Cleco Corp. : Cleco raises its quarterly dividend for fifth time since 2010
Shareholders to receive 7 percent increase in dividend payments
PINEVILLE, La., April 25, 2013 - Cleco Corporation (NYSE: CNL) today announced
that its board of directors voted to raise the quarterly dividend from $0.3375
per share to $0.3625 per share on its common stock for the May 15, 2013
This new amount represents a 7 percent increase in the current quarterly
dividend and is Cleco's fifth dividend increase in the past three years. The
new dividend amount on an annualized basis totals $1.45 per share.
"This dividend increase highlights our strong financial position and
commitment to increasing shareholder value," said Bruce Williamson, Cleco
Corporation's president and CEO. "Our confidence in our core business enables
us to raise our dividend and puts us at a payout ratio of approximately 58
percent, which is at the top end of our payout ratio based on the midpoint of
our current year's earnings guidance."
Cleco has paid dividends to its shareholders since 1935. Below is a summary
of the dividend payment, as declared by the board of directors:
Class of Stock Dividend Declared Record Date Payment Date
Common Stock $0.3625 May 7, 2013 May 15, 2013
The company has a Dividend Reinvestment Plan (DRIP) which allows dividends on
its common stock to be reinvested in additional shares of common stock at
market price. Under the DRIP, there are no administrative fees to purchase
stock and reinvest dividends. For more information about Cleco's DRIP, visit
Cleco Corporation is a regional energy company headquartered in Pineville, La.
It owns a regulated electric utility company, Cleco Power LLC, which owns and
operates nine generating units with a total nameplate generating capacity
of2,565 megawatts. Cleco Power serves approximately 283,000customers in
Louisiana through its retail business. In addition, it serves 10 communities
across Louisiana and Mississippi through wholesale power contracts. Cleco
Corporation also owns a wholesale energy business, Cleco Midstream Resources
LLC, which has twonatural gas-firedgenerating units with a total nameplate
capacity of 775 megawatts. For more information about Cleco, visit
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Source: Cleco Corp. via Thomson Reuters ONE
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