CLINTON, Conn., Oct. 30, 2008 (GLOBE NEWSWIRE) -- Connecticut Water Service, Inc. (Nasdaq:CTWS) is pleased to announce that it was recognized in the 2009 edition of America's Finest Companies(r), published by financial coaches Bill and Mary Staton of The Staton Institute(r) and Staton Financial Advisors LLC. Connecticut Water has been recognized as one of America's Finest Companies by the Staton Institute in all 18 editions of its directory.
According to the Staton Institute, the 2009 edition of America's Finest Companies lists every U.S.-based company with at least 10 consecutive years of higher dividends per share, earnings per share, or both, and this year's list contains only 307 out of more than 19,000 public U.S. based companies it researches.
Connecticut Water has paid dividends on its common stock each quarter since its founding in 1956 without interruption or reduction and has increased dividend payments for each of the last 39 years. In August, the Company's Board of Directors raised the quarterly dividend on common shares to $0.2225, an increase of $0.005, or 2.3%, effective with the September 2008 dividend. Connecticut Water's current annual dividend yield is about 3.5%.
The Company has a Dividend Reinvestment Plan and Common Stock Purchase Plan (DRIP) available to registered shareholders. Additional information about the DRIP and a plan prospectus are available online at the Company's Web site, http://www.ctwater.com/dividendreinvestment.htm or upon request from the Company's Corporate Secretary at 1-800-428-3985 x3016.
Connecticut Water Service, Inc. is New England's largest locally-based, investor-owned water company. Through its wholly-owned public water utility subsidiary, The Connecticut Water Company, the Company provides drinking water to more than 85,000 customers, or nearly 300,000 people, in 54 towns throughout Connecticut.
The Connecticut Water Service, Inc. logo is available at http://www.globenewswire.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.
Regulated water companies, including The Connecticut Water Company, are 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 of rate relief to be sought from, and granted by, the Connecticut Department of Public Utility Control, when necessary, and numerous factors over which we have little or no control, such as the quantity of rainfall and temperature, customer demand and related conservation efforts, financing costs, energy rates, tax rates, and stock market trends which may affect the return earned on pension assets, compliance with environmental and water quality regulations and the outcome of litigation matters, including the Unionville division well field dispute. From time to time, the Company may acquire other regulated and/or unregulated water companies. Profitability on these acquisitions is often dependent on the successful integration of these companies, including the January 2008 acquisition of Eastern Connecticut Regional Water Company, Inc. and Birmingham H20 Services Inc. 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 contract work. We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.