SPOKANE, Wash., Feb. 4, 2011 /PRNewswire/ -- Avista Corp.'s
(NYSE: AVA) board of directors has declared a quarterly dividend of
$0.275 per share on the company's
common stock, an increase of $0.025
per share, yielding an annualized dividend of $1.10. The common stock dividend is payable
March 15, 2011, to shareholders of
record at the close of business on Feb. 18,
2011.
"The dividend increase approved by the board of directors shows
our commitment to targeting an industry average payout ratio for
our shareholders and demonstrates the board's confidence in our
continued progress toward achieving our goals," said Avista Corp.
Chairman, President and Chief Executive Officer Scott Morris. "We believe a solid dividend at an
industry average payout ratio of 60 percent to 70 percent is
important in continuing to attract investment in our company."
The declaration of dividends is at the sole discretion of the
board of directors. The board considers the level of dividends on a
regular basis, taking into account numerous factors, including
financial results, business strategies, and economic and
competitive conditions.
About Avista Corp.
Avista Corp. is an energy company involved in the production,
transmission and distribution of energy as well as other
energy-related businesses. Avista Utilities is our operating
division that provides electric service to 357,000 customers and
natural gas to 316,000 customers. Our service territory
covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern
Oregon, with a population of 1.5
million. Avista's primary, non-utility subsidiary is
Advantage IQ. Our stock is traded under the ticker symbol
"AVA." For more information about Avista, please visit
www.avistacorp.com.
This news release contains forward-looking statements regarding
the company's current expectations. Forward-looking statements are
all statements other than historical facts. Such statements speak
only as of the date of the news release and are subject to a
variety of risks and uncertainties, many of which are beyond the
company's control, which could cause actual results to differ
materially from the expectations. These risks and uncertainties
include, in addition to those discussed herein, all of the factors
discussed in the company's Annual Report on Form 10-K for the year
ended Dec. 31, 2008, and the
Quarterly Report on Form 10-Q for the quarter ended September 30, 2009.
SOURCE Avista Corp.