TECO Energy increases quarterly dividend
TAMPA, May 2, 2007
TECO Energy (NYSE:TE) announced today that its quarterly dividend will increase by 2.6 percent, from 19 cents per share to 19.5 cents per share.
Chairman and CEO Sherrill Hudson said, “All of our team members are proud of the previous 43-year history of increasing our dividend that we had through the 1990s. We have been looking forward to the time when we could once again increase our dividend. We have told investors that we would not increase the dividend until we were comfortable that we could restart the pattern of regular dividend increases. While we can not guarantee future dividend increases, we think we are well-positioned to restart the pattern.”
“For the past two years, our focus has been on implementing our parent debt retirement plans. With all of the debt maturing in 2007 now retired, and more certainty in our future earnings and cash flows, the time is right to reward our shareholders,” added Hudson.
The increase brings TECO Energy’s annual dividend rate to $0.78 per share, a two-cent increase. The dividend is payable May 28 to shareholders of record as of May 15.
Effective with the January 2007 dividend, the expected payment dates moved from the 15th of the month to the 28th. Thus, the expected 2007 dividend payment dates for the remainder of the year are: August 28 and November 28.
TECO Energy, Inc. (NYSE: TE) is an integrated energy-related holding company with regulated utility businesses, complemented by a family of unregulated businesses. Its principal subsidiary, Tampa Electric Company, is a regulated utility with both electric and gas divisions (Tampa Electric and Peoples Gas System). Other subsidiaries are engaged in waterborne transportation, coal and synthetic fuel production and electric generation and distribution in Guatemala.
Note: This release contains statements that could be deemed to be forward-looking statements, which are subject to the inherent uncertainties in predicting future results and conditions. Factors that could impact actual results and any future dividends are discussed under “Risk Factors” in TECO Energy, Inc.’s Annual Report on Form 10-K for the period ended Dec. 31, 2006.