: /s/ Robert J. Larson ------------------------------------------- Robert J. Larson Vice President and Chief Accounting Officer Date: August 10, 2001 -----END PRIVACY-ENHANCED MESSAGE-----