Company Quick10K Filing
Middlesex Water
Price62.87 EPS2
Shares17 P/E32
MCap1,054 P/FCF45
Net Debt229 EBIT38
TEV1,282 TEV/EBIT34
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-03-08
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-03-09
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-03
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-03-04
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-03-05
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-03-05
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-03-07
10-Q 2012-09-30 Filed 2012-10-26
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-03-08
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-09
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-03-08
8-K 2020-10-30
8-K 2020-10-21
8-K 2020-07-31
8-K 2020-07-24
8-K 2020-05-28
8-K 2020-05-21
8-K 2020-05-06
8-K 2020-05-05
8-K 2020-04-23
8-K 2020-03-24
8-K 2020-03-09
8-K 2020-02-27
8-K 2020-01-29
8-K 2019-11-22
8-K 2019-11-20
8-K 2019-11-01
8-K 2019-10-23
8-K 2019-10-21
8-K 2019-10-08
8-K 2019-10-03
8-K 2019-09-25
8-K 2019-09-23
8-K 2019-09-06
8-K 2019-09-06
8-K 2019-08-05
8-K 2019-07-31
8-K 2019-07-25
8-K 2019-07-17
8-K 2019-07-02
8-K 2019-05-22
8-K 2019-05-06
8-K 2019-04-25
8-K 2019-04-22
8-K 2019-03-08
8-K 2019-01-29
8-K 2018-12-18
8-K 2018-11-02
8-K 2018-10-29
8-K 2018-10-24
8-K 2018-08-02
8-K 2018-07-26
8-K 2018-07-18
8-K 2018-05-24
8-K 2018-05-23
8-K 2018-05-07
8-K 2018-04-25
8-K 2018-03-27
8-K 2018-03-09
8-K 2018-01-29

MSEX 10Q Quarterly Report

Note 1 – Basis of Presentation and Recent Developments
Note 2 – Rate and Regulatory Matters
Note 3 – Capitalization
Note 4 – Earnings per Share
Note 5 – Business Segment Data
Note 6 – Short - Term Borrowings
Note 7 – Commitments and Contingent Liabilities
Note 8 – Employee Benefit Plans
Note 9 – Revenue Recognition From Contracts with Customers
Note 10 – Income Taxes
Item 2.Management’S Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures of Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
EX-10.33.(B) msex10qex10-33.htm
EX-10.34 msex10qex10-34.htm
EX-31.1 msex10qex31-1.htm
EX-31.2 msex10qex31-2.htm
EX-32.1 msex10qex32-1.htm
EX-32.2 msex10qex32-2.htm

Middlesex Water Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
0.90.70.50.40.20.02012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________to ___________

Commission File Number 0-422

MIDDLESEX WATER COMPANY

(Exact name of registrant as specified in its charter)

New Jersey

22-1114430

(State of incorporation)

(IRS employer identification no.)

 

485C Route One South, IselinNew Jersey 08830

(Address of principal executive offices, including zip code)

(732) 634-1500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

MSEX

NASDAQ

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒  No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or such shorter period that the registrant was required to submit and post files).

Yes ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, non-accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes  No ☒

The number of shares outstanding of each of the registrant's classes of common stock, as of October 29, 2020: Common Stock, No Par Value: 17,469,410 shares outstanding.


INDEX

PAGE

PART I.FINANCIAL INFORMATION

Item 1.Financial Statements (Unaudited):

1

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

16

Item 3.Quantitative and Qualitative Disclosures of Market Risk

24

Item 4.Controls and Procedures

24

PART II.OTHER INFORMATION

Item 1.Legal Proceedings

25

Item 1A.Risk Factors

25

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

25

Item 3.Defaults upon Senior Securities

25

Item 4.Mine Safety Disclosures

25

Item 5.Other Information

25

Item 6.Exhibits

25

SIGNATURES

26


Index

 

 

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands except per share amounts)

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2019

2020

2019

 

Operating Revenues

$

39,920

$

37,769

$

106,965

$

101,859

 

Operating Expenses:

Operations and Maintenance

17,949

17,669

52,761

50,569

Depreciation

4,721

4,246

13,798

12,415

Other Taxes

4,073

3,871

11,318

10,913

 

Total Operating Expenses

26,743

25,786

77,877

73,897

 

Operating Income

13,177

11,983

29,088

27,962

 

Other Income (Expense):

Allowance for Funds Used During Construction

953

871

2,871

2,030

Other Income (Expense), net

444

(4

)

1,164

(142

)

 

Total Other Income, net

1,397

867

4,035

1,888

 

Interest Charges

1,906

1,996

5,521

4,984

 

Income before Income Taxes

12,668

10,854

27,602

24,866

 

Income Taxes

(69

)

(265

)

(2,516

)

(952

)

 

Net Income

12,737

11,119

30,118

25,818

 

Preferred Stock Dividend Requirements

30

30

90

102

 

Earnings Applicable to Common Stock

$

12,707

$

11,089

$

30,028

$

25,716

 

Earnings per share of Common Stock:

Basic

$

0.73

$

0.67

$

1.72

$

1.56

Diluted

$

0.72

$

0.66

$

1.71

$

1.55

 

Average Number of Common Shares Outstanding:

Basic

17,466

16,610

17,455

16,520

Diluted

17,581

16,757

17,570

16,673

See Notes to Condensed Consolidated Financial Statements.

1


Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

September 30,

December 31,

ASSETS

2020

2019

UTILITY PLANT:

Water Production

$

165,010

$

160,870

Transmission and Distribution

625,746

556,517

General

83,606

83,043

Construction Work in Progress

73,340

75,520

TOTAL

947,702

875,950

Less Accumulated Depreciation

181,661

170,220

UTILITY PLANT - NET

766,041

705,730

 

CURRENT ASSETS:

Cash and Cash Equivalents

5,346

2,230

Accounts Receivable, net

15,567

11,908

Unbilled Revenues

8,823

7,183

Materials and Supplies (at average cost)

4,762

5,445

Prepayments

3,369

2,367

TOTAL CURRENT ASSETS

37,867

29,133

 

AND OTHER ASSETS:

Operating Lease Right of Use Asset

5,390

5,944

Preliminary Survey and Investigation Charges

3,307

2,054

Regulatory Assets

112,176

110,479

Restricted Cash

22,841

44,269

Non-utility Assets - Net

10,845

10,370

Other

1,367

1,899

TOTAL DEFERRED CHARGES AND OTHER ASSETS

155,926

175,015

TOTAL ASSETS

$

959,834

$

909,878

 

CAPITALIZATION AND LIABILITIES

CAPITALIZATION:

Common Stock, No Par Value

$

216,866

215,125

Retained Earnings

125,240

108,667

TOTAL COMMON EQUITY

342,106

323,792

Preferred Stock

2,084

2,084

Long-term Debt

234,489

230,777

TOTAL CAPITALIZATION

578,679

556,653

 

CURRENT

Current Portion of Long-term Debt

7,239

7,178

LIABILITIES:

Notes Payable

36,500

20,000

Accounts Payable

24,860

23,306

Accrued Taxes

10,642

7,635

Accrued Interest

1,937

2,031

Unearned Revenues and Advanced Service Fees

1,311

1,211

Other

2,865

3,620

TOTAL CURRENT LIABILITIES

85,354

64,981

 

COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)

 

DEFERRED CREDITS

Customer Advances for Construction

25,100

23,905

AND OTHER LIABILITIES:

Lease Obligations

5,214

5,732

Accumulated Deferred Income Taxes

58,970

54,408

Employee Benefit Plans

33,310

34,671

Regulatory Liabilities

62,979

69,152

Other

2,432

2,546

TOTAL DEFERRED CREDITS AND OTHER LIABILITIES

188,005

190,414

 

CONTRIBUTIONS IN AID OF CONSTRUCTION

107,796

97,830

TOTAL CAPITALIZATION AND LIABILITIES

$

959,834

$

909,878

See Notes to Condensed Consolidated Financial Statements.

2


Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Nine Months Ended September 30,

2020

2019

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income

$

30,118

$

25,818

Adjustments to Reconcile Net Income to

Net Cash Provided by Operating Activities:

Depreciation and Amortization

15,595

12,858

Provision for Deferred Income Taxes and Investment Tax Credits

(10,991

)

(8,379

)

Equity Portion of Allowance for Funds Used During Construction (AFUDC)

(1,789

)

(1,330

)

Cash Surrender Value of Life Insurance

(166

)

(187

)

Stock Compensation Expense

820

409

Changes in Assets and Liabilities:

Accounts Receivable

(3,659

)

(1,645

)

Unbilled Revenues

(1,640

)

(2,124

)

Materials & Supplies

683

252

Prepayments

(1,002

)

(933

)

Accounts Payable

1,554

853

Accrued Taxes

3,007

(2,098

)

Accrued Interest

(94

)

(490

)

Employee Benefit Plans

1,234

(640

)

Unearned Revenue & Advanced Service Fees

100

12

Other Assets and Liabilities

3,520

 

972

 

NET CASH PROVIDED BY OPERATING ACTIVITIES

37,290

23,348

CASH FLOWS FROM INVESTING ACTIVITIES:

Utility Plant Expenditures, Including AFUDC of $1,082 in 2020, $700 in 2019

(70,785

)

(61,220

)

 

NET CASH USED IN INVESTING ACTIVITIES

(70,785

)

(61,220

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Redemption of Long-term Debt

(6,391

)

(6,315

)

Proceeds from Issuance of Long-term Debt

10,319

82,446

Net Short-term Bank Borrowings

16,500

10,000

Deferred Debt Issuance Expense

(41

)

(754

)

Common Stock Issuance Expense

(37

)

(22

)

Proceeds from Issuance of Common Stock

921

12,449

Payment of Common Dividends

(13,418

)

(11,893

)

Payment of Preferred Dividends

(90

)

(102

)

Construction Advances and Contributions-Net

7,420

3,480

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

15,183

89,289

NET CHANGES IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

(18,312

)

(51,417

)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD

46,499

5,661

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

$

28,187

$

57,078

 

 

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:

Utility Plant received as Construction Advances and Contributions

$

3,747

$

5,375

Long term Debt Deobligation

$

-

$

130

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:

Cash Paid During the Year for:

Interest

$

5,834

$

5,929

Interest Capitalized

$

1,082

$

700

Income Taxes

$

1,783

$

6,752

See Notes to Condensed Consolidated Financial Statements.

3


Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL STOCK AND LONG-TERM DEBT

(Unaudited)

(In thousands)

September 30,

December 31,

2020

2019

Common Stock, No Par Value

Shares Authorized - 40,000

Shares Outstanding - 2020 - 17,469; 2019 - 17,434

$

216,866

$

215,125

 

Retained Earnings

125,240

108,667

TOTAL COMMON EQUITY

$

342,106

$

323,792

 

Cumulative Preferred Stock, No Par Value:

Shares Authorized - 120

Shares Outstanding - 2020 - 20: 2019 - 20

Convertible:

Shares Outstanding, $7.00 Series - 10

$

1,005

$

1,005

Nonredeemable:

Shares Outstanding, $7.00 Series - 1

79

79

Shares Outstanding, $4.75 Series - 10

1,000

1,000

TOTAL PREFERRED STOCK

$

2,084

$

2,084

 

Long-term Debt:

8.05%, Amortizing Secured Note, due December 20, 2021

$

415

$

643

6.25%, Amortizing Secured Note, due May 19, 2028

3,220

3,535

6.44%, Amortizing Secured Note, due August 25, 2030

2,777

2,987

6.46%, Amortizing Secured Note, due September 19, 2031

3,057

3,267

4.22%, State Revolving Trust Note, due December 31, 2022

147

175

3.60%, State Revolving Trust Note, due May 1, 2025

1,288

1,405

3.30% State Revolving Trust Note, due March 1, 2026

266

309

3.49%, State Revolving Trust Note, due January 25, 2027

307

349

4.03%, State Revolving Trust Note, due December 1, 2026

419

446

4.00% to 5.00%, State Revolving Trust Bond, due August 1, 2021

4

60

0.00%, State Revolving Fund Bond, due August 1, 2021

11

50

3.64%, State Revolving Trust Note, due July 1, 2028

203

214

3.64%, State Revolving Trust Note, due January 1, 2028

66

69

3.45%, State Revolving Trust Note, due August 1, 2031

793

851

6.59%, Amortizing Secured Note, due April 20, 2029

2,994

3,255

7.05%, Amortizing Secured Note, due January 20, 2030

2,333

2,521

5.69%, Amortizing Secured Note, due January 20, 2030

4,786

5,171

4.45%, Amortizing Secured Note, due April 20, 2040

8,617

8,946

4.47%, Amortizing Secured Note, due April 20, 2040

3,197

3,320

3.75%, State Revolving Trust Note, due July 1, 2031

1,765

1,829

2.00%, State Revolving Trust Note, due February 1, 2036

960

1,013

2.00%, State Revolving Trust Note, due November 1, 2038

1,579

1,309

3.75%, State Revolving Trust Note, due November 30, 2030

919

955

0.00% Construction Loans

50,536

40,467

First Mortgage Bonds:

0.00%, Series BB, due August 1, 2021

119

241

4.00% to 5.00%, Series CC, due August 1, 2021

164

331

0.00%, Series EE, due August 1, 2023

1,036

1,456

3.00% to 5.50%, Series FF, due August 1, 2024

1,870

2,440

0.00%, Series GG, due August 1, 2026

542

632

4.00% to 5.00%, Series HH, due August 1, 2026

620

710

0.00%, Series II, due August 1, 2024

338

429

3.40% to 5.00%, Series JJ, due August 1, 2027

500

588

0.00%, Series KK, due August 1, 2028

719

807

5.00% to 5.50%, Series LL, due August 1, 2028

846

928

0.00%, Series MM, due August 1, 2030

937

1,037

3.00% to 4.375%, Series NN, due August 1, 2030

1,105

1,190

0.00%, Series OO, due August 1, 2031

1,655

1,806

2.00% to 5.00%, Series PP, due August 1, 2031

600

660

5.00%, Series QQ, due October 1, 2023

9,915

9,915

3.80%, Series RR, due October 1, 2038

22,500

22,500

4.25%, Series SS, due October 1, 2047

23,000

23,000

0.00%, Series TT, due August 1, 2032

1,806

1,957

3.00% to 3.25%, Series UU, due August 1, 2032

705

755

0.00%, Series VV, due August 1, 2033

1,861

2,004

3.00% to 5.00%, Series WW, due August 1, 2033

715

755

0.00%, Series XX, due August 1, 2047

10,247

10,627

3.00% to 5.00%, Series YY, due August 1, 2047

3,710

3,785

0.00%, Series 2018A, due August 1, 2047

6,247

6,678

3.00% to 5.00%, Series 2018B, due August 1, 2047

2,210

2,320

4.00%, Series 2019A, due August 1, 2059

32,500

32,500

5.00%, Series 2019B, due August 1, 2059

21,200

21,200

SUBTOTAL LONG-TERM DEBT

238,326

234,397

Add: Premium on Issuance of Long-term Debt

7,766

8,064

Less: Unamortized Debt Expense

(4,364

)

(4,506

)

Less: Current Portion of Long-term Debt

(7,239

)

(7,178

)

TOTAL LONG-TERM DEBT

$

234,489

$

230,777

See Notes to Condensed Consolidated Financial Statements.

4


Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCKHOLDERS' EQUITY

(Unaudited)

(In thousands)

Common

Common

Stock

Stock

Retained

Shares

Amount

Earnings

Total

 

For the Three Months Ended September 30, 2019

Balance at July 1, 2019

16,554

$

165,138

$

98,146

$

263,284

Net Income

11,119

11,119

Dividend Reinvestment & Common Stock Purchase Plan

92

5,368

5,368

Restricted Stock Award, Net - Employees

1

172

172

Shares Forefeited

(18

)

(466

)

(466

)

Conversion of $8.00 Convertible Preferred Stock

41

350

350

Cash Dividends on Common Stock ($0.2400 per share)

(3,987

)

(3,987

)

Cash Dividends on Preferred Stock

(30

)

(30

)

Common Stock Expenses

(15

)

(15

)

Balance at September 30, 2019

16,670

$

170,562

$

105,233

$

275,795

 

For the Nine Months Ended September, 2019

Balance at January 1, 2019

16,403

$

157,354

$

91,433

$

248,787

Net Income

25,818

25,818

Dividend Reinvestment & Common Stock Purchase Plan

222

12,449

12,449

Restricted Stock Award, Net - Employees

18

679

679

Stock Award - Board Of Directors

4

196

196

Shares Forefeited

(18

)

(466

)

(466

)

Conversion of $8.00 Convertible Preferred Stock

41

350

350

Cash Dividends on Common Stock ($0.7200 per share)

(11,893

)

(11,893

)

Cash Dividends on Preferred Stock

(102

)

(102

)

Common Stock Expenses

(23

)

(23

)

Balance at September 30, 2019

16,670

$

170,562

$

105,233

$

275,795

 

For the Three Months Ended September 30, 2020

Balance at July 1, 2020

17,464

$

216,365

$

117,008

$

333,373

Net Income

12,737

12,737

Dividend Reinvestment & Common Stock Purchase Plan