$MSEX
MIDDLESEX WATER CO

2022 Q3 Form 10-Q Financial Statement

#000117494722000866 Filed on July 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $47.70M $39.68M $34.03M
YoY Change 19.62% 8.13% -1.74%
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 $5.814M $5.670M $9.546M
YoY Change 33.56% 9.31% 82.18%
% of Gross Profit
Operating Expenses $31.16M $29.60M $27.69M
YoY Change 9.51% 10.07% 5.27%
Operating Profit $16.58M $10.09M $6.339M
YoY Change 45.09% 2.79% -23.91%
Interest Expense $2.355M $2.369M -$2.204M
YoY Change -212.09% 14.44% 11.88%
% of Operating Profit 14.21% 23.48% -34.77%
Other Income/Expense, Net $2.039M $1.944M $997.0K
YoY Change 174.06% 24.78% 184.86%
Pretax Income $16.26M $9.663M $5.408M
YoY Change 56.17% 3.88% -19.28%
Income Tax $1.968M $795.0K -$1.830M
% Of Pretax Income 12.1% 8.23% -33.84%
Net Earnings $14.29M $8.868M $7.237M
YoY Change 24.53% -18.81% -12.88%
Net Earnings / Revenue 29.96% 22.35% 21.27%
Basic Earnings Per Share $0.81 $0.50 $0.42
Diluted Earnings Per Share $0.80 $0.50 $0.41
COMMON SHARES
Basic Shares Outstanding 17.61M shares 17.58M shares
Diluted Shares Outstanding 17.74K shares 17.70M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.908M $4.320M $3.533M
YoY Change -44.95% -28.31% -21.49%
Cash & Equivalents $2.908M $4.320M $3.533M
Short-Term Investments
Other Short-Term Assets $14.69M $14.36M $10.15M
YoY Change 12.14% 8.2% 1.53%
Inventory $5.792M $5.707M $5.358M
Prepaid Expenses $3.669M $4.075M $2.880M
Receivables $18.08M $14.63M $15.31M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $41.47M $39.02M $34.36M
YoY Change 2.23% 4.77% 0.68%
LONG-TERM ASSETS
Property, Plant & Equipment $914.9M $894.2M $881.3M
YoY Change 5.66% 4.99% 8.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $105.0K $92.00K $83.00K
YoY Change -99.91% 24.32% -1.19%
Total Long-Term Assets $1.023B $999.0M $985.7M
YoY Change 3.46% 2.17% 4.6%
TOTAL ASSETS
Total Short-Term Assets $41.47M $39.02M $34.36M
Total Long-Term Assets $1.023B $999.0M $985.7M
Total Assets $1.065B $1.038B $1.020B
YoY Change 3.41% 2.27% 4.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.87M $24.25M $21.13M
YoY Change 49.21% 4.97% -30.61%
Accrued Expenses $2.874M $2.855M $2.786M
YoY Change 44.13% -0.45% -0.5%
Deferred Revenue
YoY Change
Short-Term Debt $40.50M $27.50M $13.00M
YoY Change -19.0% -12.7% 550.0%
Long-Term Debt Due $7.567M $7.814M $6.731M
YoY Change 11.18% 8.98% -7.22%
Total Short-Term Liabilities $92.97M $78.83M $56.62M
YoY Change 0.51% -2.37% -0.4%
LONG-TERM LIABILITIES
Long-Term Debt $301.2M $305.4M $306.5M
YoY Change 13.04% 12.08% 12.18%
Other Long-Term Liabilities $1.004M $1.082M $1.086M
YoY Change -99.59% -6.48% -4.32%
Total Long-Term Liabilities $302.2M $306.5M $307.6M
YoY Change 13.42% 12.0% 12.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.97M $78.83M $56.62M
Total Long-Term Liabilities $302.2M $306.5M $307.6M
Total Liabilities $395.2M $385.3M $364.2M
YoY Change -40.59% 8.72% 9.96%
SHAREHOLDERS EQUITY
Retained Earnings $165.7M $156.5M $145.8M
YoY Change 14.26% 13.24%
Common Stock $232.4M $229.0M $221.9M
YoY Change 5.01% 2.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $400.2M $387.7M $369.8M
YoY Change
Total Liabilities & Shareholders Equity $1.065B $1.038B $1.020B
YoY Change 3.41% 2.27% 4.46%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $14.29M $8.868M $7.237M
YoY Change 24.53% -18.81% -12.88%
Depreciation, Depletion And Amortization $5.814M $5.670M $9.546M
YoY Change 33.56% 9.31% 82.18%
Cash From Operating Activities $17.38M $12.89M $14.39M
YoY Change 328.18% 150.75% -10.45%
INVESTING ACTIVITIES
Capital Expenditures $26.60M $22.71M -$18.13M
YoY Change 80.37% -7.17% -47.94%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$26.60M -$22.71M -$18.13M
YoY Change 80.37% -7.18% -47.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.804M 10.85M 1.994M
YoY Change -20.21% -49.06% 101.41%
NET CHANGE
Cash From Operating Activities 17.38M 12.89M 14.39M
Cash From Investing Activities -26.60M -22.71M -18.13M
Cash From Financing Activities 7.804M 10.85M 1.994M
Net Change In Cash -1.412M 1.026M -1.749M
YoY Change 56.02% -48.0% -90.16%
FREE CASH FLOW
Cash From Operating Activities $17.38M $12.89M $14.39M
Capital Expenditures $26.60M $22.71M -$18.13M
Free Cash Flow -$9.216M -$9.826M $32.52M
YoY Change -13.76% -49.16% -36.1%

Facts In Submission

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us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
400000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
400000 usd
CY2021Q4 msex Right Of Use Assets Current
RightOfUseAssetsCurrent
45000000 usd
us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
310000 usd
CY2022Q2 msex Right Of Use Asset At Lease Inception
RightOfUseAssetAtLeaseInception
73000000 usd
CY2021Q4 msex Right Of Use Asset At Lease Inception
RightOfUseAssetAtLeaseInception
73000000 usd
CY2022Q2 msex Right Of Use Assets Accumulated Amortization
RightOfUseAssetsAccumulatedAmortization
31000000 usd
CY2021Q4 msex Right Of Use Assets Accumulated Amortization
RightOfUseAssetsAccumulatedAmortization
28000000 usd
CY2022Q2 msex Right Of Use Assets Current
RightOfUseAssetsCurrent
42000000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4000000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
8000000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
8000000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8000000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
9000000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
27000000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
64000000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
17000000 usd
CY2022Q2 msex Operating Lease Liability1
OperatingLeaseLiability1
47000000 usd
CY2022Q2 msex Operating Lease Liability Current1
OperatingLeaseLiabilityCurrent1
7000000 usd
CY2022Q2 msex Noncurrent Leases Liability
NoncurrentLeasesLiability
40000000.0 usd
msex Budgeted Construction Cost
BudgetedConstructionCost
90000000 usd
msex Estimatedobligationexpenditure
Estimatedobligationexpenditure
35000000 usd
us-gaap Defined Benefit Plan Benefit Obligation Benefits Paid
DefinedBenefitPlanBenefitObligationBenefitsPaid
400000 usd
CY2022Q2 msex Residential Operating Revenues
ResidentialOperatingRevenues
21508000 usd
CY2021Q2 msex Residential Operating Revenues
ResidentialOperatingRevenues
20238000 usd
msex Residential Operating Revenues
ResidentialOperatingRevenues
40659000 usd
msex Residential Operating Revenues
ResidentialOperatingRevenues
37195000 usd
CY2022Q2 msex Commercial Operating Revenues
CommercialOperatingRevenues
5203000 usd
CY2021Q2 msex Commercial Operating Revenues
CommercialOperatingRevenues
4108000 usd
msex Commercial Operating Revenues
CommercialOperatingRevenues
9630000 usd
msex Commercial Operating Revenues
CommercialOperatingRevenues
7684000 usd
CY2022Q2 msex Industrial Operating Revenues
IndustrialOperatingRevenues
2700000 usd
CY2021Q2 msex Industrial Operating Revenues
IndustrialOperatingRevenues
2143000 usd
msex Industrial Operating Revenues
IndustrialOperatingRevenues
5295000 usd
msex Industrial Operating Revenues
IndustrialOperatingRevenues
4320000 usd
CY2022Q2 msex Residential Commercial Industrial And Fire Protection Revenue
ResidentialCommercialIndustrialAndFireProtectionRevenue
3173000 usd
CY2021Q2 msex Residential Commercial Industrial And Fire Protection Revenue
ResidentialCommercialIndustrialAndFireProtectionRevenue
3161000 usd
msex Residential Commercial Industrial And Fire Protection Revenue
ResidentialCommercialIndustrialAndFireProtectionRevenue
6294000 usd
msex Residential Commercial Industrial And Fire Protection Revenue
ResidentialCommercialIndustrialAndFireProtectionRevenue
6265000 usd
CY2022Q2 msex Wholesale Municipal Revenue
WholesaleMunicipalRevenue
4297000 usd
CY2021Q2 msex Wholesale Municipal Revenue
WholesaleMunicipalRevenue
3718000 usd
msex Wholesale Municipal Revenue
WholesaleMunicipalRevenue
8260000 usd
msex Wholesale Municipal Revenue
WholesaleMunicipalRevenue
7256000 usd
CY2022Q2 msex Nonregualted Contract Operations Revenue
NonregualtedContractOperationsRevenue
2765000 usd
CY2021Q2 msex Nonregualted Contract Operations Revenue
NonregualtedContractOperationsRevenue
3298000 usd
msex Nonregualted Contract Operations Revenue
NonregualtedContractOperationsRevenue
5665000 usd
msex Nonregualted Contract Operations Revenue
NonregualtedContractOperationsRevenue
6449000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
39646000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
36666000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
75803000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
69169000 usd
CY2022Q2 us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
156000 usd
CY2021Q2 us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
241000 usd
us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
223000 usd
CY2022Q2 msex Other Nonregulated Revenues
OtherNonregulatedRevenues
110000 usd
CY2021Q2 msex Other Nonregulated Revenues
OtherNonregulatedRevenues
107000 usd
msex Other Nonregulated Revenues
OtherNonregulatedRevenues
220000 usd
msex Other Nonregulated Revenues
OtherNonregulatedRevenues
213000 usd
CY2022Q2 msex Inter Segment Elimination Operating Revenues
InterSegmentEliminationOperatingRevenues
-229000 usd
CY2021Q2 msex Inter Segment Elimination Operating Revenues
InterSegmentEliminationOperatingRevenues
-313000 usd
msex Inter Segment Elimination Operating Revenues
InterSegmentEliminationOperatingRevenues
-367000 usd
msex Inter Segment Elimination Operating Revenues
InterSegmentEliminationOperatingRevenues
-450000 usd
CY2022Q2 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
39683000 usd
CY2021Q2 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
36701000 usd
us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
75879000 usd
us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
69242000 usd
CY2019 us-gaap Income Taxes Paid
IncomeTaxesPaid
27000000 usd
CY2019 us-gaap Interest Paid
InterestPaid
1000000 usd
us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
5000000 usd
us-gaap Income Tax Examination Interest Expense
IncomeTaxExaminationInterestExpense
2000000 usd

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