CLINTON, Conn., Nov. 19, 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 $0.2175 per common share payable on December 17, 2007 for shareholders of record as of December 3, 2007. This quarterly dividend remains unchanged from the previous quarter and represents an annualized dividend of $0.87.
Connecticut Water's Board of Directors also declared a quarterly cash dividend of $0.20 per share on Preferred A shares payable on January 15, 2008 for shareholders of record as of January 1, 2008, and a quarterly cash dividend of $0.225 on Preferred 90 shares on February 1, 2008 for shareholders of record as of January 17, 2008.
This is the 214th consecutive quarterly dividend paid by Connecticut Water on its common stock.
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This news release may contain certain forward-looking statements regarding the Company's results of operation 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 DPUC, 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, and compliance with environmental and water quality regulations. From time to time, the Company may acquire other regulated and/or unregulated water companies. Profitability on these acquisitions is often dependant on the successful integration of these companies, including the previously announced 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.