CLINTON, Conn., May 9, 2014 (GLOBE NEWSWIRE) -- Shareholders of Connecticut Water Service, Inc. (Nasdaq:CTWS) overwhelmingly reelected two directors, approved and adopted the 2014 Performance Stock Program, and ratified the Audit Committee's selection of ParenteBeard LLP as independent auditors for 2014, at the Company's Annual Meeting of Shareholders held on May 8, 2014, in Madison, Connecticut.
Reelected to the board were Mary Ann Hanley and Richard Forde. Mary Ann Hanley is an attorney, Assistant to the President of St. Francis Hospital and Medical Center, Director of hospital's endowment fund, and Chair of the Connecticut Small Business Innovation and Research Council. Richard Forde is a retired Senior Vice President and Chief Investment Officer of CIGNA Corporation. Ms. Hanley's and Mr. Forde's new terms will expire in 2017.
Eric W. Thornburg, Connecticut Water's Chairman, President and CEO, said: "Our Board has broad experience in regulatory, financial and executive management. Our shared philosophy is to build shareholder value by hiring and retaining employees who are passionate about delivering high-quality water and world class customer service to families and communities in Connecticut and Maine."
The Company's Board of Directors declared a quarterly cash dividend of $0.2475 per common share payable on June 16, 2014, for shareholders of record as of June 2, 2014. This quarterly dividend remains unchanged from the previous quarter and represents an annualized dividend of $0.99 per share. As of May 8, 2014, the dividend yield on the Company's common stock was approximately 3.1%. 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 44 years. The Company's Dividend Reinvestment Plan and Common Stock Purchase Plan (DRIP) is available to registered shareholders and to the 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 (http://www.ctwater.com) or upon request.
The Board also declared a quarterly cash dividend of $0.20 per share on Preferred A shares payable on July 16, 2014, for shareholders of record as of July 2, 2014, and a quarterly cash dividend of $0.225 on Preferred 90 shares payable on August 4, 2014, for shareholders of record as of July 21, 2014.
The President/CEO and the Senior Vice President/CFO's slide presentation from the Annual Meeting of Shareholders will be available for viewing for 30 days at the Company's Web site, www.ctwater.com on the "Events & Presentations" page of the Investors section.
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, the Company provides drinking water to nearly 122,000 customers, or about 400,000 people, 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 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.