CLINTON, Conn., Nov. 15, 2013 (GLOBE NEWSWIRE) -- Connecticut Water Service, Inc. (Nasdaq:CTWS) announced today that the Company's Board of Directors declared a quarterly cash dividend of $0.2475 per common share payable on December 16, 2013, for shareholders of record as of December 2, 2013. This quarterly dividend remains unchanged from the previous quarter and represents an annualized dividend of $0.99. CTWS's annual dividend yield at the stock market closing on Thursday, November 14, 2013, was 3.0%. Connecticut Water has paid quarterly dividends on common stock since its founding in 1956 without interruption or reduction and has increased dividend payments for each of the last 44 years.
The Board of Directors approved an overall $45.6 million Capital Spending Plan for 2014. The Board approved $37.8 million for The Connecticut Water Company (Connecticut Water), the regulated utility subsidiary that serves about 90,000 customers, or about 300,000 people, in Connecticut. The Board also approved $7.8 million for CTWS's operations in the state of Maine. CTWS expects the Biddeford & Saco Water Company, which was acquired in December 2012, to be legally merged into The Maine Water Company (Maine Water) by the end of 2013. When the merger is completed, Maine Water will serve about 32,000 customers, or about 100,000 people, in the state of Maine.
According to Eric W. Thornburg, CTWS's President and CEO, the Capital Spending Plan includes $15.0 million for pipeline replacement in Connecticut through the WICA (Water Infrastructure and Conservation Adjustment) program, and $2.7 million in pipeline and infrastructure replacement in Maine through the new Water Infrastructure Surcharge (WISC). Mr. Thornburg stated, "WICA and WISC increase our capacity to replace unreliable and leaking pipe that has reached the end of its useful life, which enables our operations to deliver a reliable supply of clean, safe water that contributes to good health, fosters economic development, and enhances public fire protection through the hydrants on our water systems." Mr. Thornburg further stated, "In Connecticut, where WICA has been available since 2007, Connecticut Water has replaced more than 62 miles of pipe that had an average age of 74 years."
Connecticut Water's Board also declared a quarterly cash dividend of $0.20 per share on Preferred A shares (CTWSO) payable on January 15, 2014, for shareholders of record as of January 1, 2014, and a quarterly cash dividend of $0.225 on Preferred 90 shares (CTWSP) on February 2, 2014, for shareholders of record as of January 19, 2014.
The Company's Dividend Reinvestment Plan and Common Stock Purchase Plan (DRIP) is available to registered shareholders, employees, and residential customers of Connecticut Water, Maine Water, and Biddeford & Saco water companies. Additional information about the DRIP and the plan prospectus are available online at the Company's Web site, www.ctwater.com, or upon request.
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.