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Depreciation and Amortization expense increased $3.5 million in 2018 compared to 2017, reflecting higher depreciation on higher utility plant in service
and higher amortization of information technology costs, partially offset by lower amortization of deferred major storm costs which were amortized for recovery over multi-year periods.
Taxes Other Than Income Taxes increased $1.3 million in 2018 compared to 2017, primarily reflecting higher local property tax rates on higher levels of
utility plant in service and higher payroll taxes.
Interest Expense, net increased $0.9 million, or 3.9%, in 2018 compared to 2017 reflecting
interest on higher short-term debt rates and higher levels of long-term debt.
Other Expense (Income) was essentially unchanged in 2018 compared to 2017.
Income Taxes decreased $9.1 million in 2018 compared to 2017 reflecting $6.3 million from the lower tax rate on pre-tax earnings in 2018 and the current tax benefit of $2.8 million of book/tax temporary differences turning at the lower income tax rate from the TCJA in 2018.
At its January 2019 meeting, the Unitil Corporation Board of Directors declared a quarterly dividend on the Companys common stock of $0.37 per share,
an increase of $0.005 per share on a quarterly basis. This quarterly dividend results in an increase in the current effective annualized dividend rate to $1.48 per share from $1.46 per share, representing an unbroken record of quarterly dividend
payments since trading began in Unitils common stock.
The Companys earnings are seasonal and are typically higher in the first and fourth
quarters when customers use natural gas for heating purposes.
The Company will hold a quarterly conference call to discuss fourth quarter and full year
2018 results on Thursday, January 31, 2019, at 2:00 p.m. Eastern Time. This call is being webcast and can be accessed in the Investor Relations section of Unitils website, www.unitil.com.
About Unitil Corporation
Unitil Corporation provides
energy for life by safely and reliably delivering natural gas and electricity in New England. We are committed to the communities we serve and to developing people, business practices, and technologies that lead to the delivery of dependable, more
efficient energy. Unitil Corporation is a public utility holding company with operations in Maine, New Hampshire and Massachusetts. Together, Unitils operating utilities serve approximately 105,600 electric customers and 82,700 natural
gas customers. Other subsidiaries include Usource, Unitils non-regulated business segment. For more information about our people, technologies, and community involvement please visit www.unitil.com.
This press release may
contain forward-looking statements. All statements, other than statements of historical fact, included in this press release are forward-looking statements. Forward-looking statements include declarations regarding Unitils beliefs and current
expectations. These forward-looking statements are subject to the inherent risks and uncertainties in predicting future results and conditions that could cause the actual results to differ materially from those projected in these forward-looking
statements. Some, but not all, of the risks and uncertainties include the following: Unitils regulatory environment (including
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