CLINTON, Conn., May 10, 2013 (GLOBE NEWSWIRE) -- Shareholders of Connecticut Water Service, Inc. (CTWS) overwhelmingly reelected four directors and ratified the Audit Committee's selection of ParenteBeard LLP as independent auditors for 2013, at the Company's Annual Meeting of Shareholders held on May 9, 2013, in Madison, Connecticut.
Reelected to the board were Heather Hunt, an attorney and Executive Director of the New England States Committee on Electricity, Arthur C. Reeds, Trustee of USAllianz Variable Insurance Products Trust, and Eric W. Thornburg, President and CEO of the Company, each of whose new terms will expire in 2016. Also elected to the Board was Judith E. Wallingford, President of the Company's Maine Water Company subsidiary, who was elected by the Company's directors to the Board in 2012, and will serve until the 2015 Annual Meeting.
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 have passionate employees building shareholder value by delivering high-quality water and world class customer service to families and communities."
The Board of Directors declared a quarterly cash dividend of $0.2425 per common share payable on June 17, 2013, for shareholders of record as of June 3, 2013. This quarterly dividend remains unchanged from the previous quarter and represents an annualized dividend of $0.97 per share. As of May 10, 2013, the dividend yield on the Company's common stock was approximately 3.4%. 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 43 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 17, 2013, for shareholders of record as of July 3, 2013, and a quarterly cash dividend of $0.225 on Preferred 90 shares payable on August 5, 2013, for shareholders of record as of July 22, 2013.
The President/CEO and the 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.
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.
News media contact:
Daniel J Meaney, APR,
Director of Corporate Communications
Connecticut Water Service, Inc.
93 West Main Street, Clinton, CT 06413-1600