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: August 4, 2014
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:
| ¨ | 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 August 4, 2014, Middlesex Water Company (the "Company") announced its financial results for the second quarter ended June 30, 2014. A copy of the press release announcing these financial results is attached hereto as Exhibit 99.1 and incorporated into this Form 8-K by reference.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
| Exhibit Number |
Description of Document |
| 99.1 | Press Release and income statement issued by Middlesex Water Company, dated August 4, 2014, announcing Second Quarter 2014 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.
| MIDDLESEX WATER COMPANY | |
| (Registrant) | |
| s/A. Bruce O’Connor | |
| A. Bruce O’Connor | |
| Vice President, Treasurer and | |
| Chief Financial Officer |
Dated: August 4, 2014
Middlesex Water Company ANNOUNCES
SECOND QUARTER 2014 FINANCIAL RESULTS
ISELIN, NJ, (August 4, 2014) Middlesex Water Company (NASDAQ: MSEX) (“Middlesex” or the “Company”) today reported net income for the quarter ended June 30, 2014 of $4.7 million as compared to $4.5 million for the same period in 2013. Basic and diluted earnings per share for the quarter ended June 30, 2014 were $0.29, up from $0.28 in 2013. For the six months ended June 30, 2014, net income increased to $7.9 million as compared to $7.7 million for the same period in 2013.
Second Quarter Operating Results
Operating revenues for the three months ended June 30, 2014 increased $0.1 million to $29.2 million as compared to $29.1 million for the same period in 2013. In our Delaware system, which includes Tidewater Utilities, Inc. (“Tidewater”), revenues increased $0.6 million, primarily due to increased customer demand, increased fees for new water customer connections and the February 2014 6.5% interim base rate increase. Revenues from the Company’s Middlesex System in New Jersey decreased $0.7 million primarily due to the loss of the Borough of Sayreville as a wholesale customer in August 2013. Revenues from other systems increased $0.2 million.
Operating income for the three months ended June 30, 2014 increased $0.6 million from the same period in 2013, primarily due to lower employee benefit plan costs.
Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll said, “While various factors impacted our operating revenues, we are pleased to report overall positive financial results as we continue to work to manage operating costs, make prudent investments in drinking water and wastewater infrastructure, grow our customer base and demonstrate technical expertise and industry leadership in the water and wastewater arena,” said Doll. “We are also pleased we were able to achieve a July 20, 2014 effective date relative to the recent settlement of our New Jersey rate case, in time to potentially add value in the 3rd quarter. This is typically when water consumption in our regulated water utilities is at its highest,” added Doll.
Six Month Operating Results
Consolidated operating revenues for the six months ended June 30, 2014 increased $0.2 million to $56.4 million from the same period in 2013 primarily due to increased demand and an interim rate increase in our Tidewater System offset by decreased general metered service and contract sales in our Middlesex System.
For the six months ended June 30, 2014, basic and diluted earnings per share increased to $0.49, as compared to $0.48 and $0.47, respectively, for the same period in 2013.
Quarterly Dividend Declared
The Company’s Board of Directors declared a quarterly cash dividend of $0.19 per share, payable September 2, 2014 to common shareholders as of August 15, 2014.
About Middlesex Water Company
Middlesex Water Company is a provider of water, wastewater and related services, primarily in New Jersey and Delaware. Organized in 1897, the Company provides regulated and unregulated water and wastewater utility services through various subsidiary companies. 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
www.middlesexwater.com
(732) 638-7549
MIDDLESEX WATER COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands except per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2014 | 2013 | 2014 | 2013 | |||||||||||||
| Operating Revenues | $ | 29,190 | $ | 29,102 | $ | 56,363 | $ | 56,140 | ||||||||
| Operating Expenses: | ||||||||||||||||
| Operations and Maintenance | 14,563 | 15,148 | 30,000 | 30,578 | ||||||||||||
| Depreciation | 2,837 | 2,725 | 5,652 | 5,434 | ||||||||||||
| Other Taxes | 3,043 | 3,058 | 5,997 | 6,092 | ||||||||||||
| Total Operating Expenses | 20,443 | 20,931 | 41,649 | 42,104 | ||||||||||||
| Operating Income | 8,747 | 8,171 | 14,714 | 14,036 | ||||||||||||
| Other Income (Expense): | ||||||||||||||||
| Allowance for Funds Used During Construction | 66 | 89 | 133 | 127 | ||||||||||||
| Other Income | 135 | — | 146 | 97 | ||||||||||||
| Other Expense | (155 | ) | (11 | ) | (175 | ) | (21 | ) | ||||||||
| Total Other Income, net | 46 | 78 | 104 | 203 | ||||||||||||
| Interest Charges | 1,515 | 1,538 | 2,618 | 2,693 | ||||||||||||
| Income before Income Taxes | 7,278 | 6,711 | 12,200 | 11,546 | ||||||||||||
| Income Taxes | 2,550 | 2,230 | 4,303 | 3,888 | ||||||||||||
| Net Income | 4,728 | 4,481 | 7,897 | 7,658 | ||||||||||||
| Preferred Stock Dividend Requirements | 36 | 51 | 79 | 103 | ||||||||||||
| Earnings Applicable to Common Stock | $ | 4,692 | $ | 4,430 | $ | 7,818 | $ | 7,555 | ||||||||
| Earnings per share of Common Stock: | ||||||||||||||||
| Basic | $ | 0.29 | $ | 0.28 | $ | 0.49 | $ | 0.48 | ||||||||
| Diluted | $ | 0.29 | $ | 0.28 | $ | 0.49 | $ | 0.47 | ||||||||
| Average Number of | ||||||||||||||||
| Common Shares Outstanding : | ||||||||||||||||
| Basic | 16,018 | 15,829 | 15,996 | 15,818 | ||||||||||||
| Diluted | 16,199 | 16,092 | 16,190 | 16,081 | ||||||||||||
| Cash Dividends Paid per Common Share | $ | 0.1900 | $ | 0.1875 | $ | 0.3800 | $ | 0.3750 | ||||||||