Pepco Holdings Increases Dividend 4 Percent; Schedules Annual Meeting
Thursday, January 24, 2008
Pepco Holdings, Inc.’s (NYSE: POM) Board of Directors today declared a dividend on common stock of 27 cents per share payable March 31, 2008, to shareholders of record on March 10, 2008. This represents a 1 cent per share, or 4 percent, increase in the quarterly dividend rate. With this increase, the new dividend is equivalent to an annual rate of $1.08 per share.
"Today’s action by our Board of Directors to increase the dividend reflects the significant progress we have made in executing our business strategy as well as the continued confidence we have in our long term outlook," said Dennis R. Wraase, Chairman of the Board, President and Chief Executive Officer. "Our Board recognizes that dividends are an integral part of the total return expected by our shareholders. This year marks the 104th consecutive year that Pepco Holdings, or its predecessor company, has paid a dividend to the holders of its common stock.” He added, “We are pleased to increase the dividend while remaining committed to pursuing new major infrastructure investments in our utility business that will position us for long term earnings growth."
The Board also scheduled the Annual Meeting of Shareholders to be held at 10 a.m. May 16, 2008 at PHI’s headquarters, 701 Ninth Street, NW, Washington, D.C., in the second-floor conference center.
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About PHI: Pepco Holdings, Inc., headquartered in Washington, D.C., delivers electricity and natural gas to about 1.9 million customers in Delaware, the District of Columbia, Maryland and New Jersey, through its subsidiaries Pepco, Delmarva Power and Atlantic City Electric. PHI also provides competitive wholesale generation services through Conectiv Energy and retail energy products and services through Pepco Energy Services.
Forward-Looking Statements: Except for historical statements and discussions, the statements in this news release constitute "forward-looking statements" within the meaning of federal securities law. These statements contain management's beliefs based on information currently available to management and on various assumptions concerning future events. Forward-looking statements are not a guarantee of future performance or events. They are subject to a number of uncertainties and other factors, many of which are outside the company's control. Factors that could cause actual results to differ materially from those in the forward-looking statements herein include general economic, business and financing conditions; availability and cost of capital; changes in laws, regulations or regulatory policies; weather conditions; competition; governmental actions; and other presently unknown or unforeseen factors. These uncertainties and factors could cause actual results to differ materially from such statements. PHI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results and prospects of PHI.
