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: July 11, 1997 --------------- (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.) High Ridge Park, P.O. Box 3801, Stamford, Connecticut 06905 - ----------------------------------------------------- ----- (Address of principal executive offices) (Zip Code) (203) 329-8800 -------------- (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 ------------ Citizens Utilities Company announced today that the company has taken several actions intended to both improve earnings by year-end 1997 and slow the pace of its telecommunications expansion. These actions include a restructuring expected to reduce operating expenses by at least $70 million annually, a second quarter 1997 pre-tax charge of approximately $185 million and a reduction of at least $175 million to the company's 1997 capital expenditure program. Additional actions to further reduce operating expenses will be taken before the end of 1997. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. ------------------------------------------------------------------- (c) Exhibits 99 Press release of Citizens Utilities Company released July 11, 1997. 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: July 11, 1997