Unitil Shareholders Elect Directors
Hampton, NH (April 18, 2002) - Unitil Corporation (AMEX: UTL) (www.unitil.com) announced that its shareholders re-elected five Directors to its Board at its Annual Meeting of Shareholders held today at its corporate headquarters in Hampton, New Hampshire. The returning directors are David P. Brownell, Albert H. Elfner, III, Ross B. George, Michael B. Green and M. Brian O'Shaughnessy.
The Annual Meeting also featured a management presentation on Unitil's performance and strategy that highlighted the company's 2001 results and 2002 plans in the face of a very challenging business environment. In 2002 the company expects to complete regulatory restructuring in New Hampshire and to implement performance based regulation in Massachusetts, with companion base rate cases in both states.
"Our total return to shareholders has significantly outpaced industry benchmarks," said Robert G. Schoenberger, Unitil's Chairman and Chief Executive Officer. "We have focused on three things - completing the regulatory restructuring process, returning to more normal utility earnings and making Usource, our energy brokerage service, a profitable business. We have made significant progress on all fronts while continuing to maintain high standards of operating performance, and we are well-positioned to advance our agenda in both our regulated and non-regulated businesses."
Unitil Corporation is a public utility holding company with subsidiaries providing electric service in New Hampshire, electric and gas service in Massachusetts and energy services throughout the Northeast. Unitil's subsidiaries include Concord Electric Company, Exeter & Hampton Electric Company, Fitchburg Gas and Electric Light Company, Unitil Power Corp., Unitil Realty Corp., Unitil Service Corp. and its unregulated business unit Unitil Resources, Inc. Usource L.L.C. is a subsidiary of Unitil Resources, Inc. The Usource product line is available at www.usourceonline.com.
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