Philadelphia Suburban Corp. Hikes Dividend 4.6%.BRYN MAWR, Pa.--(BUSINESS WIRE)--Aug. 4, 1998-- Seventh consecutive year of dividend increases at PSC (Public Service Commission) Same as PUC. Philadelphia Suburban Corp.'s (PSC) Board of Directors voted Tuesday to increase the annual dividend rate by 4.6% effective with the Sept. 1, quarterly dividend payment. The declaration represents PSC's 214th consecutive quarterly dividend and is the seventh consecutive year of dividend increases. The annual dividend rate will increase from $.65 to $.68 per share, representing a quarterly dividend payment of $.17 per share, payable on Sept. 1, to all shareholders of record on Aug. 17. "By growing our customer base--primarily through acquisitions--and revenues, while continuing to maintain control of our expenses, PSC is in the position to continue to enhance shareholder value by increasing its dividend," said PSC Chairman Nicholas DeBenedictis. PSC is the parent company for Philadelphia Suburban Water Company -- a regulated public utility that provides water tomore than one million residentsin an area covering 480 square miles and 96 municipalities in five counties in southeastern Pennsylvania. PSC is a publicly-traded company listed on both the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Philadelphia Stock Exchanges Philadelphia Stock Exchange (PHLX) A securities exchange trading American and European foreign currency options on spot exchange rates. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "PSC." On June 29, 1998 PSC announced a proposed merger with Consumers Water Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CONW CONW Connecticut Warbler (bird species) ) which owns water and wastewater utilities with operating subsidiaries in Ohio, Illinois, Pennsylvania, New Jersey and Maine and serves 223,000 customers. Under the merger agreement, Consumers will become a wholly-owned subsidiary of PSC, making PSC one of the largest investor-owned water companies in the nation.
CONTACT: Philadelphia Suburban Corp.
Donna Alston, director, Corporate Communications
610/645-1095
alstond@suburbanwater.com
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