VOORHEES, N.J., Jan. 4, 200l (BUSINESS WIRE)—At its January 3rd meeting, the Board of Directors of American Water Works Company Inc. (NYSE:AWK) approved a 4.5% increase in the quarterly dividend from 22 1/2 cents a share to 23 1/2 cents a share.
The dividend is payable February 15, 2001 to shareholders of record on January 26, 2001.
"This action by the Board reflects continued confidence in the Company's strategies for continued growth and enhancement of shareholder value," said President and Chief Executive Officer J. James Barr. The action marks the 26th consecutive year the Company's common dividend has been increased.
"We are committed to enhancing shareholder value by carefully balancing earnings retention and reinvestment, while at the same time providing shareholders with growth in dividends. The Board's decision today demonstrates their support of this long-term value creation strategy," Barr continued.
The Board also declared the regular quarterly dividends of 31 1/4 cents a share on the 5% cumulative preferred stock, and the 5% cumulative preference stock. These dividends are payable March 1, 2001 to shareholders of record on February 10, 2001.
With subsidiaries that serve approximately 10 million people in 23 states, American Water Works Company Inc. is the largest and most geographically diverse investor-owned water utility enterprise in the United States.
