FOR IMMEDIATE RELEASE
For More Information, Call:
Bernadette Sohler, Director of Communications
(732) 634-1500
MIDDLESEX WATER COMPANY
FILES FORM 10-K/A AND FORM 10-Q/A's FOR 2003 WITH SEC
ISELIN, NEW JERSEY, April 15, 2004 - Middlesex Water Company
(NASDAQ: MSEX) has filed with the Securities and Exchange Commission (SEC) an
amended 2003 Form 10-K to reflect changes in the formatting of the signature
page, additional disclosure regarding a restricted stock compensation plan and
clarification of the description of certain executive management contracts.
Separately, the Company has also filed with the SEC an amended Form
10-Q for each of the first, second and third quarters of 2003 reflecting the
same reclassifications discussed below which were also shown in its original
2003 Form 10-K, filed with the SEC on March 15, 2004.
The Company's original 2003 Form 10-K, included restated financial results
(restated December 31, 2002 Consolidated Balance Sheet and December 31, 2002 and
2001 Consolidated Statement of Cash Flows) on March 15, 2004. The
reclassifications were made concerning the proceeds from state sponsored loan
programs to present those amounts of Restricted Cash as a non current asset in
the consolidated balance sheet as of December 31, 2002, and to present changes
in that Restricted Cash related to capital expenditures as an investing activity
rather than a financing activity in the consolidated statement of cash flows for
the years ended December 31, 2002 and 2001. Previously, such amounts and changes
in those amounts therein were presented as Temporary Cash
Investments-Restricted. Those amounts and changes in those amounts are currently
described as Restricted Cash.
The changes made in the 2003 Form 10-K/A and the reclassifications made in
the 2003 Form 10-Q/A's and the 2003 Form 10-K did not affect the company's total
assets, net income, earnings applicable to common stock, cash flows from
operations or liquidity.
About the Company
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Middlesex Water Company, organized in 1897, is a water utility serving
customers in central and southern New Jersey and in the State of Delaware. The
Company and its regulated New Jersey subsidiaries -- Pinelands Water Company,
Pinelands Wastewater Company and Bayview Water 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 systems for the City
of Perth Amboy through its subsidiary, Utility Service Affiliates (Perth Amboy),
Inc. The Company's principal Delaware subsidiary, Tidewater Utilities, Inc., is
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 and the environment.
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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A registration statement relating to the Company's common stock has been
filed with the Securities and Exchange Commission but has not yet become
effective. The Company's common stock may not be sold nor may offers to buy be
accepted prior to the time the registration statement becomes effective. This
press release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the common stock in any State in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such State.
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Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995:
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Certain matters discussed in this press release are "forward-looking
statements" intended to qualify for safe harbors from liability established by
the Private Securities Litigation Reform Act of 1995. 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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