DOVER, Del., May 6, 2014 /PRNewswire/ -- At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) voted to increase the quarterly cash dividend from $0.385 per share to $0.405 per share on the Company's common stock. The Board's action raises the annualized dividend eight cents per share from $1.54 to $1.62 per share, equating to a 5.2 percent increase over the prior year. The $0.405 per share dividend will be paid July 7, 2014 to all shareholders of record at the close of business on June 16, 2014.
"We continue to be energized by the growth prospects we see ahead for the Company and today's dividend action by the Board reflects this energy," stated Michael McMasters, President and Chief Executive Officer of Chesapeake Utilities Corporation. "Results for the first quarter of 2014 were strong which help set the stage for another very successful year. As exemplified in our Board of Directors' decision to increase the dividend by 5.2 percent today, we are committed to dividend growth that is supported by earnings growth," Mr. McMasters added.
2014 represents the 53rd consecutive year that Chesapeake has paid a dividend to its shareholders. In each of the 53 years, Chesapeake has either maintained or increased its annualized dividend.
Chesapeake Utilities Corporation is a diversified energy company engaged in natural gas distribution, transmission and marketing; electricity distribution; propane gas distribution and wholesale marketing; advanced information services and other related services. Information about Chesapeake Utilities Corporation and the Chesapeake family of businesses is available at http://www.chpk.com.
For more information, contact:
Beth W. Cooper
Senior Vice President & Chief Financial Officer
SOURCE Chesapeake Utilities Corporation