SAN DIMAS, Calif.--(BUSINESS WIRE)--Nov. 2, 2016--
On November 1, 2016, the Board of Directors of American States Water
Company (NYSE:AWR) approved an increase in AWR’s fourth quarter cash
dividend from $0.224 to $0.242 per share on the common shares of the
company. The annualized dividend rate after this increase is $0.968 per
share, which represents an 8% increase from the current annualized
dividend rate of $0.896 per share. This action marks the 322nd
consecutive dividend payment by the company. For 62 consecutive years,
American States Water Company shareholders have received an increase in
their aggregate annual dividend.
“This substantial increase in our quarterly dividend reflects our
Board’s confidence in the sustainability of the company’s earnings at
both our Golden State Water Company and American States Utility
Services, Inc. subsidiaries, and the prospects for our future and its
desire to have a payout ratio that is more in line with utility peers,”
said Robert J. Sprowls, President and CEO of American States Water
Company. “We believe that prudently increasing dividends enhances our
ability to attract capital in the future to fund necessary
infrastructure investments in our utility operations. We are also
confident that our contracted services business will be a continued
source of dividends for our shareholders,” Sprowls continued.
Dividends on the common shares will be payable on December 1, 2016 to
shareholders of record at the close of business on November 15, 2016.
About American States Water Company
American States Water Company is the parent of Golden State Water
Company and American States Utility Services, Inc. Through its utility
subsidiary, Golden State Water Company, AWR provides water service to
approximately 261,000 customers located throughout 10 counties in
Northern, Coastal and Southern California. The company also distributes
electricity to approximately 24,000 customers in the City of Big Bear
and surrounding areas in San Bernardino County, California. Through its
contracted services subsidiary, American States Utility Services, Inc.,
the company provides operations, maintenance and construction management
services for water and wastewater systems located on military bases
throughout the country through 50-year privatization contracts with the
U.S. government.
American States Water Company has paid dividends to shareholders every
year since 1931, increasing the dividends received by shareholders each
calendar year for 62 consecutive years, which places it in an exclusive
group of companies on the New York Stock Exchange that have achieved
that result.
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Source: American States Water Company
American States Water Company
Eva G. Tang
Senior Vice
President - Finance, Chief Financial
Officer, Corporate Secretary
and Treasurer
(909) 394-3600, extension 707