CLINTON, Conn., Jan. 25, 2013 (GLOBE NEWSWIRE) -- Connecticut Water Service, Inc. (Nasdaq:CTWS) today announced that its Board of Directors declared a quarterly cash dividend of $0.2425 per common share payable on March 15, 2013, for shareholders of record as of March 1, 2013. This quarterly dividend remains unchanged from the previous quarter and represents an annualized dividend of $0.97 per share. The Company's annual dividend yield at the stock market closing price on January 24, 2013, was nearly 3.3%. Connecticut Water has paid quarterly dividends on its common stock since its founding in 1956 without interruption or reduction and has increased dividend payments for each of the last 43 years.
Connecticut Water's Board of Directors also declared a quarterly cash dividend of $0.20 per share on Preferred A shares payable on April 15, 2013, for shareholders of record as of April 1, 2013, and a quarterly cash dividend of $0.225 on Preferred 90 shares payable on May 3, 2013, for shareholders of record as of April 19, 2013.
The Company has a Dividend Reinvestment and Common Stock Purchase Plan (DRIP) that is open to registered shareholders and 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, www.ctwater.com , or upon request.The Board also set the date, time and location of the 2013 Annual Meeting of Shareholders. The Annual Meeting will be held on Thursday, May 9, 2013, at 2:00 p.m. at the Madison Beach Hotel in Madison, Connecticut. Eric W. Thornburg, Connecticut Water's Chairman, President and CEO, noted that the 2013 Annual Meeting will mark the Company's first Annual Meeting since its acquisition of the Biddeford and Saco Water Company in Maine last month. He stated, "We look forward to holding this Annual Meeting as the fastest growing water utility company in New England. The addition of Maine Water and Biddeford and Saco water companies in 2012 grew our customer base by 35% to approximately 122,000 customers in New England where we now serve approximately 400,000 people."