Business & Finance
Business and Finance
Business and Finance
Fri, November 19, 2010
Thu, November 18, 2010 
BOSTON--([ BUSINESS WIRE ])--NSTAR (NYSE:NST) announced today that its Board of Trustees voted to increase the dividend on its common shares to an annualized rate of $1.70 per share, a 6.3% increase over the previous rate of $1.60. This is the companya™s 487th consecutive dividend and the thirteenth consecutive year that NSTAR has increased the dividend. The company has one of the longest consecutive payment records on the New York Stock Exchange.
The Board declared a quarterly dividend today of $0.425 per share, payable February 1, 2011 to shareholders of record as of January 7, 2011.
Chairman, President and Chief Executive Officer Thomas J. May said, aThe dividend action taken by our Board reflects the solid financial condition of our company and the confidence we have in our future. The increase is in line with our goal of maintaining a healthy balance between dividends paid to our shareholders and earnings reinvested into the business to maintain the high levels of reliability and service quality results for our customers.a
Also, the Board of Directors of NSTAR Electric Company, a wholly owned subsidiary of NSTAR, declared the following preferred stock dividends payable February 1, 2011 to holders of record as of January 7, 2011:
- A quarterly dividend of $1.0625 per share on NSTAR Electrica™s cumulative preferred stock, 4.25% series; and
- A quarterly dividend of $1.195 per share on NSTAR Electrica™s cumulative preferred stock, 4.78% series.
Profile
NSTAR, headquartered in Boston, is an energy delivery company with revenues of approximately $3 billion and assets of $8 billion that serves 1.4 million customers in Massachusetts, including approximately 1.1 million electric distribution customers in 81 communities and 300,000 natural gas distribution customers in 51 communities. On October 18, 2010, NSTAR announced a stock-for-stock merger of equals transaction with Northeast Utilities (NYSE: NU). For more information, go to [ www.nstar.com ].
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements are based on the current expectations, estimates or projections of management, and are not guarantees of future performance. Actual results could differ materially from these statements.
Examples of some important factors that could cause NSTARa™s actual results or outcomes to differ materially from those discussed in the forward-looking statements include, but are not limited to, the following: adverse financial market conditions including changes in interest rates and the availability and cost of capital; adverse economic conditions; changes to prevailing local, state and federal governmental policies and regulatory actions (including those of the Massachusetts Department of Public Utilities and the Federal Energy Regulatory Commission) with respect to allowed rates of return, rate structure, continued recovery of regulatory assets and energy costs, financings, municipalization, and operation and construction of facilities; acquisition and disposition of assets; changes in tax laws and policies; changes in, and compliance with, environmental and safety laws and policies; new governmental regulations or changes to existing regulations that impose additional operating requirements or liabilities; changes in available information and circumstances regarding legal issues and the resulting impact on our estimated litigation costs; weather conditions that directly influence the demand for electricity and natural gas; impact of continued cost control processes on operating results; ability to maintain current credit ratings; impact of uninsured losses; impact of adverse union contract negotiations; damage from major storms; impact of conservation measures and self-generation by our customers; changes in financial accounting and reporting standards; changes in hazardous waste site conditions and the cleanup technology; prices and availability of operating supplies; impact of terrorist acts and cyber-attacks; impact of service quality performance measures; and impact of the expected timing and likelihood of completion of the proposed merger with Northeast Utilities, which could be adversely affected by, among other things: (i) the timing and conditions of any required governmental and regulatory approvals; (ii) litigation brought in connection with the proposed merger; (iii) the ability to maintain relationships with customers, employees or suppliers as well as the ability to successfully integrate the businesses; and (iv) the risk that the credit ratings of the combined company or its subsidiaries may be different from what the companies expect.
Any forward-looking statement speaks only as of the date of this earnings release and NSTAR undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events, or otherwise. You are advised, however, to consult all further disclosures NSTAR makes in its filings to the Securities and Exchange Commission. Other factors in addition to those listed here could also adversely affect NSTAR.
