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ISELIN, N.J., Aug. 01, 2017 -- Middlesex Water Company (the “Company” or “Middlesex”), (Nasdaq:MSEX), a provider of water and wastewater and related services primarily in New Jersey and Delaware, today announced operating results for the quarter ended June 30, 2017.
Second Quarter Operating Results
Consolidated operating revenues for the three months ended June 30, 2017 increased $0.3 million to $33.0 million from the same period in 2016. Net income decreased $0.5 million to $5.4 million from the comparable period in 2016. Basic and diluted earnings per share were $0.33 for the quarter ended June 30, 2017, down from $0.36 for the same period in 2016.
Operating revenues in our Delaware regulated water utility, Tidewater Utilities, Inc. (“Tidewater”), increased $0.5 million due to the addition of new customers. This was offset by a $0.2 million decrease in operating revenues in the Company’s Middlesex System in New Jersey as a result of lower water usage across all customer categories.
Operation and maintenance expenses for the second quarter increased $0.9 million to $16.7 million from the same period in 2016. Higher water production costs of $0.5 million in the Middlesex System in New Jersey were due to a rate increase in water treatment residuals disposal costs from the local municipal wastewater utility and lower raw water quality. Labor costs increased $0.3 million due to higher average labor rates and additional employees required to address regulatory needs.
Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll said, “Water usage remained moderate through the second quarter and we were able to capably meet the needs of customers as hotter weather took hold by mid-summer. Through our Water for Tomorrow® initiative, our crews continue to make various strategic improvements in our water distribution infrastructure. As we seek recovery of those prudent investments, we are closely monitoring our revenues and costs to determine the timing and need for rate filings in our New Jersey and Delaware regulated utilities,” added Doll.
Six Month Operating Results
Consolidated operating revenues for the six months ended June 30, 2017 were $63.1 million, a decrease of $0.2 million from the same period in 2016, due mostly to lower water usage in the Middlesex System in New Jersey, offset by increased revenues from additional new customers in our Tidewater System in Delaware. For the six months ended June 30, 2017, basic and diluted earnings per share were $0.60 and $0.59 respectively, as compared to $0.65 for basic and diluted earnings per share for the same period in 2016.
Quarterly Dividend Declared
The Company’s Board of Directors declared a quarterly cash dividend of $0.21125 per share, payable September 1, 2017 to common shareholders as of August 11, 2017. Middlesex has paid cash dividends continually since 1912 and has increased its annual dividend rate for 44 consecutive years. Information about Middlesex’s Direct Share Purchase and Sale and Dividend Reinvestment Plan can be found on our website.
About Middlesex Water Company
Middlesex Water Company, organized in 1897, is an investor-owned water and wastewater utility, serving customers in central and southern New Jersey, Delaware and Pennsylvania. For additional information regarding Middlesex Water Company or its Direct Share Purchase and Sale and Dividend Reinvestment Plan, visit http://investors.middlesexwater.com or call (732) 638-7549.
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.
Dover, DE July 21, 2017 - Tidewater Utilities, Inc. (Tidewater) is proud to announce its 10th anniversary as sponsor of its annual charity golf outing. Tidewater started its annual outing in 2008 as a way of partnering with local non-profit organizations and families and to help give back to the community. With the support and generosity of participants and other sponsors, Tidewater’s charity outings have raised over $123,000 for several Delaware charities.
“We value the relationships we have made with organizations that have served as beneficiaries of our outings for the past decade,” said Jerry Esposito, President, Tidewater Utilities.” Tidewater hosted an anniversary reception to celebrate that continuing partnership on July 13th at the Delaware Center for the Inland Bays in Rehoboth Beach, DE. The Delaware Center for the Inland Bays has been selected as the beneficiary for Tidewater’s 2017 Charity Outing. “The Center will use the funds raised by the tournament to enhance and expand their Oyster Gardening and Oyster Shell Recycling (Don’t Chuck Your Shucks’) programs, which seek to restore wild oyster populations to Delaware’s Inland Bays. Anyone interested in participating in this year’s tournament scheduled for August 14th at Heritage Shores Golf Course in Bridgeville, DE can contact Joe Cuccinello at (302) 747-1308 or email email@example.com
Proceeds from Tidewater outings have benefitted the following organizations: Children & Families First, Delaware Technical Community College, Kylee McKenzie Gill Scholarship, Can-Do Playground at Milford, Delaware Wild Lands, MERR, YWCA Delaware, Friends of Delaware Veterans Trust, Delaware Commission of Veterans Affairs, The Delaware Veterans Home, Sussex County Habitat for Humanity, Ronald McDonald House of Delaware, and Autism Delaware.
Tidewater, a subsidiary of Middlesex Water Company (NASDAQ:MSEX), was established in 1964 and provides a wide range of water and wastewater services including consulting, contract operations and maintenance, and bulk water supply. For more information about Tidewater, visit www.tuiwater.com or call 302-734-7500.
Carol Murphy, Tidewater Utilities, Inc.
firstname.lastname@example.org (302) 734-7500 or
Bernadette M. Sohler, Middlesex Water Company
email@example.com (732) 638-7549
Dover, DE - June 28, 2017 – Tidewater Utilities, Inc. has issued its Annual Drinking Water Quality Report for its customers in New Castle, Kent and Sussex Counties. The report can be accessed immediately via a direct link on the Company’s website at: http://waterquality.tuiwater.com. Tidewater Utilities is pleased to report that water delivered to customers during 2016 met or was better than state and federal primary standards for safe drinking water.
The purpose of the report is to educate customers about the source of their drinking water, the quality of their water supply, the testing performed during 2016 and ongoing efforts to maintain the highest standards possible.
Tidewater Utilities invites everyone to join in protecting drinking water sources for current and future generations by following a few simple suggestions:
Tidewater, a wholly-owned subsidiary of Middlesex Water Company (NASDAQ: MSEX), was established in 1964 and provides a wide range of water and wastewater services, including consulting, contract operations and maintenance, and bulk water supply. For more information about Tidewater, visit www.tuiwater.com, or call 877-720-9272.
Middlesex Water Company, organized in 1897, provides regulated and unregulated water and wastewater utility services in New Jersey, Delaware, and Pennsylvania through various subsidiary companies. For additional information regarding Middlesex Water Company, visit www.middlesexwater.com, or call 732-634-1500.
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