Middlesex Water Company Announces First Quarter 2017 Financial Results
May 04 2017 - 2:08PM
Middlesex Water Company (the "Company" or “Middlesex”),
(Nasdaq:MSEX), a provider of water and wastewater and related
services in New Jersey and Delaware, today announced operating
results for the quarter ended March 31, 2017.
First Quarter Operating ResultsConsolidated
operating revenues for the quarter ended March 31, 2017 were $30.1
million, a $0.4 million decrease from the same period in
2016. Net income was $4.4 million, a decrease from $4.8
million from the same period in 2016. Basic and diluted
earnings per share were $0.27 each for the three months ended March
31, 2017, down from $0.29 each for the same period in
2016.
Revenues in the Company’s Middlesex System in New Jersey
decreased $0.8 million from the same period in 2016, due to lower
water usage by commercial, industrial and contract customers.
Revenues in our Delaware System, Tidewater Utilities, Inc.
increased $0.4 million due to customer growth.
Operation and maintenance expenses for the first quarter
decreased $0.1 million from the same period in 2016. This was
due primarily to one-time insurance policy refunds of $0.3 million,
which were partially offset by higher labor related costs of $0.2
million.
Middlesex Chairman, President and Chief Executive Officer Dennis
W. Doll said, “Water consumption in the first quarter of any year
is generally moderate in the absence of outdoor usage, and subject
to small variations that impact operating revenues. Increases
in depreciation, labor and numerous other operating costs are not
impacted by seasonality. Drought warnings in our New Jersey
systems were recently lifted and we are poised to meet our
customers’ water consumption needs as warmer weather approaches. We
continue to closely monitor our revenues and costs to determine the
timing of any potential rate filings in both our New Jersey and
Delaware regulated utilities.”
Dividend DeclarationIn April, the Board of
Directors declared a quarterly dividend of $0.21125 per common
share, payable June 1, 2017 to holders of record as of May 12,
2017. Middlesex has paid cash dividends continually since
1912 and has increased its annual dividend rate for 44 consecutive
years. Information about Middlesex’s Direct Share Purchase
and Sale and Dividend Reinvestment Plan can be found on our
website.
Annual MeetingThe Company will host its Annual
Meeting of Shareholders on Tuesday, May 23, 2017, beginning at
11:00 a.m. at its corporate headquarters at 1500 Ronson Road in
Iselin, NJ. To view the Company’s 2016 Annual Report visit
http://investors.middlesexwater.com.
About Middlesex Water CompanyOrganized in 1897,
Middlesex provides regulated and unregulated water and wastewater
utility services in New Jersey, Delaware and Pennsylvania through
various subsidiary companies. For additional information
regarding Middlesex Water Company, visit
www.middlesexwater.com.
This release contains forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, among others, our long-term strategy and
expectations, the status of our acquisition program, the impact of
our acquisitions, the impact of current and projected rate requests
and the impact of our capital program on our environmental
compliance. 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, unfavorable weather conditions, the success of
certain cost containment initiatives, changes in regulations or
regulatory treatment, availability and the cost of capital, the
success of growth initiatives and other factors discussed in our
filings with the Securities and Exchange Commission.
MIDDLESEX WATER
COMPANY |
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
(Unaudited) |
(In thousands except per share
amounts) |
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
Operating Revenues |
$ |
30,131 |
|
|
$ |
30,579 |
|
|
|
|
|
|
|
Operating Expenses: |
|
|
|
|
Operations and Maintenance |
|
15,734 |
|
|
|
15,828 |
|
|
Depreciation |
|
3,308 |
|
|
|
3,137 |
|
|
Other Taxes |
|
3,309 |
|
|
|
3,312 |
|
|
|
|
|
|
|
Total Operating Expenses |
|
22,351 |
|
|
|
22,277 |
|
|
|
|
|
|
|
Operating Income |
|
7,780 |
|
|
|
8,302 |
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
Allowance for Funds Used During Construction |
|
119 |
|
|
|
61 |
|
|
Other Income |
|
6 |
|
|
|
48 |
|
|
Other Expense |
|
(5 |
) |
|
|
(18 |
) |
|
|
|
|
|
|
Total Other Income, net |
|
120 |
|
|
|
91 |
|
|
|
|
|
|
|
Interest Charges |
|
1,003 |
|
|
|
978 |
|
|
|
|
|
|
|
Income before Income Taxes |
|
6,897 |
|
|
|
7,415 |
|
|
|
|
|
|
|
Income Taxes |
|
2,456 |
|
|
|
2,625 |
|
|
|
|
|
|
|
Net Income |
|
4,441 |
|
|
|
4,790 |
|
|
|
|
|
|
|
Preferred Stock Dividend Requirements |
|
36 |
|
|
|
36 |
|
|
|
|
|
|
|
Earnings Applicable to Common Stock |
$ |
4,405 |
|
|
$ |
4,754 |
|
|
|
|
|
|
Earnings per share of Common Stock: |
|
|
|
|
Basic |
$ |
0.27 |
|
|
$ |
0.29 |
|
|
Diluted |
$ |
0.27 |
|
|
$ |
0.29 |
|
|
|
|
|
|
|
Average Number of Common Shares Outstanding: |
|
|
|
|
Basic |
|
16,299 |
|
|
|
16,233 |
|
|
Diluted |
|
16,455 |
|
|
|
16,389 |
|
|
|
|
|
|
|
Cash Dividends Paid per Common Share |
$ |
0.2113 |
|
|
$ |
0.1988 |
|
|
|
|
|
|
|
Contact:
Bernadette Sohler, Vice President – Corporate Affairs
Middlesex Water Company
1500 Ronson Road
Iselin, New Jersey 08830
(732) 638-7549
www.middlesexwater.com
Middlesex Water (NASDAQ:MSEX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Middlesex Water (NASDAQ:MSEX)
Historical Stock Chart
From Apr 2023 to Apr 2024