ITC Holdings Increases Quarterly Dividend Rate By 13 Percent
NOVI, Mich., Aug. 14, 2013
NOVI, Mich., Aug. 14, 2013 /PRNewswire/ -- ITC Holdings Corp. (NYSE: ITC)
announced today that its board of directors declared a quarterly cash dividend
of $0.425 per share, an increase of approximately 13 percent from the previous
quarterly rate of $0.3775 per share. This represents the eighth consecutive
year that ITC has raised the dividend rate on its common stock.
The quarterly cash dividend is payable on September 16, 2013 to shareholders
of record on September 3, 2013.
"We are very pleased to again announce an increase in our dividend, which
reflects our commitment to enhancing long-term returns for our investors,"
said Joseph L. Welch, chairman, president and CEO. "While we are poised to
continue to deliver sustainable annual dividend growth, we also remain focused
on striking the proper balance between efficiently reinvesting in needed
transmission infrastructure for the benefit of our customers and providing
current returns to shareholders."
About ITC Holdings Corp.
ITC Holdings Corp. (NYSE: ITC) is the nation's largest independent electric
transmission company. Based in Novi, Michigan, ITC invests in the electric
transmission grid to improve reliability, expand access to markets, lower the
overall cost of delivered energy and allow new generating resources to
interconnect to its transmission systems. ITC's regulated operating
subsidiaries include ITCTransmission, Michigan Electric Transmission Company,
ITC Midwest and ITC Great Plains. Through these subsidiaries, ITC owns and
operates high-voltage transmission facilities in Michigan, Iowa, Minnesota,
Illinois, Missouri, Kansas and Oklahoma, serving a combined peak load
exceeding 26,000 megawatts along 15,000 circuit miles of transmission line.
Through ITC Grid Development and its subsidiaries, the company also focuses on
expansion in areas where significant transmission system improvements are
needed. For more information, please visit ITC's website at
Safe Harbor Statement
This press release contains certain statements that describe our management's
beliefs concerning future business conditions, plans and prospects, growth
opportunities and the outlook for our business and the electricity
transmission industry based upon information currently available. Such
statements are "forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Wherever possible, we have
identified these forward-looking statements by words such as "will," "may,"
"anticipates," "believes," "intends," "estimates," "expects," "projects" and
similar phrases. These forward-looking statements are based upon assumptions
our management believes are reasonable. Such forward looking statements are
subject to risks and uncertainties which could cause our actual results,
performance and achievements to differ materially from those expressed in, or
implied by, these statements, including, among others, the risks and
uncertainties disclosed in our most recent annual report on Form 10-K and
subsequent quarterly reports on Form 10-Q filed with the Securities and
Exchange Commission from time to time.
Because our forward-looking statements are based on estimates and assumptions
that are subject to significant business, economic and competitive
uncertainties, many of which are beyond our control or are subject to change,
actual results could be materially different and any or all of our
forward-looking statements may turn out to be wrong. Forward-looking
statements speak only as of the date made and can be affected by assumptions
we might make or by known or unknown risks and uncertainties. Many factors
mentioned in our discussion in this release and in our annual and quarterly
reports will be important in determining future results. Consequently, we
cannot assure you that our expectations or forecasts expressed in such
forward-looking statements will be achieved. Actual future results may vary
materially. Except as required by law, we undertake no obligation to publicly
update any of our forward-looking or other statements, whether as a result of
new information, future events, or otherwise.
SOURCE ITC Holdings Corp.
Contact: Investor/Analyst contact: Gretchen Holloway, 248-946-3595,
email@example.com; Media contact: Robert Doetsch, 248-946-3493,
Press spacebar to pause and continue. Press esc to stop.