25th increase in 24 years
BRYN MAWR, Pa.--(BUSINESS WIRE)--
The Board of Directors of Aqua America (NYSE: WTR) declared a quarterly
cash dividend of $0.178 per share today, payable on September 1, 2015 to
all shareholders of record on August 14, 2015.
The September 1, 2015 dividend will represent a $0.013, or 7.9 percent
increase compared to the $0.165 cash dividend the company paid in June
of this year. Aqua America has paid a quarterly cash dividend for 70
consecutive years, and this increase marks the 25th dividend
increase in the past 24 years. At the new rate, the annualized dividend
is now $0.712 per share. Over the past 10 years, the company's
annualized dividend has increased at a 7.6 percent annual growth rate.
"The Board's decision to increase the dividend is a testament to Aqua's
commitment to deliver strong, consistent financial results and enhancing
shareholder value," said Aqua America's President and CEO Chris
Franklin. "Our long history of rewarding shareholders by increasing
dividends is something in which we take great pride. As we continue our
effort to return an appropriate amount of capital to our investors while
investing in the company's growth, we are targeting a long-term dividend
payout ratio range of 60 to 70 percent of earnings. We believe this will
allow the company to achieve both goals moving forward."
Aqua America is one of the largest U.S.-based, publicly traded water
utilities and serves nearly 3 million people in Pennsylvania, Ohio,
North Carolina, Illinois, Texas, New Jersey, Indiana and Virginia. Aqua
America is listed on the New York Stock Exchange under the ticker symbol
WTR. Visit AquaAmerica.com for more information.
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including, among
others: the projected annualized dividend rate; the company's ability to
deliver strong results and enhance shareholder value; the company's
ability to return capital to investors; and the potential rate of the
company's growth. There are important factors that could cause actual
results to differ materially from those expressed or implied by such
forward-looking statements and other key factors that we have indicated
could adversely affect our business and financial performance discussed
in our Annual Report on Form 10-K for the fiscal year ended December 31,
2014, which is on file with the Securities and Exchange Commission. Aqua
America is not under any obligation — and expressly disclaims any such
obligation — to update or alter its forward-looking statements whether
as a result of new information, future events, or otherwise.
WTRF
View source version on businesswire.com: http://www.businesswire.com/news/home/20150804006433/en/
Aqua America
Brian Dingerdissen
Investor Relations
O:
610.645.1191
BJDingerdissen@AquaAmerica.com
or
Donna
Alston
Manager, Communications
O: 610.645.1095
M:
484.368.4720
DPAlston@AquaAmerica.com
Source: Aqua America
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