HAMPTON, N.H., April 15, 2010 /PRNewswire via COMTEX/ --Unitil Corporation (NYSE: UTL) (www.unitil.com) held its Annual Meeting of Shareholders today at the corporate office in Hampton, New Hampshire. Shareholders re-elected Michael J. Dalton, Edward F. Godfrey, and Eben S. Moulton to the Board of Directors for three-year terms. Shareholders also ratified the selection of Caturano and Company, P.C. as independent public accountants for 2010.
"We had a challenging year in 2009 because of the economy and the aftermath of the 2008 ice storm. 2010 is an important transition year as we implement our regulatory agenda over the next eighteen months to realize the earnings power of our distribution assets. We also expect Usource, our unregulated energy brokering subsidiary, to continue to grow and contribute to bottom line earnings," said Robert G. Schoenberger, Unitil's Chairman and Chief Executive Officer. "Our overall goal is to produce an annual earnings growth rate of three to five percent."
In his presentation at the meeting, Mr. Schoenberger reviewed a summary of the Company's strategic initiatives for the coming year. Mr. Schoenberger's presentation is available on the Company's website at www.unitil.com.
About Unitil
Unitil Corporation is a public utility holding company headquartered in Hampton, New Hampshire. Unitil's principal business is the local distribution of electricity and natural gas in the states of New Hampshire, Massachusetts and Maine. Unitil is the parent company of three distribution utilities: (i) Unitil Energy Systems, Inc., which provides electric service in the southeastern seacoast and state capital regions of New Hampshire; (ii) Fitchburg Gas and Electric Light Company, which provides both electric and natural gas service in the greater Fitchburg area of north central Massachusetts; and (iii) Northern Utilities, Inc., which provides natural gas service in southeastern New Hampshire and portions of southern and central Maine. In addition, Unitil is the parent company of Granite State Gas Transmission, Inc., an interstate natural gas transmission pipeline in New Hampshire and Maine. Together, Unitil's operating utilities serve approximately 100,500 electric customers and 70,000, natural gas customers. Unitil's non-regulated business, Usource, also provides energy brokering and advisory services to large commercial and industrial customers in the northeastern United States.
This press release contains forward-looking statements, which are subject to the inherent uncertainties in predicting future results and conditions. All statements, other than statements of historical fact, are forward-looking statements. Certain factors that could cause the actual results to differ materially from those projected in these forward-looking statements include, but are not limited to the following: variations in weather; changes in the regulatory environment; customers' preferences on energy sources; general economic conditions; increased competition; fluctuations in supply, demand, transmission capacity and prices for energy commodities; and other uncertainties, all of which are difficult to predict, and many of which are beyond the control of Unitil Corporation.
For more information, visit Unitil at www.unitil.com or contact Mark Collin at 603-773-6612.
Contact: Mark Collin
Phone: 603-773-6612
Fax: 603-773-6700
SOURCE Unitil Corporation
