Business
Middlesex Water Company Reports 2019 Fourth Quarter and Full Year Earnings
ISELIN, N.J., Feb. 27, 2020 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) a provider of water and wastewater
About this update from Middlesex Water Company
[{"type":"text","content":"ISELIN, N.J., Feb. 27, 2020 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) a provider of water and wastewater services, today reported 4th Quarter diluted earnings per share of $0.46, which is $0.03 per share higher than the same reporting period in 2018. For 2019, diluted earnings per share were $2.01, up $0.05 from $1.96, reported for the same period in 2018.\n 2019 FINANCIAL RESULTS The Company reported 2019 consolidated operating revenues of $134.6 million, as compared to $138.1 million in 2018. The overall decline in operating revenues is attributable to a change in the wastewater component of our recently renewed non-regulated contract (effective January 1, 2019 for a term of 10 years) to operate the City of Perth Amboy, New Jersey’s (Perth Amboy) water and wastewater systems. A reduction in the scope of this competitively-bid contract resulted in lower revenues and a related decrease in operating expenses for all of 2019. Revenues from our regulated operations increased by $1.0 million due to customer growth in our Delaware water systems. Unfavorable weather patterns in New Jersey reduced customer demand for water, which offset the full year effect of the April 2018 Middlesex base rate increase. Operation and maintenance expenses for 2019 decreased $3.6 million from the same period in 2018. The decrease was primarily attributable to our new Perth Amboy operating contract, whose lower costs were partially offset by higher labor costs of $2.1 million for increased head count, increased average labor rates and increased costs associated with a number of recent employee retirements. Income Tax expense for 2019 decreased $4.1 million from 2018, primarily due to the approved regulatory accounting treatment of tax benefits associated with the adoption of Internal Revenue Service tangible property regulations and lower pre-tax income. Net income for the year increased $1.4 million to $33.9 million, compared to $32.5 million in 2018. “We continued to methodically execute our large Water For Tomorrow® capital program while simultaneously advancing public health protection and delivering overall high quality of service to our customers throughout 2019,” said Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll. FOURTH QUARTER 2019 RESULTS For the three month period ended ...