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 2020-06-30 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 2020-07-31 Earnings, Exhibits
8-K 2020-07-24 Other Events, Exhibits
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-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 2020-06-30

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 June 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 July 31, 2020: Common Stock, No Par Value: 17,464,795 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 June 30,

Six Months Ended June 30,

2020

2019

2020

2019

 

Operating Revenues

$

35,277

$

33,393

$

67,046

$

64,090

 

Operating Expenses:

Operations and Maintenance

17,620

16,781

34,812

32,901

Depreciation

4,629

4,123

9,077

8,170

Other Taxes

3,643

3,539

7,245

7,042

 

Total Operating Expenses

25,892

24,443

51,134

48,113

 

Operating Income

9,385

8,950

15,912

15,977

 

Other Income (Expense):

Allowance for Funds Used During Construction

795

643

1,917

1,158

Other Income (Expense), net

334

(80

)

720

(138

)

 

Total Other Income, net

1,129

563

2,637

1,020

 

Interest Charges

1,946

1,788

3,615

2,988

 

Income before Income Taxes

8,568

7,725

14,934

14,009

 

Income Taxes

(1,145

)

(421

)

(2,447

)

(687

)

 

Net Income

9,713

8,146

17,381

14,696

 

Preferred Stock Dividend Requirements

30

36

60

72

 

Earnings Applicable to Common Stock

$

9,683

$

8,110

$

17,321

$

14,624

 

Earnings per share of Common Stock:

Basic

$

0.55

$

0.49

$

0.99

$

0.89

Diluted

$

0.55

$

0.49

$

0.99

$

0.88

 

Average Number of Common Shares Outstanding :

Basic

17,462

16,519

17,449

16,474

Diluted

17,577

16,675

17,564

16,630

See Notes to Condensed Consolidated Financial Statements.

1


Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

June 30,

December 31,

ASSETS

2020

2019

UTILITY PLANT:

Water Production

$

161,971

$

160,870

Transmission and Distribution

617,276

556,517

General

82,916

83,043

Construction Work in Progress

61,566

75,520

TOTAL

923,729

875,950

Less Accumulated Depreciation

177,568

170,220

UTILITY PLANT - NET

746,161

705,730

 

CURRENT ASSETS:

Cash and Cash Equivalents

13,196

2,230

Accounts Receivable, net

12,619

11,908

Unbilled Revenues

8,939

7,183

Materials and Supplies (at average cost)

5,274

5,445

Prepayments

3,961

2,367

TOTAL CURRENT ASSETS

43,989

29,133

 

AND OTHER ASSETS:

Operating Lease Right of Use Asset

5,573

5,944

Preliminary Survey and Investigation Charges

2,670

2,054

Regulatory Assets

111,494

110,479

Restricted Cash

28,936

44,269

Non-utility Assets - Net

10,639

10,370

Other

1,408

1,899

TOTAL DEFERRED CHARGES AND OTHER ASSETS

160,720

175,015

TOTAL ASSETS

$

950,870

$

909,878

 

CAPITALIZATION AND LIABILITIES

CAPITALIZATION:

Common Stock, No Par Value

$

216,365

215,125

Retained Earnings

117,008

108,667

TOTAL COMMON EQUITY

333,373

323,792

Preferred Stock

2,084

2,084

Long-term Debt

237,939

230,777

TOTAL CAPITALIZATION

573,396

556,653

 

CURRENT

Current Portion of Long-term Debt

7,340

7,178

LIABILITIES:

Notes Payable

37,500

20,000

Accounts Payable

22,803

23,306

Accrued Taxes

10,106

7,635

Accrued Interest

2,092

2,031

Unearned Revenues and Advanced Service Fees

1,329

1,211

Other

3,124

3,620

TOTAL CURRENT LIABILITIES

84,294

64,981

 

COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)

DEFERRED CREDITS

Customer Advances for Construction

24,342

23,905

AND OTHER LIABILITIES:

Lease Obligations

5,329

5,732

Accumulated Deferred Income Taxes

57,350

54,408

Employee Benefit Plans

33,731

34,671

Regulatory Liabilities

64,998

69,152

Other

2,480

2,546

TOTAL DEFERRED CREDITS AND OTHER LIABILITIES

188,230

190,414

 

CONTRIBUTIONS IN AID OF CONSTRUCTION

104,950

97,830

TOTAL CAPITALIZATION AND LIABILITIES

$

950,870

$

909,878

See Notes to Condensed Consolidated Financial Statements.

2


Index

MIDDLESEX WATER COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Six Months Ended June 30,

2020

2019

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income

$

17,381

$

14,696

Adjustments to Reconcile Net Income to

Net Cash Provided by Operating Activities:

Depreciation and Amortization

10,304

8,455

Provision for Deferred Income Taxes and Investment Tax Credits

(7,206

)

(5,075

)

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

(1,182

)

(775

)

Cash Surrender Value of Life Insurance

(47

)

(200

)

Stock Compensation Expense

632

703

Changes in Assets and Liabilities:

Accounts Receivable

(711

)

6

Unbilled Revenues

(1,756

)

(952

)

Materials & Supplies

171

36

Prepayments

(1,594

)

(1,273

)

Accounts Payable

(503

)

(1,269

)

Accrued Taxes

2,471

(1,840

)

Accrued Interest

61

(10

)

Employee Benefit Plans

840

(2,804

)

Unearned Revenue & Advanced Service Fees

118

11

Other Assets and Liabilities

1,840

1,911

NET CASH PROVIDED BY OPERATING ACTIVITIES

20,819

11,620

CASH FLOWS FROM INVESTING ACTIVITIES:

Utility Plant Expenditures, Including AFUDC of $735 in 2020, $383 in 2019

(45,417

)

(35,698

)

NET CASH USED IN INVESTING ACTIVITIES

(45,417

)

(35,698

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Redemption of Long-term Debt

(2,288

)

(2,356

)

Proceeds from Issuance of Long-term Debt

9,721

13,217

Net Short-term Bank Borrowings

17,500

10,900

Deferred Debt Issuance Expense

(33

)

(1

)

Common Stock Issuance Expense

(37

)

(5

)

Proceeds from Issuance of Common Stock

608

7,081

Payment of Common Dividends

(8,942

)

(7,906

)

Payment of Preferred Dividends

(60

)

(72

)

Construction Advances and Contributions-Net

3,762

1,719

NET CASH PROVIDED BY FINANCING ACTIVITIES

20,231

22,577

NET CHANGES IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

(4,367

)

(1,501

)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD

46,499

5,661

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

$

42,132

$

4,160

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:

Utility Plant received as Construction Advances and Contributions

$

3,796

$

3,825

Long term Debt Deobligation

$

-

$

130

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:

Cash Paid During the Year for:

Interest

$

3,754

$

3,401

Interest Capitalized

$

735

$

383

Income Taxes

$

377

$

5,842

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)

June 30,

December 31,

2020

2019

Common Stock, No Par Value

Shares Authorized - 40,000

Shares Outstanding - 2020 - 17,464; 2019 - 17,434

$

216,365

$

215,125

Retained Earnings

117,008

108,667

TOTAL COMMON EQUITY

$

333,373

$

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

$

493

$

643

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

3,325

3,535

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

2,847

2,987

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

3,127

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

288

309

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

328

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

60

60

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

48

50

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

214

214

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

69

69

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

822

851

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

3,081

3,255

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

2,396

2,521

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

4,915

5,171

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

8,727

8,946

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

3,238

3,320

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

1,829

1,829

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

987

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

49,918

40,467

First Mortgage Bonds:

0.00%, Series BB, due August 1, 2021

235

241

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

331

331

0.00%, Series EE, due August 1, 2023

1,407

1,456

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

2,440

2,440

0.00%, Series GG, due August 1, 2026

621

632

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

710

710

0.00%, Series II, due August 1, 2024

416

429

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

588

588

0.00%, Series KK, due August 1, 2028

790

807

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

928

928

0.00%, Series MM, due August 1, 2030

1,003

1,037

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

1,190

1,190

0.00%, Series OO, due August 1, 2031

1,756

1,806

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

660

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

1,906

1,957

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

755

755

0.00%, Series VV, due August 1, 2033

1,956

2,004

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

755

755

0.00%, Series XX, due August 1, 2047

10,500

10,627

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

3,785

3,785

0.00%, Series 2018A, 2017 RENEW due August 1, 2047

6,599

6,678

3.00%-5.00%, Series 2018B, 2017 RENEW due August 1, 2047

2,320

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

241,830

234,397

Add: Premium on Issuance of Long-term Debt

7,866

8,064

Less: Unamortized Debt Expense

(4,417

)

(4,506

)

Less: Current Portion of Long-term Debt

(7,340

)

(7,178

)

TOTAL LONG-TERM DEBT

$

237,939

$

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 June 30, 2019

Balance at April 1, 2019

16,451

$

160,142

$

94,000

$

254,142

Net Income

8,146

8,146

Dividend Reinvestment & Common Stock Purchase Plan

82

4,522

4,522

Restricted Stock Award, Net - Employees

17

278

278

Stock Award - Board Of Directors

4

196

196

Cash Dividends on Common Stock ($0.2400 per share)

(3,964

)

(3,964

)

Cash Dividends on Preferred Stock

(36

)

(36

)

Balance at June 30, 2019

16,554

$

165,138

$

98,146

$

263,284

For the Six Months Ended June 30, 2019

Balance at January 1, 2019

16,403

$

157,354

$

91,433

$

248,787

Net Income

14,696

14,696

Dividend Reinvestment & Common Stock Purchase Plan

130

7,081

7,081

Restricted Stock Award, Net - Employees

17

507

507

Stock Award - Board Of Directors

4

196

196

Cash Dividends on Common Stock ($0.4800 per share)

(7,906

)

(7,906

)

Cash Dividends on Preferred Stock

(72

)

(72

)

Common Stock Expenses

(5

)

(5

)

Balance at June 30, 2019

16,554

$

165,138

$

98,146

$

263,284

For the Three Months Ended June 30, 2020

Balance at April 1, 2020

17,439

$

215,600

$

111,800

$

327,400

Net Income

9,713

9,713

Dividend Reinvestment & Common Stock Purchase Plan

4

294

294

Restricted Stock Award - Net - Employees

17

226

226

Restricted Stock Award - Board of Directors

4

245

245

Cash Dividends on Common Stock ($0.2563 per share)

(4,475

)

(4,475

)

Cash Dividends on Preferred Stock

(30

)

(30

)

Balance at June 30, 2020

17,464