Aqua America Announces a 6.5 Percent Cash Dividend Increase Payable December 1, 2011
August 02 2011 - 10:37AM
Business Wire
Aqua America’s (NYSE: WTR) Board of Directors today declared a
dividend increase of $0.01 per share from $0.155 per share to
$0.165 per share for the December 1, 2011 quarterly dividend, to
all shareholders of record on November 17, 2011. This represents a
6.5 percent increase to the quarterly dividend. This increase is
equivalent to $0.04 above the company’s current annualized dividend
rate of $0.62 to $0.66.
The Board also declared the regular $0.155 per share quarterly
common stock cash dividend to be paid on September 1, 2011 to
shareholders of record on August 17, 2011. Aqua has paid a
consecutive quarterly dividend for more than 65 years.
This is the company’s 21st dividend increase in 20 years and as
a result of the December 1, 2011 increase the compound growth rate
of the annualized dividend rate over the 20 years has been 6.4
percent. Aqua America Chairman and CEO Nicholas DeBenedictis said,
“The Board approved this action after a strategic session to review
the company’s five-year business plan. This decision demonstrates
the Board’s continued confidence in the long-term growth potential
of our business model.”
Aqua America is one of the largest U.S.-based, publicly-traded
water utilities and serves almost 3 million residents in
Pennsylvania, Ohio, Illinois, Texas, New Jersey, Indiana, Virginia,
Florida, North Carolina, Maine, New York, and Georgia. Aqua America
is listed on the New York Stock Exchange under the ticker symbol
WTR.
This release contains forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, among others, reference to the company’s confidence in
its long-term growth business model. There are important factors
that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements including:
general economic business conditions, unfavorable weather
conditions, the success of certain cost containment initiatives,
changes in regulations or regulatory treatment, availability and
the cost of capital, the success of growth initiatives, and other
factors discussed in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2010 which is on file with the SEC. We
undertake no obligation to publicly update or revise any
forward-looking statement.
WTRF
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