Connecticut Water Service, Inc. Reports Increased Earnings for the First Nine Months of 1999 and Declares Dividend

Business Wire, Nov 18, 1999

CLINTON, Conn.--(BUSINESS WIRE)--Nov. 17, 1999--

Connecticut Water Service, Inc., a water service company serving approximately 240,000 people in 39 towns throughout the State of Connecticut, reported today increased earnings for the nine months ending September 30, 1999 compared with the same period last year.

Through September 30, 1999 net income applicable to common shareholders was $6,037,000, or $1.25 per average common share, compared to $5,606,000, or $1.16 per average common share last year. The 7.7% increase in net income is primarily attributable to the hot and dry late spring and early summer weather this year that significantly increased our customers' water consumption. The Company's president, Marshall T. Chiaraluce stated that in addition to being pleased with the earnings he was pleased with the Company's continued strategic expansion in the State as was further promoted in the third quarter with the successful merging of Crystal Water as a Subsidiary of Connecticut Water Service, Inc.

Mr. Chiaraluce also announced that the Company's Board of Directors approved a quarterly common stock dividend of $.29666 to common shareholders of record as of December 1, 1999 along with the regular quarterly dividends payable to holders of the Company's preferred stock.