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 22, 2013
MIDDLESEX WATER COMPANY
(Exact name of registrant as specified in its charter)
| NEW JERSEY | 0-422 | 22-1114430 |
| (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
(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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Item. 5.07. | Submission of Matters to a Vote of Security Holders |
Middlesex Water Company held its Annual Meeting of Shareholders on Tuesday, May 21, 2013. The following directors were re-elected to the board: Steven M. Klein, President of Northfield Bancorp, Inc. and its subsidiary, Northfield Bank; Amy B. Mansue, President and Chief Executive Officer of Children’s Specialized Hospital, and Walter G. Reinhard, Esq., Partner in the firm of Norris McLaughlin and Marcus, PA. Each of these directors will serve a term of office of three years. The certified results of the matters voted upon at the meeting, which are more fully described in our Company’s April 9, 2013 proxy statement, are as follows:
Description of Matters Submitted
| Proposal No. 1 | ||
| Election of Directors | For | Withheld |
| Steven M. Klein | 8,394,112 | 300,134 |
| Amy B. Mansue | 8,372,040 | 322,206 |
| Walter G. Reinhard, Esq. | 5,773,076 | 2,921,170 |
Proposal No. 2
Ratification of the appointment by the Audit Committee of Parente Beard LLC as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2012.
| For | Against | Abstain |
| 13,575, 147 | 113,878 | 87,844 |
Description of Matters Submitted
Proposal No. 3
To approve a non-binding advisory resolution approving the compensation of the Company’s named executive officers.
| For | Against | Abstain |
| 8,056,995 | 307,697 | 329,554 |
Item 8.01 Other Events
On May 21, 2013, Middlesex Water Company held its 2013 Annual Meeting of Shareholders at its company headquarters in Iselin, New Jersey. Announcement of voting results at which shareholders elected a slate of three directors, ratified the Audit Committee’s appointment of Parente Beard LLC as the independent registered public accounting firm for 2013 and approved, by a non-binding advisory vote, the compensation of the Company’s named executive officers, is described above.
Management’s presentation at the Annual Meeting of Shareholders is available in the Investor Relations section of the company’s website www.middlesexwater.com under News & Market Data/Presentations and Interviews. The presentation is also filed herewith as Exhibit 99.1 and is hereby incorporated by reference.
News Release
On May 22, 2013, the Company issued a press release describing the voting results of shareholders at the annual meeting, the election of directors, the ratification by shareholders of the appointment of Parente Beard LLC as the Company’s independent auditors for the year ending December 31, 2013. A copy of the Company’s press release dated May 22, 2013 is filed herewith as Exhibit 99.2 and is hereby incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
| 99.1 | Company officers’ slide show presentation at the Annual Meeting of Shareholders May 21, 2013 |
| 99.2 | Company press release dated May 22, 2013 |
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/Kenneth J. Quinn | |
| Kenneth J. Quinn | |
| Vice President, General Counsel, | |
| Secretary and Treasurer |
Dated: May 22, 2013
2
Welcome to the Annual Meeting of Shareholders May 21, 2013 A Trusted Provider for 115 Years
Forward - Looking Statement Certain matters discussed in this presentation are forward - looking statements intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. These forward - looking statements can generally be identified as such because the context of the statement will include words such as the Company “believes,” “anticipates,” “expects” or words of similar import. Similarly, statements that describe the Company’s future plans, objectives, estimates or goals are also forward - looking statements that are subject to the risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements .
FINANCIAL HIGHLIGHTS Financial Highlights
Overview Incorporated: 1897 Market Cap: ($millions) $308.6 52 - Week Range: $17.48 - $20.06 Average Volume: (3 months) 36,081 Shares Outstanding: (millions) 16.1 Dividend Yield: 3.8% Annualized Dividend: $0.75 Number of Customers: 141,000 Number of Employees: 279
MWC Delaware Public Service Commission New Jersey Board of Public Utilities Pennsylvania Public Utilities Commission Water Quality ▪ USEPA ▪ NJDEP ▪ DNREC ▪ PADEP Securities ▪ NASDAQ ▪ SEC Regulation (Rates)
89% 11% 0% 0% Regulated Services Non-Regulated Services Operating Revenues by Segment MSEX owns and operates regulated water utility and wastewater systems in NJ, DE and PA
Revenues ($Millions) 2008 2009 2010 2011 2012 91.0 91.2 102.7 102.1 110.4
Earnings Per Share 2008 2009 2010 2011 2012 $0.89 $0.72 $0.96 $0.84 $0.90
Net Income ($Millions) 2008 2009 2010 2011 2012 $ 12.2 $ 10.0 $ 14.3 $ 13.4 $ 14.4
33.9 44.7 58.4 82.7 96.3 118.3 133.7 150.2 158.5 166.9 182.5 188.0 205.8 214.2 220.7 235.6 243.4 252.2 264.8 279.9 295 316.5 332.1 346.9 0 100 200 300 400 500 600 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 New Jersey Delaware Utility Plant ($Millions)
Performance ($Millions except per share amounts) Year Ended December 31, 2012 2011 Operating Revenues $ 110.4 $ 102.1 O & M Expenses $ 60.5 $ 56.6 Net Income $ 14.4 $ 13.4 Diluted Earnings per Share $ 0.90 $ 0.84
Rate Activity 2012 State Amount Approved New Jersey - Middlesex $8.1 million July 2012 Delaware - Tidewater $3.9 million June 2012 - TESI $0.6 million June 2012 Pennsylvania - Twin Lakes $0.1 million March 2012
Other Performance Factors x Water Use Trends Customer Demands x Customer Growth Delaware x O & M Costs Labor & Benefits
Performance ($Millions except per share amounts) First Quarter Ended March 31, 2013 2012 Operating Revenues $ 27.0 $ 23.5 O & M Expenses $ 15.4 $ 14.4 Net Income $ 3.2 $ 1.8 Diluted Earnings per Share $ 0.20 $ 0.11
Rate Activity 2013 State Amount Timing New Jersey - Middlesex Base Rate Filing (TBA) Filing Q4 2013 - DSIC Filing $0.3 million Filing Q3/Q4 2013 - PWAC $0.1 million Effective May 2013 - Pinelands Base Rate Filing $0.3 million Eff. March 2013 Delaware - Tidewater DSIC Filing $0.1 million Eff. January 2013 $0.1 million Effective July 2013 - TESI Acquisition Decision Q3 2013
Distribution System Improvement Charge DSIC: A rate mechanism that allows water utilities to recover investment in improvements to their water distribution system between base rate proceedings. NEW JERSEY November 2012 – MSEX filed Foundational Filing with NJBPU February 2013 – Foundational Filing approved by NJBPU DELAWARE DSIC program in place since 2001.
Performance – Changes (in $Millions) Hess Corp. $ 1.6 $ 2.6 Borough of Sayreville $ 0.8 $ 3.0 Post - retirement M edical Plan $(2.6) $(2.6) Interest Savings on Refinancing $(0.9) $(0.9) 2013 2014
Other Infrastructure Needs Technology MWC Renew Program Plant Improvements Distribution System $1.2 $2.6 $4.0 $5.1 $8.9 Construction Program - $21.8 Million
Construction Funding Customer Advances Reinvestment Plan Short Term Loans SRF Loans Net Cash Flows $1.2 $1.6 $3.5 $5.0 $ 10.5 Total Funding - $21.8 Million Construction Funding
▪ November 2012 - Refinanced $57.5 million through the NJEDA ▪ Interest rate - 2.70%/4.35% ▪ Annual Savings - $0.9 million ▪ NPV Savings - $9.2 million ▪ May 2013 - $4.0 million issued through NJSRF Program ▪ Effective interest rate - 1.0% Long - Term Debt
** MSEX, AWR, ARTNA, CWT, CTWS, SJW, YORW COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN
DIVIDEND HISTORY $0.25 $0.35 $0.45 $0.55 $0.65 $0.75 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12
FINANCIAL HIGHLIGHTS Operations Highlights
SUPERSTORM SANDY…SUPERSTORM SANDY… The MSEX enterprise is expanding its emergency preparedness plans to anticipate weather events of longer duration, larger areas of impact and increasing frequency.
POST SANDY…RECOVERY AND RESILIENCY PLANNING Middlesex System : Increasing number of generators and exploring diversified fuel usage capabilities Perth Amboy : Rebuilding wastewater system lift stations flooded by the storm Avalon: Rebuilding lift stations and storm water pump stations impacted by the storm Enterprise - wide: Coordinating integration of existing emergency response plans for all companies
Working to Ensure Water Quality During state - wide emergencies, information is shared with the ROIC where members of the NJBPU, State Police and NJDEP are stationed to effect a rapid response to any water quality and operational incidents.
Keeping Customers Informed in Emergencies MWC Customer DIRECTAlert Registration Newspaper/Radio/Television Municipal Reverse 911 Municipal Websites Company Website Service Alerts Update Center Phone Bank Messaging Company Facebook Page Company Twitter Feed
RENEW 2013 Water Main Cleaning and Lining Project • Year 17 of a 25 - Year Upgrade Program • $4.0 million investment to replace water mains, valves and fire hydrants in the City of South Amboy • Clean and line 11,500 linear feet of main • Funded by New Jersey Environmental Infrastructure Trust Loan
Enhancing Service to our Customers Knowing the location of our crews enables field personnel to respond to customer inquiries in a more timely and efficient manner.
New Operations Center in Sussex County will better meet the needs of residents in southern Delaware
Our Strategy, Our People and Our Partners
We earn our reputation as a trusted water provider with every drop of high quality water that we deliver. Our Mission To provide service in the water, wastewater and related fields in a safe, reliable and efficient manner Our Vision To be the preferred choice for individuals, developers and municipalities seeking water, wastewater and related service solutions
▪ Organic, customer and utility infrastructure growth Acquisitions at reasonable prices Regulated and non - regulated businesses and contracts Complementary products and services Invest in regulated utility infrastructure that benefits our customers Recover costs through timely rate filings Focus on geographic diversification Strategy for Building Shareholder Value
Managing Risk Safety Training In 2012 Risk Management Oversight was formally added to the Corporate Governance and Nominating Committee’s responsibilities. Examples: • Strategic Risks • Operational Risks • Financial Risks • Brand & Reputation • Employee Health & Safety
Borough of Avalon, NJ ▪ Utility Service Affiliates operates and manages the Borough’s water, wastewater and storm water collection systems ▪ Work includes day - to - day operations, billing, collections, customer service, emergency response and capital projects funded by Avalon. Sunoco Logistics Partners ▪ We continue to operate the Eagle Point Biological Wastewater Treatment Facility in Westville, NJ ▪ MSEX , through its subsidiary, Utility Service Affiliates, is responsible for daily operation of the industrial wastewater treatment facility . Contract Operations Southampton Township, NJ: 3 - year Sewer Operating Contract adjacent to Pinelands
RIDGEWOOD GREEN LLC PROJECT WITH NATURAL SYSTEMS UTILITIES AND VILLAGE OF RIDGEWOOD, NJ
Turnkey Renewable Energy Services PROJECT STATUS x Ultraviolet system install complete x Solar installations complete x Wastewater treatment plant construction complete x Training of Ridgewood employees in progress x Permits filed and issued x Full production of energy to commence in May 2013 ▪ Middlesex and NSU Ridgewood, LLC, a subsidiary of Natural Systems Utilities, LLC, formed a joint venture Ridgewood Green RME, LLC (Ridgewood Green) which entered into a 20 - year public private partnership with the Village of Ridgewood, NJ ▪ Ridgewood Green will d esign, build, own and operate facilities to optimize production of electricity at Ridgewood’s municipal wastewater treatment plant
USA LineCare contracts transferred to HomeServe in August 2011 USA earns a service fee for billing, cash collection and other administrative matters Home emergency repair plans include: Water Line, Sewer/Septic Line, Water Heater, Plumbing and Drainage As of January 2013: - Active Contracts: 32,000+ - Penetration Rate: 32%+ Former NY Mayor Rudy Giuliani and his team at Giuliani Partners are advising HomeServe on enhancing awareness of the need for water and sewer infrastructure investment and consumer protection nationwide.
The Plantations Lagoon at Plantations Community in Sussex County - DE
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Health & Safety Fair Great Adventure Family Day Diversity Luncheon Employee Engagement Special Lunches Show your Team Pride Go Red for Women
Giving Back To the Communities We Serve Education, Outreach & Voluntarism
MSEX co - sponsored the Bowl for Hunger which raised over $19,000 for 31 area food banks. Tidewater donated proceeds from its annual charity golf outing to Delaware Wild Lands. Employees volunteered on MSEX Cares Day at NJ Institute for Disabilities
Investor Education Panelists included: NJ State Legislature, the NJDEP, the U.S. Army Corp of Engineers, the NJ Board of Public Utilities, FEMA, and the Edward J. Bloustein School of Planning and Public Policy at Rutgers, the State University of New Jersey. It’s All Connected: Water, Infrastructure and the Economy Speakers discussed the link between economic stability and growth and environmental quality
Honors and Awards Environmental Achievement Award for the Ridgewood Alternative Energy Project For Support of Women in the Workplace ExecRank Names Doll “Top Small Cap CEO” Edison Municipal Alliance Volunteer Awards NAWC Living Water Award Best Tasting Water Operator of T he Year Dover AFB Honorary Commander Ridgewood Green Honored for Environmental Achievement
NASDAQ STOCK MARKET CLOSING BELL ▪ 115 th Years in Business ▪ 100 Years of Dividend Payments ▪ 40 Years of Consecutive Dividend Increases
The values that have guided our company for over a century are stronger than ever… ▪ Integrity ▪ A Strong Customer Focus ▪ Continual Improvement ▪ Teamwork ▪ Social Responsibility ▪ A Result - Driven Work Ethic Field work circa 1910 Field work circa 2013
▪ Honest and ethical problem solver ▪ Comprehensive suite of services ▪ Stable residential/commercial customer base ▪ Strong Financial Record/Balance Sheet ▪ Solid Debt Ratings (S&P A - ) Stable ▪ Successful access to capital markets ▪ Supportive Regulatory Environment ▪ Established reputation for operational excellence ▪ Socially Responsible and focused on sustainability ▪ Focused on building and leveraging partnerships ▪ Well positioned for growth in NJ, DE and beyond INVESTMENT CONSIDERATIONS
QUESTIONS These slides will be archived on the Investor Relations section of our website at www.middlesexwater.com under Presentations.
Middlesex Water Company HOLDS Annual meeting OF SHAREHOLDERS
ISELIN, NJ, (May 22, 2013) “Record revenues, investments in critical infrastructure, enhanced emergency response planning, risk management and turnkey renewable energy services were among the topics discussed by officers at Middlesex Water Company’s Annual Meeting of Shareholders held at its corporate headquarters on Tuesday, May 21, 2013. Middlesex Water Company (NASDAQ:MSEX), is a provider of water and wastewater and related services, in New Jersey, Delaware and Pennsylvania.
Management’s presentation at the Annual Meeting of Shareholders is available in the Investor Relations section of the company’s website www.middlesexwater.com under News & Market Data/Presentations and Interviews.
At the meeting, shareholders of the Company elected Directors Steven M. Klein, Amy B. Mansue and Walter G. Reinhard, Esq. , ratified the Audit Committee’s selection of Parente Beard LLC as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2013 and approved a non-binding advisory resolution approving the compensation of the Company’s named executive officers.
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.
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