MIDDLESEX WATER CO
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
MSEX$58.77-1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net Income | $10,682 | $5,868 |
| Adjustments to Reconcile Net Income to | ||
| Net Cash Provided by Operating Activities: | ||
| Depreciation and Amortization | 5,979 | 7,201 |
| Provision for Deferred Income Taxes and Investment Tax Credits | 1,382 | (611) |
| Equity Portion of Allowance for Funds Used During Construction (AFUDC) | (102) | (446) |
| Cash Surrender Value of Life Insurance | (113) | (102) |
| Stock Compensation Expense | (465) | 360 |
| Changes in Assets and Liabilities: | ||
| Accounts Receivable | 2,440 | 492 |
| Unbilled Revenues | (2,015) | (1) |
| Materials & Supplies | (100) | (382) |
| Prepayments | (2,538) | (1,290) |
| Accounts Payable | (4,375) | 2,776 |
| Accrued Taxes | 4,184 | 3,834 |
| Accrued Interest | (488) | (37) |
| Employee Benefit Plans | (867) | (477) |
| Unearned Revenue & Advanced Service Fees | (25) | (54) |
| Recovered Costs - Litigation Settlement | (6,027) | — |
| Other Assets and Liabilities | (900) | (1,161) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 6,652 | 15,970 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Utility Plant Expenditures, Including AFUDC of $74 in 2024, $367 in 2023 | (14,389) | (24,515) |
| NET CASH USED IN INVESTING ACTIVITIES | (14,389) | (24,515) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Redemption of Long-term Debt | (1,539) | (1,553) |
| Proceeds from Issuance of Long-term Debt | 425 | 40,972 |
| Net Short-term Bank Borrowings (Payments) | 15,250 | (27,000) |
| Deferred Debt Issuance Expense | — | (49) |
| Payment of Grantee Withholding Taxes in Exchange for Restricted Stock | (868) | — |
| Proceeds from Issuance of Common Stock | 252 | 2,342 |
| Payment of Common Dividends | (5,738) | (5,513) |
| Payment of Preferred Dividends | (30) | (30) |
| Construction Advances and Contributions-Net | 450 | 410 |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 8,202 | 9,579 |
| NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 465 | 1,034 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 2,390 | 3,828 |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $2,855 | $4,862 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY: | ||
| Utility Plant received as Construction Advances and Contributions | $2,143 | $2,234 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
| Cash Paid During the 3 Months for: | ||
| Interest | $3,943 | $2,812 |
| Interest Capitalized | $74 | $367 |
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