Exhibit 99.2 Citizens Utilities Company and Subsidiaries Consolidated Financial Data (unaudited) For the quarter ended For the nine months ended September 30, September 30, ------------------------ ------------------------ % % (Dollars in thousands) 1999 1998 Change 1999 1998 Change ---------------------------------- ---------------------------------- Income Statement Data Continuing operations (1) Revenues $ 271,517 $ 236,324 15% $ 810,213 $ 685,375 18% Network expenses 18,648 24,931 -25% 86,937 73,653 18% Depreciation and amortization 64,628 50,004 29% 186,276 148,943 25% Other operating expenses 167,245 142,403 17% 493,901 396,484 25% Operating income 20,996 18,986 11% 43,099 66,295 -35% Investment and other income 14,783 11,818 25% 39,434 35,228 12% Interest expense 21,745 17,181 27% 59,142 48,576 22% Special items (2) - - 69,499 (2,334) Pre-tax income 14,034 13,623 3% 92,890 50,613 84% Income taxes 3,956 1,504 163% 30,812 7,044 337% Convertible preferred dividends 1,553 1,553 0% 4,657 4,657 0% Income from continuing operations 8,525 10,566 -19% 57,421 38,912 48% Income from discontinued operations, net of tax (3) 3,383 3,895 -13% 16,863 16,790 0% Net income 11,908 14,461 -18% 74,284 55,702 33% Cash Flow and Capital Expenditure Data (4) EBITDA from continuing operations (5) $ 100,407 $ 80,808 24% $ 338,308 $ 250,466 35% EBITDA (5) 133,000 117,271 13% 447,019 366,826 22% Cash flow from operations 125,848 70,814 78% 371,372 227,196 63% Capital expenditures 126,836 138,953 -9% 394,330 340,356 16% Free cash flow (6) (988) (68,139) 99% (22,958) (113,160) 80% Select Balance Sheet Data Cash and investments $ 577,368 $ 548,859 5% Total assets 5,600,258 5,101,908 10% Net plant (7) 2,868,608 2,547,632 13% Long-term debt (8) 2,080,050 1,764,943 18% Equity (9) 2,064,464 1,973,473 5% Shares of common stock outstanding 260,820 258,272 1% Weighted average shares outstanding (10) 260,610 260,139 0% 259,985 259,409 0% Per-Share Data (11) Basic net income per share of common stock $ 0.05 $ 0.06 -17% $ 0.29 $ 0.21 38% Operating cash flow per share $ 0.48 $ 0.27 78% $ 1.43 $ 0.88 63% Book value per share $ 7.17 $ 6.83 5% Other Financial Data Long-term debt to long-term debt and equity 50% 47% Common equity market capitalization (in billions) $ 3.0 $ 2.1 Equity market capitalization (in billions) (12) $ 3.2 $ 2.3 Market capitalization (in billions) (13) $ 5.2 $ 4.0 (1) Continuing operations include the Company's Communications and CLEC businesses. (2) In the first quarter of 1999, the Company recorded a pre-tax gain of $69.5 million ($42.9 million net of tax) on the sale of Centennial Cellular stock. In the first quarter of 1998, Electric Lightwave, Inc. recorded a pre-tax charge to earnings of $2.8 million ($2.3 million net of tax) for the cumulative effect of a change in accounting principle. (3) The company is reporting its Public Services businesses as discontinued operations. Interest expense has been imputed to these businesses. (4) Includes continuing and discontinuing operations except as noted. (5) Earnings before interest expense, income taxes, depreciation and amortiza- tion. (6) Cash flow from operations less capital expenditures. (7) Excludes net plant of discontinued operations. (8) Excludes approximately $90 million of debt to be assumed by the purchaser of the Company's Water and Wastewater businesses. (9) Includes convertible preferred securities. (10)Adjusted for subsequent stock dividends and stock splits and used in the calculation of all per share data. (11)Calculated based on weighted average shares outstanding. (12)Includes market value of convertible preferred securities. (13)Equity market capitalization plus market value of long-term debt. Citizens Utilities Company and Subsidiaries Financial and Operating Data by Service For the quarter ended For the nine months ended September 30, September 30, ----------------------- ------------------------- % % (Dollars in thousands, except operating data) 1999 1998 Change 1999 1998 Change -------------------------------- ------------------------------- Citizens Communications Select Income Statement Data Revenues Network access services $ 124,137 $ 107,325 16% $ 381,341 $ 315,332 21% Local network services 72,167 66,439 9% 214,159 194,753 10% Long distance and data services 17,480 26,435 -34% 58,413 74,622 -22% Directory services 8,178 7,949 3% 24,950 23,757 5% Other 11,750 10,822 9% 33,724 35,098 -4% Eliminations (1) (10,050) (7,660) (33,072) (23,086) Total revenues 223,662 211,310 6% 679,515 620,476 10% Cost of services (network expenses) 14,726 20,924 -30% 58,579 67,615 -13% Depreciation 54,821 45,914 19% 161,325 137,189 18% Other operating expenses 124,811 114,031 9% 377,404 323,902 17% Eliminations (1) (10,797) (9,050) (35,287) (25,351) Operating income 40,101 39,491 2% 117,494 117,121 0% Operating margin 18% 19% 17% 19% Cash Flow and Capital Expenditure Data Operating cash flow (2) $ 94,922 $ 85,405 11% $ 278,819 $ 254,310 10% Capital expenditures 65,655 50,155 31% 156,264 131,508 19% Free cash flow (3) 29,267 35,250 -17% 122,555 122,802 0% EBITDA margin (4) 42% 40% 41% 41% Select Balance Sheet Data Total assets $ 2,364,737 $2,293,144 3% Net plant 2,120,423 2,003,419 6% Operating Data Access lines 983,222 925,634 6% Revenue per access line $ 227 $ 228 0% $ 691 $ 670 3% Switched access minutes of use (in millions) 1,335 1,136 18% 3,852 3,395 13% Employees 3,629 3,448 5% Access lines per employee 271 268 1% Citizens' long distance minutes of use (in millions) - in territory 136 122 11% 388 364 7% - out of territory 6 43 -86% 47 186 -75% - total 142 165 -14% 435 550 -21% Citizens' long distance customers - in territory 252,264 234,508 8% - out of territory 2,358 13,982 -83% - total 254,622 248,490 2% Citizens' long distance in-territory customer market share 26% 25% (1) Eliminations represent network access revenues received by the Company's local exchange operations from its long-distance and competitive local exchange operations. (2) Operating income plus depreciation. This is the equivalent of sector EBITDA. (3) Operating cash flow less capital expenditures. (4) Operating cash flow divided by total revenues. Citizens Utilities Company and Subsidiaries Financial and Operating Data by Service For the quarter ended For the nine months ended September 30, September 30, -------------------------- -------------------------- % % (Dollars in thousands, except operating data) 1999 1998 Change 1999 1998 Change ------------------------------------ ------------------------------------- Electric Lightwave, Inc. (1) Select Income Statement Data Revenues Dedicated services $ 14,024 $ 9,009 56% $ 37,431 $ 26,487 41% Local dial tone services 22,313 9,987 123% 55,221 23,780 132% Long distance service 4,812 2,512 92% 22,587 6,233 262% Enhanced services 7,453 4,156 79% 17,674 10,664 66% Eliminations (1) (747) (650) (2,215) (2,265) Total revenues 47,855 25,014 91% 130,698 64,899 101% Cost of services (network expenses) 14,719 13,057 13% 63,645 31,389 103% Gross margin 33,136 11,957 177% 67,053 33,510 100% Depreciation 9,807 4,090 140% 24,951 11,754 112% Other operating expenses 42,434 28,372 50% 116,497 72,582 61% Operating loss (19,105) (20,505) 7% (74,395) (50,826) -46% Cash Flow and Capital Expenditure Data Operating cash flow (2) $ (9,298) $ (16,415) 43% $ (49,444) $ (39,072) -27% Capital expenditures (3) 30,218 60,731 -50% 147,569 140,528 5% Free cash flow (4) (39,516) (77,146) 49% (197,013) (179,600) -10% Select Balance Sheet Data Total assets $ 726,982 $ 461,821 57% Gross plant - owned 723,141 462,844 56% - leased 108,541 108,541 0% - total 831,682 571,385 46% Operating Data Route miles 4,047 2,782 45% Fiber miles 214,656 156,949 37% Customers 2,102 1,475 43% Buildings connected 808 711 14% Employees 1,172 1,010 16% Revenue per employee $ 40,832 $ 24,766 65% $ 111,517 $ 64,256 74% ELI public enterprise value (in billions) (5) $ 1.2 $ 0.6 (1) The Company's facilities based Competitive Local Exchange Carrier (CLEC) subsidiary, Electric Lightwave, Inc (ELI). Eliminations reflect intercompany activity between the Company's CLEC and communications operations. (2) Operating loss plus depreciation. This is the equivalent of sector EBITDA. (3) Excludes non-cash capital lease additions of $47,715. (4) Operating cash flow less capital expenditures. (5) Includes common equity market capitalization plus net debt.