WASHINGTON, March 1 /PRNewswire-FirstCall/ -- The Board of Directors of WGL Holdings, Inc. today voted to increase the quarterly dividend on its common stock to $0.3375 per share from $0.3325 per share. This increases the annualized dividend level to $1.35 per share from $1.33 per share.
This is the 30th consecutive year that WGL Holdings or Washington Gas Light Company has increased the cash dividend on its common stock. The company has one of the longest dividend payment records on the New York Stock Exchange.
"The decision to increase the common stock dividend for the 30th consecutive year reflects our confidence in the company's continued success and our commitment to provide sustainable dividend growth for investors," WGL Holdings Chairman and CEO James H. DeGraffenreidt, Jr. said.
The new quarterly dividend is payable May 1, 2006, to shareholders of record on April 10, 2006.
In addition, Washington Gas Light Company (Washington Gas), a wholly owned subsidiary of WGL Holdings, today declared regular dividends on all classes of its preferred stock as follows:
Class of Serial
Preferred Stock Dividend Per Share
$4.25 $1.0625
$4.80 $1.20
$5.00 $1.25
Dividends on Washington Gas's preferred stock also are payable May 1, 2006, to shareholders of record on April 10, 2006.
Headquartered in Washington, DC, WGL Holdings is the parent company of Washington Gas, a natural gas utility that serves over one million customers throughout metropolitan Washington, DC, and the surrounding region. In addition, WGL Holdings holds a group of energy-related retail businesses that focus primarily on retail energy marketing and commercial heating, ventilating and air conditioning services. Additional information about WGL Holdings is available on its Web site, http://www.wglholdings.com/.
Note: This news release and other statements by WGL Holdings (the Company) include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the outlook for earnings, revenues and other future financial business performance or strategies and expectations. Forward-looking statements are typically identified by words such as, but not limited to, "estimates," "expects," "anticipates," "intends," "believes," "plans," and similar expressions, or future or conditional verbs such as "will," "should," "would," and "could." Although the Company believes such forward-looking statements are based on reasonable assumptions, it cannot give assurance that every objective will be achieved. Forward-looking statements speak only as of today, and the Company assumes no duty to update them.
As previously disclosed in the Company's filings with the Securities and Exchange Commission, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the level and rate at which costs and expenses are incurred in connection with constructing, operating and maintaining the Company's natural gas distribution system; the ability to implement successful approaches to modify the current or future composition of gas used to supply customers as a result of the introduction of Cove Point gas into the Company's natural gas distribution system; variations in weather conditions from normal levels; the availability of natural gas supply and interstate pipeline transportation and storage capacity; the ability of natural gas producers, pipeline gatherers and natural gas processors to deliver natural gas into interstate pipelines for delivery by those interstate pipelines to the entrance points of the regulated utility's natural gas distribution system as a result of factors beyond the control of the Company or its subsidiaries; changes in economic, competitive, political and regulatory conditions and developments; changes in capital and energy commodity market conditions; changes in credit ratings of debt securities of WGL Holdings, Inc. or Washington Gas Light Company that may affect access to capital or the cost of debt; changes in credit market conditions and creditworthiness of customers and suppliers; changes in laws and regulations, including tax, environmental and employment laws and regulations; legislative, regulatory and judicial mandates and decisions affecting business operations or the timing of recovery of costs and expenses; the timing and success of business and product development efforts and technological improvements; the pace of deregulation efforts and the availability of other competitive alternatives; changes in accounting principles; terrorist activities; and other uncertainties. The outcome of negotiations and discussions the Company may hold with other parties from time to time regarding utility and energy-related investments and strategic transactions that are both recurring and non-recurring may also affect future performance. For a further discussion of the risks and uncertainties, see the Company's most recent annual report on Form 10-K, and other reports filed with the Securities and Exchange Commission.
