YORK, Pa., Nov. 24, 2009 (GLOBE NEWSWIRE) -- The York Water Company's (Nasdaq:YORW) President and CEO, Jeffrey R. Hines, announced today that the Board of Directors at their November 23rd meeting increased the quarterly dividend from $0.126 per share to $0.128 per share. The annualized dividend yield based on Monday's stock market closing is about 3.5%. The dividend is payable January 15, 2010 to shareholders as of record date December 31, 2009.
This is the 556th consecutive dividend to be paid by The York Water Company and is the thirteenth consecutive year that the Company has increased its dividend. York Water, which is the oldest investor owned utility in the nation, has paid dividends for 193 consecutive years beginning in 1816. This is believed to be the longest record of consecutive dividends in America.
York Water also announced the completion of the acquisition of the Beaver Creek Village water system. Beaver Creek, which served approximately 500 people, is now a part of York Water's service population of over 175,000. This is York Water's third acquisition in the past twelve months.
According to President Hines, "York Water continues to grow to meet the needs of the region. In addition to providing 'That good York water' to the residents of Beaver Creek Village, we will invest in replacing and upgrading our existing infrastructure and facilities so that we can continue our 193 year tradition of providing a safe, reliable supply of high quality water, while preserving our precious resources."
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This release contains forward-looking statements that are subject to various risks and uncertainties. A discussion of factors that may cause actual results to differ from management's projections, forecasts, estimates and expectations is available in the Company filings with the SEC. Those factors may include changes in general economic conditions, increases in costs, changes in regulation, changes in weather, and other factors. The Company undertakes no obligation to update forward looking statements to reflect changes occurring after the date hereof.