(Source: Business Wire)
Northwest Natural Gas Company, dba NW Natural (NYSE: NWN) at its annual meeting of shareholders today reported that the company delivered strong results in 2008 and in the first quarter of 2009, while leading the nation in customer service among gas utilities, according to the J.D. Power and Associates' Gas Utility Customer Satisfaction Survey. The company also celebrated its 150th anniversary early in 2009.
"In 2008, we reported a very strong year financially, despite challenging economic conditions," NW Natural President and Chief Executive Officer Gregg Kantor told shareholders at the 2009 annual meeting. "Equally important was the fact that we were rated first in the nation by J.D. Power for providing the best customer service among 59 other utilities in 2008."
Earnings per share in 2008 were $2.61 on net income of $69.5 million. "We also reported strong 2009 first quarter results of $1.78 on May 1, compared to $1.63 per share in the same quarter of 2008," reported David Anderson, NW Natural's Senior Vice President and Chief Financial Officer.
Kantor added, "Because of the tough economic conditions our customers are struggling with, we requested an early refund to Oregon customers of $32 million in gas cost savings achieved from Nov. 1, 2008 to March 31, 2009." The request was approved by the Public Utility Commission of Oregon and the refund will be provided to customers as a bill credit in June. Rates are normally set annually on Nov. 1 each year. NW Natural has filed a similar request with the Washington Utilities and Transportation Commission, which approved the request today at its scheduled meeting, resulting in a $4 million credit to Washington customers in June.
The company also noted it has increased dividends paid on common stock for 53 consecutive years, one of the few companies in the country to have achieved this accomplishment. Anderson added the company's current annual indicated dividend is $1.58 per share.
During the meeting, shareholders re-elected directors Timothy P. Boyle, Mark S. Dodson, Gregg S. Kantor and George J. Puentes and ratified the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accountants for the fiscal year 2009.
Forward-Looking Statements
This release and other presentations made by NW Natural from time to time may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended.
