CONNECTICUT
WATER SERVICE, INC. ANNOUNCES DIVIDENDS
Clinton,
CT – May 11, 2006 – Shareholders of Connecticut
Water Service, Inc.
(NASDAQ:CTWS) voted for a slate of four directors at the Company’s
May 11, 2006 Annual Meeting held in Mashantucket, Connecticut.
Reelected
to the 12-member board were Lisa J. Thibdaue, Vice President,
Rates, Regulatory Affairs and Compliance at Northeast Utilities;
Carol P. Wallace, President and CEO of Cooper-Atkins Corporation;
and Donald B. Wilbur, former Plant Manager of Unilever HPC,
USA. In addition, Eric W. Thornburg, President and CEO of
the Company, was elected to the Board for the first time.
Marshall
T. Chiaraluce, CWS Chairman, said “These independent
directors bring to the Board broad experience in financial
and executive management.” (The President/CEO’s
and the Vice President/CFO’s presentation at the Annual
Meeting of Shareholders will be available for viewing for
30 days at the Company’s website: www.ctwater.com.)
CWS shareholders
also ratified the Audit Committee’s selection of PricewaterhouseCoopers
LLP as independent auditors for 2006.
Following
the Shareholders Meeting, the Company’s Board of Directors
approved a quarterly common stock dividend of $.2125 a share.
The record date is June 1, 2006, and the payable date is June
15, 2006. Dividends were also announced on the Company’s
preferred stock issues as follows.
- Preferred
A (not publicly traded), quarterly dividend of $.20 per
share, record date is July 3, 2006, and payable date is
July 17, 2006.
- Preferred
90 (NASDAQ:CTWSP), quarterly dividend of $.225 per share,
record date is July 12, 2006, and the payable date is July
26, 2006.
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For More
Information:
Michele
G. DiAcri
Corporate Secretary
Connecticut Water Service, Inc.
93 West Main Street
Clinton, CT 06413-1600
800.428.3985, Ext. 3015
mdiacri@ctwater.com
This
press release may contain certain forward-looking statements
regarding the Company's results of operations 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.
Our
water companies 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,
industrial demand, 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. 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.
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