Exhibit 99.1
Citizens Communications
3 High Ridge Park
Stamford, CT 06905
203.614.5600
Web site: www.czn.net
FOR IMMEDIATE RELEASE
Contacts:
Brigid Smith Michael Zarrella
Assistant Vice President Vice President
Corporate Communications Corporate Development
203.614.5042 203.614.5179
bsmith@czn.com mzarrell@czn.com
CITIZENS COMMUNICATIONS
ANNOUNCES STOCK REPURCHASE PROGRAM
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Quarterly dividend declared
Stamford, Conn., May 26, 2005 - Citizens Communications Company (NYSE: CZN)
today announced that its Board of Directors has authorized the repurchase of up
to $250 million worth of the Company's outstanding shares of common stock over
the next 12 months. Shares may be purchased in the open market or in negotiated
transactions from time to time at the discretion of the Company's management.
This authorization amounts to approximately 5.6 percent of the Company's current
shares of common stock outstanding based on yesterday's closing pricing.
Additionally, the Company announced today that it will retire at or prior to
maturity all $228 million in aggregate principal amount of its outstanding 6.75
percent notes due August 2006 and 7.60 percent senior notes due June 2006 from
cash on hand.
In other business, the Company today announced that the Board of Directors voted
to declare its regular quarterly cash dividend of $0.25 per share, payable on
June 30, 2005, to shareholders of record on June 9, 2005.
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.
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