CLINTON, Conn., Nov. 12, 2010 (GLOBE NEWSWIRE) -- Connecticut Water Service, Inc. (Nasdaq:CTWS) today announced that the Company's Board of Directors declared a quarterly cash dividend of $0.2325 per common share payable on December 15, 2010, for shareholders of record as of December 1, 2010. This quarterly dividend remains unchanged from the previous quarter and represents an annualized dividend of $0.93. The Company's annual dividend yield at Thursday's stock market closing price is 3.8%. Connecticut Water has paid quarterly dividends on common stock since its founding in 1956 without interruption or reduction and has increased dividend payments for each of the last 41 years.
The Board of Directors approved a $23 million Capital Spending Plan for 2011. According to Eric W. Thornburg, Connecticut Water's President and CEO, $15 million of the 2011 capital spending plan targets pipeline replacement. Mr. Thornburg stated, "We remain committed to enhancing water quality, reliability of service and conservation. Replacing old pipe reduces the amount of water lost to leakage, conserving not only water but the power and chemicals used to treat that water. It also enhances water quality, and creates construction jobs through local contractors in the communities we serve."
Connecticut Water's Board also declared a quarterly cash dividend of $0.20 per share on Preferred A shares payable on January 17, 2011, for shareholders of record as of January 3, 2011, and a quarterly cash dividend of $0.225 on Preferred 90 shares (OTCBB:CTWSP) on February 1, 2011, for shareholders of record as of January 18, 2011.The Company's Dividend Reinvestment Plan and Common Stock Purchase Plan (DRIP) is available to registered shareholders, employees and residential customers of Connecticut Water. Additional information about the DRIP and the plan prospectus are available online at the Company's Web site, http://www.ctwater.com/dividendreinvestment.htm or upon request. Also, on November 1, 2010, Standard & Poor's Ratings Service reaffirmed its 'A' corporate credit rating and stable outlook for Connecticut Water Service, Inc. and the Connecticut Water Company. The excellent credit rating reflects a supportive regulatory environment and S&P's expectation that enhanced cost-recovery mechanisms will support the financial profile between rate cases.