CLINTON, Conn., Jan. 27, 2014 (GLOBE NEWSWIRE) -- Connecticut Water Service, Inc. (Nasdaq: CTWS ) today announced that its Board of Directors declared a quarterly cash dividend of $0.2475 per common share payable on March 17, 2014, for shareholders of record as of March 3, 2014. This quarterly dividend remains unchanged from the previous quarter and represents an annualized dividend of $0.99 per share. The Company's annual dividend yield at the stock market closing price on January 24, 2014, was nearly 2.9%. Connecticut Water has paid quarterly dividends on its common stock 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 payable on April 16, 2014, for shareholders of record as of April 2, 2014, and a quarterly cash dividend of $0.225 on Preferred 90 shares payable on May 5, 2014, for shareholders of record as of April 21, 2014.
The Company has a Dividend Reinvestment and Common Stock Purchase Plan (DRIP) that is open 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.
Annual Meeting of Shareholders
The Board also set the date, time and location of the 2014 Annual Meeting of Shareholders. The Annual Meeting will be held on Thursday, May 8, 2014, at 2p.m. at the Madison Beach Hotel in Madison, Connecticut.
S&P Ratings
On Friday, January 17, 2014, Standard & Poor's (S&P) announced that it had reaffirmed the 'A' long-term issuer credit ratings of both CTWS and its principal operating subsidiary, The Connecticut Water Company. Further, S&P revised the credit rating outlook for both entities from 'negative' to 'stable.'
S&P in its announcement stated, "CTWS's effective management of regulatory risk, including enhanced cost recovery mechanisms, reduced leverage, and the use of prudent tax strategies have resulted in improved financial measures that we expect the company to sustain."
Connecticut Water Service, Inc. is the largest publicly traded water company based in New England. Through its wholly-owned public water utility subsidiaries, The Connecticut Water Company and The Maine Water Company collectively provide drinking water to approximately 122,000 customers, or about 400,000 people, in 77 municipalities throughout the states of Connecticut and Maine.
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 operations, 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.
News media contact: Daniel J. Meaney, APR Director of Corporate Communications Connecticut Water Service, Inc. 93 West Main Street, Clinton, CT 06413-1600 (860) 664-6016
