ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - Feb. 2, 2006) - Newfoundland Power Inc. (TSX:FTS) declared regular quarterly dividends on its Series A, B, D and G First Preference Shares as follows:
1. a dividend of $0.1375 per share on the issued and outstanding 5 1/2% cumulative redeemable first preference share series A of the Company for the quarter ending April 30th, 2006, be and is hereby declared payable May 1st, 2006, to the series A first preference shareholders of record at the close of business on April 13th, 2006;
2. a dividend of $0.13125 per share on the issued and outstanding 5 1/4% cumulative redeemable first preference share series B of the Company for the quarter ending April 30th, 2006, be and is hereby declared payable May 1st, 2006, to the series B first preference shareholders of record at the close of business on April 13th, 2006;
3. a dividend of $0.18125 per share on the issued and outstanding 7 1/4% cumulative redeemable first preference share series D of the Company for the quarter ending May 31st, 2006, be and is hereby declared payable June 1st, 2006, to the series D first preference shareholders of record at the close of business on May 12th, 2006; and,
4. a dividend of $0.19 per share on the issued and outstanding 7.60% cumulative redeemable first preference share series G of the Company for the quarter ending March 31st, 2006, be and is hereby declared payable April 1st, 2006, to the series G first preference shareholders of record at the close of business on March 17th, 2006.
All the common shares of Newfoundland Power are owned by Fortis Inc., a diversified, international electric utility holding company with assets of approximately $4.1 billion and annual revenues of approximately $1.2 billion. The Common Shares, Series C First Preference Shares and Series E First Preference Shares of Fortis Inc. are traded on the Toronto Stock Exchange under the symbols FTS, FTS.PR.C and FTS.PR.E, respectively. Fortis Inc. information can be accessed at www.fortisinc.com.
Newfoundland Power may include forward-looking statements in this release. By their very nature, forward-looking statements are based on underlying assumptions and are subject to inherent risks and uncertainties surrounding future expectations generally. Such events include, but are not limited to, general economic, market and business conditions, regulatory developments, weather and competition. Newfoundland Power cautions readers that should certain events or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected.
FOR FURTHER INFORMATION PLEASE CONTACT:
Newfoundland Power Inc.
Mr. Bob Meyers
Vice President, Finance
(709) 737-5740
(709) 737-5300 (FAX)
