Middlesex Water Co. Files Quarterly Report (10-Q)

TL;DR

<b>Middlesex Water Co. has filed its quarterly report (10-Q) for the period ending March 31, 2024, confirming its status as a large accelerated filer.</b>

AI Summary

MIDDLESEX WATER CO (MSEXP) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Middlesex Water Co. filed its Form 10-Q for the quarterly period ended March 31, 2024. The company has submitted all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days. Middlesex Water Co. has submitted and posted all Interactive Data Files required by Rule 405 of Regulation S-T. The company is classified as a large accelerated filer. As of May 8, 2024, Middlesex Water Co. had 17,828,604 shares of common stock outstanding.

Why It Matters

For investors and stakeholders tracking MIDDLESEX WATER CO, this filing contains several important signals. This filing provides an update on the company's financial performance and operational status for the first quarter of 2024. As a regulated utility, Middlesex Water Co.'s filings are crucial for investors to assess financial health, regulatory compliance, and future prospects.

Risk Assessment

Risk Level: low — MIDDLESEX WATER CO shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not contain new material events or significant financial shifts that would indicate elevated risk.

Analyst Insight

Review the detailed financial statements within the 10-Q to understand revenue, expenses, and net income for the quarter.

Key Numbers

• 17,828,604 — Shares Outstanding (As of May 8, 2024)
• 000-00422 — Commission File Number (For Middlesex Water Company)
• 20240331 — Quarterly Period End Date (For the 10-Q filing)
• 20240508 — Filing Date (For the 10-Q filing)

Key Players & Entities

• MIDDLESEX WATER CO (company) — Filer name
• 0000066004 (company) — Central Index Key
• 4941 (company) — Standard Industrial Classification
• NJ (company) — State of incorporation
• 22-1114430 (company) — IRS number
• 485C ROUTE 1 SOUTH (company) — Business address street 1
• ISELIN (company) — Business address city
• 08830 (company) — Business address zip

FAQ

Industry Context

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

Regulatory Implications

As a regulated utility, the company is subject to oversight by state public utility commissions, which approve rates and service standards.

What Investors Should Do

1. Analyze the Condensed Consolidated Statements of Income for revenue and net income trends.
2. Examine the company's operational status and any disclosures regarding infrastructure or service quality.
3. Monitor for any updates on regulatory proceedings or capital expenditure plans.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-08: Filing Date — Date the 10-Q was filed with the SEC

Year-Over-Year Comparison

This is the initial filing for the first quarter of 2024, so direct comparison to the prior quarter's 10-Q is not applicable here, but it follows the standard reporting requirements.

Key Financial Figures

• $7.00 — 20 Convertible: Shares Outstanding, $7.00 Series - 10 $ 1,005 $ 1,005 Nonrede
• $4.75 — eries - 1 79 79 Shares Outstanding, $4.75 Series - 10 1,000 1,000 TOTAL PREFE

Filing Documents

• msex-20240331.htm (10-Q) — 534KB
• ex31-1.htm (EX-31.1) — 9KB
• ex31-2.htm (EX-31.2) — 9KB
• ex32-1.htm (EX-32.1) — 3KB
• ex32-2.htm (EX-32.2) — 3KB
• 0001174947-24-000713.txt (&nbsp;) — 3895KB
• msex-20240331_cal.xml (EX-101.CAL) — 59KB
• msex-20240331_def.xml (EX-101.DEF) — 196KB
• msex-20240331_lab.xml (EX-101.LAB) — 374KB
• msex-20240331_pre.xml (EX-101.PRE) — 193KB
• msex-20240331.xsd (EX-101.SCH) — 50KB
• msex-20240331_htm.xml (XML) — 331KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) : Condensed Consolidated Statements of Income 1 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Cash Flows 3 Condensed Consolidated Statements of Capital Stock and Long-Term Debt 4 Condensed Consolidated Statements of Common Stockholders' Equity 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures of Market Risk

Quantitative and Qualitative Disclosures of Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 24 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27

SIGNATURES

SIGNATURES 28 MIDDLESEX WATER COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands except per share amounts) Three Months Ended March 31, 2024 2023 Operating Revenues $ 40,524 $ 38,156 Operating Expenses: Operations and Maintenance 20,465 20,257 Depreciation 5,396 5,986 Other Taxes 4,798 4,423 Total Operating Expenses 30,659 30,666 Operating Income 9,865 7,490 Other Income: Allowance for Funds Used During Construction 176 813 Other Income, net 5,189 898 Total Other Income, net 5,365 1,711 Interest Charges 3,269 2,595 Income before Income Taxes 11,961 6,606 Income Taxes 1,279 738 Net Income 10,682 5,868 Preferred Stock Dividend Requirements 30 30 Earnings Applicable to Common Stock $ 10,652 $ 5,838 Earnings per share of Common Stock: Basic $ 0.60 $ 0.33 Diluted $ 0.59 $ 0.33 Average Number of Common Shares Outstanding: Basic 17,819 17,652 Diluted 17,934 17,767 See Notes to Condensed Consolidated Financial Statements. 1 MIDDLESEX WATER COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) March 31, December 31, ASSETS 2024 2023 UTILITY PLANT: Water Production $ 306,884 $ 303,791 Transmission and Distribution 816,933 809,862 General 101,047 100,593 Construction Work in Progress 24,056 19,636 TOTAL 1,248,920 1,233,882 Less Accumulated Depreciation 239,630 235,540 UTILITY PLANT - NET 1,009,290 998,342 CURRENT ASSETS: Cash and Cash Equivalents 2,855 2,390 Accounts Receivable, net of allowance for credit losses of $ 2,134 and $ 2,137 , respectively 15,732 18,172 Litigation Settlement Receivable 69,872 69,872 Unbilled Revenues 11,312 9,297 Materials and Supplies (at average cost) 7,072 6,972 Prepayments 4,371 1,833 TOTAL CURRENT ASSETS 111,214 108,536 OTHER ASSETS: Operating Lease Right of Use Asset 3,027 3,185 Preliminary Survey and Investigation Charges 1,

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Note 1 – Basis of Presentation and Recent Developments Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), 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). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated. The consolidated notes within the 2023 Annual Report on Form 10-K (the 2023 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to present fairly the financial position as of March 31, 2024, the results of operations for the three month periods ended March 31, 2024 and 2023 and cash flows for the three month periods ended March 31, 2024 and 2023. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2023, has been derived from the Company's December 31, 2023 audited financial statements included in the 2023 Form 10-K. Recent Developments United States Environmental Protection Agency (USEPA) Issues Final Perfluoroalkyl Substances (PFAS) Regulations - In April 2024, the USEPA finalized drinking water regulations for PFAS, establishing maximum contaminant levels (MCLs) for three PFAS compounds (Regulated PFAS) that are lower than the current New Jersey Department of Environmental Protection MCLs adhered to by the Company. Under the new USEPA regulations effective April 2024, water systems

View Full Filing

View this 10-Q filing on SEC EDGAR