U.S. Gas & Electric Announces Customer Growth, Other Milestones in Issuing Dividend

U.S. Gas & Electric, Inc. announced today that its board of directors declared a $4.0 million dividend, to be distributed to its shareholders, for the second consecutive quarter.

The dividend is attributable to the company's underlying operating performance which has enabled it to consistently generate strong cash flows and pay down debt, the company said.

USG&E was serving more than 250,000 customers at the end of 2012. In announcing a prior dividend issue in October 2012, USG&E had described its customer count as "more than 200,000."

USG&E anticipates EBITDA of $32 million for full year 2012.

Additional USG&E milestones for the last twelve months ending November 2012, including sales and gross profit data, can be found in the linked charts (click here).

"We are pleased to announce a second consecutive quarterly dividend to our shareholders and anticipate that with the continuation of earnings and free cash flow momentum, USG&E should be in a position to issue more regular dividends in the future," stated Puneet Sanan, Chairman of USG&E. "These results reflect continued execution by USG&E's management team who have consistently generated strong operating results, built solid relationships with suppliers and customers, and continued to grow and foster its team."

"It has been extremely satisfying to build and lead a very talented team in a highly competitive industry, grow rapidly and declare dividends to our shareholders," said Doug Marcille, President and CEO of USG&E.

The amount and specific timing of any future dividends paid will be determined by USG&E's board of directors each quarter and must be permissible under its gas and electric supply credit documentation.