Connecticut Water Service, Inc. Declares Dividends
Clinton,
Connecticut, February 2, 2007 – Connecticut
Water Service, Inc. (NASDAQ-GS: CTWS) today announced that
the Company’s Board of Directors has declared a quarterly
cash dividend of $ 0.215 per common share payable on March
15, 2007 for shareholders of record as of March 1, 2007. This
quarterly dividend remains unchanged from the previous quarter
and represents an annualized dividend of $0.86.
In
addition, shareholders who participate in Connecticut Water’s
Dividend Reinvestment Plan and Common Stock Purchase Plan
(DRIP) and wish to make optional cash purchases of Company
common stock should ensure that their payments are received
by the Company’s transfer agent, the Registrar and Transfer
Company, at least five business days prior to the 15th of
the month. Additional information about the Company’s
DRIP and a plan prospectus are available on-line at the Registrar
and Transfer Company’s Web site www.rtco.com
or upon request from Connecticut Water.
Connecticut
Water’s Board of Directors also declared a quarterly
cash dividend of $0.20 per share on Preferred A shares payable
on April 16, 2007 for shareholders of record as of April 2,
2007, and a quarterly cash dividend of $0.225 on Preferred
90 shares on May 1, 2007 for shareholders of record as of
April 17, 2007.
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Connecticut
Water Service, Inc. is the largest, domestic-based, investor-owned
water utility in New England. It provides water to over 82,000
customers in 41 towns in Connecticut, as well as providing
water-related services under contract to municipalities and
companies.
This news
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.
The Connecticut
Water Company is 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
and amount of rate relief 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 contracts. 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
(860) 669-8630: Ext. 3016
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