BOISE, Idaho, Sept. 20, 2012 /PRNewswire/ -- IDACORP, Inc. (NYSE: IDA) announced today that its Board of Directors approved an increase in the regular quarterly cash dividend on IDACORP's common stock of 15.2 percent to $0.38 per share. At the new rate, the indicated dividend on an annual basis is $1.52 per share. The quarterly dividend is payable November 30, 2012 to IDACORP shareholders of record on November 5, 2012.
IDACORP's Board of Directors previously voted to increase the quarterly dividend by $0.03 per share in January 2012, bringing the cumulative increase in the quarterly dividend during 2012 to 26.7 percent. "Today's decision to increase the cash dividend a second time in 2012 moves the dividend payout ratio considerably closer to the Board of Director's long-term target payout ratio of between 50 and 60 percent of sustainable IDACORP earnings," stated LaMont Keen, IDACORP President and Chief Executive Officer. "Today's increase reflects the company's commitment to delivering competitive total returns to its shareholders," added Keen. "To that end, based on IDACORP's current estimates for earnings and cash flow and assuming IDACORP meets those estimates, IDACORP's management anticipates recommending to the Board of Directors an additional increase to the quarterly dividend in September 2013 of at least ten percent, furthering the company's goal of continued progress toward achieving the target dividend payout ratio range," added Keen.
The declaration of dividend payments and the approval of management's recommendations are at the discretion of the Board of Directors. In determining future dividend actions, the Board of Directors will continue to take into account factors such as current and projected capital requirements, the company's liquidity position and earnings, the competitiveness of the dividend yield, business cycles, credit rating impacts, legal requirements, long-term sustainability, and other factors.
IDACORP, Inc. (NYSE: IDA) is based in Boise, Idaho and was formed in 1998 as a holding company. IDACORP subsidiaries include: Idaho Power Company, a regulated electric utility; IDACORP Financial, an investor in affordable housing projects and real estate; and Ida-West Energy, an operator of small hydroelectric projects. IDACORP's origins lie with Idaho Power Company and operations beginning in 1916. Today, Idaho Power Company employs approximately 2,000 people who serve nearly 500,000 customers throughout a 24,000-square-mile area in southern Idaho and eastern Oregon. To learn more, visit www.idahopower.com or www.idacorpinc.com.
In addition to the historical information contained in this press release, this press release contains statements that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those regarding IDACORP, Inc.'s expectations with respect to the timing and amount of dividend payouts, its ability to pay and increase its dividend, management's anticipated recommendation of a dividend increase, and providing a return to its shareholders. Forward-looking statements are not guarantees of future performance and involve estimates, assumptions, risks, and uncertainties. Actual results, performance, or outcomes may differ materially from the results discussed in the statements. In addition to any assumptions and other factors and matters referred to specifically in connection with such forward-looking statements, factors that could cause actual results or outcomes to differ materially from those contained in such statements are included in IDACORP, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2011, which was filed with the U.S. Securities and Exchange Commission on February 22, 2012, and subsequent reports filed by IDACORP, Inc. and its subsidiary, Idaho Power Company, with the U.S. Securities and Exchange Commission. Dividend declarations and the dividend rate are at the discretion of IDACORP, Inc.'s board of directors and depend on numerous factors, including those described in IDACORP, Inc.'s and Idaho Power Company's filings with the U.S. Securities and Exchange Commission. IDACORP, Inc.'s expectations with respect to dividends may be affected by current and projected capital requirements, IDACORP, Inc.'s liquidity position and earnings, capital expenditures, changes in cash flow, the competitiveness of the dividend yield, business cycles, credit rating impacts, legal requirements and changes in laws and regulations, long-term sustainability, changes in tax laws, and other factors. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP, Inc. and Idaho Power Company disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law.
SOURCE IDACORP, Inc.