$MSEX
MIDDLESEX WATER CO

2015 Q4 Form 10-Q Financial Statement

#000117494715001595 Filed on November 03, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $30.93M $34.65M $28.11M
YoY Change 10.03% 6.08% 2.5%
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 $3.310M $3.100M
YoY Change 0.0% 8.52% 2.31%
% of Gross Profit
Operating Expenses $22.46M $23.19M $20.05M
YoY Change 12.02% 10.19% -3.42%
Operating Profit $8.460M $11.46M $8.058M
YoY Change 4.99% -1.38% 20.92%
Interest Expense -$1.500M $1.505M -$1.470M
YoY Change 2.04% -0.73% -6.37%
% of Operating Profit -17.73% 13.13% -18.24%
Other Income/Expense, Net -$120.0K $221.0K -$600.0K
YoY Change -80.0% 160.0% 140.0%
Pretax Income $6.850M $10.18M $5.990M
YoY Change 14.36% -0.13% 23.51%
Income Tax $2.290M $3.433M $2.200M
% Of Pretax Income 33.43% 33.74% 36.73%
Net Earnings $4.560M $6.743M $3.790M
YoY Change 20.32% -0.22% 19.63%
Net Earnings / Revenue 14.75% 19.46% 13.48%
Basic Earnings Per Share $0.29 $0.41 $0.23
Diluted Earnings Per Share $0.28 $0.41 $0.22
COMMON SHARES
Basic Shares Outstanding 16.21M shares 16.16M shares 16.11M shares
Diluted Shares Outstanding 16.36M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.500M $4.700M $2.700M
YoY Change 29.63% -7.84% -43.75%
Cash & Equivalents $3.469M $4.651M $2.673M
Short-Term Investments
Other Short-Term Assets $8.200M $10.70M $7.900M
YoY Change 3.8% 2.88% 6.76%
Inventory $2.600M $2.700M $2.300M
Prepaid Expenses $2.035M $2.736M $1.989M
Receivables $10.06M $12.83M $10.01M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $24.41M $30.89M $22.86M
YoY Change 6.76% 7.44% -11.51%
LONG-TERM ASSETS
Property, Plant & Equipment $491.0M $487.1M $474.6M
YoY Change 3.46% 4.57% 4.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $385.0K $433.0K $518.0K
YoY Change -25.68% -36.6% -28.75%
Total Long-Term Assets $557.0M $572.2M $552.9M
YoY Change 0.74% 900.03% 852.9%
TOTAL ASSETS
Total Short-Term Assets $24.41M $30.89M $22.86M
Total Long-Term Assets $557.0M $572.2M $552.9M
Total Assets $581.4M $603.1M $575.8M
YoY Change 0.97% 11.17% 8.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.525M $8.609M $6.354M
YoY Change 2.69% 19.69% 0.41%
Accrued Expenses $1.100M $400.0K $1.100M
YoY Change 0.0% 0.0% -8.33%
Deferred Revenue
YoY Change
Short-Term Debt $3.000M $18.00M $19.00M
YoY Change -84.21% -40.98% -33.33%
Long-Term Debt Due $5.739M $5.725M $5.910M
YoY Change -2.89% 1.62% 9.73%
Total Short-Term Liabilities $28.32M $46.90M $43.87M
YoY Change -35.45% -17.27% -16.72%
LONG-TERM LIABILITIES
Long-Term Debt $136.2M $135.2M $136.0M
YoY Change 0.15% 4.7% 4.81%
Other Long-Term Liabilities $1.597M $1.638M $1.277M
YoY Change 25.06% 23.9% -5.27%
Total Long-Term Liabilities $137.8M $136.9M $137.3M
YoY Change 0.38% 46.25% 45.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.32M $46.90M $43.87M
Total Long-Term Liabilities $137.8M $136.9M $137.3M
Total Liabilities $166.2M $183.8M $181.2M
YoY Change -8.29% 22.29% 23.31%
SHAREHOLDERS EQUITY
Retained Earnings $55.93M $54.63M $48.62M
YoY Change 15.03% 13.86% 14.25%
Common Stock $150.8M $150.3M $148.7M
YoY Change 1.41% 1.39% 1.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $209.1M $207.3M $199.7M
YoY Change
Total Liabilities & Shareholders Equity $581.4M $603.1M $575.8M
YoY Change 0.97% 11.17% 8.57%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income $4.560M $6.743M $3.790M
YoY Change 20.32% -0.22% 19.63%
Depreciation, Depletion And Amortization $3.100M $3.310M $3.100M
YoY Change 0.0% 8.52% 2.31%
Cash From Operating Activities $22.06M $8.970M $10.13M
YoY Change 117.77% 3.94% -19.86%
INVESTING ACTIVITIES
Capital Expenditures -$6.470M $6.651M -$6.820M
YoY Change -5.13% -8.62% 24.23%
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.00K $940.0K
YoY Change -100.0% -99.34% 291.67%
Cash From Investing Activities -$6.470M -$6.640M -$5.870M
YoY Change 10.22% 15.08% 11.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.76M -3.460M -6.630M
YoY Change 152.79% 19.72% 20.99%
NET CHANGE
Cash From Operating Activities 22.06M 8.970M 10.13M
Cash From Investing Activities -6.470M -6.640M -5.870M
Cash From Financing Activities -16.76M -3.460M -6.630M
Net Change In Cash -1.170M -1.130M -2.370M
YoY Change -50.63% 3666.67% -224.74%
FREE CASH FLOW
Cash From Operating Activities $22.06M $8.970M $10.13M
Capital Expenditures -$6.470M $6.651M -$6.820M
Free Cash Flow $28.53M $2.319M $16.95M
YoY Change 68.32% 71.52% -6.51%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
2054000 USD
us-gaap Increase Decrease In Unbilled Receivables
IncreaseDecreaseInUnbilledReceivables
1775000 USD
us-gaap Increase Decrease In Raw Materials Packaging Materials And Supplies Inventories
IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories
428000 USD
us-gaap Increase Decrease In Raw Materials Packaging Materials And Supplies Inventories
IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories
154000 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
747000 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
1253000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
867000 USD
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
2431000 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-723000 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-720000 USD
us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-3122000 USD
us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-2720000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
33000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
15000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
1002000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
19297000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
15783000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1391000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
965000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-17906000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-15966000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5358000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4678000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
5000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4398000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-1000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
2050000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1115000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1120000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9331000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
9130000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
108000 USD
us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
115000 USD
us-gaap Proceeds From Contribution In Aid Of Construction
ProceedsFromContributionInAidOfConstruction
-242000 USD
us-gaap Proceeds From Contribution In Aid Of Construction
ProceedsFromContributionInAidOfConstruction
169000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-9268000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-6255000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1978000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
218000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4834000 USD
CY2014Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5052000 USD
us-gaap Contribution Of Property
ContributionOfProperty
1622000 USD
us-gaap Contribution Of Property
ContributionOfProperty
1797000 USD
us-gaap Interest Paid Net
InterestPaidNet
4897000 USD
us-gaap Interest Paid Net
InterestPaidNet
4971000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
118000 USD
us-gaap Interest Paid Capitalized
InterestPaidCapitalized
75000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1136000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3775000 USD
msex Distributions From Investment In Joint Venture
DistributionsFromInvestmentInJointVenture
USD
msex Distributions From Investment In Joint Venture
DistributionsFromInvestmentInJointVenture
782000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
69000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
66000 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
744000 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
USD
CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
126000 shares
CY2015Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
24000 shares
CY2015Q3 us-gaap Long Term Debt
LongTermDebt
139205000 USD
CY2014Q4 us-gaap Long Term Debt
LongTermDebt
140029000 USD
CY2015Q3 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
1760000 USD
CY2014Q4 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
1920000 USD
CY2015Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
40000000 shares
CY2015Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
16210000 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
16124000 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
24000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
40000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
126000 shares
us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
48414000 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
54627000 shares
us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
1100000 USD
CY2015Q3 us-gaap Other Long Term Debt
OtherLongTermDebt
53600000 USD
CY2014Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
50800000 USD
CY2015Q3 msex Additional Shares Authorized By Sec To Be Issued
AdditionalSharesAuthorizedBySECToBeIssued
700000 shares
CY2015Q2 msex Deobligated Principal Payments
DeobligatedPrincipalPayments
500000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
15427000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
14614000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16211000 shares
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
6730000 USD
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
6745000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segments
CY2015Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6651000 USD
CY2014Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7278000 USD
CY2015Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
60000000 USD
CY2015Q3 us-gaap Line Of Credit
LineOfCredit
18000000 USD
CY2015Q3 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.0120 pure
us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
16992000000 USD
us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
27906000000 USD
us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0118 pure
us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0144 pure
CY2015Q3 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
17304000000 USD
CY2014Q3 us-gaap Line Of Credit Facility Average Outstanding Amount
LineOfCreditFacilityAverageOutstandingAmount
28832000000 USD
CY2015Q3 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0119 pure
CY2014Q3 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0144 pure
dei Entity Central Index Key
EntityCentralIndexKey
0000066004
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
msex Cost Of Treated Water
CostOfTreatedWater
2271000 USD
msex Cost Of Treated Water
CostOfTreatedWater
2344000 USD
msex Cost Of Untreated Water
CostOfUntreatedWater
1869000 USD
msex Cost Of Untreated Water
CostOfUntreatedWater
1763000 USD
us-gaap Cost Of Purchased Water
CostOfPurchasedWater
4140000 USD
us-gaap Cost Of Purchased Water
CostOfPurchasedWater
4107000 USD
us-gaap Longterm Purchase Commitment Period
LongtermPurchaseCommitmentPeriod
P20Y
CY2014Q4 us-gaap Guaranty Liabilities
GuarantyLiabilities
300000 USD
msex Budgeted Construction Cost
BudgetedConstructionCost
22400000 USD
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
16211304 shares
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
us-gaap Significant Supply Commitment Description
SignificantSupplyCommitmentDescription
USA-PA operates the City of Perth Amboy, New Jersey’s (Perth Amboy) water and wastewater systems under a 20-year agreement, which expires in 2018. In connection with the agreement with Perth Amboy, USA-PA entered into a 20-year subcontract with a wastewater operating company for the operation and maintenance of the Perth Amboy wastewater collection system.
CY2015Q3 msex Cost Of Treated Water
CostOfTreatedWater
775000 USD
CY2014Q3 msex Cost Of Treated Water
CostOfTreatedWater
764000 USD
CY2015Q3 msex Cost Of Untreated Water
CostOfUntreatedWater
674000 USD
CY2014Q3 msex Cost Of Untreated Water
CostOfUntreatedWater
642000 USD
CY2015Q3 us-gaap Cost Of Purchased Water
CostOfPurchasedWater
1449000 USD
CY2014Q3 us-gaap Cost Of Purchased Water
CostOfPurchasedWater
1406000 USD
us-gaap Defined Benefit Plan Benefits Paid
DefinedBenefitPlanBenefitsPaid
300000 USD
dei Entity Registrant Name
EntityRegistrantName
MIDDLESEX WATER CO
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
USD
CY2015Q3 us-gaap Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
9756000 USD
CY2014Q4 us-gaap Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
9756000 USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
22000 USD
CY2015Q3 us-gaap Guaranty Liabilities
GuarantyLiabilities
200000 USD

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