COLUMBIA, S.C., Feb. 21, 2002 — SCANA Corp. announced that its board of directors, at a meeting held today, increased the quarterly cash dividend rate on the company’s common stock to 32 1/2 cents per share from 30 cents per share, an increase of 8.3 percent.
The new dividend is payable April 1, 2002 to stockholders of record at the close of business on March 8, 2002 for the quarter ending March 31, 2002.
“Today’s board action raises the indicated annual dividend rate on the Company’s common stock to $1.30 per share from $1.20 per share,” said Kevin Marsh, senior vice president and chief financial officer. “This increase is in line with our goal of increasing our annual cash dividend at a rate that is consistent with the long-term growth in earnings from ongoing operations, which is targeted at 6 – 8 percent, while maintaining a payout ratio of 50 – 55 percent.”
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, 2002.
Dividends on each series of SCE&G’s cumulative preferred stock are also payable April 1, 2002 to holders of record on March 8, 2002. 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.”
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.