Wisconsin Energy, Wisconsin Electric declare quarterly dividends
MILWAUKEE, Jan. 17, 2013
MILWAUKEE, Jan. 17, 2013 /PRNewswire/ -- The boards of directors of Wisconsin
Energy Corporation (NYSE: WEC) and Wisconsin Electric Power Company today
declared quarterly dividends.
The Wisconsin Energy board of directors declared a quarterly cash dividend of
34 cents a share on the company's common stock, consistent with the plan the
board announced at its December 2012 meeting. This represents an increase of 4
cents a share in the current quarterly dividend and raises the annual rate
from $1.20 to $1.36 a share. The dividend is payable March 1, 2013, to
stockholders of record on Feb. 14, 2013. This marks the 282^nd consecutive
quarter – dating back to 1942 – that the company will have paid a dividend to
"Today's action by our board marks another positive step toward making our
dividend payout more competitive with our peers across the utility industry,"
said Gale Klappa, chairman, president and chief executive officer.
The board took two other significant actions today. It affirmed a policy that
calls for the company to reach a dividend payout ratio of 60 percent of
earnings in 2014, and it adopted a policy that targets a dividend payout ratio
that trends to 65-70 percent of earnings in 2017.
"This revised policy is consistent with our key financial goals: to maintain
strong 'A' category credit ratings at our utilities and fund new investment
opportunities without issuing additional shares of common stock," Klappa said.
The Wisconsin Electric board of directors today declared a quarterly dividend
of 90 cents a share on the Preferred Stock, 3.60% Series, payable March1,
2013, to stockholders of record on Feb.14, 2013. The board also declared a
quarterly dividend of $1.50 a share on the Six Per Cent Preferred Stock
payable April 30, 2013, to stockholders of record on April 12, 2013.
Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the
nation's premier energy companies, serving more than 1.1 million electric
customers in Wisconsin and Michigan's Upper Peninsula and more than 1 million
natural gas customers in Wisconsin. The company's principal utility is We
Energies. The company's other major subsidiary, We Power, designs, builds and
owns electric generating plants.
Wisconsin Energy Corporation (wisconsinenergy.com), a component of the S&P
500, has nearly $14billion of assets, approximately 4,600 employees and more
than 42,000 stockholders of record.
Wisconsin Electric Power Co., doing business as We Energies, is a subsidiary
of Wisconsin Energy Corporation. The company serves more than 1.1 million
electric customers in Wisconsin and Michigan's Upper Peninsula and more than
460,000 natural gas customers in Wisconsin. Visit the We Energies website at
Certain statements contained in this press release are "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. These statements are
based upon management's current expectations and are subject to risks and
uncertainties that could cause our actual results to differ materially from
those contemplated in the statements. Readers are cautioned not to place
undue reliance on these statements. Forward-looking statements include, among
other things, statements concerning management's expectations and projections
regarding dividend payments, dividend payout ratios and other matters. In
some cases, forward-looking statements may be identified by reference to a
future period or periods or by the use of forward-looking terminology such as
"anticipates," "believes," "estimates," "expects," "forecasts," "guidance,"
"intends," "may," "objectives," "plans" "possible," "potential," "projects,"
"should," "targets" or similar terms or variations of these terms.
Actual results may differ materially from those set forth in forward-looking
statements. In addition to the assumptions and other factors referred to
specifically in connection with these statements, factors that could cause
actual results to differ materially from those contemplated in any
forward-looking statements include, but are not limited to: general economic
conditions; business, competitive and regulatory conditions in the
deregulating and consolidating energy industry, in general, and, in
particular, in the company's service territories; timing, resolution and
impact of pending and future rate cases and other regulatory decisions;
availability of the company's generating facilities; varying weather
conditions; catastrophic weather-related or terrorism-related damage;
cyber-security threats; unanticipated changes in purchased power costs;
unanticipated changes in coal or natural gas prices and supply and
transportation availability; the ability to recover fuel and purchased power
costs; nonperformance by purchased power or natural gas suppliers under
existing contracts; environmental incidents; key personnel changes; inflation
rates; customer growth and declines; customer business conditions, including
demand for their products and services; energy conservation efforts;
construction risks, including those associated with the construction of new
environmental controls and renewable generation; adverse interpretation or
enforcement of permit conditions by permitting agencies; restrictions imposed
by financing arrangements and regulatory requirements on the ability of the
company's subsidiaries to transfer funds to it in the form of cash dividends,
loans or advances; current and future litigation, regulatory investigations,
proceedings or inquiries, including Federal Energy Regulatory Commission
matters and Internal Revenue Service audits and other tax matters; the impact
of recent and future federal, state and local legislative and regulatory
changes; equity and bond market fluctuations and events in the global credit
markets that may affect the availability and cost of capital; the investment
performance of the company's pension and other post-retirement benefit trusts;
the financial performance of the American Transmission Company; the effect of
accounting pronouncements issued periodically by standard setting bodies;
foreign, governmental, economic, political and currency risks; and other
factors described under the heading "Factors Affecting Results, Liquidity and
Capital Resources" in Management's Discussion and Analysis of Financial
Condition and Results of Operations and under the headings "Cautionary
Statement Regarding Forward-Looking Information" and "Risk Factors" contained
in the company's Form 10-K for the year ended Dec. 31, 2011, and in subsequent
reports filed with the Securities and Exchange Commission.
The company expressly disclaims any obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.
SOURCE Wisconsin Energy Corporation
Contact: news media, Brian Manthey, +1-414-221-4444,
firstname.lastname@example.org, or analysts, Colleen F. Henderson, CFA,
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