Middlesex Water Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Middlesex Water Co. has filed its 2023 annual report detailing its financial performance and operations.</b>

AI Summary

MIDDLESEX WATER CO (MSEXP) filed a Annual Report (10-K) with the SEC on March 1, 2024. Middlesex Water Co. filed its annual report for the fiscal year ended December 31, 2023. The company is registered with the SEC under the 1934 Act. Its common stock is traded on The NASDAQ Stock Market, LLC under the symbol MSEX. Middlesex Water Co. is incorporated in New Jersey. The principal executive offices are located in Iselin, New Jersey.

Why It Matters

For investors and stakeholders tracking MIDDLESEX WATER CO, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial health and strategic direction for investors and stakeholders. As a regulated utility, the 10-K filing is crucial for understanding its compliance, operational risks, and future investment plans.

Risk Assessment

Risk Level: medium — MIDDLESEX WATER CO shows moderate risk based on this filing. The company operates in a regulated industry, which can lead to uncertainties in rate-setting and operational approvals, impacting financial performance.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess the company's stability and growth prospects in the regulated water utility sector.

Key Numbers

• 20231231 — Fiscal Year End (Reported fiscal year end date)
• 20240301 — Filing Date (Date the report was filed)
• 0-422 — Commission File Number (SEC Commission File Number)
• 22-1114430 — IRS Number (IRS Employer Identification Number)

Key Players & Entities

• MIDDLESEX WATER CO (company) — Filer name
• 0000066004 (company) — Central Index Key
• 4941 (company) — Standard Industrial Classification
• NJ (company) — State of Incorporation
• ISELIN (company) — City of principal executive offices
• MSEX (company) — Trading Symbol
• The NASDAQ Stock Market, LLC (company) — Exchange where common stock is registered
• 20231231 (date) — Fiscal year end

FAQ

Industry Context

Middlesex Water Co. operates within the regulated water utility industry, providing essential water and wastewater services.

Regulatory Implications

As a regulated utility, the company is subject to oversight from state and federal regulatory bodies that govern rates, service standards, and operations.

What Investors Should Do

1. Analyze the company's financial statements for revenue, net income, and debt levels.
2. Review the risk factors section for potential operational and regulatory challenges.
3. Examine any management discussion and analysis for strategic priorities and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-01: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023.

Key Financial Figures

• $80.66 — 26 based on the closing market price of $80.66 per share on the NASDAQ Global Select M

Filing Documents

• msex-20231231.htm (10-K) — 1480KB
• ex10-6.htm (EX-10.6) — 155KB
• ex10-26f.htm (EX-10.26(F)) — 8KB
• ex10-27d.htm (EX-10.27(D)) — 42KB
• ex19.htm (EX-19) — 73KB
• ex21.htm (EX-21) — 4KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31.htm (EX-31) — 9KB
• ex31-1.htm (EX-31.1) — 9KB
• ex32.htm (EX-32) — 3KB
• ex32-1.htm (EX-32.1) — 3KB
• ex97.htm (EX-97) — 3KB
• image_001.jpg (GRAPHIC) — 38KB
• image_002.jpg (GRAPHIC) — 4KB
• 0001174947-24-000281.txt (&nbsp;) — 8657KB
• msex-20231231_cal.xml (EX-101.CAL) — 66KB
• msex-20231231_def.xml (EX-101.DEF) — 374KB
• msex-20231231_lab.xml (EX-101.LAB) — 701KB
• msex-20231231_pre.xml (EX-101.PRE) — 373KB
• msex-20231231.xsd (EX-101.SCH) — 92KB
• msex-20231231_htm.xml (XML) — 1133KB

Forward-Looking Statements

Forward-Looking Statements 1 PART I 2 Item 1. Business: 2 Overview 2 Financial Information 4 Water Supplies and Contracts 4 Wastewater Facilities 5 Human Capital Management 5 Competition 7 Regulation 7 Seasonality 11 Management 11 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 22 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II 24 Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. [Reserved] 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A. Qualitative and Quantitative Disclosure About Market Risk 41 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 42 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 72 Item 9A.

Controls and Procedures

Controls and Procedures 73 Item 9B. Other Information 74 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 74 PART III 75 Item 10. Directors, Executive Officers and Corporate Governance 75 Item 11.

Executive Compensation

Executive Compensation 75 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 75 Item 13. Certain Relationships and Related Transactions, and Director Independence 75 Item 14. Principal Accountant Fees and Services 75 PART IV 76 Item 15. Exhibits and Financial Statement Schedules 76 Item 16. Form 10-K Summary 76

Signatures

Signatures Exhibit Index

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements contained in this annual report and in the documents incorporated by reference constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Middlesex Water Company (the Company) intends that these statements be covered by the safe harbors created under those laws. They include, but are not limited to statements as to: - expected financial condition, performance, prospects and earnings of the Company; - strategic plans for growth; - the amount and timing of rate increases and other regulatory matters, including the recovery of certain costs recorded as regulatory assets; - the Company's expected liquidity needs during the upcoming fiscal year and beyond and the sources and availability of funds to meet its liquidity needs; - expected customer rates, consumption volumes, service fees, revenues, margins, expenses and operating results; - financial projections; - the expected amount of cash contributions to fund the Company's retirement benefit plans, anticipated discount rates and rates of return on plan assets; - the ability of the Company to pay dividends; - the Company's compliance with environmental laws and regulations and estimations of the materiality of any related costs; - the safety and reliability of the Company's equipment, facilities and operations; - the Company's plans to renew municipal franchises and consents in the territories it serves; - trends; and - the availability and quality of our water supply. These forward-looking expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from anticipated results and outcomes include, but are not limited to: - effects of general econ

Business

Item 1. Business. Overview Middlesex Water Company (Middlesex) was incorporated as a water utility company in 1897 and owns and operates regulated water utility and wastewater systems primarily in New Jersey and Delaware. Middlesex also operates water and wastewater systems under contract on behalf of municipal and private clients primarily in New Jersey and Delaware. The terms "the Company," "we," "our," and "us" refer to Middlesex Water Company and its subsidiaries, including Tidewater Utilities, Inc. (Tidewater) and Tidewater's wholly-owned subsidiaries, Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh). The Company's other subsidiaries are Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA) and Utility Service Affiliates (Perth Amboy) Inc., (USA-PA). The Company's principal executive offices are located at 485C Route 1 South, Suite 400, Iselin, New Jersey 08830. Our telephone number is (732) 634-1500. Our website address is http://www.middlesexwater.com. Information contained on our website is not part of this Annual Report on Form 10-K. We make available, free of charge through our website, reports and amendments filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, after such material is electronically filed with or furnished to the United States Securities and Exchange Commission (the SEC). Middlesex System Located in New Jersey, the Middlesex System provides water services to approximately 61,000 retail customers, primarily in eastern Middlesex County and under wholesale contracts to the City of Rahway, Townships of Edison and Marlboro, the Borough of Highland Park and the Old Bridge Municipal Utilities Authority. The Middlesex System treats, stores and distributes water for residential, commercial, industrial and fire protection purposes.

View Full Filing

View this 10-K filing on SEC EDGAR