| 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 | 2020-05-06 | Officers, Exhibits |
| 8-K | 2020-05-05 | Earnings, Exhibits |
| 8-K | 2020-04-23 | Other Events, Exhibits |
| 8-K | 2020-03-24 | Exhibits |
| 8-K | 2020-03-09 | Regulation FD, Exhibits |
| 8-K | 2020-02-27 | Earnings, Exhibits |
| 8-K | 2020-01-29 | Other Events, Exhibits |
| 8-K | 2019-11-22 | Enter Agreement, Other Events, Exhibits |
| 8-K | 2019-11-20 | Other Events, Exhibits |
| 8-K | 2019-11-01 | Earnings, Exhibits |
| 8-K | 2019-10-23 | Exhibits |
| 8-K | 2019-10-21 | Exhibits |
| 8-K | 2019-10-08 | Exhibits |
| 8-K | 2019-10-03 | Other Events |
| 8-K | 2019-09-25 | Enter Agreement, Exhibits |
| 8-K | 2019-09-23 | Amend Bylaw, Exhibits |
| 8-K | 2019-09-06 | Other Events, Exhibits |
| 8-K | 2019-09-06 | Amend Bylaw, Other Events, Exhibits |
| 8-K | 2019-08-05 | Exhibits |
| 8-K | 2019-07-31 | Earnings, Exhibits |
| 8-K | 2019-07-25 | Other Events, Exhibits |
| 8-K | 2019-07-17 | Regulation FD, Exhibits |
| 8-K | 2019-07-02 | Officers, Exhibits |
| 8-K | 2019-05-22 | Other Events, Exhibits |
| 8-K | 2019-05-06 | Earnings, Exhibits |
| 8-K | 2019-04-25 | Other Events, Exhibits |
| 8-K | 2019-04-22 | Officers, Exhibits |
| 8-K | 2019-03-08 | Earnings, Exhibits |
| 8-K | 2019-01-29 | Other Events, Exhibits |
| 8-K | 2018-12-18 | Exhibits |
| 8-K | 2018-11-02 | Earnings, Exhibits |
| 8-K | 2018-10-29 | Exhibits |
| 8-K | 2018-10-24 | Other Events, Exhibits |
| 8-K | 2018-08-02 | Earnings, Exhibits |
| 8-K | 2018-07-26 | Other Events, Exhibits |
| 8-K | 2018-07-18 | Exhibits |
| 8-K | 2018-05-24 | Exhibits |
| 8-K | 2018-05-23 | Other Events, Exhibits |
| 8-K | 2018-05-07 | Earnings, Exhibits |
| 8-K | 2018-04-25 | Other Events, Exhibits |
| 8-K | 2018-03-27 | Exhibits |
| 8-K | 2018-03-09 | Earnings, Exhibits |
| 8-K | 2018-01-29 | Other Events, Exhibits |
Middlesex Water Company (Middlesex) was incorporated as a water utility company in 1897 and owns and operates regulated water utility and wastewater systems in New Jersey, Delaware and Pennsylvania. Middlesex also operates water and wastewater systems under contract on behalf of municipal and private clients in New Jersey, Delaware and Maryland.
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), Utility Service Affiliates (Perth Amboy) Inc., (USA-PA), Tidewater Environmental Services, Inc. (TESI) and Twin Lakes Utilities, Inc. (Twin Lakes).
The Middlesex System in New Jersey provides water services to approximately 61,000 retail customers, primarily in eastern Middlesex County, New Jersey and provides water 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. The Middlesex System also provides water treatment and pumping services to the Township of East Brunswick under contract. The amount of water supply allocated to the Township of East Brunswick is granted directly to the Township by the New Jersey Water Supply Authority. The Middlesex System produced approximately 59% of our 2018 consolidated operating revenues.
| Comps ($MM TTM) | Market Cap | Gross Margin | EV/EBITDA | Ret on Assets | Assets | Liabilities | Revenue | G Profit | Net Income | EBITDA | EV |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Companhia De Saneamento Basico Do Estado De Sao Paulo-Sabesp (SBS) | 5,386 | 0% | 43,565 | 24,013 | 0 | 0 | 0 | 0 | 5,354 | ||
| Mastec (MTZ) | 4,942 | 10% | 10.5 | 7% | 4,859 | 3,179 | 7,392 | 775 | 325 | 595 | 6,219 |
| American States Water (AWR) | 3,346 | 49% | 24.5 | 5% | 1,604 | 1,008 | 472 | 232 | 81 | 148 | 3,617 |
| California Water Service (CWT) | 2,561 | 0% | 33.8 | 1% | 3,023 | 2,265 | 500 | 0 | 15 | 98 | 3,322 |
| SJW Group (SJW) | 1,708 | 0% | 15.1 | 2% | 2,022 | 1,126 | 314 | 0 | 38 | 119 | 1,794 |
| Dycom Industries (DY) | 1,698 | 17% | 11.6 | 2% | 2,396 | 1,515 | 3,351 | 571 | 56 | 230 | 2,674 |
| Middlesex Water (MSEX) | 1,054 | 0% | 25.2 | 4% | 887 | 102 | 0 | 33 | 51 | 1,282 | |
| Primoris Services (PRIM) | 986 | 11% | 6.7 | 5% | 1,869 | 1,215 | 3,194 | 345 | 91 | 196 | 1,310 |
| Connecticut Water Service (CTWS) | 845 | 0% | 36.3 | 2% | 981 | 292 | 99 | 0 | 21 | 31 | 1,118 |
| Aegion (AEGN) | 663 | 20% | 28.8 | -1% | 1,012 | 574 | 1,238 | 244 | -9 | 32 | 920 |
| Aquaventure Holdings (WAAS) | 602 | 52% | 37.6 | -2% | 797 | 393 | 193 | 100 | -20 | 21 | 806 |
| York Water (YORW) | 569 | 0% | 29.7 | 3% | 361 | 229 | 39 | 0 | 11 | 23 | 673 |
| MYR Group (MYRG) | 539 | 10% | 8.8 | 4% | 988 | 637 | 1,968 | 193 | 36 | 81 | 708 |
| Artesian Resources (ARTNA) | 341 | 0% | 14.2 | 3% | 549 | 133 | 63 | 0 | 15 | 32 | 455 |
| Cadiz (CDZI) | 341 | 25% | -51.5 | -30% | 74 | 160 | 0 | 0 | -22 | -9 | 467 |
| Preformed Line Products (PLPC) | 274 | 31% | 7.1 | 5% | 425 | 165 | 437 | 136 | 23 | 41 | 289 |
| Pure Cycle (PCYO) | 246 | 30% | 73.0 | 3% | 77 | 5 | 15 | 4 | 2 | 3 | 242 |
| Global Water Resources (GWRS) | 259 | 0% | 26.1 | 1% | 266 | 240 | 35 | 0 | 2 | 14 | 369 |
| Consolidated Water (CWCO) | 253 | 41% | 18.0 | 6% | 183 | 10 | 51 | 21 | 12 | 12 | 209 |
| Goldfield (GV) | 54 | 0% | 4.5 | 3% | 128 | 65 | 137 | 0 | 4 | 15 | 67 |
| Balance Sheet ($MM) | 2011-06-30 | 2011-09-30 | 2011-12-31 | 2012-03-31 | 2012-06-30 | 2012-09-30 | 2012-12-31 | 2013-03-31 | 2013-06-30 | 2013-09-30 | 2013-12-31 | 2014-03-31 | 2014-06-30 | 2014-09-30 | 2014-12-31 | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 | 2019-06-30 | 2019-09-30 |
| Cash | 4 | 4 | 3 | 1 | 3 | 2 | 3 | 5 | 3 | 3 | 5 | 6 | 5 | 5 | 3 | 5 | 6 | 5 | 3 | 4 | 1 | 1 | 4 | 6 | 4 | 3 | 5 | 2 | 3 | 4 | 6 | 5 | 3 | 3 |
| Accounts Receivable | 11 | 13 | 11 | 11 | 10 | 13 | 12 | 12 | 12 | 13 | 12 | 11 | 11 | 11 | 10 | 11 | 10 | 13 | 10 | 10 | 11 | 13 | 10 | 9 | 10 | 12 | 11 | 10 | 11 | 14 | 12 | 10 | 12 | 13 |
| Inventory | ||||||||||||||||||||||||||||||||||
| PP&E | ||||||||||||||||||||||||||||||||||
| Assets | 502 | 507 | 538 | 536 | 545 | 548 | 562 | 546 | 552 | 553 | 530 | 531 | 539 | 542 | 576 | 580 | 586 | 603 | 585 | 586 | 600 | 612 | 620 | 627 | 639 | 652 | 661 | 705 | 730 | 753 | 768 | 783 | 808 | 887 |
| Accounts Payable | 6 | 6 | 6 | 5 | 5 | 4 | 4 | 5 | 5 | 4 | 6 | 6 | 7 | 7 | 6 | 7 | 9 | 9 | 7 | 6 | 10 | 10 | 12 | 9 | 15 | 12 | 14 | 11 | 16 | 20 | 19 | 14 | 18 | 20 |
| Long-Term Debt | 139 | 133 | 132 | 132 | 135 | 132 | 131 | 131 | 134 | 134 | 133 | 132 | 136 | 133 | 140 | 142 | 140 | 139 | 140 | 139 | 138 | 139 | 142 | 144 | 144 | 144 | 148 | 149 | 151 | 151 | 163 | 168 | 174 | 232 |
| Liabilities | 189 | 137 | 167 | 166 | 170 | 171 | 185 | 170 | 170 | 170 | 147 | 147 | 149 | 150 | ||||||||||||||||||||
| Stockholders' Equity | 313 | 322 | 321 | 321 | 327 | 328 | ||||||||||||||||||||||||||||
| Income Statement ($MM) | 2011-06-30 | 2011-09-30 | 2011-12-31 | 2012-03-31 | 2012-06-30 | 2012-09-30 | 2012-12-31 | 2013-03-31 | 2013-06-30 | 2013-09-30 | 2013-12-31 | 2014-03-31 | 2014-06-30 | 2014-09-30 | 2014-12-31 | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 | 2019-06-30 | 2019-09-30 |
| Revenue | 31 | 35 | 39 | 31 | 33 | 38 | ||||||||||||||||||||||||||||
| Cost of Revenue | ||||||||||||||||||||||||||||||||||
| Gross Profit | ||||||||||||||||||||||||||||||||||
| R&D | ||||||||||||||||||||||||||||||||||
| SG&A | ||||||||||||||||||||||||||||||||||
| Tax | 2 | 3 | 2 | 1 | 2 | 3 | 1 | 2 | 2 | 3 | 2 | 2 | 3 | 3 | 2 | 2 | 3 | 3 | 2 | 3 | 3 | 5 | 1 | 2 | 3 | 4 | 1 | 1 | 2 | 1 | 1 | -0 | -0 | |
| Net Income | 4 | 5 | 2 | 2 | 4 | 6 | 3 | 3 | 4 | 6 | 3 | 3 | 5 | 7 | 4 | 4 | 5 | 7 | 5 | 5 | 6 | 9 | 3 | 4 | 5 | 8 | 5 | 4 | 9 | 12 | 7 | 7 | 8 | 11 |
| Cash Flow ($MM) | 2011-06-30 | 2011-09-30 | 2011-12-31 | 2012-03-31 | 2012-06-30 | 2012-09-30 | 2012-12-31 | 2013-03-31 | 2013-06-30 | 2013-09-30 | 2013-12-31 | 2014-03-31 | 2014-06-30 | 2014-09-30 | 2014-12-31 | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 | 2019-06-30 | 2019-09-30 |
| Cash Operating | 5 | 6 | 7 | 9 | 5 | 8 | 10 | 6 | 13 | 8 | 5 | 9 | 10 | 11 | 9 | 9 | 22 | 12 | 4 | 14 | 16 | 10 | 10 | 14 | 9 | 10 | 14 | 8 | 4 | 12 | ||||
| Cash Investing | -5 | -5 | -6 | -10 | -4 | -3 | -5 | -9 | -5 | -4 | -7 | -6 | -6 | -4 | -7 | -7 | -6 | -7 | -13 | -14 | -13 | -10 | -12 | -16 | -10 | -18 | -21 | -12 | -23 | -26 | ||||
| Cash Financing | 0 | -2 | -4 | 3 | -2 | -5 | -4 | 1 | -5 | -4 | 0 | -3 | -7 | -5 | -1 | -3 | -17 | -5 | 7 | 0 | -1 | 1 | -0 | 4 | -3 | 11 | 7 | 6 | 17 | 67 | ||||