CLINTON, CONNECTICUT, May 12, 2017 (GLOBE NEWSWIRE) -- Shareholders of Connecticut Water Service, Inc. (NASDAQ GS:CTWS) overwhelmingly reelected three directors, and ratified the Audit Committee’s selection of Baker Tilly Virchow Krause, LLP as independent auditors for 2017 at the Company’s Annual Meeting of Shareholders held on May 11, 2017, in Madison, Connecticut.

Reelected to the board were Mary Ann Hanley, Richard H. Forde, and Ellen C. Wolf. Mary Ann Hanley is an attorney, Assistant to the President of St. Francis Hospital and Medical Center, part of Trinity Health New England, director of the hospital’s endowment fund, and liaison for government and community alliances. Richard Forde is a retired Senior Vice President and Chief Investment Officer of CIGNA Corporation. Ms. Wolf served as Senior Vice President and Chief Financial Officer of American Water Works Company, Inc., the largest investor owned U.S. water and wastewater company, from 2006 until her retirement in May 2013. Ms. Hanley’s, Mr. Forde’s and Ms. Wolf’s new director terms will expire in 2020.

Eric W. Thornburg, CTWS’s Chairman, President and CEO, said “We are pleased that shareholders, through their votes to reelect directors, have reaffirmed our long-term strategy to build shareholder value by focusing on prudent infrastructure investment, acquisition of financially sound water and wastewater utilities, and delivering world-class customer service to families and communities in Connecticut and Maine.”

Presentation to Shareholders

Following the re-election of directors and selection of independent auditors, Mr. Thornburg and David C. Benoit, Senior Vice President and CFO, addressed the shareholders and provided a report on the progress of CTWS, including its performance during 2016 and the first quarter of 2017. They also discussed the Company’s continuing long-term strategy to deliver solid financial results by satisfying customers, maintaining CTWS as an employer of choice, and being good stewards of the environment.

The presentation noted how the Company’s long-term strategy is supported by the recently completed acquisition of the Heritage Village Water Company (HVWC) in Southbury, Connecticut, on February 27, 2017. HVWC serves 4,700 water customers and 3,000 wastewater customers in the Connecticut communities of Middlebury, Oxford and Southbury. It is CTWS’s first entry in the regulated wastewater market.

Also discussed was the pending acquisition of the Avon Water Company (AWC) in Avon, Connecticut. AWC serves 4,800 water customers in the Connecticut communities of Avon, Farmington, and Simsbury. The Connecticut Public Utilities Regulatory Authority approved CTWS’s application to acquire AWC last month, and a closing is expected by the third quarter of this year. The Company’s Form 10-Q filed with the U.S. Securities and Exchange Commission on May 8, 2017, includes additional information about the acquisition and is available at ir.ctwater.com.

Dividends

The Company also announced at the meeting that the Company’s Board of Directors had approved an increase of 5.3% in its annualized cash dividend, raising the quarterly amount to $0.2975 per share of the Company’s common stock for an annual dividend of $1.19. The Board’s action marks the 48th consecutive year of increasing dividend payments, and reflects a 20% increase in the cash dividend since 2013. CTWS is included in the NASDAQ Dividend Achievers Select Index.

As of May 11, 2017, the dividend yield on the Company’s common stock was approximately 2.3%. Connecticut Water has paid dividends on its common stock each quarter since its founding in 1956 without interruption or reduction.

The Board also declared a quarterly cash dividend of $0.20 per share on Preferred A shares payable on July 17, 2017, for shareholders of record as of July 3, 2017, and a quarterly cash dividend of $0.225 on Preferred 90 shares payable on August 4, 2017, for shareholders of record as of July 21, 2017. The cash dividends on Preferred A and Preferred 90 shares are unchanged.

Other Matters

CTWS shareholders voted by a large majority to approve, on a non-binding basis, the compensation of the Company’s named executive officers, as described in the Company’s proxy statement dated March 30, 2017. Shareholders also affirmed the company’s practice of holding annual say on pay advisory votes in the future.

The slide presentation from the Annual Meeting of Shareholders is accessible now at the Investors section of the Company’s website - ir.ctwater.com - “Events & Presentations” and will be available until June 12, 2017.

Connecticut Water Service, Inc. is the largest publicly traded water company based in New England. Through its wholly-owned public water utility subsidiaries, The Connecticut Water Company, The Maine Water Company and the Heritage Village Water Company, the Company provides drinking water to more than 129,000 customers, or about 400,000 people, throughout the states of Connecticut and Maine.