CLINTON, Conn., Feb. 2, 2007 (PRIME NEWSWIRE) -- Connecticut Water Service, Inc. (Nasdaq:CTWS) today announced that the Company's Board of Directors has declared a quarterly cash dividend of $0.215 per common share payable on March 15, 2007 for shareholders of record as of March 1, 2007. This quarterly dividend remains unchanged from the previous quarter and represents an annualized dividend of $0.86.
In addition, shareholders who participate in Connecticut Water's Dividend Reinvestment Plan and Common Stock Purchase Plan (DRIP) and wish to make optional cash purchases of Company common stock should ensure that their payments are received by the Company's transfer agent, the Registrar and Transfer Company, at least five business days prior to the 15th of the month. Additional information about the Company's DRIP and a plan prospectus are available on-line at the Registrar and Transfer Company's Web site www.rtco.com or upon request from Connecticut Water.
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, 2007 for shareholders of record as of April 2, 2007, and a quarterly cash dividend of $0.225 on Preferred 90 shares on May 1, 2007 for shareholders of record as of April 17, 2007.
Connecticut Water Service, Inc. is the largest, domestic-based, investor-owned water utility in New England. It provides water to over 82,000 customers in 41 towns in Connecticut, as well as providing water-related services under contract to municipalities and companies.
The Connecticut Water Service, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2893
This news release may contain certain forward-looking statements regarding the Company's results of operations and financial position. These forward-looking statements are based on current information and expectations, and are subject to risks and uncertainties, which could cause the Company's actual results to differ materially from expected results.
The Connecticut Water Company is subject to various federal and state regulatory agencies concerning water quality and environmental standards. Generally, the water industry is materially dependent on the adequacy of approved rates to allow for a fair rate of return on the investment in utility plant. The ability to maintain our operating costs at the lowest possible level while providing good quality water service is beneficial to customers and stockholders. Profitability is also dependent on the timeliness and amount of rate relief and numerous factors over which we have little or no control, such as the quantity of rainfall and temperature, industrial demand, financing costs, energy rates, tax rates, and stock market trends which may affect the return earned on pension assets, and compliance with environmental and water quality regulations. The profitability of our other revenue sources is subject to the amount of land we have available for sale and/or donation, the demand for the land, the continuation of the current state tax benefits relating to the donation of land for open space purposes, regulatory approval of land dispositions, the demand for telecommunications antenna site leases and the successful extensions and expansion of our service contracts. We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.