N. MIAMI BEACH, Fla., July 23, 2013 (GLOBE NEWSWIRE) -- U.S. Gas & Electric, Inc. ("USG&E"), a leading provider of natural gas and electricity to residential and small commercial customers in a growing number of states, announced today that its board of directors declared an increased quarterly dividend of $5.0 million, to be distributed to its shareholders.
The dividend is attributable to the Company's underlying operating performance which has enabled it to consistently generate strong cash flows and pay down debt. USG&E's commitment to its customers has enabled it to grow its customer base from less than 3,000 customers in 2005 to more than 285,000 customers to date in 2013, allowing customer savings of nearly $40 million to date. USG&E anticipates EBITDA to exceed $38 million in 2013.
Graphs accompanying this release are available at http://media.globenewswire.com/cache/27257/file/21036.pdf
USG&E has been recognized by Inc. Magazine's prestigious 500/5000 list as one of the "Fastest-Growing Private Companies in America" for four consecutive years. In 2013 thus far, USG&E has been honored as the bronze "Company of the Year" by the Stevie Awards 2013 American Business Awards and as "Business of the Year" by the South Florida Business Journal. USG&E has also been recognized as one of "The Best Places to Work" in South Florida by the South Florida Business Journal, ranking 6th by a 2012 survey.
"We are pleased to announce this 25% increase in our quarterly dividend to our shareholders," stated Puneet Sanan, Chairman of USG&E. "USG&E's management team continues to execute on the Company's core strategy while maintaining business disciplines and creating a positive work environment that has enabled them to continue to drive earnings."
"Despite a competitive industry, our talented team has fostered USG&E's growth and free cash flow generation that have enabled three consecutive quarters of $4 million dividends to our shareholders as well as this increased quarterly dividend of $5 million," said Doug Marcille, President and CEO of USG&E. "Without our loyal shareholders, our board and our team, these results would not be possible."
The amount and specific timing of any future dividends paid will be determined by USG&E's board of directors each quarter and must be permissible under its gas and electric supply credit documentation.
ABOUT U.S. GAS & ELECTRIC
U.S. Gas & Electric, its subsidiaries and family of companies ("USG&E") is a leading retail energy supplier to commercial and residential customers in Connecticut, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, and Pennsylvania. USG&E provides energy to customers with wide ranges of energy usage patterns and requirements and gives them the benefit of being a part of a large wholesale buying pool. The company relies on their market knowledge, internal efficiencies, and core capabilities to provide customers with the best possible pricing plans for the energy they provide. To date, USG&E has saved customers nearly $40 million on their natural gas and electricity supply. For more information, visit www.USGandE.com or contact Doug Marcille, President & CEO at (305) 947-7880.
CONTACT: Doug Marcille President & CEO (305) 947-7880Source:U.S. Gas & Electric