The Capital Spending Plan also includes $13.9 million in treatment plant improvements. The majority is allocated to a major upgrade at Connecticut Water's Rockville water treatment facility, Connecticut Water's oldest surface water treatment plant that went into service in 1970. The treatment facility upgrade will ensure that the Company has reliable capacity and system redundancy to meet the water needs of current and future customers in northern Connecticut. The facility upgrade is expected to be completed and put into service in 2017.CTWS's Board also declared a quarterly cash dividend of $0.2825 per common share payable on December 15, 2016, for shareholders of record as of December 1, 2016. This quarterly dividend remains unchanged from the previous quarter and represents an annualized dividend of $1.13 per share. CTWS's annual dividend yield at the stock market closing on Thursday, November 10, 2016, was 2.2%. 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 47 years. A quarterly cash dividend of $0.20 per share was declared on Preferred A shares (CTWSO) payable on January 17, 2017, for shareholders of record as of January 3, 2017, and $0.225 quarterly cash dividend was declared on Preferred 90 shares (CTWSP) payable on February 6, 2017, for shareholders of record as of January 23, 2017. The Company's Dividend Reinvestment Plan and Common Stock Purchase Plan (DRIP) is available to registered shareholders, employees, and residential customers of the Connecticut Water and Maine Water companies. Other investors who wish to participate in the DRIP should contact investor relations at the company for more information. Additional information about the DRIP and the plan prospectus are available online at the Company's Web site, http://ir.ctwater.com/, or upon request. This news release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's results of operation, financial position and long-term strategy. These forward-looking statements are based on current information and expectations, and are subject to risks and uncertainties discussed in our filings with the Securities and Exchange Commission, which could cause the Company's actual results to differ materially from expected results. 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, APRDirector of Corporate CommunicationsConnecticut Water Service, Inc.93 West Main Street, Clinton, CT 06413-1600(860) 664-6016