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Middlesex Water Company Announces First Quarter 2016 Financial Results

May 03, 2016 (GLOBE NEWSWIRE via COMTEX) --

FIRST QUARTER HIGHLIGHTS

  • Consolidated Operating Revenues Rise 6.3 %
  • Net Income Rises 31.7%
  • Earnings Per Share Up 31.0%

ISELIN, N.J., May 03, 2016 (GLOBE NEWSWIRE) -- Middlesex Water Company (the "Company" or "Middlesex"), MSEX, -0.97% a provider of water and wastewater and related services primarily in New Jersey and Delaware, today announced operating revenues for the quarter ended March 31, 2016.

First Quarter 2016 Operating Results
Consolidated operating revenues for the first quarter ended March 31, 2016 increased $1.8 million to $30.6 million, up from $28.8 million, for the same period in 2015. Net income climbed to $4.8 million, an increase from $3.6 million in 2015. Basic and diluted earnings per share were $0.29 for the three months ended March 31, 2016, up from $0.22 for the same period in 2015.

Revenues in the Company's Middlesex System in New Jersey increased $1.8 million from the same period in 2015, primarily due to the August 2015 rate increase approved by the New Jersey Board of Public Utilities and increased contract sales driven by higher water demand. Revenues in our Delaware System, Tidewater Utilities, Inc. increased $0.1 million primarily due to customer growth. Revenues from contract operations decreased $0.3 million, primarily due to lower supplemental service revenues earned under our contract to operate the Borough of Avalon, New Jersey's water utility, sewer utility and storm water system.

Operation and maintenance expenses for the first quarter decreased $0.3 million from the same period in 2015. Employee benefit expenses decreased $0.2 million primarily due to lower retirement plan costs resulting from a higher discount rate than in the prior year. Less cold weather main break activity, as compared to 2015, resulted in $0.1 million...


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