Business & Finance
Business and Finance
Business and Finance
Wed, February 4, 2009
Tue, February 3, 2009 Connecticut Water Service, Inc. Added to Dividend Achievers IndexTM
CLINTON, Conn.--([ BUSINESS WIRE ])--Connecticut Water Service, Inc. (NASDAQ GS:CTWS) today announced that it has been added to the Dividend AchieversTM Indices. Connecticut Water was added to the Dividend Achievers' US Broad, NASDAQ, and Select indexes on January 30, 2009, when Indxis, Inc., the index service unit of Mergent, Inc., reconstituted its equity indexes.
According to Indxis's news release, "Dividend Achievers are companies that have increased annual regular dividends for at least the past 10 consecutive years and have met specific liquidity screening criteria. Dividend Achievers are typically companies with strong cash reserves, solid balance sheets and a proven record of consistent earnings growth."
According to Eric W. Thornburg, Connecticut Water's President and CEO, being added to the Dividend Achievers Index reflects the Company's long history of increasing dividend payments. Mr. Thornburg states, "Nearly two-thirds of our shareholders are people who rely on a consistent dividend to fund retirement, educate their children, or simply make ends meet, an increasing challenge in these unusual economic times. In 2008, Connecticut Water was pleased to be able to deliver a total return to shareholders of 3.7%, which is the result of a modest gain in stock price combined with a dividend increase." In 2008, the return for the S&P 500 Index and S&P 500 Utilities Index was –37% and –29%, respectively.
Connecticut Water has paid dividends on its common stock each quarter since its founding in 1956 without interruption or reduction and has increased dividend payments for each of the last 39 years. The Company's Dividend Reinvestment Plan and Common Stock Purchase Plan (DRIP) is available to registered shareholders. Additional information about the DRIP and a plan prospectus are available on-line at the Company's Web site, [ http://www.ctwater.com/dividendreinvestment.htm ] or upon request.
Connecticut Water will hold its place in the Dividend Achievers Index until Indxis, Inc. reconstitutes its indexes in January 2010.
About Indxis
Indxis, Inc. is a comprehensive index services provider, offering a full suite of services including: index calculation, administration, distribution, index licensing, backtesting, and custom index software creation. Indxis-licensed investment products are offered by major financial firms in the U.S. and Canada, and have approximately $3 billion in assets under management. Our index calculation platform has a proven track record of calculating and disseminating some of the world's largest and most recognizable indices. For more information, visit [ www.indxis.com ].
About Mergent
Mergent, Inc. is a leading provider of business and financial information on global publicly listed companies. Based in the U.S., the company maintains a strong international presence, with offices in New York, Fort Mill, San Diego, London, Tokyo and Melbourne. With roots tracing back to 1900, Mergent operates the longest continuously collected database of: descriptive and fundamental information on domestic and international companies; pricing and terms and conditions data on fixed income and equity securities; and corporate action data. For more information, visit [ www.mergent.com ].
About Connecticut Water Service, Inc.
Connecticut Water Service, Inc. is New England's largest locally based investor-owned water company. Through its wholly owned public water utility subsidiary, The Connecticut Water Company, the Company provides drinking water to over 85,000 customers, or nearly 300,000 people, in 54 towns throughout Connecticut. Through its wholly owned unregulated subsidiary, New England Water Utility Service, Inc., the Company operates under contract municipally and privately owned water and wastewater systems and offers a service line protection program.
This news release may contain certain forward-looking statements regarding the Company's results of operation and financial position. These forward-looking statements are based on current information and expectations, and are subject to risks and uncertainties, which could cause the Company's actual results to differ materially from expected results.
Regulated water companies, including The Connecticut Water Company, are subject to various federal and state regulatory agencies concerning water quality and environmental standards.Generally, the water industry is materially dependent on the adequacy of approved rates to allow for a fair rate of return on the investment in utility plant.The ability to maintain our operating costs at the lowest possible level, while providing good quality water service, is beneficial to customers and stockholders.Profitability is also dependent on the timeliness of rate relief to be sought from, and granted by, the DPUC, when necessary, and numerous factors over which we have little or no control, such as the quantity of rainfall and temperature, customer demand and related conservation efforts, financing costs, energy rates, tax rates, and stock market trends which may affect the return earned on pension assets, compliance with environmental and water quality regulations and the outcome of litigation matters, including the Unionville division well field dispute. From time to time, the Company may acquire other regulated and/or unregulated water companies.Profitability on these acquisitions is often dependent on the successful integration of these companies.The profitability of our other revenue sources is subject to the amount of land we have available for sale and/or donation, the demand for the land, the continuation of the current state tax benefits relating to the donation of land for open space purposes, regulatory approval of land dispositions, the demand for telecommunications antenna site leases, and the successful extensions and expansion of our service contract work.We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.
