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: May 6, 2010
MIDDLESEX WATER
COMPANY
(Exact
name of registrant as specified in its charter)
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NEW
JERSEY
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0-422
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22-1114430
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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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1500 RONSON ROAD, P.O. BOX
1500, ISELIN, NEW JERSEY 08830
(Address
of principal executive offices, including zip code)
(732)-634-1500
(Registrant’s
telephone number, including area code)
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
2.02 Results of Operations and Financial Condition.
On May 6,
2010, Middlesex Water Company (the “Company”) announced its financial results
for the first quarter ended March 31, 2010. A copy of the press
release announcing these financial results is attached hereto as Exhibit 99.1
and incorporated into this Current Report on Form 8-K by reference.
Item
9.01 Financial Statements and Exhibits.
Exhibit
Number
Description of Document
-----------
-----------------------------------
99.1
Press Release issued by Middlesex Water
Company, dated May 6, 2010, announces First Quarter 2010 Financial
Results.
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.
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MIDDLESEX
WATER COMPANY
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(Registrant)
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s/Kenneth J.
Quinn
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Kenneth
J. Quinn
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Vice
President, General Counsel,
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Secretary
and Treasurer
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Dated: May
6, 2010
2
MIDDLESEX
WATER COMPANY ANNOUNCES
FIRST
QUARTER RESULTS
ISELIN, NJ, (May 6,
2010) Middlesex Water Company (the “Company”), (NASDAQ:MSEX), a
provider of water and wastewater and related services primarily in New Jersey
and Delaware, today announced operating revenues for the quarter ended March 31,
2010 of $21.6 million, up $1.1 million from the same period in
2009.
First Quarter Operating
Results
Revenues
in the Company’s Middlesex system in New Jersey increased $0.4 million primarily
due to $0.2 million of higher revenues from contract sales to municipalities and
increased revenues of $0.2 million from the effects of the purchase water
adjustment clause implemented on July 1, 2009. Water use by
residential, commercial and industrial customers remained consistent with the
first quarter of 2009 but below historical average usage. Revenues in our
Tidewater system in Delaware increased $0.7 million, primarily due to a
combination of increased rates that went into effect in late March 2009,
customer growth and increased water consumption.
“While
water consumption patterns typically remained constant in the first quarter
relative to the same period in the prior year, as we enter our peak
season for water demand we are encouraged by customer and related consumption
growth in our Delaware operations. We are also anticipating the benefit from
rate relief awarded in New Jersey in mid-March 2010,” said Middlesex Water
President and CEO Dennis W. Doll.
Operation
and maintenance expenses for the three months ended March 31, 2010 increased
$0.6 million compared to the same period in 2009, with materials, supplies and
outside contractor costs rising $0.3 million due to a higher incidence of
weather-related water main breaks in New Jersey. Labor costs in our
New Jersey and Delaware operations increased $0.2 million, largely due to snow
removal related to several significant snow storms both in New Jersey and
Delaware. Water production costs were $0.2 million higher due to
increased chemical and residual disposal expenses required due to heightened
rainfall in March 2010, increased purchased water costs and increased facilities
maintenance expenses. Net income increased $0.2 million to $1.5
million. Basic and diluted earnings per share increased to $0.11 for
the three months ended March 31, 2010, compared to $0.10 for the same period in
2009.
Board Declares Quarterly
Dividend
The
Company’s Board of Directors declared a quarterly cash dividend of $0.1800 per
share, payable June 1, 2010 to common shareholders as of May 14,
2010. The Company has paid cash dividends in varying amounts
continually since 1912. The Company has a Dividend Reinvestment Plan
under which dividends and optional cash payments can be used to purchase
additional shares of Common stock. Middlesex Water is currently offering a 5%
discount on shares of its Common Stock to participants in its Dividend
Reinvestment Plan, through June 1, 2010.
Annual Shareholders
Meeting
The Company will host its annual
meeting of shareholders on Tuesday, May 25, 2010, beginning at 11:00 EDT at its
corporate headquarters in Iselin, NJ.
About Middlesex Water
Company
Middlesex Water Company, organized in
1897, is an investor-owned water utility, serving customers in central and
southern New Jersey and in the State of Delaware. The Company and its
New Jersey subsidiaries – Pinelands Water Company and Pinelands Wastewater
Company—are subject to the regulations of the Board of Public Utilities of the
State of New Jersey. Middlesex Water operates the water and
wastewater utilities for the City of Perth Amboy through its subsidiary, Utility
Service Affiliates (Perth Amboy), Inc. Middlesex Water also provides
contract operations services and a service line maintenance program through its
non-regulated subsidiary, Utility Service Affiliates, Inc. The
Company’s regulated Delaware subsidiaries, Tidewater Utilities, Inc., together
with Southern Shores Water Company, and Tidewater Environmental Services, Inc.
(TESI) are subject to the regulations of the Public Service Commission in
Delaware. TESI provides regulated wastewater utility
services. White Marsh Environmental Systems, Inc. operates small
water and wastewater systems under contract on a non-regulated basis in
Delaware. Twin Lakes Utilities, Inc. provides water services to
residents of Shohola, Pennsylvania and is subject to the regulations of the
Pennsylvania Utility Commission. These companies are also subject to various
Federal, State and regulatory agencies concerning water and wastewater effluent,
quality standards.
For
additional information regarding Middlesex Water Company, visit the Company’s
Web site at www.middlesexwater.com
or call (732) 634-1500.
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.
Contact:
Bernadette
Sohler, Vice President – Corporate Affairs
Middlesex
Water Company
1500
Ronson Road
Iselin,
New Jersey 08830
(732)
638-7549
www.middlesexwater.com
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MIDDLESEX
WATER COMPANY
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CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
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||||||||
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(Unaudited)
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||||||||
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(In
thousands except per share amounts)
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||||||||
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Three
Months Ended March 31,
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2010
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2009
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|||||||
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Operating
Revenues
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$ | 21,645 | $ | 20,583 | ||||
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Operating
Expenses:
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||||||||
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Operations
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11,915 | 11,855 | ||||||
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Maintenance
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1,679 | 1,188 | ||||||
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Depreciation
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2,204 | 2,086 | ||||||
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Other
Taxes
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2,559 | 2,452 | ||||||
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Total
Operating Expenses
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18,357 | 17,581 | ||||||
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Operating
Income
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3,288 | 3,002 | ||||||
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Other
Income (Expense):
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||||||||
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Allowance
for Funds Used During Construction
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294 | 241 | ||||||
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Other
Income
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170 | 178 | ||||||
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Other
Expense
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(17 | ) | (10 | ) | ||||
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Total
Other Income, net
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447 | 409 | ||||||
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Interest
Charges
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1,424 | 1,392 | ||||||
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Income
before Income Taxes
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2,311 | 2,019 | ||||||
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Income
Taxes
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751 | 658 | ||||||
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Net
Income
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1,560 | 1,361 | ||||||
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Preferred
Stock Dividend Requirements
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52 | 52 | ||||||
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Earnings
Applicable to Common Stock
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$ | 1,508 | $ | 1,309 | ||||
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Earnings
per share of Common Stock:
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Basic
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$ | 0.11 | $ | 0.10 | ||||
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Diluted
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$ | 0.11 | $ | 0.10 | ||||
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Average
Number of Common Shares Outstanding:
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Basic
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13,538 | 13,413 | ||||||
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Diluted
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13,801 | 13,676 | ||||||
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Cash
Dividends Paid per Common Share
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$ | 0.1800 | $ | 0.1775 | ||||