WASHINGTON, Feb. 23 /PRNewswire-FirstCall/ -- The Board of Directors of WGL Holdings, Inc. (NYSE: WGL) today voted to increase the quarterly dividend on its common stock to $0.3325 per share from $0.3250 per share. This increases the annualized dividend level to $1.33 per share from $1.30 per share.
This is the 29th consecutive year that WGL Holdings or Washington Gas Light Company has increased the dividend on common stock. The company has one of the longest dividend payment records on the New York Stock Exchange.
"Increasing common stock dividends for the 29th consecutive year demonstrates our commitment to provide shareholders with sustainable dividend growth while growing earnings from normal operations," WGL Holdings Chairman and CEO James H. DeGraffenreidt, Jr. said.
The new quarterly dividend is payable May 1, 2005, to shareholders of record on April 8, 2005.
In addition, Washington Gas Light Company, 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, 2005, to shareholders of record on April 8, 2005.
Headquartered in Washington, DC, WGL Holdings is the parent company of Washington Gas, a natural gas utility that serves approximately one million customers throughout metropolitan Washington, DC, and the surrounding region. In addition, it holds a group of energy-related retail businesses that are focused on 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 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: variations in weather conditions from normal levels; 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 relevant laws and regulations, including tax, environmental and employment laws and regulations; legislative, regulatory and judicial mandates and decisions; timing and success of business and product development efforts; technological improvements; the pace of deregulation efforts and the availability of other competitive alternatives; 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 filed with the Securities and Exchange Commission.
SOURCE WGL Holdings, Inc.
CONTACT: News Media: Tim Sargeant, Office: +1-202-624-6043, Pager: +1-202-825-7051; or Financial Community: Melissa E. Adams, Office: +1-202-624-6410, both of WGL Holdings, Inc.