NEWARK, N.J., Feb. 19, 2013 /PRNewswire/ -- The board of directors of Public Service Enterprise Group (NYSE: PEG) declared a 1.4% increase in the company's common dividend today. Today's action continues PSEG's long history of paying a common dividend. PSEG has paid annual dividends on an uninterrupted basis since 1907.
The board increased the quarterly dividend to 36 cents per share, a 1.4% increase over the company's existing quarterly dividend rate of 35.5 cents per share. The first dividend in 2013 is payable on March 29, 2013, to shareholders of record on March 8, 2013.
The board's action increases the indicated annual common stock dividend rate to $1.44 per share from $1.42 per share.Ralph Izzo, PSEG chairman, president and chief executive officer said, "We are pleased to be in a financially sound position which enables us to continue to increase the cash return to our shareholders. We have substantially reduced the operating and financial risk at PSEG, and our cash flow remains strong. This latest action by the Board represents the ninth increase in the dividend over the past ten years. The increased contribution to earnings from our more stable, regulated business along with continued cash flow from our generation business should allow for future consideration of dividend increases." All future changes in the common dividend are subject to board approval. Forward Looking Statement Certain of the matters discussed in this report constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in Item 1A. Risk Factors, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A), Item 8. Financial Statements and Supplementary Data — Note 13. Commitments and Contingent Liabilities, and other factors discussed in filings we make with the United States Securities and Exchange Commission (SEC).