2021 Q4 Form 10-K Financial Statement

#000117494722000283 Filed on February 25, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021
Revenue $34.03M $39.87M $143.1M
YoY Change -1.74% -0.12% 1.09%
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 $9.546M $4.353M $26.80M
YoY Change 82.18% -7.79% 28.61%
% of Gross Profit
Operating Expenses $27.69M $28.45M $109.9M
YoY Change 5.27% 6.38% 5.53%
Operating Profit $6.339M $11.42M $33.21M
YoY Change -23.91% -13.3% -11.25%
Interest Expense -$2.204M -$2.101M $8.114M
YoY Change 11.88% -210.23% 8.29%
% of Operating Profit -34.77% -18.39% 24.43%
Other Income/Expense, Net $997.0K $744.0K $5.958M
YoY Change 184.86% -46.47% 36.06%
Pretax Income $5.408M $10.41M $31.06M
YoY Change -19.28% -17.82% -9.48%
Income Tax -$1.830M -$1.065M -$5.488M
% Of Pretax Income -33.84% -10.23% -17.67%
Net Earnings $7.237M $11.48M $36.54M
YoY Change -12.88% -9.9% -4.9%
Net Earnings / Revenue 21.27% 28.78% 25.53%
Basic Earnings Per Share $0.42 $0.65 $2.08
Diluted Earnings Per Share $0.41 $0.65 $2.07
COMMON SHARES
Basic Shares Outstanding 17.49M shares 17.49M shares
Diluted Shares Outstanding 17.61M shares 17.61M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.533M $5.282M $3.533M
YoY Change -21.49% -0.34% -21.49%
Cash & Equivalents $3.533M $5.282M $3.533M
Short-Term Investments
Other Short-Term Assets $10.15M $13.10M $10.15M
YoY Change 1.53% 7.39% 1.53%
Inventory $5.358M $5.156M $5.358M
Prepaid Expenses $2.880M
Receivables $15.31M $17.03M $15.31M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $34.36M $40.57M $34.36M
YoY Change 0.68% 7.13% 0.75%
LONG-TERM ASSETS
Property, Plant & Equipment $881.3M $865.9M $881.3M
YoY Change 8.4% 10.69% 8.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $83.00K $123.1M $104.4M
YoY Change -1.19% 8903.51% -19.29%
Total Long-Term Assets $985.7M $989.0M $985.7M
YoY Change 4.6% 7.27% 4.59%
TOTAL ASSETS
Total Short-Term Assets $34.36M $40.57M $34.36M
Total Long-Term Assets $985.7M $989.0M $985.7M
Total Assets $1.020B $1.030B $1.020B
YoY Change 4.46% 7.27% 4.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.13M $17.34M $21.13M
YoY Change -30.61% -30.25% -30.51%
Accrued Expenses $2.786M $1.994M $2.786M
YoY Change -0.5% -26.15% -0.5%
Deferred Revenue
YoY Change
Short-Term Debt $13.00M $50.00M $13.00M
YoY Change 550.0% 36.99% 550.0%
Long-Term Debt Due $6.731M $6.806M $6.731M
YoY Change -7.22% -5.98% -7.79%
Total Short-Term Liabilities $56.62M $92.49M $56.62M
YoY Change -0.4% 8.37% -0.32%
LONG-TERM LIABILITIES
Long-Term Debt $306.5M $266.5M $306.5M
YoY Change 12.18% 13.64% 12.2%
Other Long-Term Liabilities $1.086M $242.8M $217.6M
YoY Change -4.32% 9885.36% -8.12%
Total Long-Term Liabilities $307.6M $266.5M $524.1M
YoY Change 12.11% 12.48% 2.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.62M $92.49M $56.62M
Total Long-Term Liabilities $307.6M $266.5M $524.1M
Total Liabilities $364.2M $665.2M $650.2M
YoY Change 9.96% 106.4% 3.5%
SHAREHOLDERS EQUITY
Retained Earnings $145.8M
YoY Change 13.24%
Common Stock $221.9M
YoY Change 2.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $369.8M $364.4M $369.8M
YoY Change
Total Liabilities & Shareholders Equity $1.020B $1.030B $1.020B
YoY Change 4.46% 7.27% 4.46%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021
OPERATING ACTIVITIES
Net Income $7.237M $11.48M $36.54M
YoY Change -12.88% -9.9% -4.9%
Depreciation, Depletion And Amortization $9.546M $4.353M $26.80M
YoY Change 82.18% -7.79% 28.61%
Cash From Operating Activities $14.39M $4.059M $33.03M
YoY Change -10.45% -75.36% -38.1%
INVESTING ACTIVITIES
Capital Expenditures -$18.13M $14.75M -$79.38M
YoY Change -47.94% -41.87% -24.85%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$18.13M -$14.74M -$79.38M
YoY Change -47.94% -41.88% -24.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.837M
YoY Change 211.95%
Debt Paid & Issued, Net $52.69M
YoY Change 605.18%
Cash From Financing Activities 1.994M 9.781M $39.48M
YoY Change 101.41% -293.68% 144.16%
NET CHANGE
Cash From Operating Activities 14.39M 4.059M $33.03M
Cash From Investing Activities -18.13M -14.74M -$79.38M
Cash From Financing Activities 1.994M 9.781M $39.48M
Net Change In Cash -1.749M -905.0K -$6.871M
YoY Change -90.16% -93.51% -80.96%
FREE CASH FLOW
Cash From Operating Activities $14.39M $4.059M $33.03M
Capital Expenditures -$18.13M $14.75M -$79.38M
Free Cash Flow $32.52M -$10.69M $112.4M
YoY Change -36.1% 20.11% -29.29%

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<p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">(a) Organization</span> - Middlesex Water Company (Middlesex) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), 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. On January 14, 2022, Middlesex closed on the sale of its entire interest in Tidewater Environmental Systems, Inc. (TESI), which was its regulated Delaware wastewater utility business. </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">Middlesex Water Company has operated as a water utility in New Jersey since 1897 and in Delaware, through our wholly-owned subsidiary, Tidewater, since 1992. 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. 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 and Delaware by the New Jersey Board of Public Utilities (NJBPU) and the Delaware Public Service Commission (DEPSC), respectively. Our USA, USA-PA and White Marsh subsidiaries are not regulated utilities. </p>
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<p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">(q) Use of Estimates</span> - 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. </p>
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CY2020Q4 us-gaap Regulatory Liabilities
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CY2019 us-gaap Income Tax Reconciliation Disposition Of Assets
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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1499000 USD
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1364000 USD
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188000 USD
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EarningsPerShareDiluted
0.55
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.72
CY2020Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.47
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.18
CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.2563
CY2020Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.2563
CY2020Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.2563
CY2020Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.2725
CY2020Q1 msex High Common Stock Price1
HighCommonStockPrice1
69.92
CY2020Q1 msex Low Common Stock Price1
LowCommonStockPrice1
48.79
CY2020Q2 msex High Common Stock Price1
HighCommonStockPrice1
72.41
CY2020Q2 msex Low Common Stock Price1
LowCommonStockPrice1
53.70
CY2020Q3 msex High Common Stock Price1
HighCommonStockPrice1
69.89
CY2020Q3 msex Low Common Stock Price1
LowCommonStockPrice1
59.61
CY2020Q4 msex High Common Stock Price1
HighCommonStockPrice1
76.08
CY2020Q4 msex Low Common Stock Price1
LowCommonStockPrice1
61.81
CY2021 dei Auditor Firm
AuditorFirmId
23

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