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PHILADELPHIA SUBURBAN CORPORATION RAISES DIVIDEND

 BRYN MAWR, Pa., March 2 /PRNewswire/ -- Philadelphia Suburban Corporation (NYSE: PSC) today announced that the board of directors has approved a 4 percent increase in the company's annual dividend rate, from $1.04 to $1.08 per share.
 The increased quarterly dividend of $.27 per share will be paid June 1, 1993, to shareholders of record on May 14.
 "The increase in the dividend rate reflects the confidence management and the board have in the stability and long-term growth potential of the company's earnings in the future," said Nicholas DeBenedictis, president and chief executive officer.
 In February 1993, the company sold the last of its non-water related businesses, American Tele-Response Group, Inc. and Kesler Engineering, Inc. Two years ago, the company implemented a strategy to divest all of its non-water related business and return to being primarily a water utility holding company.
 Net income has been negatively impacted over the past three years as a result of the unprofitable performance of the non-regulated businesses for sale. With the completion of the sale of the final non-water related operations, net income in the future should be comparable to income from continuing operations realized in 1991 and 1992.
 "With the divestiture of the unprofitable and non-water related businesses completed, the company can now concentrate all of its management efforts on growing in the water supply business," said DeBenedictis.
 PSW recently increased its customer base by 3 percent by purchasing the assets of the Uwchlan Township and West Whiteland water systems in Chester County, the fastest growing areas in PSW's service territory.
 "Increasing the dividend today reflects the board's confidence in the direction the company is following," said DeBendictis.
 Philadelphia Suburban Water Company is one of the nation's largest investor-owned water utilities and is a wholly owned subsidiary of Philadelphia Suburban Corporation. The company serves 800,000 customers in 71 municipalities in Chester, Delaware and Montgomery counties.
 /delval/
 -0- 3/2/93
 /CONTACT: Robert E. Deddy, vp-public relations of Philadelphia Suburban, 215-525-1400/
 (PSC)


CO: Philadelphia Suburban Corporation ST: Pennsylvania IN: UTI SU: DIV

MK-MJ -- PH013 -- 2015 03/02/93 14:01 EST
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Publication:PR Newswire
Date:Mar 2, 1993
Words:349
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