Dover, Delaware – At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) voted to increase the quarterly cash dividend on the Company’s common stock from $0.27 per share to $0.2875 per share. The Board’s action raises the annualized dividend $0.07 per share from $1.08 per share to $1.15 per share, which represents a 6.5 percent increase. The $0.2875 per share dividend will be payable July 6, 2015 to all shareholders of record at the close of business on June 15, 2015.
The current annualized dividend increase of $0.07 per share (which is on a post-split basis reflecting the two-for-one stock split in September of 2014) equates to a $0.105 per share dividend increase on a pre-split basis. Accordingly, the $0.07 increase in the annualized dividend is a 31 percent increase in the growth of the dividend per share.
“We are off to a great start in 2015. Results for the first quarter of 2015 were strong – which came on the heels of a very robust 2014 performance. This performance, coupled with the growth prospects we see ahead for the Company, are reflected in today’s dividend action by the Board,” said Michael P. McMasters, President and Chief Executive Officer of Chesapeake Utilities Corporation. “The Board’s decision to increase the dividend by 6.5 percent today exemplifies the Company’s commitment to dividend growth that is supported by sustainable future earnings growth,” Mr. McMasters added.
2015 represents the 54th consecutive year that Chesapeake has paid a dividend to its shareholders. In each of the 54 years, Chesapeake has either maintained or increased its annualized dividend.
Chesapeake Utilities Corporation is a diversified energy company engaged in natural gas distribution, transmission, gathering and processing, and marketing; electricity distribution; propane gas distribution and wholesale marketing; and other businesses. Information about Chesapeake Utilities Corporation and the Chesapeake family of businesses is available at https://chpk.com or through our IR App.
For more information, contact:
Beth W. Cooper
Senior Vice President & Chief Financial Officer