Pennichuck Corporation Announces 2.8 Percent Cash Dividend Increase Payable on December 1, 2010
October 29 2010 - 2:14PM
Marketwired
Pennichuck Corporation (NASDAQ: PNNW) today announced that the
Company's Board of Directors has authorized a 2.8 percent cash
dividend increase above the September 1, 2010 quarterly cash
dividend payment. The Company will commence paying the increased
dividend on December 1, 2010 to shareholders of record as of
November 15, 2010. Beginning with the December 1, 2010 payment,
Pennichuck's quarterly dividend will increase to $.185 per share
from $.18 per share ($.74 per share versus $.72 per share per
annum).
Pennichuck Corporation is a holding company involved principally
in the supply and distribution of potable water in New Hampshire
through its three regulated water utilities. Its non-regulated,
water-related activities include operations and maintenance
contracts with municipalities and private entities in New Hampshire
and Massachusetts. The Company's real estate operations are
involved in the ownership, management and commercialization of real
estate in southern New Hampshire.
Pennichuck Corporation's common stock trades on the Nasdaq
Global Market under the symbol "PNNW." The Company's website is at
www.pennichuck.com.
This news release may contain certain forward-looking statements
with respect to the financial condition, results of operations and
business of Pennichuck Corporation. Forward-looking statements are
based on current information and expectations available to
management at the time the statements are made, and are subject to
various factors, risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. These factors include, but are not
limited to, the outcome of requests for rate relief from the NHPUC
from time to time, the implications of the New Hampshire Supreme
Court's March 25, 2010 decision affirming the eminent domain order
of the NHPUC in favor of the City of Nashua, New Hampshire; the
impact of an eminent domain taking by Nashua on business operations
and net assets; the interpretation of RSA 38:13 of the New
Hampshire utility municipalization statute relative to a negotiated
sale of the stock of Pennichuck Corporation to Nashua under the
2007 special legislation that authorizes the City of Nashua to
purchase and hold the stock of Pennichuck Corporation in settlement
of the municipalization proceeding; legislation and/or regulation
and accounting factors affecting Pennichuck Corporation's financial
condition and results of operations; the availability and cost of
capital, including the impact on our borrowing costs of changes in
interest rates; and the impact of weather. Investors are encouraged
to access Pennichuck Corporation's annual and quarterly periodic
reports as well as current reports on Form 8K filed with the
Securities and Exchange Commission for financial and business
information regarding Pennichuck Corporation, including a more
detailed discussion of these and other risks and uncertainties that
could affect Pennichuck Corporation's forward-looking statements.
We undertake no obligation to update or revise publicly any
forward-looking statement.
For More Information, Contact: Thomas C. Leonard Senior
Vice President and Chief Financial Officer Phone: 603-913-2300 Fax:
603-913-2305
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