PORT HURON, Mich., April 18 /PRNewswire/ -- The Board of Directors of
SEMCO ENERGY, Inc.(NYSE: SEN) today declared a 2.4 percent increase in its
regular quarterly cash dividend.
Specifically, the Board increased the quarterly dividend rate to $.21 per
share on the Common Stock of the Corporation from the previous quarterly cash
dividend rate of $.205. The dividend is payable on the 15th day of May 2000
to stockholders of record at the close of business on May 5, 2000.
William L. Johnson, Company Chairman and Chief Executive Officer said, "I
am very pleased to announce the 2.4 percent increase in the cash dividend.
This increase reflects the Board's and management's confidence in the future
prospects and growth of the Company."
Johnson added that SEMCO is pursuing a successful strategy of growing both
its Gas Distribution and Diversified Businesses with a goal to produce long-
term earnings per share growth at about twice the industry average.
He also noted, "Our dividend policy is to share the growth of the Company
with periodic increases in the cash dividend, as long as the Company is
financially sound and it is in the best interests of our shareholders. We
also are mindful of the fact that, as we grow, a larger portion of earnings
should be retained and reinvested in the business.
"Above all, it is our objective to deliver to shareholders a more
competitive total return by remaining focused on growing earnings during the
coming year, anticipating a turn in the tide and a rebound in energy stocks."
SEMCO ENERGY, Inc. is a diversified energy and infrastructure services
company that distributes natural gas to more than 350,000 customers combined
in Michigan and Alaska. Its subsidiary, SEMCO ENERGY VENTURES, owns and
operates businesses involved in gas engineering and quality assurance
services, pipeline construction services, propane distribution, intrastate
pipelines and natural gas storage in various regions of the United States.
SOURCE SEMCO ENERGY, Inc.
CONTACT: Analysts: Edric R. Mason, Jr., 810-989-4104, fax, 810-989-4098, or Media: Francis R. Lieder, 810-987-2200, ext. 4186, fax, 810-989-4098, both of SEMCO ENERGY, Inc.