SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report: April 30, 2003
MIDDLESEX WATER COMPANY
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(Exact name of registrant as specified in its charter)
NEW JERSEY O-422 22-1114430
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1500 RONSON ROAD, P.O. BOX 1500, ISELIN, NEW JERSEY 08830
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(Address of principal executive offices, including zip code)
(732)-634-1500
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(Registrant's telephone number, including area code)
Middlesex Water Company
Item. 5. Other Events
Release of First Quarter Earnings as attached.
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.
MIDDLESEX WATER COMPANY
(Registrant)
/s/Marion F. Reynolds
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Marion F. Reynolds
Vice President, Secretary and Treasurer
Dated: April 30, 2003
2
FOR IMMEDIATE RELEASE
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Contact:
Marion F. Reynolds, Vice President, Secretary & Treasurer
or Bernadette M. Sohler, Communications Manager (732) 634-1500
Middlesex Water Company Announces Earnings
ISELIN, NEW JERSEY, (April 30, 2003) Middlesex Water Company, (NASDAQ:
MSEX), a leader in water and wastewater services in New Jersey and Delaware,
announced a 5.2% increase in consolidated operating revenues for the first
quarter ended March 31, 2003.
First Quarter 2003 Results
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Revenues for the first quarter totaled $15.0 million, up from $14.2 million
for the same period in 2002. Double digit increases in Delaware for base rates
and customer growth generated the $0.8 million in revenues during the quarter.
Record cold winter weather conditions in our New Jersey and Delaware service
territories resulted in more main repairs for the quarter, which contributed to
significantly higher operating expenses, and offset revenue gains. Net income
and earnings fell by less than $100,000. The Company reported Common Stock
earnings of $1.1 million, or $0.15 per share, for the first quarter ended March
31, 2003, compared with $1.2 million, or $0.16 per share in 2002. Operating
income for the first quarter totaled $2.4 million, a decrease from $2.5 million
in the first quarter of 2002.
Twelve Month Earnings
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For the twelve months ended March 31, 2003, revenues were $62.7 million, up
from $60.7 million for the same period in the prior year. Net income climbed to
$7.7 million, up from $7.3 million for the period ended March 31, 2002.
Operating revenues increased for all regulated operations due to rate increases
and double-digit customer growth in Delaware.
Board Declares Quarterly Dividend
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The Board of Directors of Middlesex Water Company declared a quarterly
dividend of $0.215 per share on the Common Stock, payable on June 2, 2003, to
stockholders of record as of May 15, 2003. The Company has paid cash dividends
in varying amounts continually since 1912 and the dividend has been increased in
each year since 1973. Middlesex Water has a Dividend Reinvestment Plan under
which dividends and optional cash payments can be used to purchase additional
shares of Common stock. For a limited time, the Company is (More-More-More)
Middlesex Water Company Announces Earnings/2
offering shares of its Common Stock at a 5% discount to participants of the
Plan. The Company also offers direct deposit of dividends whereby dividend
payments may be deposited into shareholders' checking, savings or money market
accounts.
About Middlesex Water Company
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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
Company operates the water and wastewater utilities for the City of Perth Amboy
through its subsidiary, Utility Service Affiliates (Perth Amboy), Inc. The
Company's Delaware subsidiary, Tidewater Utilities, Inc., together with Southern
Shores Water Company, are subject to the regulations of the Public Service
Commission in Delaware. These companies are also subject to various Federal and
State regulatory agencies concerning water quality standards. For additional
information regarding Middlesex Water Company, visit the Company's web site at
www.middlesexwater.com or call (732) 634-1500.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995:
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This news release contains "forward-looking statements" that are based upon
current information and expectations. Such statements address future plans,
objectives, expectations and events concerning various matters such as capital
expenditures, earnings, litigations, growth potential, rates regulatory matters,
liquidity, capital resources and accounting matters. Actual results in each case
could differ materially from those currently anticipated in such statements. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
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MIDDLESEX WATER COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Twelve Months
Ended March 31, Ended March 31,
2003 2002 2003 2002
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Operating Revenues $ 14,981,373 $ 14,229,403 $ 62,684,756 $ 60,723,650
Operating Expenses $ 12,605,524 $ 11,717,415 $ 50,353,957 $ 48,789,866
Operating Income $ 2,375,849 $ 2,511,988 $ 12,330,799 $ 11,933,784
Net Income $ 1,224,881 $ 1,276,706 $ 7,713,528 $ 7,346,040
Earnings Applicable to Common Stock $ 1,161,184 $ 1,213,009 $ 7,458,742 $ 7,091,254
Basic & Diluted Earnings per share $ 0.15 $ 0.16 $ 0.96 $ 0.93
Cash Dividends Paid per Common Share $ 0.215 $ 0.210 $ 0.850 $ 0.833