Cleco raises its quarterly dividend for fifth time since 2010
PINEVILLE, La., April 25, 2013 - Cleco Corporation (NYSE: CNL) today announced that its board of directors voted to raise the quarterly dividend from $0.3375 per share to $0.3625 per share on its common stock for the May 15, 2013 payment.
This new amount represents a 7 percent increase in the current quarterly dividend and is Cleco's fifth dividend increase in the past three years. The new dividend amount on an annualized basis totals $1.45 per share.
"This dividend increase highlights our strong financial position and commitment to increasing shareholder value," said Bruce Williamson, Cleco Corporation's president and CEO. "Our confidence in our core business enables us to raise our dividend and puts us at a payout ratio of approximately 58 percent, which is at the top end of our payout ratio based on the midpoint of our current year's earnings guidance."
Cleco has paid dividends to its shareholders since 1935. Below is a summary of the dividend payment, as declared by the board of directors:
|Class of Stock||Dividend Declared||Record Date||Payment Date|
|Common Stock||$0.3625||May 7, 2013||May 15, 2013|
The company has a Dividend Reinvestment Plan (DRIP) which allows dividends on its common stock to be reinvested in additional shares of common stock at market price. Under the DRIP, there are no administrative fees to purchase stock and reinvest dividends. For more information about Cleco's DRIP, visit www.cleco.com/investors.
Cleco Corporation is a regional energy company headquartered in Pineville, La. It owns a regulated electric utility company, Cleco Power LLC, which owns and operates nine generating units with a total nameplate generating capacity of
2,565 megawatts. Cleco Power serves approximately 283,000
customers in Louisiana through its retail business. In addition, it serves 10 communities across Louisiana and Mississippi through wholesale power contracts. Cleco Corporation also owns a wholesale energy business, Cleco Midstream Resources LLC, which has two
generating units with a total nameplate capacity of 775 megawatts. For more information about Cleco, visit www.cleco.com.
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(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Cleco Corp. via Thomson Reuters ONE
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