SOURCE: Pennichuck Corporation

Pennichuck Corporation

January 27, 2010 16:10 ET

Pennichuck Corporation Announces 2.9 Percent Cash Dividend Increase Payable on March 1, 2010

MERRIMACK, NH--(Marketwire - January 27, 2010) - Pennichuck Corporation (NASDAQ: PNNW) today announced that the Company's Board of Directors has authorized a 2.9 percent cash dividend increase above the December 1, 2009 quarterly cash dividend payment. The Company will commence paying the increased dividend on March 1, 2010 to shareholders of record as of February 15, 2010. Beginning with the March 1, 2010 payment, Pennichuck's quarterly dividend will increase to $.18 per share from $.175 per share ($.72 per share versus $.70 per share per annum).

Duane C. Montopoli, Pennichuck's President and Chief Executive Officer, noted that the Company's next dividend reinvestment date under its Dividend Reinvestment and Common Stock Purchase Plan is February 1, 2010. Shareholders wishing to purchase additional shares under that plan should ensure that their payment is received by the Company's transfer agent (American Stock Transfer & Trust Company) no later than January 29, 2010. Additional information about the Company's Dividend Reinvestment and Common Stock Purchase Plan is contained in the Plan prospectus which is available upon request from American Stock Transfer & Trust Company or online at www.amstock.com.

Pennichuck Corporation is a holding company involved principally in the supply and distribution of potable water in New Hampshire through its three regulated water utilities. Its non-regulated, water-related activities include operations and maintenance contracts with municipalities and private entities in New Hampshire and Massachusetts. The Company's real estate operations are involved in the ownership, management and commercialization of real estate in southern New Hampshire.

Pennichuck Corporation's common stock trades on the Nasdaq Global Market under the symbol "PNNW." The Company's website is at www.pennichuck.com.

This news release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Pennichuck Corporation. Forward-looking statements are based on current information and expectations available to management at the time the statements are made, and are subject to various factors, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, the results of the appeal to the New Hampshire Supreme Court of the reaffirmed eminent domain order of the New Hampshire Public Utilities Commission in favor of the City of Nashua, New Hampshire; the impact of an eminent domain taking by Nashua on business operations and net assets; legislation and/or regulation and accounting factors affecting Pennichuck Corporation's financial condition and results of operations; the availability and cost of capital, including the impact on our borrowing costs of changes in interest rates; and, the impact of weather. Investors are encouraged to access Pennichuck Corporation's annual and quarterly periodic reports filed with the Securities and Exchange Commission for financial and business information regarding Pennichuck Corporation, including a more detailed discussion of these and other risks and uncertainties that could affect Pennichuck Corporation's forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statement.

Contact Information

  • For More Information, Contact:
    Thomas C. Leonard
    Senior Vice President and Chief Financial Officer
    Phone: 603-913-2300
    Fax: 603-913-2305