EXHIBIT 99.1
Published on January 24, 2008
Exhibit 99.1
NEWS RELEASE |
CALIFORNIA WATER SERVICE
GROUP
GROUP
1720 North First Street | ||
San Jose, CA 95112-4598 | January 23, 2008 | |
For Immediate Release |
Contact:
|
Marty Kropelnicki (408) 367-8200 (analysts) | |
Shannon Dean (310) 257-1435 (media) |
CALIFORNIA WATER SERVICE GROUP BOARD OF DIRECTORS
DECLARES 253RD CONSECUTIVE QUARTERLY DIVIDEND AND
41ST CONSECUTIVE ANNUAL DIVIDEND INCREASE
DECLARES 253RD CONSECUTIVE QUARTERLY DIVIDEND AND
41ST CONSECUTIVE ANNUAL DIVIDEND INCREASE
Annual Stockholders Meeting Set for May 27, 2008
SAN JOSE, CA At its meeting today, the California Water Service Group (NYSE : CWT) Board
of Directors declared the companys 253rd consecutive quarterly dividend, increasing the
annual dividend from $1.16 to $1.17. This represents the companys 41st consecutive
annual dividend increase. The quarterly dividend of $0.2925 per common share will be payable on
February 15, 2008, to stockholders of record on February 4, 2008. The regular dividend on Series C
preferred stock was also declared.
The companys Annual Stockholders Meeting will be held on Tuesday, May 27, 2008, at the
Companys headquarters in San Jose.
California Water Service Group is the parent company of California Water Service Company,
Washington Water Service Company, New Mexico Water Service Company, Hawaii Water Service Company,
Inc., and CWS Utility Services. Together these companies provide regulated and non-regulated water
service to more than 2 million people in 100 California, Washington, New Mexico and Hawaii
communities. Groups common stock trades on the New York Stock Exchange under the symbol CWT.
This news release contains forward-looking statements within the meaning established by the
Private Securities Litigation Reform Act of 1995 (Act). The forward-looking statements are
intended to qualify under provisions of the federal securities laws for safe harbor treatment
established by the Act. Forward-looking statements are based on currently available information,
expectations, estimates, assumptions and projections, and managements judgment about the Company,
the water utility industry and general economic conditions. Such words as expects, intends, plans,
believes, estimates, assumes, anticipates, projects, predicts, forecasts or variations of such
words or similar expressions are intended to identify forward-looking statements. The
forward-looking statements are not guarantees of future performance. They are subject to
uncertainty and changes in circumstances. Actual results may vary materially from what is
contained in a forward-looking statement. Factors that may cause a result different than expected
or anticipated include, but are not limited to: governmental and regulatory commissions decisions, including decisions on
proper disposition of property; changes in regulatory commissions policies and procedures; the
timeliness of regulatory commissions actions concerning rate relief; new legislation; changes in
accounting valuations and estimates; the ability to satisfy requirements related to the
Sarbanes-Oxley Act and other regulations on internal controls; electric power interruptions;
increases in suppliers prices and the availability of supplies including water and power;
fluctuations in interest rates; changes in environmental compliance and water quality requirements;
acquisitions and our ability to successfully integrate acquired companies; the ability to
successfully implement business plans; changes in customer water use patterns; the impact of
weather on water sales and operating results; access to sufficient capital on satisfactory terms;
civil disturbances or terrorist threats or acts, or apprehension about the possible future
occurrences of acts of this type; the involvement of the United States in war or other hostilities;
restrictive covenants in or changes to the credit ratings on our current or future debt that could
increase our financing costs or affect our ability to borrow, make payments on debt or pay
dividends; and, other risks and unforeseen events. When considering forward-looking statements,
you should keep in mind the cautionary statements included in this paragraph. The Company assumes
no obligation to provide public updates of forward-looking statements.