CLINTON, Conn., Aug. 15, 2013 (GLOBE NEWSWIRE) -- Connecticut Water Service, Inc. (Nasdaq:CTWS) announced that the Company's Board of Directors has approved an annualized dividend increase of 2 cents per common share, or 2.1%, above the current cash dividend. The quarterly cash dividend on common shares was increased to $0.2475 per quarter from $0.2425. The increased dividend will be effective with the dividend declared by the Board on common shares payable on September 16, 2013, for shareholders of record as of September 2, 2013. The Company's annual dividend yield at the stock market closing price on August 15, 2013, was approximately 3.3%.
Eric W. Thornburg, Connecticut Water's President and CEO, stated, "Since 2008 CTWS's Board of Directors has increased the Company's annualized dividend 12 cents, or 13.8%. Consistent dividend increases affirms the Board of Directors' confidence that our long-term strategy of growth through prudent acquisitions, infrastructure investment, and delivering world-class service to our customers delivers solid financial performance." Mr. Thornburg notes that Connecticut Water has paid dividends on common stock each quarter since its founding in 1956 without interruption or reduction and has increased dividend payments for each of the last 44 years.
Connecticut Water's Board of Directors also declared a quarterly cash dividend of $0.20 per share on Preferred A shares (CTWSO) payable on October 15, 2013, for shareholders of record as of October 1, 2013, and a quarterly cash dividend of $0.225 on Preferred 90 (CTWSP) shares on November 4, 2013, for shareholders of record as of October 21, 2013.
The Company has a Dividend Reinvestment Plan and Common Stock Purchase Plan (DRIP) available to registered shareholders, and customers and employees of the Company's regulated water utility subsidiaries. Additional information about the DRIP and a plan prospectus are available online at the Company's Web site (www.ctwater.com) or upon request.
In other matters, Carol P. Wallace, Chairman of the Cooper-Atkins Corporation, was elected by the Board to the position of lead independent director of Connecticut Water Service's Board of Directors. David A. Lentini, the Board's former lead independent director passed away in April 2013.
As lead independent director, Ms. Wallace's responsibilities will include presiding at all meetings of the Board of Directors at which the chairman is not present, including executive sessions of the independent directors, serving as liaison between the chairman and the independent directors, and calling meetings of the independent directors, if necessary. Ms. Wallace will also serve as the chairman of the Company's Compensation Committee. She has served as a director of the Company since 2001.
Lisa J. Thibdaue, retired Vice President Regulatory Affairs at Northeast Utilities, was elected by the Board to the position of chairman of the Company's Audit Committee succeeding Ms. Wallace. Ms. Thibdaue has served as a director of the Company since 2000.
This news release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's results of operation, financial position and long-term strategy. These forward-looking statements are based on current information and expectations, and are subject to risks and uncertainties discussed in our filings with the Securities and Exchange Commission, which could cause the Company's actual results to differ materially from expected results. We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.
CONTACT: Daniel J. Meaney, APR Director of Corporate Communications Connecticut Water Service, Inc. 93 West Main Street, Clinton, CT 06413-1600 860.664.6016
Source:Connecticut Water Service, Inc.