MERRIMACK, NH — (Marketwire) — 08/08/11 — Pennichuck Corporation (NASDAQ: PNNW) today announced that the Company–s Board of Directors declared a quarterly dividend of $0.185 per share payable on September 1, 2011 to shareholders of record as of August 19, 2011. This quarterly dividend remains unchanged from the previous quarter and results in an annualized dividend rate of $0.74 per share.
Pennichuck Corporation is a holding company involved principally in the supply and distribution of potable water in New Hampshire through its three regulated water utilities. Its non-regulated, water-related activities include operations and maintenance contracts with municipalities and private entities in New Hampshire and Massachusetts. The Company–s real estate operations are involved in the ownership, management and environmentally responsible commercialization of real estate in southern New Hampshire.
Pennichuck Corporation–s common stock trades on the Nasdaq Global Market under the symbol “PNNW.” However, upon the completion of the proposed merger with the City of Nashua, Pennichuck–s common stock will cease to be publicly-traded. The Company–s website is at .
This news release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of Pennichuck Corporation. Forward-looking statements are based on current information and expectations available to management at the time the statements are made, and are subject to various factors, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, a future judicial or regulatory determination that events prior to the November 11, 2010 effective date of our merger agreement with the City of Nashua constituted a final determination of the price to be paid under RSA 38:13 and triggered the statutory 90-day period within which the City was required to decide whether to take, by eminent domain, the assets of our Pennichuck Water Works, Inc. subsidiary; the expiration of said 90-day period without the City having made any such decision; whether the merger transaction is approved by the NHPUC; whether the merger transaction is ultimately consummated; Nashua–s ability to obtain appropriate financing for the merger; the outcome of requests for rate relief from the NHPUC from time to time; changes in governmental regulations; legislation and/or regulation and accounting factors affecting Pennichuck Corporation–s financial condition and results of operations; the availability and cost of capital, including the impact on our borrowing costs of changes in interest rates; and, the impact of weather. Investors are encouraged to access Pennichuck Corporation–s annual and quarterly periodic reports filed with the Securities and Exchange Commission for financial and business information regarding Pennichuck Corporation, including a more detailed discussion of these and other risks and uncertainties that could affect Pennichuck Corporation–s forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statement.
Thomas C. Leonard
Senior Vice President and Chief Financial Officer
603-913-2300
603-913-2305