MIDDLESEX WATER CO
For the period ended Sep 30, 2024. Filed Oct 31, 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.
Sep 30, 2024 · Filed Oct 31, 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
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net Income | $35,547 | $25,759 |
| Adjustments to Reconcile Net Income to | ||
| Net Cash Provided by Operating Activities: | ||
| Depreciation and Amortization | 20,231 | 22,106 |
| Provision for Deferred Income Taxes and Investment Tax Credits | 408 | (4,685) |
| Equity Portion of Allowance for Funds Used During Construction (AFUDC) | (465) | (1,300) |
| Cash Surrender Value of Life Insurance | (318) | (144) |
| Stock Compensation Expense | 1,227 | 1,790 |
| Changes in Assets and Liabilities: | ||
| Accounts Receivable | (4,531) | (2,972) |
| Unbilled Revenues | (4,121) | (2,657) |
| Materials and Supplies | 422 | (228) |
| Prepayments | (1,298) | (294) |
| Accounts Payable | 4,737 | 3,757 |
| Accrued Taxes | 2,873 | (4,019) |
| Accrued Interest | (742) | 11 |
| Employee Benefit Plans | (5,781) | (1,487) |
| Unearned Revenue and Advanced Service Fees | 165 | 94 |
| Receovered Costs-Litigation Settlement | (8,774) | — |
| Other Assets and Liabilities | (2,245) | 4,255 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 37,335 | 39,986 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Utility Plant Expenditures, Including AFUDC-Debt of $322 in 2024 and $862 in 2023 | (49,480) | (73,074) |
| NET CASH USED IN INVESTING ACTIVITIES | (49,480) | (73,074) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Redemption of Long-term Debt | (6,438) | (16,460) |
| Proceeds from Issuance of Long-term Debt | 592 | 70,640 |
| Net Short-term Bank Borrowings | (25,250) | (13,250) |
| Proceeds from Litigation Settlement, net | 63,635 | — |
| Deferred Debt Issuance Expense | (54) | (123) |
| Common Stock Issuance Expense | — | (10) |
| Payment of Grantee Withholding Taxes in Exchange for Restricted Stock | (1,350) | (619) |
| Proceeds from Issuance of Common Stock | 740 | 9,025 |
| Payment of Common Dividends | (17,326) | (16,600) |
| Payment of Preferred Dividends | (89) | (90) |
| Construction Advances and Contributions-Net | 1,639 | (283) |
| NET CASH PROVIDED BY FINANCING ACTIVITIES | 16,099 | 32,230 |
| NET CHANGES IN CASH AND CASH EQUIVALENTS | 3,954 | (858) |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 2,390 | 3,828 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $6,344 | $2,970 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY: | ||
| Utility Plant received as Construction Advances and Contributions | $6,959 | $5,954 |
| Litigation Settlement Receivable | $(6,237) | $93,163 |
| Litigation Settlement Payable | $(6,237) | $27,949 |
| Conversion of Preferred Stock into Common Stock | $194 | $— |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
| Cash Paid During the Year for: | ||
| Interest | $11,695 | $9,589 |
| Interest Capitalized | $322 | $862 |
| Income Taxes | $2,413 | $2,716 |
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