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 11, 2003
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
Stamford, Connecticut 06905
(Address of Principal Executive Offices)
(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 5. Other Events.
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Citizens Communications announced the completion of the sales of its
Arizona Gas and Electric divisions and the completion of the sale of
The Gas Company of Hawaii division.
ITEM 7. Financial Statements, Exhibits.
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(c) Exhibits
99.4 Press release of Citizens Communications released on August 11,
2003 announcing the sales of its Arizona Gas and Electric division and
The Gas Company of Hawaii division.
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/ Jerry Elliott
--------------------------------
Jerry Elliott
Chief Financial Officer
Date: August 12, 2003
Exhibit 99.4
Citizens Communications
3 High Ridge Park
Stamford, CT 06905
203.614.5600
Web site: www.czn.net
FOR IMMEDIATE RELEASE
Contacts:
Brigid M. Smith Michael A. Zarrella
Assistant Vice President Vice President
Corporate Communications Corporate Development
203.614.5042 203.614.5179
bsmith@czn.com mzarrell@czn.com
Citizens Communications Closes Sales of Hawaii and Arizona Utilities
Stamford, Conn., August 11, 2003 -- Citizens Communications (NYSE:CZN) today
announced the completion of the sales of its Arizona Gas and Electric divisions
and the completion of the sale of The Gas Company of Hawaii division. The total
proceeds from the sales were $343.4 million, consisting of $325.8 million in
cash and $17.6 million in assumed liabilities. With the completion of these
sales, Citizens has generated $1.9 billion of proceeds from its utility
divestiture program, which exceeds the company's original estimate of $1.8
billion. Citizens Communications will apply the net proceeds from these sales to
its on-going program of debt reduction. Through June 30, Citizens has retired
approximately $355 million of its debt during 2003.
About Citizens Communications
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. 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