Aqua America CEO Exercises Stock Options
BRYN MAWR, Pa.--(BUSINESS WIRE)-- Aqua America (NYS: WTR) announced today that Chairman, President and CEO Nicholas DeBenedictis has exercised vested stock options that had been awarded to him between 2004 and 2010, and sold the shares of common stock acquired. The transactions were made for personal long-term financial planning reasons and to allow for more diversity and liquidity in his personal holdings. To effect the transactions, DeBenedictis used Aqua America shares that he owned to satisfy some of the exercise and withholding obligations, with the goal of minimizing the market impact of the transactions. As a result, the net impact of the sale transactions have a slightly accretive effect on earnings per share.
DeBenedictis and his spouse continue to have significant ownership interests (782,150 shares) in Aqua America in addition to the shares that were exercised and sold (99,176). Additionally, DeBenedictis exceeds the stock ownership guidelines approved by Aqua America's Board of Directors by five times.
Aqua America is one of the largest U.S.-based, publicly-traded water utilities and serves almost 3 million residents in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana, Virginia, Florida and Georgia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR. Visit www.aquaamerica.com for more information.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the projected market impact of the transactions and the estimated effect on the Company's earnings per share. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions; availability and the cost of capital; disruptions in the credit markets; the success of growth initiatives; and other factors discussed in our Annual Report on Form 10-K for the period ending December 31, 2012, which is on file with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement.
KEYWORDS: United States North America Pennsylvania
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