ST. LOUIS, Jan. 30, 2014 /PRNewswire/ -- The Laclede Group, Inc. (NYSE: LG) is achieving shareholder value through growth and is well positioned for the coming year as highlighted by president and CEO Suzanne Sitherwood at the annual shareholder meeting held earlier today.
In the meeting, Sitherwood highlighted the key milestones that led to historic achievements during the past year. While delivering improved year-over-year financial results and a strong financial position, the company closed on its acquisition of Missouri Gas Energy (MGE), bringing total natural gas customers served to 1.13 million. At the same time, it completed a three-year $75 million enterprise-wide technology upgrade while investing in pipeline improvements, ultimately replacing 68 miles of pipeline to enhance safety and reliability for customers.
Sitherwood also spoke to initiatives for the coming year. The Laclede Group will continue the integration of Missouri Gas Energy, finalize its pending general rate case for MGE, continue investments in utility infrastructure upgrades across the state, and continue to pursue growth in natural gas fueling and other emerging technologies.
During the meeting, shareholders re-elected three directors, each to a three-year term:
- Edward L. Glotzbach, retired vice chairman, Information Services Group
- W. Stephen Maritz, chairman and chief executive officer, Maritz Holdings Inc.
- John P. Stupp Jr., president, Stupp Bros., Inc.
Shareholders also ratified the appointment of Deloitte & Touche, LLP as the independent registered public accountant for the company for the 2014 fiscal year and provided advisory approval of compensation of the executives named in the proxy statement.
At its meeting today, the board of directors declared a quarterly common stock dividend of 44 cents per share. The dividend is payable on April 2, 2014 to shareholders of record on March 11, 2014. The Laclede Group has continuously paid a cash dividend since 1946, with 2014 marking the company's 11th consecutive year of increasing its dividend on an annualized basis.
A video archive of the annual shareholder meeting will be available on the company website.
ABOUT THE LACLEDE GROUP, INC. The Laclede Group, Inc. (NYSE: LG), headquartered in St. Louis, Missouri, is a public utility holding company. The Gas Utility segment serves St. Louis and eastern Missouri through Laclede Gas and serves Kansas City and western Missouri through Missouri Gas Energy. Together they provide more than 1.13 million residential, commercial and industrial customers with safe and reliable natural gas service. Laclede's primary non-utility business, Laclede Energy Resources, Inc., included in the Gas Marketing segment, provides non-regulated natural gas services. Laclede Group is committed to pursuing growth through 1) developing and investing in emerging technologies; 2) investing in infrastructure; 3) acquiring businesses to which the Company can apply its operating model, and 4) leveraging its current business unit competencies. For more information about Laclede and its subsidiaries, visit www.TheLacledeGroup.com.
SOURCE The Laclede Group, Inc.