TUCSON, Ariz., Feb 7, 2003 (BUSINESS WIRE) -- The board of directors of UniSource Energy Corp. (NYSE: UNS) today declared a quarterly dividend for common shareholders of 15 cents per share, an increase of 20 percent over the previous quarter. The dividend will be paid March 7, 2003, to common shareholders of record as of Feb. 21, 2003.
"Today's increase shows our faith in the continuing strength of UniSource Energy," said James S. Pignatelli, chairman, president and CEO of UniSource Energy and its primary subsidiary, Tucson Electric Power Co. (TEP). "The reliable cash flow generated by TEP's operations puts us in a good position to reward shareholders while preparing our company for a promising future."
UniSource Energy has increased its quarterly dividend by more than 87 percent since the dividend was reinstated at 8 cents per share in 2000.
Future dividend payments are considered separately by the board and are subject to numerous factors that ordinarily affect dividend policy including the results of UniSource Energy operations and the company's financial position, as well as general economic and business conditions.
UniSource Energy's primary subsidiaries include TEP, Arizona's second-largest investor-owned electric utility; and Millennium Energy Holdings, parent company of UniSource Energy's unregulated energy businesses. For more information about UniSource Energy and its subsidiaries, visit www.UniSourceEnergy.com.
This news release contains forward-looking information that involves risks and uncertainties, that include, but are not limited to, the outcome of regulatory proceedings; the ongoing restructuring of the electric industry; regional economic and market conditions which could affect customer growth and the cost of power supplies; the Citizens' utility acquisition; the cost of debt and equity capital; changes in accounting standards; weather variations affecting customer usage; and other factors. The preceding factors may cause future results to differ materially from outcomes currently expected by UniSource Energy.