ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Dec. 9, 2013) -
The Board of Directors of Fortis Inc. (the "Corporation") (TSX:FTS) has declared a common share dividend of $0.32 per share on the issued and outstanding fully paid Common Shares of the Corporation, payable on March 1, 2014 to the Common Shareholders of Record at the close of business on February 14, 2014.
The 3.2 per cent increase in the quarterly common share dividend to $0.32 from $0.31 extends the Corporation's record of annual common share dividend payment increases to 41 consecutive years, the longest record of any public corporation in Canada.
The Board of Directors also declared the following dividends on its First Preference Shares:
- $0.3063 per share on the First Preference Shares, Series "E" of the Corporation, payable on March 1, 2014 to the Shareholders of Record at the close of business on February 14, 2014;
- $0.3063 per share on the First Preference Shares, Series "F" of the Corporation, payable on March 1, 2014 to the Shareholders of Record at the close of business on February 14, 2014;
- $0.2427 per share on the First Preference Shares, Series "G" of the Corporation, payable on March 1, 2014 to the Shareholders of Record at the close of business on February 14, 2014;
- $0.2656 per share on the First Preference Shares, Series "H" of the Corporation, payable on March 1, 2014 to the Shareholders of Record at the close of business on February 14, 2014;
- $0.2969 per share on the First Preference Shares, Series "J" of the Corporation, payable on March 1, 2014 to the Shareholders of Record at the close of business on February 14, 2014; and
- $0.2500 per share on the First Preference Shares, Series "K" of the Corporation, payable on March 1, 2014 to the Shareholders of Record at the close of business on February 14, 2014.
Fortis has designated the common share dividend and preference share dividends as eligible dividends for federal and provincial dividend tax credit purposes.
Fortis is the largest investor-owned gas and electric distribution utility in Canada, with total assets of approximately $17.6 billion, as at September 30, 2013, and fiscal 2012 revenue totalling approximately $3.7 billion. Its regulated utilities account for 90% of total assets and serve more than 2.4 million customers across Canada and in New York State and the Caribbean. Fortis owns non-regulated hydroelectric generation assets in Canada, Belize and Upstate New York. The Corporation's non-utility investments are comprised of hotels and commercial real estate in Canada and petroleum supply operations in the Mid-Atlantic Region of the United States.
The Common Shares; First Preference Shares, Series E; First Preference Shares, Series F; First Preference Shares, Series G; First Preference Shares, Series H; First Preference Shares, Series J; and First Preference Shares, Series K of Fortis are listed on the Toronto Stock Exchange and trade under the symbols FTS, FTS.PR.E, FTS.PR.F, FTS.PR.G, FTS.PR.H, FTS.PR.J, and FTS.PR.K, respectively. Fortis information can be accessed on the Corporation's website at www.fortisinc.com and on SEDAR at www.sedar.com.