Business
Middlesex Water Company Reports First Quarter 2020 Financial Results
First Quarter Summary Operating Revenues Rise by $1.1 Million.Net Income Increases by 17%.Successfully Activated Emergency Operations and Business Continuity
About this update from Middlesex Water Company
[{"type":"text","content":"First Quarter Summary\n Operating Revenues Rise by $1.1 Million.Net Income Increases by 17%.Successfully Activated Emergency Operations and Business Continuity Plans in Response to COVID-19 Pandemic Declaration.Utility Infrastructure Projects Declared Critical in New Jersey and Delaware. ISELIN, N.J., May 05, 2020 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) a provider of water and wastewater services, today reported 1st Quarter diluted earnings per share of $0.44, which is $0.05 per share higher than the same reporting period in 2019. Financial ResultsThe Company reported first quarter 2020 consolidated operating revenues of $31.8 million, as compared to $30.7 million in 2019. The $1.1 million increase in operating revenues is largely attributable to increased demand from wholesale contract customers in the Middlesex System in New Jersey and from customer growth in our Delaware water systems. Operation and maintenance expenses for 2020 increased $1.1 million from the same period in 2019. The increase was related to higher water treatment expenses, additional employees, wage increases and higher employee benefit plan expenses. Income Tax expense for the first quarter of 2020 decreased $1.0 million from 2019, due to the approved regulatory accounting treatment of tax benefits associated with the adoption of Internal Revenue Service tangible property regulations. Net income for the three months ended March 31, 2020 increased $1.1 million as compared with the same period in 2019. Basic earnings per share were $0.44 and $0.40 for the three months ended March 31, 2020 and 2019, respectively. Diluted earnings per share were $0.44 and $0.39 for the three months ended March 31, 2020 and 2019, respectively. “Despite challenges posed by the COVID-19 pandemic, proper planning and execution enabled our teams to maintain uninterrupted service at all levels at a time when our customers demanded utmost confidence in the service we deliver. In addition, we continued to move forward with key capital projects in accordance with COVID-19 preventive guidelines, worked to ensure employee safety and responsibly responded to urgent community needs by suspending shutoffs due to non-payment and by establishing our own COVID-19 relief effort to help our local communities,” said Middlesex Chairman, President and...