HAMPTON, N.H., April 19, 2012 /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 William D. Adams, Robert G. Schoenberger and Sarah P. Voll to the Board of Directors for three-year terms. Additionally, shareholders approved the Company's Second Amended and Restated 2003 Stock Plan, and ratified the selection of McGladrey & Pullen, LLP as the independent registered public accounting firm for 2012.
"2011 was a very successful and satisfying year for Unitil. We significantly strengthened the financial, operational and reputational capabilities of the Company, and demonstrated we have the right strategies in place to help us achieve our long-term goal of producing an earnings growth rate of three to five percent annually. Looking forward, we will see the full year effect of all our rate adjustments in 2012. We continue to look for prudent opportunities to expand our electric and gas distribution systems, and we are excited for the opportunity of our unregulated energy brokering subsidiary, Usource, to make additional bottom line contributions through expanded relationships and new market opportunities," said Robert G. Schoenberger, Unitil's Chairman and Chief Executive Officer.
In his presentation at the meeting, Mr. Schoenberger reviewed highlights from 2011 and 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 energy for life by safely and reliably delivering natural gas and electricity in 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 operations in Maine, New Hampshire and Massachusetts. Together, Unitil's operating utilities serve approximately 101,400 electric customers and 71,900 natural gas customers. Other subsidiaries include 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. All statements, other than statements of historical fact, included in this press release are forward-looking statements. Forward-looking statements include declarations regarding Unitil's beliefs and current expectations. These forward-looking statements are subject to the inherent risks and uncertainties in predicting future results and conditions that could cause the actual results to differ materially from those projected in these forward-looking statements. Some, but not all, of the risks and uncertainties include the following: Unitil's regulatory environment (including regulations relating to climate change, greenhouse gas emissions and other environmental matters); fluctuations in the supply of, the demand for, and the prices of energy commodities and transmission capacity and Unitil's ability to recover energy commodity costs in its rates; customers' preferred energy sources; severe storms and Unitil's ability to recover storm costs in its rates; general economic conditions; variations in weather; long-term global climate change; Unitil's ability to retain its existing customers and attract new customers; Unitil's energy brokering customers' performance under multi-year energy brokering contracts; increased competition; and other risks detailed in Unitil's filings with the Securities and Exchange Commission, including those appearing under the caption "Risk Factors" in Unitil's Annual Report on Form 10-K for the year ended December 31, 2011. These forward looking statements speak only as of the date they are made. Unitil undertakes no obligation, and does not intend, to update these forward-looking statements.
For more information please contact:
David Chong – Investor Relations
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Alec O'Meara – Media Relations
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SOURCE Unitil Corporation