UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 23, 2016
SOUTHWEST GAS CORPORATION
(Exact name of registrant as specified in its charter)
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California
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1-7850
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88-0085720
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(State or other jurisdiction of
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(Commission
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(I.R.S. Employer
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incorporation or organization)
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File Number)
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Identification No.)
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5241 Spring Mountain Road
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Post Office Box 98510
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Las Vegas, Nevada
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89193-8510
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code: (702) 876-7237
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 (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On February 23, 2016, Southwest Gas Corporation (the “Company”) announced an increase in the quarterly common stock dividend from $0.405 per share to $0.45 per share. The dividend is payable June 1, 2016 to holders of record as of May 16, 2016. A copy of the Company’s press release is attached hereto as Exhibit 99.
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.
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SOUTHWEST GAS CORPORATION
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Date: February 24, 2016
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/s/ GREGORY J. PETERSON
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Gregory J. Peterson
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Vice President/Controller and
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Chief Accounting Officer
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EXHIBIT INDEX
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Exhibit
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No.
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Description
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99
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Press Release of dividend increase dated February 23, 2016.
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February 23, 2016
Media Contact: Sonya Headen (702) 364-3411
Shareholder Contact: Ken Kenny (702) 876-7117
FOR IMMEDIATE RELEASE
SOUTHWEST GAS INCREASES THE QUARTERLY COMMON STOCK DIVIDEND
AND DECLARES SECOND QUARTER 2016 DIVIDEND
LAS VEGAS, NEV. – The Board of Directors for Southwest Gas Corporation (NYSE: SWX) has increased the quarterly common stock dividend from $0.405 per share to $0.45 per share and has declared the following second quarter cash dividend:
Common Stock
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Payable
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June 1, 2016
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Of Record
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May 16, 2016
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Dividend
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$0.45 per share
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The dividend equates to $1.80 per share, an 18 cent or 11 percent increase, on an annualized basis. The Company has paid quarterly dividends continuously since going public in 1956, and has raised its dividend in each of the past nine years. President and Chief Executive Officer John Hester noted, “We are pleased with the consistency and stability of our revenues, cash flows, and capital structure. These factors, combined with the Company’s strong operating performance, have positioned us to again increase the dividend. Dividend increases are necessary to facilitate competitive and reasonable returns for our shareholders. When setting the dividend rate, the Board’s policy is to target a dvidend payout ratio that allows the Company to maintain its credit ratings and effectively fund its rate base growth and is consistent with the local distribution company peer group average. The timing and amount of any increases will be based upon the Board’s continual review of our dividend rate in the
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context of the performance of the Company’s two operating segments and their future growth prospects.
About Southwest Gas
Southwest Gas Corporation provides natural gas service to more than 1.9 million customers in Arizona, Nevada, and California. For more information about Southwest Gas, please visit www.swgas.com.
This press release may contain statements which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (Reform Act). All such forward-looking statements are intended to be subject to the safe harbor protection provided by the Reform Act. A number of important factors affecting the business and financial results of the Company could cause actual results to differ materially from those stated in the forward-looking statements. These factors include, but are not limited to, future operating results, the effects of regulation/deregulation, the timing and amount of rate relief, and changes in rate design.
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