SAN DIMAS, Calif.--(BUSINESS WIRE)--
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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