CLINTON, Conn., May 8, 2015 (GLOBE NEWSWIRE) -- Shareholders of Connecticut Water Service, Inc. (Nasdaq:CTWS) overwhelmingly reelected two directors, elected two new directors, and ratified the Audit Committee’s selection of Baker Tilly Virchow Krause, LLP as independent auditors for 2015, at the Company’s Annual Meeting of Shareholders held on May 7, 2015, in Madison, Connecticut.
Reelected to the board were Lisa J. Thibdaue and Carol P. Wallace, our Lead Director. Ms. Thibdaue served as Vice President, Regulatory and Governmental Affairs at Northeast Utilities from 2005 until her retirement on February 1, 2013. Ms. Wallace is Chairman, President and Chief Executive Officer of CooperAtkins Corporation, a manufacturer of temperature acquisition instruments. Ms. Thibdaue’s and Ms. Wallace’s new terms will expire in 2018.
Elected to the board for their first terms were Bradford A. Hunter and Ellen C. Wolf. Mr. Hunter was Chief Financial Officer of Dead River Company, the largest residential distributor of heating oil and propane in northern New England, from 2007 until his retirement in 2013. Previously, Mr. Hunter spent 26 years in commercial banking where he last served as Chairman and CEO of Bank of America, Maine, and its predecessor, Fleet Bank of Maine. Ms. Wolf served as Senior Vice President and Chief Financial Officer of American Water Works Company, Inc., the largest investor owned U.S. water and wastewater company, from 2006 until her retirement in May 2013. Mr. Hunter’s term will expire in 2018 and Ms. Wolf’s term will expire in 2017.
Eric W. Thornburg, Connecticut Water’s Chairman, President and CEO, said “We are pleased that shareholders have elected two new directors, Mr. Hunter and Ms. Wolf, to our Board. Both have excellent qualifications and will add to our Board’s broad experience in regulatory, financial and executive management, and bring additional diversity to the Board’s deliberations. 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 $0.2575 per common share payable on June 15, 2015, for shareholders of record as of June 1, 2015. This quarterly dividend remains unchanged from the previous quarter and represents an annualized dividend of $1.03 per share. As of May 7, 2015, the dividend yield on the Company’s common stock was approximately 3.0%. 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 45 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 15, 2015, for shareholders of record as of July 1, 2015, and a quarterly cash dividend of $0.225 on Preferred 90 shares payable on August 3, 2015, for shareholders of record as of July 20, 2015.
Presentation slides from the Annual Meeting of Shareholders are accessible now at the Investors section of the Company’s Web site - www.ctwater.com - “Events & Presentations” and will be available for 30 days following the event.
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 123,000 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.