$MSEX
MIDDLESEX WATER CO

2014 Q4 Form 10-Q Financial Statement

#000117494714000408 Filed on November 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $28.11M $32.67M $27.42M
YoY Change 2.5% 4.42% 1.26%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.100M $3.050M $3.030M
YoY Change 2.31% -2.24% 5.21%
% of Gross Profit
Operating Expenses $20.05M $21.05M $20.76M
YoY Change -3.42% 0.16% -2.81%
Operating Profit $8.058M $11.62M $6.664M
YoY Change 20.92% 13.15%
Interest Expense -$1.470M $1.516M -$1.570M
YoY Change -6.37% -1.62% -11.8%
% of Operating Profit -18.24% 13.05% -23.56%
Other Income/Expense, Net -$600.0K $85.00K -$250.0K
YoY Change 140.0% -34.62% -219.05%
Pretax Income $5.990M $10.19M $4.850M
YoY Change 23.51% 15.01% 17.15%
Income Tax $2.200M $3.431M $1.680M
% Of Pretax Income 36.73% 33.67% 34.64%
Net Earnings $3.790M $6.758M $3.168M
YoY Change 19.63% 16.38% 16.04%
Net Earnings / Revenue 13.48% 20.69% 11.55%
Basic Earnings Per Share $0.23 $0.42 $0.20
Diluted Earnings Per Share $0.22 $0.42 $0.19
COMMON SHARES
Basic Shares Outstanding 16.11M shares 16.10M shares
Diluted Shares Outstanding 16.25M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.700M $5.100M $4.800M
YoY Change -43.75% 75.86% 60.0%
Cash & Equivalents $2.673M $5.052M $4.834M
Short-Term Investments
Other Short-Term Assets $7.900M $10.40M $7.400M
YoY Change 6.76% 7.22% -5.13%
Inventory $2.300M $2.100M $2.000M
Prepaid Expenses $1.989M $2.981M $1.728M
Receivables $10.01M $11.15M $11.64M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.86M $28.75M $25.84M
YoY Change -11.51% 5.32% 5.03%
LONG-TERM ASSETS
Property, Plant & Equipment $474.6M $465.8M $456.0M
YoY Change 4.08% 2.58% 2.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $518.0K $683.0K $727.0K
YoY Change -28.75% -99.05% -99.22%
Total Long-Term Assets $552.9M $57.22M $58.02M
YoY Change 852.9% -89.12% -89.2%
TOTAL ASSETS
Total Short-Term Assets $22.86M $28.75M $25.84M
Total Long-Term Assets $552.9M $57.22M $58.02M
Total Assets $575.8M $542.5M $530.3M
YoY Change 8.57% -1.92% -5.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.354M $7.193M $6.328M
YoY Change 0.41% 63.48% 66.53%
Accrued Expenses $1.100M $400.0K $1.200M
YoY Change -8.33% 0.0% 20.0%
Deferred Revenue
YoY Change
Short-Term Debt $19.00M $30.50M $28.50M
YoY Change -33.33% 0.0% 1.79%
Long-Term Debt Due $5.910M $5.634M $5.386M
YoY Change 9.73% 4.33% -51.48%
Total Short-Term Liabilities $43.87M $56.69M $52.68M
YoY Change -16.72% 8.4% -5.76%
LONG-TERM LIABILITIES
Long-Term Debt $136.0M $129.2M $129.8M
YoY Change 4.81% -1.09% -1.29%
Other Long-Term Liabilities $1.277M $1.322M $1.348M
YoY Change -5.27% -99.03% -99.08%
Total Long-Term Liabilities $137.3M $93.59M $94.26M
YoY Change 45.68% -64.88% -66.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.87M $56.69M $52.68M
Total Long-Term Liabilities $137.3M $93.59M $94.26M
Total Liabilities $181.2M $150.3M $146.9M
YoY Change 23.31% -58.5% -60.99%
SHAREHOLDERS EQUITY
Retained Earnings $48.62M $47.98M $42.56M
YoY Change 14.25%
Common Stock $148.7M $148.2M $146.2M
YoY Change 1.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $199.7M $327.8M $321.4M
YoY Change
Total Liabilities & Shareholders Equity $575.8M $542.5M $530.3M
YoY Change 8.57% -1.92% -5.58%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income $3.790M $6.758M $3.168M
YoY Change 19.63% 16.38% 16.04%
Depreciation, Depletion And Amortization $3.100M $3.050M $3.030M
YoY Change 2.31% -2.24% 5.21%
Cash From Operating Activities $10.13M $8.630M $12.64M
YoY Change -19.86% 73.64% 50.66%
INVESTING ACTIVITIES
Capital Expenditures -$6.820M $7.278M -$5.490M
YoY Change 24.23% -266.54% 48.78%
Acquisitions
YoY Change
Other Investing Activities $940.0K $1.520M $240.0K
YoY Change 291.67% -26.57% -77.14%
Cash From Investing Activities -$5.870M -$5.770M -$5.260M
YoY Change 11.6% 151.97% 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.630M -2.890M -5.480M
YoY Change 20.99% 5.86% 20.97%
NET CHANGE
Cash From Operating Activities 10.13M 8.630M 12.64M
Cash From Investing Activities -5.870M -5.770M -5.260M
Cash From Financing Activities -6.630M -2.890M -5.480M
Net Change In Cash -2.370M -30.00K 1.900M
YoY Change -224.74% -40.0% 54.47%
FREE CASH FLOW
Cash From Operating Activities $10.13M $8.630M $12.64M
Capital Expenditures -$6.820M $7.278M -$5.490M
Free Cash Flow $16.95M $1.352M $18.13M
YoY Change -6.51% -85.52% 50.08%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2013Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
94258000 USD
CY2014Q3 us-gaap Contributions In Aid Of Construction
ContributionsInAidOfConstruction
64444000 USD
CY2013Q4 us-gaap Contributions In Aid Of Construction
ContributionsInAidOfConstruction
61976000 USD
CY2014Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
542498000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
530341000 USD
CY2013Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8833000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2536000 USD
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
149000 USD
us-gaap Life Insurance Corporate Or Bank Owned Change In Value
LifeInsuranceCorporateOrBankOwnedChangeInValue
174000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
357000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-135000 USD
us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
1510000 USD
us-gaap Increase Decrease In Raw Materials Packaging Materials And Supplies Inventories
IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories
585000 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
436000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
566000 USD
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
-42000 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-513000 USD
us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
27472000 USD
CY2014Q3 msex Cost Of Treated Water
CostOfTreatedWater
764000 USD
CY2014Q3 us-gaap Guaranty Liabilities
GuarantyLiabilities
300000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9130000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
8902000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
115000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
147000 USD
us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-2720000 USD
us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-1033000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
284000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
21165000 USD
us-gaap Allowance For Funds Used During Construction Investing Activities
AllowanceForFundsUsedDuringConstructionInvestingActivities
75000 USD
us-gaap Allowance For Funds Used During Construction Investing Activities
AllowanceForFundsUsedDuringConstructionInvestingActivities
81000 USD
us-gaap Payments To Acquire Water And Waste Water Systems
PaymentsToAcquireWaterAndWasteWaterSystems
15783000 USD
us-gaap Payments To Acquire Water And Waste Water Systems
PaymentsToAcquireWaterAndWasteWaterSystems
14585000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
965000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
360000 USD
msex Distributions From Investment In Joint Venture
DistributionsFromInvestmentInJointVenture
782000 USD
msex Distributions From Investment In Joint Venture
DistributionsFromInvestmentInJointVenture
-1205000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-16150000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
2050000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
69000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
55000 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
6070000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1120000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1257000 USD
us-gaap Proceeds From Contribution In Aid Of Construction
ProceedsFromContributionInAidOfConstruction
169000 USD
us-gaap Proceeds From Contribution In Aid Of Construction
ProceedsFromContributionInAidOfConstruction
627000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-6255000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-5103000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
218000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-88000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3025000 USD
CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2937000 USD
us-gaap Contribution Of Property
ContributionOfProperty
1797000 USD
us-gaap Contribution Of Property
ContributionOfProperty
1324000 USD
us-gaap Interest Paid Net
InterestPaidNet
4971000 USD
us-gaap Interest Paid Net
InterestPaidNet
4875000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
75000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
81000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3775000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
5169000 USD
CY2014Q3 us-gaap Long Term Debt
LongTermDebt
132832000 USD
CY2014Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
130000 shares
CY2013Q4 us-gaap Long Term Debt
LongTermDebt
133112000 USD
CY2014Q3 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
1972000 USD
CY2013Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
2072000 USD
CY2014Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
24000 shares
CY2014Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
16107000 shares
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
15963000 shares
CY2014Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
40000000 shares
CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
40000000 shares
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
130000 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
28000 shares
CY2014Q3 us-gaap Other Long Term Debt
OtherLongTermDebt
43700000 USD
CY2013Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
45000000 USD
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
54627 shares
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
1100000 USD
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
63649 shares
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
1300000 USD
us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
51516 shares
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
6745000 USD
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
5793000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
14614000 USD
CY2014Q3 us-gaap Payments To Acquire Water And Waste Water Systems
PaymentsToAcquireWaterAndWasteWaterSystems
7278000 USD
CY2013Q3 us-gaap Payments To Acquire Water And Waste Water Systems
PaymentsToAcquireWaterAndWasteWaterSystems
4363000 USD
CY2014Q3 us-gaap Cost Of Purchased Water
CostOfPurchasedWater
1406000 USD
CY2013Q3 us-gaap Cost Of Purchased Water
CostOfPurchasedWater
1398000 USD
us-gaap Cost Of Purchased Water
CostOfPurchasedWater
4107000 USD
us-gaap Longterm Purchase Commitment Period
LongtermPurchaseCommitmentPeriod
P20Y
us-gaap Defined Benefit Plan Benefits Paid
DefinedBenefitPlanBenefitsPaid
300000 USD
CY2014Q3 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
28832000 USD
CY2013Q3 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
28608000 USD
us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
27906000 USD
CY2013Q4 us-gaap Guaranty Liabilities
GuarantyLiabilities
400000 USD
msex Budgeted Construction Cost For Construction Program2014
BudgetedConstructionCostForConstructionProgram2014
26600000 USD
CY2014Q3 msex Cost Of Untreated Water
CostOfUntreatedWater
642000 USD
CY2013Q3 msex Cost Of Untreated Water
CostOfUntreatedWater
618000 USD
msex Cost Of Untreated Water
CostOfUntreatedWater
1763000 USD
msex Cost Of Untreated Water
CostOfUntreatedWater
1739000 USD
us-gaap Cost Of Purchased Water
CostOfPurchasedWater
4042000 USD
CY2014Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
60000000 USD
CY2014Q3 us-gaap Line Of Credit
LineOfCredit
30500000 USD
CY2013Q3 msex Cost Of Treated Water
CostOfTreatedWater
780000 USD
msex Cost Of Treated Water
CostOfTreatedWater
2344000 USD
msex Cost Of Treated Water
CostOfTreatedWater
2303000 USD
us-gaap Significant Supply Commitment Description
SignificantSupplyCommitmentDescription
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">USA-PA operates the City of Perth Amboy, New Jersey's water and wastewater systems under a <font>20</font>-year agreement, which expires in 2018. In connection with the agreement with Perth Amboy, USA-PA entered into a <font>20</font>-year subcontract with a wastewater operating company for the operation and maintenance of the Perth Amboy wastewater collection system.</div>
dei Entity Registrant Name
EntityRegistrantName
MIDDLESEX WATER CO
dei Entity Central Index Key
EntityCentralIndexKey
0000066004
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-09-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
CY2014Q3 msex Short Term Debt Weighted Average Interest Rate1
ShortTermDebtWeightedAverageInterestRate1
0.0144 pure
CY2013Q3 msex Short Term Debt Weighted Average Interest Rate1
ShortTermDebtWeightedAverageInterestRate1
0.0132 pure
msex Short Term Debt Weighted Average Interest Rate1
ShortTermDebtWeightedAverageInterestRate1
0.0144 pure
msex Short Term Debt Weighted Average Interest Rate1
ShortTermDebtWeightedAverageInterestRate1
0.0135 pure
CY2014Q3 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.0147 pure

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