August 14, 2009 (FinancialWire) — Connecticut Water Service, Inc. (NASDAQ: CTWS) announced that the company’s board of directors approved an annualized dividend increase of two cents per common share, or 2.2%, above the current cash dividend. The quarterly cash dividend on common shares was increased to $0.2275 per quarter from $0.2225.

The increased dividend will be effective with the dividend declared by the board on common shares payable on September 15, 2009, for shareholders of record as of September 1, 2009. The company’s annual dividend yield is about 4.1%.

Eric W. Thornburg, Connecticut Water’s president and CEO, stated, “Connecticut Water’s board of directors decided that a two cent increase in the annual dividend rate was appropriate because the company’s fundamentals remain strong despite the challenging economic environment and unusually wet and cool weather in late spring and summer. We remain focused on our long-term strategy of delivering solid performance for our shareholders and world class service to our customers.” Thornburg notes that Connecticut Water has paid dividends on common stock each quarter since its founding in 1956 without interruption or reduction and has increased dividend payments for each of the last 40 years.

Connecticut Water’s board of directors also declared a quarterly cash dividend of $0.20 per share on Preferred A shares (not publicly traded) payable on October 15, 2009, for shareholders of record as of October 1, 2009, and a quarterly cash dividend of $0.225 on Preferred 90 (OTCBB: CTWSP) shares on November 2, 2009, for shareholders of record as of October 19, 2009.

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