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July 15, 1997updated 05 Sep 2016 12:54pm

CITIZENS UTILITIES PLANS MASSIVE STAFF CUTS

By CBR Staff Writer

Citizens Utilities Co, a telecommunications and public utility provider operating across 22 US states, is taking drastic restructuring measures to cut operating expenses by an annual $170m. The Stamford, Connecticut-based company announced its restructuring program last week, warning of $185m second-quarter pre-tax charges, mainly for staff redundancies. Also, Citizen is implementing a $175m reduction in 1997’s capital expenditure, and it says $140m of that will directly impact its activities in the communications sector. The company’s vice president and treasurer, Robert de Santis, acknowledges the need to reduce costs, saying that Citizen must compensate for lower revenues and earnings charges. Citizen is closing several offices across the US, consolidating its call centers and sales and marketing activities. It cites government changes in rural subsidies and access charges as factors, claiming they play a considerable part in changes to planned future investment.

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