For Immediate Release
Energy West, Incorporated Declares Three-For-Two Split and Monthly Dividend of $0.036 Per Share
Great Falls, Mont., January 30, 2008/PRNewswire – First Call/ - ENERGY WEST, INCORPORATED, (NASDAQ: EWST), a natural gas utility and energy marketing company, announced today that its board of directors has declared a three-for-two stock split and a monthly dividend of $0.036 per share on an after split basis.
Each outstanding share of the Company’s common stock as of February 1, 2008 will be exchanged for 1.5 shares of common stock. Shareholders are not required to take any action relating to the three-for-two stock split. Shares outstanding on February 1, 2008 will be automatically adjusted on the books of the Company’s transfer agent to reflect the stock split. Each share of common stock that would otherwise be converted into a fractional share will be rounded to the nearest whole share. The stock split will increase the number of shares of the Company’s common stock outstanding from 2.9 million to 4.3 million.
In addition to declaring the three-for-two stock split, the board also declared a monthly dividend of $0.036 per share to shareholders of record as of February 13, 2008 (after split). The dividend will be payable on February 28, 2008.
Richard M. Osborne, Chairman and Chief Executive Officer, stated “The decision of the board of directors in favor of the stock split and the continuation of the monthly dividend supports the Company’s financial performance and the continued confidence in the Company’s outlook. We believe that the increase in outstanding shares may improve trading liquidity and provide for broader stock ownership opportunities.”
Safe Harbor Regarding Forward-Looking Statements
Energy West is including the following cautionary statement in the release to make applicable and to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of Energy West. Forward-looking statements are all statements other than statements of historical fact, including without limitation those that are identified by the use of the words “anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts,” and similar expressions. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those expressed. Factors that may affect forward-looking statements and the Company’s business generally include but are not limited risks associated with contracts accounted for as derivatives, changes in the utility regulatory environment, wholesale and retail competition, weather conditions, litigation risk and various other matters, many of which are beyond Energy West’s control, the risk factors and cautionary statements made in the Company’s public filings with the Securities and Exchange Commission, and other factors that the Company is currently unable to identify or quantify, but may exist in the future. Energy West expressly undertakes no obligation to update or revise any forward-looking statement contained herein to reflect any change in Energy West’s expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.
Further, preparation of financial statements requires Energy West’s management to make significant estimates. The deferred tax asset, valuation allowance and related extraordinary gain require a significant amount of judgment. Under federal tax laws, the estimate is based on projected future tax deductions, future taxable income, estimated limitations, the valuation allowance, and other assumptions. It is possible that this estimate could change and the change could be material.
For additional information or clarification respecting Energy West, please contact: James W. Garrett, President and Chief Operating Officer at 1-440-205-1987.
Our toll-free number is 1-800-570-5688. Our web address is www.energywest.com. Our address is P.O. Box 2229, Great Falls, MT 59403-2229.