NORTH MIAMI BEACH, Fla.--(BUSINESS WIRE)--U.S. Gas & Electric, Inc. (“USG&E”), a leading provider of natural gas and electricity to residential and small commercial customers in a growing number of states, 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. USG&E’s commitment to its customers has enabled it to grow its customer base from less than 3,000 customers in 2005 to more than 250,000 customers at the end of 2012, allowing customer savings of over $41 million to date. USG&E anticipates EBITDA of $32 million for full year 2012.
USG&E has been recognized by Inc. Magazine’s prestigious 500/5000 list as one of the “Fastest-Growing Private Companies in America” for four consecutive years. In 2012, USG&E was also honored as the “Emerging Company of the Year” by the Association for Corporate Growth (“ACG”) and won the Greater Miami Chamber of Commerce’s “Good to Great” award, spotlighting companies who have achieved greatness in their mission and established themselves as industry leaders. USG&E has also been recognized as one of “The Best Places to Work” in South Florida by the South Florida Business Journal and Florida Trend magazine.
“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. “Thanks to MVC Capital, Inc. (NYSE: MVC), our majority shareholder, my team for making these results possible, and to our loyal shareholders and customers who have supported us.”
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.
ABOUT U.S. GAS & ELECTRIC
U.S. Gas & Electric, its subsidiaries and family of companies (“USG&E”) is a leading retail energy supplier to commercial and residential customers in Connecticut, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, and Pennsylvania. USG&E provides energy to customers with wide ranges of energy usage patterns and requirements and gives them the benefit of being a part of a large wholesale buying pool. The company relies on their market knowledge, internal efficiencies, and core capabilities to provide customers with the best possible pricing plans for the energy they provide. To date, USG&E has saved customers over $41 million on their natural gas and electricity supply. For more information, visit www.USGandE.com or contact Doug Marcille, President & CEO at (305) 947-7880.