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Apr 25, 2013

Cleco raises its quarterly dividend for fifth time since 2010

PINEVILLE, La. - Cleco Corporation (NYSE: CNL) today announced that its board of directors voted to raise the quarterly dividend from $0.3375 per share to $0.3625 per share on its common stock for the May 15, 2013 payment.  

This new amount represents a 7 percent increase in the current quarterly dividend and is Cleco's fifth dividend increase in the past three years. The new dividend amount on an annualized basis totals $1.45 per share.  

"This dividend increase highlights our strong financial position and commitment to increasing shareholder value," said Bruce Williamson, Cleco Corporation's president and CEO. "Our confidence in our core business enables us to raise our dividend and puts us at a payout ratio of approximately 58 percent, which is at the top end of our payout ratio based on the midpoint of our current year's earnings guidance."  

Cleco has paid dividends to its shareholders since 1935.  Below is a summary of the dividend payment, as declared by the board of directors:

Class of Stock

Dividend Declared

Record Date

Payment Date

Common Stock

$0.3625

May 7, 2013

May 15, 2013

The company has a Dividend Reinvestment Plan (DRIP) which allows dividends on its common stock to be reinvested in additional shares of common stock at market price.  Under the DRIP, there are no administrative fees to purchase stock and reinvest dividends..