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: July 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 Second 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: July 30, 2003
2
Contact:
Marion F. Reynolds, Vice President, Secretary & Treasurer
or Bernadette M. Sohler, Communications Manager (732) 634-1500
Middlesex Water Company Announces Earnings
ISELIN, NJ, (July 30, 2003) Middlesex Water Company, (NASDAQ:MSEX) which
provides water and wastewater services in New Jersey and Delaware, reported that
operating revenues, for the quarter ended June 30, 2003, were $16.0 million, up
$.5 million, from $15.5 million for the same period in 2002. The revenue
increase of 3.04% is due to higher base rates and customer growth in Delaware.
Net income fell by $0.1 million as increases in labor and benefits, water
treatment expenses and debt service costs offset the revenue gains.
Correspondingly, second quarter 2003 earnings applicable to common stock
decreased to $1.7 million, or $0.22 per share of common stock, from $1.8 million
or $0.24 per share for the same period in 2002.
Six month earnings applicable to common stock were $2.9 million, or $0.37
per share of common stock, down $0.03, from $0.40 for the same period in 2002.
Labor and benefit cost increases and emergency repair expenses experienced
during the severe winter offset the revenue gains during this period. The
revenue increase of $1.2 million or 4.12% is due to higher base rates and
customer growth in Delaware and increased service fees from contract operations.
Twelve month revenues increased to $62.4 million, up from $61.2 million in
2002, with earnings per share of common stock climbing to $0.95, up $0.03, from
$0.92 for the same period in 2002.
Dennis G. Sullivan, President of Middlesex Water Company stated, "Our
quarterly consolidated results were significantly impacted by unfavorable
weather patterns and related consumption decreases. It is likely, however, that
with improving weather conditions customer consumption may return to normal as
we move into mid-summer."
The Company's Board of Directors approved a quarterly dividend of $0.21 1/2
per share, payable September 2, 2003, to common shareholders as of August 15,
2003. The Company has paid cash dividends in varying amounts for the past 90
years and the dividend has been increased in each year since 1973.
Middlesex Water Company, organized in 1897, is an investor-owned water
utility and is engaged in the business of supplying water for domestic,
commercial, industrial and fire protection purposes.
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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Certain matters discussed in this press release are "forward-looking statements"
regarding the Company's results of operations and financial position. Such
statements address future plans, objectives, expectations and events concerning
various matters such as capital expenditures, earnings, litigation, growth
potential, rate, 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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