$MSEX
MIDDLESEX WATER CO

2015 Q4 Form 10-K Financial Statement

#000117494716002165 Filed on March 04, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue $30.93M $34.65M $31.67M
YoY Change 10.03% 6.08% 8.48%
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 $3.420M
YoY Change 0.0% 8.52% 12.87%
% of Gross Profit
Operating Expenses $22.46M $23.19M $22.43M
YoY Change 12.02% 10.19% 9.72%
Operating Profit $8.460M $11.46M $9.235M
YoY Change 4.99% -1.38% 5.58%
Interest Expense -$1.500M $1.505M $1.496M
YoY Change 2.04% -0.73% -1.25%
% of Operating Profit -17.73% 13.13% 16.2%
Other Income/Expense, Net -$120.0K $221.0K $128.0K
YoY Change -80.0% 160.0% 178.26%
Pretax Income $6.850M $10.18M $7.867M
YoY Change 14.36% -0.13% 8.09%
Income Tax $2.290M $3.433M $2.778M
% Of Pretax Income 33.43% 33.74% 35.31%
Net Earnings $4.560M $6.743M $5.089M
YoY Change 20.32% -0.22% 7.64%
Net Earnings / Revenue 14.75% 19.46% 16.07%
Basic Earnings Per Share $0.29 $0.41 $0.31
Diluted Earnings Per Share $0.28 $0.41 $0.31
COMMON SHARES
Basic Shares Outstanding 16.21M shares 16.16M shares 16.15M shares
Diluted Shares Outstanding 16.36M shares 16.31M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.500M $4.700M $5.800M
YoY Change 29.63% -7.84% 13.73%
Cash & Equivalents $3.469M $4.651M $5.774M
Short-Term Investments
Other Short-Term Assets $8.200M $10.70M $10.50M
YoY Change 3.8% 2.88% 3.96%
Inventory $2.600M $2.700M $2.300M
Prepaid Expenses $2.035M $2.736M $2.880M
Receivables $10.06M $12.83M $10.48M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $24.41M $30.89M $29.05M
YoY Change 6.76% 7.44% 1.57%
LONG-TERM ASSETS
Property, Plant & Equipment $491.0M $487.1M $482.8M
YoY Change 3.46% 4.57% 4.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $385.0K $433.0K $453.0K
YoY Change -25.68% -36.6% -99.01%
Total Long-Term Assets $557.0M $572.2M $557.4M
YoY Change 0.74% 900.03% 9.29%
TOTAL ASSETS
Total Short-Term Assets $24.41M $30.89M $29.05M
Total Long-Term Assets $557.0M $572.2M $557.4M
Total Assets $581.4M $603.1M $586.4M
YoY Change 0.97% 11.17% 8.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.525M $8.609M $8.925M
YoY Change 2.69% 19.69% 33.21%
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 $18.00M
YoY Change -84.21% -40.98% -35.71%
Long-Term Debt Due $5.739M $5.725M $5.692M
YoY Change -2.89% 1.62% 3.49%
Total Short-Term Liabilities $28.32M $46.90M $49.41M
YoY Change -35.45% -17.27% -9.33%
LONG-TERM LIABILITIES
Long-Term Debt $136.2M $135.2M $136.1M
YoY Change 0.15% 4.7% 2.92%
Other Long-Term Liabilities $1.597M $1.638M $1.659M
YoY Change 25.06% 23.9% -98.57%
Total Long-Term Liabilities $137.8M $136.9M $137.7M
YoY Change 0.38% 46.25% -44.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.32M $46.90M $49.41M
Total Long-Term Liabilities $137.8M $136.9M $137.7M
Total Liabilities $166.2M $183.8M $187.1M
YoY Change -8.29% 22.29% -45.63%
SHAREHOLDERS EQUITY
Retained Earnings $55.93M $54.63M $51.06M
YoY Change 15.03% 13.86%
Common Stock $150.8M $150.3M $149.7M
YoY Change 1.41% 1.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $209.1M $207.3M $203.2M
YoY Change
Total Liabilities & Shareholders Equity $581.4M $603.1M $586.4M
YoY Change 0.97% 11.17% 8.88%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $4.560M $6.743M $5.089M
YoY Change 20.32% -0.22% 7.64%
Depreciation, Depletion And Amortization $3.100M $3.310M $3.420M
YoY Change 0.0% 8.52% 12.87%
Cash From Operating Activities $22.06M $8.970M $8.750M
YoY Change 117.77% 3.94% 60.55%
INVESTING ACTIVITIES
Capital Expenditures -$6.470M $6.651M $7.761M
YoY Change -5.13% -8.62% 78.87%
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.00K $400.0K
YoY Change -100.0% -99.34% -117.47%
Cash From Investing Activities -$6.470M -$6.640M -$7.360M
YoY Change 10.22% 15.08% 11.18%
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 -660.0K
YoY Change 152.79% 19.72% -288.57%
NET CHANGE
Cash From Operating Activities 22.06M 8.970M 8.750M
Cash From Investing Activities -6.470M -6.640M -7.360M
Cash From Financing Activities -16.76M -3.460M -660.0K
Net Change In Cash -1.170M -1.130M 730.0K
YoY Change -50.63% 3666.67% -189.02%
FREE CASH FLOW
Cash From Operating Activities $22.06M $8.970M $8.750M
Capital Expenditures -$6.470M $6.651M $7.761M
Free Cash Flow $28.53M $2.319M $989.0K
YoY Change 68.32% 71.52% -10.98%

Facts In Submission

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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><strong><font style="font-size: 10pt;">(p)</font></strong><font style="font-size: 10pt;"> </font><strong><font style="font-size: 10pt;">Use of Estimates</font></strong><font style="font-size: 10pt;"> - Conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ from those estimates.</font></div>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><strong>(a)</strong> <strong>Organization</strong> - Middlesex Water Company (Middlesex) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Tidewater Environmental Services, Inc. (TESI), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), Utility Service Affiliates (Perth Amboy) Inc. (USA-PA) and Twin Lakes Utilities, Inc. (Twin Lakes). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">Middlesex Water Company has operated as a water utility in New Jersey since 1897, in Delaware, through our wholly-owned subsidiary, Tidewater, since 1992 and in Pennsylvania, through our wholly-owned subsidiary, Twin Lakes, since 2009. We are in the business of collecting, treating, distributing and selling water for domestic, commercial, municipal, industrial and fire protection purposes. We also operate New Jersey municipal water, wastewater and storm water systems under contract and provide unregulated water and wastewater services in New Jersey and Delaware through our subsidiaries. We also have an investment in a joint venture, Ridgewood Green RME, LLC, that owns and operates facilities which optimize the production of electricity at the Village of Ridgewood, New Jersey wastewater treatment plant and other municipal facilities. Our rates charged to customers for water and wastewater services, the quality of services we provide and certain other matters are regulated in New Jersey, Delaware and Pennsylvania by the New Jersey Board of Public Utilities (NJBPU), Delaware Public Service Commission (DEPSC) and Pennsylvania Public Utilities Commission (PAPUC), respectively. Our USA, USA-PA and White Marsh subsidiaries are not regulated utilities.</p> </div>
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3510000 USD
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CY2015 us-gaap Significant Supply Commitment Description
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USA-PA operates the City of Perth Amboy, NJ's 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
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LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod
19000000 USD
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33500000 USD
CY2015 msex Cost Of Treated Water
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2500000 USD
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2400000 USD
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2400000 USD
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3100000 USD
CY2014 msex Cost Of Untreated Water
CostOfUntreatedWater
3100000 USD
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3200000 USD
CY2015 us-gaap Cost Of Purchased Water
CostOfPurchasedWater
5600000 USD
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5500000 USD
CY2013 us-gaap Cost Of Purchased Water
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5600000 USD
CY2015 us-gaap Longterm Purchase Commitment Period
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P20Y
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200000 USD
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15300000 USD
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LineOfCreditFacilityAverageOutstandingAmount
27400000 USD
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3000000 USD
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19000000 USD
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5700000 USD
CY2013 msex Incremental Common Shares Attributable To Conversion Of Dollar8 Preferred Series Stock
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76000 shares
CY2015 us-gaap Net Income Loss Available To Common Stockholders Diluted
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19975000 USD
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18392000 USD
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6000000 USD
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6400000 USD
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6400000 USD
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6300000 USD
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67000 USD
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115000 shares
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74000 USD
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133000 shares
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97000 USD
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166000 shares
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24000 USD
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41000 shares
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24000 USD
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41000 shares
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40000 USD
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16580000 USD
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54700000 USD
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50800000 USD
CY2015Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Accumulated Benefit Obligation
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62300000 USD
CY2014Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Accumulated Benefit Obligation
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61900000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
5089000 USD
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6743000 USD
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4560000 USD
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
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EarningsPerShareBasic
0.31
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0.41
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EarningsPerShareBasic
0.29
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EarningsPerShareDiluted
0.22
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EarningsPerShareDiluted
0.31
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EarningsPerShareDiluted
0.41
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0.28
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2
CY2015Q1 us-gaap Regulated And Unregulated Operating Revenue
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28780000 USD
CY2015Q2 us-gaap Regulated And Unregulated Operating Revenue
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31666000 USD
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RegulatedAndUnregulatedOperatingRevenue
34654000 USD
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30925000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
6685000 USD
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OperatingIncomeLoss
9235000 USD
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OperatingIncomeLoss
11460000 USD
CY2014Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
27173000 USD
CY2014Q2 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
29190000 USD
CY2014Q3 us-gaap Regulated And Unregulated Operating Revenue
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32669000 USD
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RegulatedAndUnregulatedOperatingRevenue
28107000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
5967000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
8747000 USD
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
11620000 USD
CY2014Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
8058000 USD
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3169000 USD
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4728000 USD
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
6758000 USD
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
3790000 USD
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.42
CY2014Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
CY2014Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2015 us-gaap Defined Benefit Plan Health Care Cost Trend Rate Assumed For Next Fiscal Year
DefinedBenefitPlanHealthCareCostTrendRateAssumedForNextFiscalYear
0.090 pure
CY2015 msex Increase Decrease In Annual Rate Per Capita Cost Of Covered Healthcare Benefits Years One To Three
IncreaseDecreaseInAnnualRatePerCapitaCostOfCoveredHealthcareBenefitsYearsOneToThree
0.010 pure
CY2015 msex Increase Decrease In Annual Rate Per Capita Cost Of Covered Healthcare Benefits Years Four And Five
IncreaseDecreaseInAnnualRatePerCapitaCostOfCoveredHealthcareBenefitsYearsFourAndFive
0.005 pure
CY2015 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate
DefinedBenefitPlanUltimateHealthCareCostTrendRate
0.05 pure
CY2015 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
400000 USD
CY2015 msex Defined Contribution Plan Employer Discretionary Contribution Percent
DefinedContributionPlanEmployerDiscretionaryContributionPercent
0.050 pure
CY2014 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
300000 USD
CY2013 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
300000 USD
CY2015 msex Number Of Hours Required To Participate In Contribution Plan
NumberOfHoursRequiredToParticipateInContributionPlan
1000
CY2015 msex Percent Of Participants Contributions Matched By Company Below One Percent Of Participants Compensation
PercentOfParticipantsContributionsMatchedByCompanyBelowOnePercentOfParticipantsCompensation
1.00 pure
CY2015 msex Percent Of Participants Contributions Matched By Company Above One Percent Of Participants Compensation
PercentOfParticipantsContributionsMatchedByCompanyAboveOnePercentOfParticipantsCompensation
0.50 pure
CY2015 msex Threshold Percentage Of Participants Compensation At Which Matching Decreases
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0.01 pure
CY2015 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.06 pure
CY2015 msex Matching Contributions
MatchingContributions
600000 USD
CY2015 msex Escrow Account Maintained For2008 Restricted Stock Plan
EscrowAccountMaintainedFor2008RestrictedStockPlan
100000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
300000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
100000 shares
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
300000 USD
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
500000 USD
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
500000 USD
CY2015 us-gaap Description Of Defined Contribution Pension And Other Postretirement Plans
DescriptionOfDefinedContributionPensionAndOtherPostretirementPlans
The Company has a 401(k) defined contribution plan, which covers substantially all employees with more than 1,000 hours of service. Under the terms of the Plan, the Company matches 100% of a participant’s contributions, which do not exceed 1% of a participant’s compensation, plus 50% of a participant’s contributions exceeding 1%, but not more than 6%. The Company’s matching contributions were $0.6 million, $0.6 million and $0.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. For those employees hired after March 31, 2007 and still actively employed on December 31, 2015, the Company approved and will fund discretionary contribution of $0.4 million, which was based on 5.0% of eligible 2014 compensation. For the years ended December 31, 2013 and 2012, the Company made discretionary contributions of $0.3 million and $0.3 million, respectively, for those qualifying employees.
CY2013 msex Matching Contributions
MatchingContributions
500000 USD
CY2014 msex Matching Contributions
MatchingContributions
500000 USD
CY2015 dei Entity Registrant Name
EntityRegistrantName
MIDDLESEX WATER CO
CY2015 dei Entity Central Index Key
EntityCentralIndexKey
0000066004
CY2015 dei Document Type
DocumentType
10-K
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
CY2015 dei Amendment Flag
AmendmentFlag
false
CY2015 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015Q2 dei Entity Public Float
EntityPublicFloat
364603131 USD
CY2016Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
16229682 shares
CY2015 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2015Q4 us-gaap Income Taxes Receivable Noncurrent
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1408000 USD
CY2014Q4 us-gaap Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
USD
CY2015 us-gaap Payments Of Stock Issuance Costs
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22000 USD
CY2014 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
USD
CY2013 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
USD
CY2013 msex Conversion Of Convertible Preferred Stock
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467000 USD
CY2015 us-gaap Stockholders Equity Other
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22000 USD
CY2015Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
-2311000 USD
CY2014Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
USD
CY2015Q3 msex Additional Shares Authorized By Sec To Be Issued
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700000 shares
CY2013 msex Conversion Of Convertible Preferred Stock Value Per Share
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8.00
CY2013 us-gaap Utilities Operating Expense Maintenance
UtilitiesOperatingExpenseMaintenance
USD
CY2015 us-gaap Utilities Operating Expense Maintenance
UtilitiesOperatingExpenseMaintenance
2680000 USD
CY2014 us-gaap Utilities Operating Expense Maintenance
UtilitiesOperatingExpenseMaintenance
USD

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