8-K

 
                      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:
                                 April 7, 1998
                  (Date of earliest event reported)




                           CITIZENS UTILITIES COMPANY
               (Exact name of Registrant as specified in charter)



          Delaware                    001-11001              06-0619596
(State or other jurisdiction   (Commission File Number)   (IRS Employer
      of incorporation)                                   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 address, if changed since last report)







Item 5.  Other Events

Exhibit 27.   Restated Financial Data Schedules for the years ended 
              December 31, 1996 and December 31, 1995. 





                                   SIGNATURES


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 hereunto duly authorized.


                                           CITIZENS UTILITIES COMPANY
                                           Registrant




                                           By:/s/ Livingston E. Ross
                                           -----------------------------
                                           Vice President and Controller




Date:    April 7, 1998

EX-27

 

<ARTICLE>                                           UT
<LEGEND>
   THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION FOR THE YEAR
   ENDED DECEMBER 31, 1996 EXTRACTED FROM THE COMPANY'S CONSOLIDATED FINANCIAL 
   STATEMENTS PRESENTED IN THE 1997 FORM 10-K AND IS QUALIFIED IN ITS ENTIRETY
   BY REFERENCE TO SUCH FINANCIAL STATEMENTS.  EPS HAS BEEN RESTATED PURSUANT
   TO THE APPLICATION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.128.   

<CIK> 0000020520                        
<NAME>          CITIZENS UTILITIES COMPANY
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                              DEC-31-1996       
<PERIOD-END>                                   DEC-31-1996
<BOOK-VALUE>                                   PER-BOOK
<TOTAL-NET-UTILITY-PLANT>                      3,138,052
<OTHER-PROPERTY-AND-INVEST>                    539,152
<TOTAL-CURRENT-ASSETS>                         369,770
<TOTAL-DEFERRED-CHARGES>                       193,779
<OTHER-ASSETS>                                 282,395
<TOTAL-ASSETS>                                 4,523,148
<COMMON>                                       59,788
<CAPITAL-SURPLUS-PAID-IN>                      1,381,341
<RETAINED-EARNINGS>                            244,066
<TOTAL-COMMON-STOCKHOLDERS-EQ>                 1,678,183
<PREFERRED-MANDATORY>                          201,250
<PREFERRED>                                    0
<LONG-TERM-DEBT-NET>                           1,509,697
<SHORT-TERM-NOTES>                             0
<LONG-TERM-NOTES-PAYABLE>                      0
<COMMERCIAL-PAPER-OBLIGATIONS>                 0
<LONG-TERM-DEBT-CURRENT-PORT>                  3,593
<PREFERRED-STOCK-CURRENT>                      0
<CAPITAL-LEASE-OBLIGATIONS>                    0
<LEASES-CURRENT>                               0
<OTHER-ITEMS-CAPITAL-AND-LIAB>                 2,640,122
<TOT-CAPITALIZATION-AND-LIAB>                  4,523,148
<GROSS-OPERATING-REVENUE>                      1,306,517
<INCOME-TAX-EXPENSE>                           84,937
<OTHER-OPERATING-EXPENSES>                     221,104
<TOTAL-OPERATING-EXPENSES>                     1,010,831
<OPERATING-INCOME-LOSS>                        295,686
<OTHER-INCOME-NET>                             66,455
<INCOME-BEFORE-INTEREST-EXPEN>                 362,141
<TOTAL-INTEREST-EXPENSE>                       92,695
<NET-INCOME>                                   178,660
<PREFERRED-STOCK-DIVIDENDS>                    5,849
<EARNINGS-AVAILABLE-FOR-COMM>                  178,660
<COMMON-STOCK-DIVIDENDS>                       0
<TOTAL-INTEREST-ON-BONDS>                      0
<CASH-FLOW-OPERATIONS>                         375,181
<EPS-PRIMARY>                                  .70
<EPS-DILUTED>                                  .70


<F1>REPRESENTS INVESTMENT FUNDS.
<F2>REPRESENTS REGULATORY ASSETS.
<F3>DEFERRED DEBITS AND OTHER ASSETS.
<F4>COMPANY OBLIGATED MADATORILY REDEEMABLE CONVERTIBLE PREFERRED SECURITIES
    OF A SUBSIDIARY TRUST, THE SOLE ASSETS OF WHICH ARE SECURITIES OF A 
    SUBSIDIARY PARTNERSHIP, SUBSTANTIALLY ALL THE ASSETS OF WHICH ARE 
    CONVERTIBLE DEBENTURES OF THE COMPANY.
<F5>REPRESENTS COMMODITIES PURCHASED
<F6>REPRESENTS BASIC EPS AND HAS BEEN RESTATED PURSUANT TO THE REQUIREMENTS
    OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.128 ADOPTED BY THE 
    COMPANY ON DECEMBER 31, 1997.
<F7>HAS BEEN RESTATED PURSUANT TO THE REQUIREMENTS OF STATEMENT OF FINANCIAL
    ACCOUNTING STANDARDS NO.128 ADOPTED BY THE COMPANY ON DECEMBER 31, 1997.


        


 

EX-27

 

<ARTICLE>                                           UT
<LEGEND>
   THIS SCHEDULE CONTAINS RESTATED SUMMARY FINANCIAL INFORMATION FOR THE YEAR
   ENDED DECEMBER 31, 1995 EXTRACTED FROM THE COMPANY'S CONSOLIDATED FINANCIAL 
   STATEMENTS PRESENTED IN THE 1997 FORM 10-K AND IS QUALIFIED IN ITS ENTIRETY
   BY REFERENCE TO SUCH FINANCIAL STATEMENTS.  EPS HAS BEEN RESTATED PURSUANT
   TO THE APPLICATION OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.128. 

<CIK> 0000020520                        
<NAME>          CITIZENS UTILITIES COMPANY
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                              DEC-31-1995
<PERIOD-END>                                   DEC-31-1995
<BOOK-VALUE>                                   PER-BOOK
<TOTAL-NET-UTILITY-PLANT>                      2,908,030
<OTHER-PROPERTY-AND-INVEST>                    329,090
<TOTAL-CURRENT-ASSETS>                         252,702
<TOTAL-DEFERRED-CHARGES>                       220,110
<OTHER-ASSETS>                                 208,255
<TOTAL-ASSETS>                                 3,918,187
<COMMON>                                       56,896
<CAPITAL-SURPLUS-PAID-IN>                      1,263,694
<RETAINED-EARNINGS>                            235,236
<TOTAL-COMMON-STOCKHOLDERS-EQ>                 1,559,913
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<LONG-TERM-DEBT-NET>                           1,187,000
<SHORT-TERM-NOTES>                             140,650
<LONG-TERM-NOTES-PAYABLE>                      0
<COMMERCIAL-PAPER-OBLIGATIONS>                 0
<LONG-TERM-DEBT-CURRENT-PORT>                  3,865
<PREFERRED-STOCK-CURRENT>                      0
<CAPITAL-LEASE-OBLIGATIONS>                    0
<LEASES-CURRENT>                               0
<OTHER-ITEMS-CAPITAL-AND-LIAB>                 2,213,759
<TOT-CAPITALIZATION-AND-LIAB>                  3,918,187
<GROSS-OPERATING-REVENUE>                      1,069,032
<INCOME-TAX-EXPENSE>                           66,817
<OTHER-OPERATING-EXPENSES>                     193,553
<TOTAL-OPERATING-EXPENSES>                     814,859
<OPERATING-INCOME-LOSS>                        254,173
<OTHER-INCOME-NET>                             59,955
<INCOME-BEFORE-INTEREST-EXPEN>                 314,128
<TOTAL-INTEREST-EXPENSE>                       87,775
<NET-INCOME>                                   159,536
<PREFERRED-STOCK-DIVIDENDS>                    0
<EARNINGS-AVAILABLE-FOR-COMM>                  159,536
<COMMON-STOCK-DIVIDENDS>                       0
<TOTAL-INTEREST-ON-BONDS>                      0
<CASH-FLOW-OPERATIONS>                         338,611
<EPS-PRIMARY>                                  .66
<EPS-DILUTED>                                  .65


<F1>REPRESENTS INVESTMENT FUNDS.
<F2>REPRESENTS REGULATORY ASSETS.
<F3>DEFERRED DEBITS AND OTHER ASSETS.
<F4>REPRESENTS COMMODITIES PURCHASED
<F5>REPRESENTS BASIC EPS AND HAS BEEN RESTATED PURSUANT TO THE REQUIREMENTS
    OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO.128 ADOPTED BY THE 
    COMPANY ON DECEMBER 31, 1997.
<F6>HAS BEEN RESTATED PURSUANT TO THE REQUIREMENTS OF STATEMENT OF FINANCIAL
    ACCOUNTING STANDARDS NO.128 ADOPTED BY THE COMPANY ON DECEMBER 31, 1997.