|View printer-friendly version|
|Wisconsin Energy Corporation Announces Stock Split and New Quarterly Dividend Rate|
MILWAUKEE, Jan. 20, 2011 /PRNewswire via COMTEX/ --
The board of directors of Wisconsin Energy Corporation (NYSE: WEC) today announced a two-for-one stock split - the company's first stock split since 1992 - and declared a quarterly cash dividend consistent with the policy the board adopted at its December 2010 meeting.
The new quarterly dividend will be 52 cents a share on a pre-split basis. After the split, the quarterly dividend rate will be 26 cents a share.
On the record date of Feb. 14, 2011, stockholders of record at the close of business will be entitled to the cash dividend and to one additional share of Wisconsin Energy stock for each share they own on that date. The additional shares and the cash dividend will be distributed beginning on March 1, 2011.
Wisconsin Energy Chairman, President and Chief Executive, Gale Klappa said, "The actions by our board were made possible by the company's long-term performance in delivering value to our customers and stockholders. In addition, the stock split reflects our goal to maintain a market price for our shares that is attractive to a broad range of institutional and individual investors."
The first quarter 2011 cash dividend will mark the 274th consecutive quarter - dating back to 1942 - that the company will have paid a dividend to its stockholders.
Wisconsin Energy Corporation (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving more than 1.1 million electric customers in Wisconsin and Michigan's Upper Peninsula and more than 1 million natural gas customers in Wisconsin. The company's principal utility is We Energies. The company's other major subsidiary, We Power, designs, builds and owns electric generating plants.
Wisconsin Energy Corporation (www.wisconsinenergy.com), a component of the S&P 500, has more than $12 billion of assets, approximately 4,700 employees and approximately 43,600 stockholders of record.
Certain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based upon management's current expectations and are subject to risks and uncertainties that could cause our actual results to differ materially from those contemplated in the statements. Readers are cautioned not to place undue reliance on these statements. Forward-looking statements include, among other things, statements concerning management's expectations and projections regarding dividend payouts. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements include, but are not limited to: (i) factors affecting utility operations, including catastrophic weather related or terrorism related damage, the availability of electric generating facilities, unanticipated changes in coal or natural gas prices, purchased power costs and supply and transportation availability, the ability to recover fuel and purchased power costs, environmental incidents, and key personnel changes; (ii) general economic conditions; (iii) timing, resolution and impact of pending and future rate cases and other regulatory decisions; (iv) construction risks; (v) equity and bond market fluctuations and events in the global credit markets that may affect the availability and cost of capital; (vi) the impact of recent and future federal, state and local legislative and regulatory changes; (vii) current and future litigation, regulatory investigations, proceedings or inquiries; (viii) the investment performance of our pension and other post-retirement benefit trusts; and (ix) other factors described under the heading "Factors Affecting Results, Liquidity and Capital Resources" in Management's Discussion and Analysis of Financial Condition and Results of Operations and under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" contained in the company's Form 10-K for the year ended Dec. 31, 2009 and in subsequent reports filed with the Securities and Exchange Commission. The company expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Wisconsin Energy Corporation