8-K
California Water Service Group (CWT)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13or 15(d) of The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): January 29, 2025
CALIFORNIA WATER SERVICE GROUP
(Exact name of Registrant as Specified in its Charter)
| Delaware<br><br>(State or other jurisdiction<br> of incorporation) | 1-13883<br><br>(Commission file number) | 77-0448994<br><br>(I.R.S. Employer<br> Identification Number) |
|---|---|---|
| 1720 North First Street<br>San Jose, California<br><br>(Address of principal executive offices) | 95112<br><br>(Zip Code) | |
| --- | --- |
(408) 367-8200
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act<br>(17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act<br>(17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Shares, par value $0.01 | CWT | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 8.01. | Other Events |
|---|
On January 29, 2025, California Water Service Group issued a press release (a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference) announcing the declaration of a quarterly dividend of $0.30 per common share and a one-time special dividend of $0.04 per common share. Both the quarterly dividend and one-time special dividend will be payable on February 21, 2025 to stockholders of record as of the close of business on February 10, 2025.
| Item 9.01. | Financial Statements and Exhibits. |
|---|
(d) Exhibits.
We hereby file the following exhibit with this report:
| Exhibit No. | Description |
|---|---|
| 99.1 | Press Release issued January 29, 2025 |
| 104 | Cover Page Interactive Date File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CALIFORNIA WATER SERVICE GROUP | ||
|---|---|---|
| Date: January 29, 2025 | By: | /s/ James P. Lynch |
| Name: | James P. Lynch | |
| Title: | Senior Vice President, Chief Financial Officer and Treasurer |
Exhibit 99.1
January 29, 2025
For immediate release
California Water Service Group Board of Directors Declares 320th
Consecutive Quarterly Dividend and Announces
One-Time Special Dividend
SANJOSE, Calif., January 29, 2025 —At its meeting on January 29, 2025, the California Water Service Group (NYSE: CWT) (Company) Board of Directors (Board) declared the company's 320th consecutive quarterly dividend in the amount of $0.30 per common share, this reflects an $0.08 annual increase that is expected to yield an annual dividend of $1.20. In addition, the Board declared a one-time special dividend in the amount of $0.04 per common share. Both the quarterly dividend and the special one-time dividend will be payable on February 21, 2025, to stockholders of record as of the close of business on February 10, 2025.
“We are pleased to be in a position to increase our annual dividend for the 58^th^ consecutive year. Furthermore, we believe that a special, one-time dividend of $0.04 per share is appropriate given our decision to moderate our 2023 annual dividend due to the delay in our 2021 General Rate Case. We believe our 2025 anticipated annual dividend will bring us in line with market expectations, and we remain committed to providing value to all of our stakeholders."
About California Water Service Group
California Water Service Group is the parent company of regulated utilities California Water Service, Hawaii Water Service, New Mexico Water Service, and Washington Water Service, as well as Texas Water Service, a utility holding company. Together, these companies provide regulated and non-regulated water and wastewater service to more than 2.1 million people in California, Hawaii, New Mexico, Washington, and Texas. California Water Service Group’s common stock trades on the New York Stock Exchange under the symbol “CWT.” Additional information is available online at www.calwatergroup.com.
Forward Looking Statements
This news release contains forward-looking statements within themeaning established by the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The forward-looking statements areintended to qualify under provisions of the federal securities laws for “safe harbor” treatment established by the PSLRA.Forward-looking statements in this news release are based on currently available information, expectations, estimates, assumptions andprojections, and our management’s beliefs, assumptions, judgments and expectations about us, the water utility industry and generaleconomic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historicalin nature, including words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects,progress, predicts, hopes, targets, forecasts, should, seeks or variations of these words or similar expressions are intended to identifyforward-looking statements. Forward-looking statements are not guarantees of future performance. They are based on numerous assumptionsthat we believe are reasonable, but they are open to a wide range of uncertainties and business risks. Consequently, actual results mayvary materially from what is contained in a forward-looking statement. Factors that may cause actual results to be different than thoseexpected or anticipated include but are not limited to those described under the section entitled “Risk Factors” in our mostrecent Annual Report on Form 10-K, as such factors may be updated from time to time in our periodic filings with the Securitiesand Exchange Commission. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue relianceon forward-looking statements, which speak only as of the date of this news release. We are not under any obligation, and we expresslydisclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events orotherwise.
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Contact
James P. Lynch
408-367-8200
Shannon Dean
sdean@calwater.com
408-367-8243