This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Connecticut Water Service, Inc. Declares Dividends And Approves 2011 Capital Spending Plan

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs