HAMPTON, N.H., April 21, 2011 /PRNewswire/ -- Unitil Corporation (NYSE: UTL) (www.unitil.com) held its Annual Meeting of Shareholders today at the corporate office in Hampton, New Hampshire. Shareholders re-elected Robert V. Antonucci, David P. Brownell, Albert H. Elfner, III, Michael B. Green, and M. Brian O'Shaughnessy to the Board of Directors for three-year terms. Additionally, shareholders approved an amendment to the Company's Articles of Incorporation to increase the authorized number of shares of common stock, no par value, from 16,000,000 shares to 25,000,000 shares in the aggregate. Shareholders also ratified the selection of McGladrey & Pullen, LLP as independent registered public accountants for 2011.
The required shareholder advisory vote concerning executive compensation, also known as "say on pay," was approved as recommended by the Board of Directors and management, and the required shareholder advisory vote concerning the frequency of future advisory votes on executive compensation, also known as "say on pay frequency," was approved as recommended by the Board of Directors and management at a frequency of every three years.
"2010 was an important transition year as we began the process of resetting rates in each of our regulatory jurisdictions. This process is well underway, and will be completed early next year. Our unregulated energy brokering subsidiary, Usource, also continues to grow, and is finding significant new market opportunities. These activities will allow us to realize the full earnings power of our assets, and will help us achieve our long-term goal of producing an earnings growth rate of three to five percent annually," said Robert G. Schoenberger, Unitil's Chairman and Chief Executive Officer.
In his presentation at the meeting, Mr. Schoenberger reviewed a summary of the Company's strategic initiatives for the coming year. Mr. Schoenberger's presentation is available on the Company's website at www.unitil.com.
About Unitil Corporation
Unitil Corporation provides for the necessities of life, safely and reliably delivering natural gas and electricity throughout northern New England. We are committed to the communities we serve and to developing people, business practices, and technologies that lead to dependable, more efficient energy. Unitil Corporation is a public utility holding company with affiliates that include Unitil Energy Systems, Inc., Fitchburg Gas and Electric Light Company, Northern Utilities, Inc., and Granite State Gas Transmission, Inc. Together, Unitil's operating utilities serve approximately 100,900 electric customers and 70,800 natural gas customers. Other subsidiaries include Unitil Service Corp. and Usource, Unitil's non-regulated business segment. For more information about our people, technologies, and community involvement please visit www.unitil.com.
This press release contains forward-looking statements, which are subject to the inherent uncertainties in predicting future results and conditions. All statements, other than statements of historical fact, are forward-looking statements. Certain factors that could cause the actual results to differ materially from those projected in these forward-looking statements include, but are not limited to the following: variations in weather; changes in the regulatory environment; customers' preferences on energy sources; general economic conditions; increased competition; fluctuations in supply, demand, transmission capacity and prices for energy commodities; and other uncertainties, all of which are difficult to predict, and many of which are beyond the control of Unitil Corporation.
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David Chong - Investor Relations
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SOURCE Unitil Corporation