SPOKANE, Wash., May 7 // -- Avista Corp.'s board of directors has declared a quarterly dividend of $0.21 per share on the company's common stock, an increase of $0.03 per share or about 17 percent. The common stock dividend is payable June 15, 2009, to shareholders of record at the close of business on May 21, 2009.
"The dividend increase is indicative of the board's confidence in our continued progress toward achieving our goals, and it provides a demonstration of that confidence to our shareholders," said Avista Corp. Chairman, President and Chief Executive Officer Scott Morris.
"As we continue to make significant investments in our infrastructure to provide reliable energy service to our customers we believe a solid dividend and its growth toward a dividend payout ratio more in line with the industry average of 60 percent to 70 percent are important in continuing to attract investment in our company."
About Avista Corp.
Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides service to 355,000 electric and 315,000 natural gas customers in three Western states. Avista's primary, non-regulated subsidiary is Advantage IQ. Our stock is traded under the ticker symbol "AVA." For more information about Avista, please visit www.avistacorp.com.
This news release contains forward-looking statements regarding the company's current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2008, and the Quarterly Report on Form10-Q for the quarter ended March 31, 2009.
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SOURCE: Avista Corp.
Web site: http://www.avistacorp.com/
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