H. John Winn, III
February 20, 2003, Columbia, SC, - SCANA Corporation (NYSE: SCG) announced that its board of directors, at a meeting held today, increased the quarterly cash dividend rate on the Company’s common stock to 34 1/2 cents per share from 32 1/2 cents per share, an increase of 6.2 percent. The new dividend is payable April 1, 2003 to stockholders of record at the close of business on March 10, 2003 for the quarter ending March 31, 2003.
"Today’s board action raises the indicated annual dividend rate on the Company’s common stock to $1.38 per share from $1.30 per share," said Kevin Marsh, senior vice president and chief financial officer. "The Company has increased the dividend rate on its common stock in 49 of the last 51 years."
The board of directors also declared the regular quarterly dividends on the following series of cumulative preferred stock of South Carolina Electric & Gas Company (SCE&G), SCANA's principal subsidiary, for the quarter ending March 31, 2003:
$50 Par Value:
$100 Par Value:
- 56 1/4 cents per share on the 4.50 percent Series
- 57 1/2 cents per share on the 4.60 percent Series A
- 57 1/2 cents per share on the 4.60 percent Series B
- 62 1/2 cents per share on the 5 percent Series
- 64 1/16 cents per share on the 5.125 percent Series
- 75 cents per share on the 6 percent Series
Dividends on each series of SCE&G’s cumulative preferred stock are also payable April 1, 2003 to holders of record on March 10, 2003. The 5 percent Series is the only series of cumulative preferred stock that is listed on the New York Stock Exchange - the trading symbol is "SAC Pr."
- $1.63 per share on the 6.52 percent Series
SCANA Corporation, headquartered in Columbia, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations, telecommunications and other energy-related businesses. Information about SCANA is available on the Company’s web site at www.scana.com.
SAFE HARBOR STATEMENT
This press release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Although SCANA Corporation believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the following: (1) that the information is of a preliminary nature and may be subject to further and/or continuing review and adjustment, (2) changes in the utility and non-utility regulatory environment, (3) changes in the economy, especially in areas served by the Company’s subsidiaries, (4) the impact of competition from other energy suppliers, (5) growth opportunities for the Company’s regulated and diversified subsidiaries, (6) the results of financing efforts, (7) changes in the Company’s accounting policies, (8) weather conditions, especially in areas served by the Company’s subsidiaries, (9) performance of and marketability of the Company’s investments in telecommunications companies, (10)performance of the Company’s pension plan assets, (11) inflation, (12) changes in environmental regulations, (13) volatility in commodity natural gas markets and (14) the other risks and uncertainties described from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission. The Company disclaims any obligation to update any forward-looking statements.