SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report: October 31, 2003
MIDDLESEX WATER COMPANY
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(Exact name of registrant as specified in its charter)
NEW JERSEY O-422 22-1114430
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1500 RONSON ROAD, P.O. BOX 1500, ISELIN, NEW JERSEY 08830
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(Address of principal executive offices, including zip code)
(732)-634-1500
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(Registrant's telephone number, including area code)
Middlesex Water Company
Item. 5. Other Events
Release of Third Quarter Earnings as attached.
Release of Four-for-Three Common Stock Split announcement and Increase in Common
Stock Dividend as attached.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf of the
undersigned hereunto duly authorized.
MIDDLESEX WATER COMPANY
(Registrant)
/s/Marion F. Reynolds
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Marion F. Reynolds
Vice President, Secretary
and Treasurer
Dated: October 31, 2003
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For More Information:
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Contact: Marion F. Reynolds, Investor Relations or Bernadette M. Sohler,
Communications (732) 634-1500
Middlesex Water Company REPORTS THIRD QUARTER 2003 RESULTS
ISELIN, NJ, (MARKET WIRE) - 10/31/03 -- Middlesex Water Company,
(NASDAQ:MSEX), which provides water and wastewater services in New Jersey and
Delaware, today reported that operating revenues, for the quarter ended
September 30, 2003, were $17.6 million, up $.6 million, from $17.0 million for
the same period in 2002. Third quarter 2003 earnings applicable to common
shareholders were $2.3 million, or $0.22 per share of common stock on a diluted
basis, down from $2.5 million, or $0.24 in 2002. The per share earnings numbers
reflect the effectiveness of a four-for-three Common Stock split as of November
14, 2003, announced in a separate release issued yesterday.
Nine-month earnings applicable to common stock were $5.2 million or $0.50
per share (post split) of common stock as compared to $5.5 million or $0.54
(post split) in 2002. Most recent twelve-month revenues were $63.7 million, up
$1.3 million from $62.4 million in 2002. Earnings per share of common stock were
$0.69 (post split), down $0.02, from $0.71 for the same period in 2002.
"Revenues increased due to customer growth in our Delaware service
territories. However, unfavorable weather patterns in the mid-Atlantic region
continued to affect consumer water use significantly in the second half of the
year," said Middlesex Water Company President, Dennis G. Sullivan. "In addition,
the Company felt the effect of energy deregulation in New Jersey as the costs of
purchased power increased," said Sullivan. "These factors are likely to be
reflected in the Company's full year results as well," he added.
Middlesex Water Company, organized in 1897, is an investor-owned water
utility and is engaged in the business of supplying water for domestic,
commercial, industrial and fire protection purposes.
For additional information regarding Middlesex Water Company, visit the
Company's website at www.middlesexwater.com or call (732) 634-1500.
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Certain matters discussed in this press release are "forward-looking statements"
regarding the Company's results of operations and financial position. They are
based on current information and expectations. Such statements address future
plans, objectives, expectations and events concerning various matters such as
capital expenditures, earnings, litigation, growth potential, rate, regulatory
matters, liquidity, capital resources and accounting matters. Actual results in
each case could differ materially from those currently anticipated in such
statements. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.
For More Information:
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Contact:
Marion F. Reynolds, Investor Relations
or Bernadette M. Sohler, Communications (732) 634-1500
Middlesex Water Company Announces Four-For-Three Common Stock Split
and Increases its Common Stock Dividend
ISELIN, NJ, (MARKET WIRE) - 10/30/03 Middlesex Water Company,
(NASDAQ:MSEX), has announced it will effect a four-for-three ("stock split") of
its Common Stock. The split was declared and approved by the Company's Board of
Directors on August 28, 2003. The split is effective November 14, 2003, with a
record date of November 1, 2003. Stockholders will end up with four shares for
every three shares of Middlesex Water Company Common Stock they hold. Fractional
shares would be paid in cash, the value of which will be based on the NASDAQ
closing price on November 14, 2003.
Additionally, the Board of Directors of Middlesex Water Company, at its
October 23, 2003 meeting, increased the annual dividend of the Common Stock of
the Company by $0.015 per share (post split). The Board of Directors also
declared a quarterly dividend of $0.165 per share (post split) on the Common
Stock, payable on December 1, 2003, to stockholders of record as of November 14,
2003. The annual dividend based on this rate would amount to $0.66 per share.
Middlesex Water Company, a water utility serving customers in central and
southern New Jersey and the State of Delaware, has paid cash dividends in
varying amounts continually since 1912 and has increased the dividend each year
since 1973.
The Company and its New Jersey subsidiaries, Pinelands Water Company,
Pinelands Wastewater Company, and Bayview Water Company, are subject to the
regulations of the BPU. In addition, the Company's unregulated New Jersey
subsidiary, Utility Service Affiliates (Perth Amboy) Inc., operates the water
and wastewater utilities for the City of Perth Amboy, NJ. The Company's Delaware
subsidiary, Tidewater Utilities, Inc., is subject to the regulations of the
Public Service Commission in Delaware. These Companies are also subject to
various Federal and State regulatory agencies concerning water quality
standards.
For additional information regarding Middlesex Water Company, visit the
Company's website at www.middlesexwater.com or call (732) 634-1500.
Certain matters discussed in this press release are "forward-looking statements"
regarding the Company's results of operations and financial position. They are
based on current information and expectations. Such statements address future
plans, objectives, expectations and events concerning various matters such as
capital expenditures, earnings, litigation, growth potential, rates, regulatory
matters, liquidity, capital resources and accounting matters. Actual results in
each case could differ materially from those currently anticipated in such
statements. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.
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