UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of
Report: May 6, 2008
MIDDLESEX WATER
COMPANY
(Exact
name of registrant as specified in its charter)
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NEW
JERSEY
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0-422
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22-1114430
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(State
or other jurisdiction of
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(Commission
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(I.R.S.
Employer
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incorporation
or organization)
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File
Number)
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Identification
No.)
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1500 RONSON ROAD, P.O. BOX
1500, ISELIN, NEW JERSEY 08830
(Address
of principal executive offices, including zip code)
(732)-634-1500
(Registrant’s
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item.
8.01. Other Events
Announcement
of Middlesex Water Company First Quarter 2008 Earnings as set forth in the
attached press release.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf of the undersigned hereunto
duly authorized.
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MIDDLESEX
WATER COMPANY
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(Registrant)
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s/Kenneth J.
Quinn
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Kenneth
J. Quinn
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Vice
President, General Counsel,
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Secretary
and Treasurer
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Dated: May
6, 2008
2
MIDDLESEX
WATER COMPANY ANNOUNCES
FIRST
QUARTER RESULTS
ISELIN, NJ, (May 6,
2008) Middlesex Water Company, (NASDAQ:MSEX), a provider of
water and wastewater and related services in New Jersey and Delaware, today
announced operating revenues for the quarter ended March 31, 2008 increased $1.9
million or 9.8% , from the same period in 2007.
First Quarter Operating
Results
Consolidated
operating revenues for the quarter rose from the same period in 2007, largely
due to an increase in the Middlesex and Tidewater system base rates and higher
consumption in both of those water systems. Revenues in the Middlesex system in
New Jersey increased $1.1 million as a result of a 9.1% base rate increase
implemented in October 2007, and by $0.2 million as a result of higher customer
consumption. Revenues improved $0.3 million in our Tidewater system in Delaware,
of which $0.2 million was the result of an additional 12% base rate increase
implemented in February 2007. Fees charged for initial connection of
new customers to our Delaware water system were $0.2 million lower in 2008 as
new residential and commercial development has slowed in our Delaware service
territories. Revenues from regulated wastewater operations in
Delaware increased by $0.1 million due to customer growth. All other
operations accounted for $0.2 million of additional revenues.
Operation
and maintenance expenses for the three months ended March 31, 2008 increased
$0.9 million or 8.3%, compared to the same period in 2007, with labor
and benefit costs rising $0.4 million due to increases in wages and
benefits costs and increased headcount to meet the needs associated with
continued growth in our Delaware service territory.
“Our
first quarter results are in-line with our expectations. We typically do not see
much variation in revenues and operating costs in the first quarter as water
consumption is relatively stable in the winter months. In addition,
maintenance costs associated with main breaks due to cold temperatures were
relatively normal,” said Dennis Doll, President and CEO. “Looking forward, in
spite of the presently weakened economy, we continue to be encouraged by the
level of opportunity we see to expand our water and wastewater services beyond
our current geographic borders. We have begun implementation of a significant
business process and technology improvement initiative to assist in these
efforts and we look forward to sharing our progress in these areas with our
shareholders.”
Net
income rose 13.3% from $1.8 million to $2.0 million. Middlesex Water reported
earnings applicable to common stock of $1.9 million, or $0.15 per basic share,
for the quarter ended March 31, 2008, compared with $1.7 million, or $0.13 per
basic share, in 2007. On a fully diluted basis, earnings per share
were $0.15 for 2008, compared to $0.13 per share for the same period in
2007.
Board Declares Quarterly
Dividend
The
Company’s Board of Directors declared a quarterly cash dividend of $0.1750 per
share, payable June 2, 2008 to common shareholders as of May 15,
2008. The Company has paid cash dividends in varying amounts
continually since 1912. Middlesex Water has a Dividend Reinvestment
Plan under which dividends and optional cash payments can be used to purchase
additional shares of Common stock.
Annual Shareholders
Meeting
Middlesex Water will host its annual
meeting of shareholders on Wednesday, May 21, 2008 beginning at 11:00 EDT at its
corporate headquarters in Iselin, NJ.
About Middlesex Water
Company
Middlesex Water Company, organized in
1897, is an investor-owned water utility, serving customers in central and
southern New Jersey and in the State of Delaware. The Company and its
New Jersey subsidiaries – Pinelands Water Company and Pinelands Wastewater
Company—are subject to the regulations of the Board of Public Utilities of the
State of New Jersey. Middlesex Water operates the water and
wastewater utilities for the City of Perth Amboy through its subsidiary, Utility
Service Affiliates (Perth Amboy), Inc. Middlesex Water also provides
contract operations services and a service line maintenance program through its
non-regulated subsidiary, Utility Service Affiliates, Inc. The
Company’s regulated Delaware subsidiaries, Tidewater Utilities, Inc., together
with Southern Shores Water Company, and Tidewater Environmental Services, Inc.
(TESI) are subject to the regulations of the Public Service Commission in
Delaware. TESI provides regulated wastewater utility
services. White Marsh Environmental Systems, Inc. operates small
water and wastewater systems under contract on a non-regulated basis in
Delaware. These companies are also subject to various Federal, State
and regulatory agencies concerning water and wastewater effluent, quality
standards.
For
additional information regarding Middlesex Water Company, visit the Company’s
Web site at www.middlesexwater.com
or call (732) 634-1500.
This
release contains forward looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, among
others, our long-term strategy and expectations, the status of our
acquisition program, the impact of our acquisitions, the impact of current and
projected rate requests and the impact of our capital program on our
environmental compliance. There are important factors that could cause actual
results to differ materially from those expressed or implied by such
forward-looking statements including: general economic business conditions,
unfavorable weather conditions, the success of certain
cost containment initiatives, changes in regulations or regulatory
treatment, availability and the cost of capital, the success of growth
initiatives and other factors discussed in our filings with the Securities and
Exchange Commission.
Contact:
Bernadette
Sohler, Vice President – Corporate Affairs
Middlesex
Water Company
1500
Ronson Road
Iselin,
New Jersey 08830
www.middlesexwater.com
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MIDDLESEX
WATER COMPANY
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CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
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(Unaudited)
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(In
thousands except per share amounts)
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Three
Months Ended March 31,
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2008
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2007
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Operating
Revenues
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$ |
20,855 |
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$ |
18,988 |
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Operating
Expenses:
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Operations
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11,102 |
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10,192 |
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Maintenance
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996 |
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978 |
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Depreciation
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1,931 |
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1,845 |
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Other
Taxes
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2,479 |
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2,251 |
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Total
Operating Expenses
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16,508 |
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15,266 |
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Operating
Income
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4,347 |
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3,722 |
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Other
Income (Expense):
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Allowance
for Funds Used During Construction
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103 |
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112 |
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Other
Income
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241 |
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226 |
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Other
Expense
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(46 |
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(5 |
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Total
Other Income, net
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298 |
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333 |
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Interest
Charges
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1,517 |
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1,384 |
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Income
before Income Taxes
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3,128 |
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2,671 |
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Income
Taxes
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1,124 |
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902 |
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Net
Income
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2,004 |
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1,769 |
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Preferred
Stock Dividend Requirements
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62 |
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62 |
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Earnings
Applicable to Common Stock
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$ |
1,942 |
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$ |
1,707 |
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Earnings
per share of Common Stock:
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Basic
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$ |
0.15 |
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$ |
0.13 |
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Diluted
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$ |
0.15 |
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$ |
0.13 |
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Average
Number of Common Shares Outstanding:
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Basic
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13,254 |
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13,176 |
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Diluted
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13,585 |
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13,507 |
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Cash
Dividends Paid per Common Share
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$ |
0.1750 |
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$ |
0.1725 |
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