Aqua America Announces an Eight Percent Cash Dividend Increase Payable December 1, 2008
BRYN MAWR, Pa., Aug 05, 2008 (BUSINESS WIRE) -- Aqua America's (NYSE:WTR) Board of Directors today declared an eight percent cash dividend increase to its quarterly dividend from $0.125 per share to $0.135 per share for the December 1, 2008 dividend for shareholders of record on November 17, 2008. This increase is equivalent to $0.04 above its current annualized dividend rate of $0.50 to $0.54.
The Board also declared the regular $0.125 per share quarterly common stock cash dividend to be paid on September 1, 2008 to shareholders of record on August 18, 2008. Aqua has paid a consecutive quarterly dividend for more than 60 years.
This is the tenth consecutive year in which the company has increased its dividend above the stated five percent target and the eighteenth increase in 17 years. Aqua America Chairman and CEO Nicholas DeBenedictis said, "The Board approved this action after reviewing the company's annual business plan. This decision affirms the Board's continued confidence in our long-term growth business model despite the general current state of economic conditions."
Aqua America, Inc. is a publicly traded water and wastewater utility with operating subsidiaries serving approximately three million people in Pennsylvania, New York, Ohio, North Carolina, Illinois, Texas, Florida, New Jersey, Indiana, Virginia, Maine, Missouri, and South Carolina. Aqua America is listed on the New York and Philadelphia Stock Exchanges 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 five-year plan on growth, capital expenditures and net income. 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, 2007 which is on file with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement.
WTRF
SOURCE: Aqua America, Inc.
Aqua America, Inc. Brian Dingerdissen Director, Investor Relations 610-645-1020 bjdingerdissen@aquaamerica.com or Gretchen Toner 610-645-1175 gmtoner@aquaamerica.com
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