(Mark
One)
þ
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
For
the fiscal year ended December 31,
2006
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
For
the transition period from _________________
to______________________
|
New
Jersey
|
22-1114430
|
(State
of Incorporation)
|
(IRS
employer identification no.)
|
Title
of Each Class:
|
Name
of each exchange on which
registered:
|
None
|
None
|
Large
accelerated filer ¨
|
Accelerated
filer þ
|
Non-accelerated
filer ¨
|
|
PAGE
|
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1
|
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2
|
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4
|
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4
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5
|
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6
|
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6
|
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7
|
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10
|
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15
|
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15
|
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16
|
||
17
|
||
17
|
||
19
|
||
20
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29
|
||
29
|
||
54
|
||
55
|
||
58
|
||
59
|
||
59
|
||
59
|
||
59
|
||
59
|
||
60
|
||
61
|
||
62
|
-
|
statements
as to expected financial condition, performance, prospects and earnings
of
the Company;
|
-
|
statements
regarding strategic plans for
growth;
|
-
|
statements
regarding the amount and timing of rate increases and other regulatory
matters;
|
-
|
statements
as to the Company’s expected liquidity needs during fiscal 2007 and beyond
and statements as to the sources and availability of funds to meet
its
liquidity needs;
|
-
|
statements
as to expected rates, consumption volumes, service fees, revenues,
margins, expenses and operating
results;
|
-
|
statements
as to the Company’s compliance with environmental laws and regulations and
estimations of the materiality of any related
costs;
|
-
|
statements
as to the safety and reliability of the Company’s equipment, facilities
and operations;
|
-
|
statements
as to financial projections;
|
-
|
statements
as to the ability of the Company to pay
dividends;
|
-
|
statements
as to the Company’s plans to renew municipal franchises and consents in
the territories it serves;
|
-
|
expectations
as to the amount of cash contributions to fund the Company’s retirement
benefit plans, including statements as to anticipated discount rates
and
rates of return on plan assets;
|
-
|
statements
as to trends; and
|
-
|
statements
regarding the availability and quality of our water
supply.
|
-
|
the
effects of general economic
conditions;
|
-
|
increases
in competition in the markets served by the
Company;
|
-
|
the
ability of the Company to control operating expenses and to achieve
efficiencies in its operations;
|
-
|
the
availability of adequate supplies of
water;
|
-
|
actions
taken by government regulators, including decisions on base rate
increase
requests;
|
-
|
new
or additional water quality
standards;
|
-
|
weather
variations and other natural
phenomena;
|
-
|
the
existence of attractive acquisition candidates and the risks involved
in
pursuing those acquisitions;
|
-
|
acts
of war or terrorism;
|
-
|
significant
changes in the housing starts in
Delaware;
|
-
|
the
availability and cost of capital resources;
and
|
-
|
other
factors discussed elsewhere in this
prospectus.
|
(Thousands
of Dollars)
Years
Ended December 31,
|
||||||||||
2006
|
2005
|
2004
|
||||||||
Operating
Revenues
|
$
|
81,061
|
$
|
74,613
|
$
|
70,991
|
||||
Operating
Income
|
$
|
21,318
|
$
|
17,218
|
$
|
16,933
|
Years
Ended December 31,
|
||||||||||
2006
|
2005
|
2004
|
||||||||
Residential
|
42.6
|
%
|
41.9
|
%
|
39.9
|
%
|
||||
Commercial
|
10.0
|
9.8
|
9.5
|
|||||||
Industrial
|
10.7
|
11.0
|
10.9
|
|||||||
Fire
Protection
|
10.7
|
10.4
|
10.2
|
|||||||
Contract
Sales
|
12.3
|
13.4
|
12.8
|
|||||||
Contract
Operations
|
11.0
|
10.8
|
11.2
|
|||||||
Other
|
2.7
|
2.7
|
5.5
|
|||||||
TOTAL
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
Name
|
Age
|
Principal
Position(s)
|
||
Dennis
W. Doll
|
48
|
President
and Chief Executive Officer
|
||
A.
Bruce O’Connor
|
|
48
|
|
Vice
President and Chief Financial Officer
|
Ronald
F. Williams
|
57
|
Vice
President-Operations and Chief Operating Officer
|
||
Kenneth
J. Quinn
|
59
|
Vice
President-General Counsel, Secretary and Treasurer
|
||
James
P. Garrett
|
|
60
|
|
Vice
President-Human Resources
|
Richard
M. Risoldi
|
|
50
|
|
Vice
President-Subsidiary Operations
|
Gerard
L. Esposito
|
|
55
|
|
President,
Tidewater Utilities, Inc.
|
2006
|
High
|
Low
|
Dividend
|
|||||||
Fourth
Quarter
|
$
|
19.50
|
$
|
17.96
|
$
|
0.1725
|
||||
Third
Quarter
|
20.50
|
17.58
|
0.1700
|
|||||||
Second
Quarter
|
19.34
|
16.50
|
0.1700
|
|||||||
First
Quarter
|
19.72
|
17.03
|
0.1700
|
2005
|
High
|
Low
|
Dividend
|
|||||||
Fourth
Quarter
|
$
|
23.34
|
$
|
17.31
|
$
|
0.1700
|
||||
Third
Quarter
|
23.47
|
19.05
|
0.1675
|
|||||||
Second
Quarter
|
20.00
|
17.07
|
0.1675
|
|||||||
First
Quarter
|
19.16
|
17.64
|
0.1675
|
2001
|
2002
|
2003
|
2004
|
2005
|
2006
|
|
Middlesex
Water Company
|
100.00
|
96.10
|
128.26
|
123.82
|
117.36
|
131.45
|
Dow
Jones Wilshire 5000
|
100.00
|
79.14
|
104.18
|
117.33
|
124.75
|
144.56
|
Peer
Group
|
100.00
|
95.60
|
122.38
|
141.20
|
184.94
|
185.41
|
CONSOLIDATED
SELECTED FINANCIAL DATA
|
||||||||||||||||
(In
Thousands Except per Share Data)
|
||||||||||||||||
2006
|
2005
|
2004
|
2003
|
2002
|
||||||||||||
Operating
Revenues
|
$
|
81,061
|
$
|
74,613
|
$
|
70,991
|
$
|
64,111
|
$
|
61,933
|
||||||
Operating
Expenses:
|
||||||||||||||||
Operations
and Maintenance
|
43,345
|
42,156
|
39,984
|
36,195
|
32,767
|
|||||||||||
Depreciation
|
7,060
|
6,460
|
5,846
|
5,363
|
4,963
|
|||||||||||
Other
Taxes
|
9,338
|
8,779
|
8,228
|
7,816
|
7,737
|
|||||||||||
Total
Operating Expenses
|
59,743
|
57,395
|
54,058
|
49,374
|
45,467
|
|||||||||||
Operating
Income
|
21,318
|
17,218
|
16,933
|
14,737
|
16,466
|
|||||||||||
Other
Income, Net
|
774
|
740
|
795
|
358
|
442
|
|||||||||||
Interest
Charges
|
7,012
|
6,245
|
5,468
|
5,227
|
5,144
|
|||||||||||
Income
Taxes
|
5,041
|
3,237
|
3,814
|
3,237
|
3,999
|
|||||||||||
Net
Income
|
10,039
|
8,476
|
8,446
|
6,631
|
7,765
|
|||||||||||
Preferred
Stock Dividend
|
248
|
251
|
255
|
255
|
255
|
|||||||||||
Earnings
Applicable to Common Stock
|
$
|
9,791
|
$
|
8,225
|
$
|
8,191
|
$
|
6,376
|
$
|
7,510
|
||||||
Earnings
per Share:
|
||||||||||||||||
Basic
|
$
|
0.83
|
$
|
0.72
|
$
|
0.74
|
$
|
0.61
|
$
|
0.73
|
||||||
Diluted
|
$
|
0.82
|
$
|
0.71
|
$
|
0.73
|
$
|
0.61
|
$
|
0.73
|
||||||
Average
Shares Outstanding:
|
||||||||||||||||
Basic
|
11,844
|
11,445
|
11,080
|
10,475
|
10,280
|
|||||||||||
Diluted
|
12,175
|
11,784
|
11,423
|
10,818
|
10,623
|
|||||||||||
Dividends
Declared and Paid
|
$
|
0.683
|
$
|
0.673
|
$
|
0.663
|
$
|
0.649
|
$
|
0.634
|
||||||
Total
Assets
|
$
|
370,267
|
$
|
324,383
|
$
|
305,634
|
$
|
267,956
|
$
|
251,971
|
||||||
Convertible
Preferred Stock
|
$
|
2,856
|
$
|
2,856
|
$
|
2,961
|
$
|
2,961
|
$
|
2,961
|
||||||
Long-term
Debt
|
$
|
130,706
|
$
|
128,175
|
$
|
115,281
|
$
|
97,377
|
$
|
87,483
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operation.
|
(Millions
of Dollars)
Fiscal
Years ended December 31,
|
|||||||||||||||||||
2006
|
2005
|
||||||||||||||||||
Regulated
|
Non-Regulated
|
Total
|
Regulated
|
Non-Regulated
|
Total
|
||||||||||||||
Revenues
|
$
|
71.9
|
$
|
9.2
|
$
|
81.1
|
$
|
66.3
|
$
|
8.3
|
$
|
74.6
|
|||||||
Operations
and maintenance
|
35.7
|
7.7
|
43.4
|
35.0
|
7.2
|
42.2
|
|||||||||||||
Depreciation
|
7.0
|
0.1
|
7.1
|
6.3
|
0.1
|
6.4
|
|||||||||||||
Other
taxes
|
9.1
|
0.2
|
9.3
|
8.6
|
0.2
|
8.8
|
|||||||||||||
Operating
income
|
20.1
|
1.2
|
21.3
|
16.4
|
0.8
|
17.2
|
|||||||||||||
Other
income (expense)
|
0.9
|
(0.1
|
)
|
0.8
|
0.7
|
0.0
|
0.7
|
||||||||||||
Interest
expense
|
7.0
|
-
|
7.0
|
6.2
|
-
|
6.2
|
|||||||||||||
Income
taxes
|
4.6
|
0.5
|
5.1
|
2.9
|
0.3
|
3.2
|
|||||||||||||
Net
income
|
$
|
9.4
|
$
|
0.6
|
$
|
10.0
|
$
|
8.0
|
$
|
0.5
|
$
|
8.5
|
(Millions
of Dollars)
Fiscal
Years ended December 31,
|
|||||||||||||||||||
2005
|
2004
|
||||||||||||||||||
Regulated
|
Non-Regulated
|
Total
|
Regulated
|
Non-Regulated
|
Total
|
||||||||||||||
Revenues
|
$
|
66.3
|
$
|
8.3
|
$
|
74.6
|
$
|
60.8
|
$
|
10.2
|
$
|
71.0
|
|||||||
Operations
and maintenance
|
35.0
|
7.2
|
42.2
|
31.0
|
9.0
|
40.0
|
|||||||||||||
Depreciation
|
6.3
|
0.1
|
6.4
|
5.8
|
0.1
|
5.9
|
|||||||||||||
Other
taxes
|
8.6
|
0.2
|
8.8
|
7.9
|
0.3
|
8.2
|
|||||||||||||
Operating
income
|
16.4
|
0.8
|
17.2
|
16.1
|
0.8
|
16.9
|
|||||||||||||
Other
income (expense)
|
0.7
|
0.0
|
0.7
|
0.8
|
0.0
|
0.8
|
|||||||||||||
Interest
expense
|
6.2
|
--
|
6.2
|
5.4
|
0.1
|
5.5
|
|||||||||||||
Income
taxes
|
2.9
|
0.3
|
3.2
|
3.5
|
0.3
|
3.8
|
|||||||||||||
Net
income
|
$
|
8.0
|
$
|
0.5
|
$
|
8.5
|
$
|
8.0
|
$
|
0.4
|
$
|
8.4
|
(Millions
of Dollars)
Payment
Due by Period
|
||||||||||||||||
Total
|
Less
than
1
Year
|
1-3
Years
|
4-5
Years
|
More
than
5
Years
|
||||||||||||
Long-term
Debt
|
$
|
133.2
|
$
|
2.5
|
$
|
20.4
|
$
|
5.6
|
$
|
104.7
|
||||||
Notes
Payable
|
---
|
---
|
---
|
---
|
---
|
|||||||||||
Interest
on Long-term Debt
|
104.8
|
6.6
|
12.0
|
10.5
|
75.7
|
|||||||||||
Purchased
Water Contracts
|
48.4
|
4.2
|
8.4
|
6.9
|
28.9
|
|||||||||||
Wastewater
Operations
|
55.7
|
4.0
|
8.3
|
8.7
|
34.7
|
|||||||||||
Employee Retirement Plans (1) | 3.5 | 3.5 | --- | --- | --- | |||||||||||
Total
|
$
|
345.6
|
$
|
20.8
|
$
|
49.1
|
$
|
31.7
|
$
|
244.0
|
||||||
(1) Amount not determinable after year one. |
MIDDLESEX
WATER COMPANY
|
||||||||||
CONSOLIDATED
BALANCE SHEETS
|
||||||||||
|
||||||||||
December
31,
|
December
31,
|
|||||||||
ASSETS
|
2006
|
2005
|
||||||||
UTILITY
PLANT:
|
Water
Production
|
$
|
95,323,657
|
$
|
91,403,549
|
|||||
|
Transmission
and Distribution
|
243,958,446
|
217,098,466
|
|||||||
General
|
25,153,277
|
23,292,087
|
||||||||
|
Construction
Work in Progress
|
6,131,037
|
6,127,634
|
|||||||
|
TOTAL
|
370,566,417
|
337,921,736
|
|||||||
|
Less
Accumulated Depreciation
|
59,693,678
|
54,960,290
|
|||||||
|
UTILITY
PLANT - NET
|
310,872,739
|
282,961,446
|
|||||||
CURRENT
ASSETS:
|
Cash
and Cash Equivalents
|
5,826,012
|
2,983,762
|
|||||||
|
Accounts
Receivable, net
|
8,538,302
|
8,074,929
|
|||||||
|
Unbilled
Revenues
|
4,013,285
|
3,737,627
|
|||||||
|
Materials
and Supplies (at average cost)
|
1,306,196
|
1,259,935
|
|||||||
|
Prepayments
|
1,228,620
|
927,254
|
|||||||
|
TOTAL
CURRENT ASSETS
|
20,912,415
|
16,983,507
|
|||||||
DEFERRED
CHARGES
|
Unamortized
Debt Expense
|
3,014,005
|
3,164,043
|
|||||||
AND
OTHER ASSETS:
|
Preliminary
Survey and Investigation Charges
|
3,436,124
|
1,774,817
|
|||||||
|
Regulatory
Assets
|
18,341,766
|
7,469,190
|
|||||||
|
Restricted
Cash
|
6,850,418
|
5,782,705
|
|||||||
|
Non-utility
Assets - Net
|
6,254,895
|
5,727,806
|
|||||||
|
Other
|
584,652
|
519,610
|
|||||||
|
TOTAL
DEFERRED CHARGES AND OTHER ASSETS
|
38,481,860
|
24,438,171
|
|||||||
|
TOTAL
ASSETS
|
$
|
370,267,014
|
$
|
324,383,124
|
|||||
CAPITALIZATION
AND LIABILITIES
|
||||||||||
CAPITALIZATION:
|
Common
Stock, No Par Value
|
$
|
104,248,456
|
$
|
76,160,949
|
|||||
|
Retained
Earnings
|
25,001,295
|
23,638,301
|
|||||||
|
Accumulated
Other Comprehensive Income (Loss), net of tax
|
94,255
|
(206,925
|
)
|
||||||
|
TOTAL
COMMON EQUITY
|
129,344,006
|
99,592,325
|
|||||||
|
Preferred
Stock
|
3,958,062
|
3,958,062
|
|||||||
|
Long-term
Debt
|
130,706,358
|
128,174,944
|
|||||||
|
TOTAL
CAPITALIZATION
|
264,008,426
|
231,725,331
|
|||||||
CURRENT
|
Current
Portion of Long-term Debt
|
2,500,537
|
1,930,617
|
|||||||
LIABILITIES:
|
Notes
Payable
|
-
|
4,000,000
|
|||||||
|
Accounts
Payable
|
5,490,514
|
6,038,060
|
|||||||
|
Accrued
Taxes
|
6,683,614
|
6,466,531
|
|||||||
|
Accrued
Interest
|
1,879,731
|
1,868,962
|
|||||||
|
Unearned
Revenues and Advanced Service Fees
|
600,626
|
473,627
|
|||||||
Other
|
984,476
|
707,446
|
||||||||
|
TOTAL
CURRENT LIABILITIES
|
18,139,498
|
21,485,243
|
|||||||
COMMITMENTS
AND CONTINGENT LIABILITIES (Note 4)
|
||||||||||
DEFERRED
CREDITS
|
Customer
Advances for Construction
|
19,246,396
|
17,180,962
|
|||||||
AND
OTHER LIABILITIES:
|
Accumulated
Deferred Investment Tax Credits
|
1,812,932
|
1,617,949
|
|||||||
|
Accumulated
Deferred Income Taxes
|
15,779,440
|
14,296,620
|
|||||||
|
Employee
Benefit Plans
|
16,387,754
|
6,650,724
|
|||||||
|
Regulatory
Liability - Cost of Utility Plant Removal
|
6,200,302
|
5,647,757
|
|||||||
|
Other
|
526,345
|
793,857
|
|||||||
|
TOTAL
DEFERRED CREDITS AND OTHER LIABILITIES
|
59,953,169
|
46,187,869
|
|||||||
CONTRIBUTIONS
IN AID OF CONSTRUCTION
|
28,165,921
|
24,984,681
|
||||||||
|
TOTAL
CAPITALIZATION AND LIABILITIES
|
$
|
370,267,014
|
$
|
324,383,124
|
|||||
See
Notes to Consolidated Financial Statements.
|
MIDDLESEX
WATER COMPANY
|
||||||||||
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||||
Years
Ended December 31,
|
||||||||||
2006
|
2005
|
2004
|
||||||||
Operating
Revenues
|
$
|
81,061,457
|
$
|
74,613,305
|
$
|
70,991,146
|
||||
Operating
Expenses:
|
||||||||||
Operations
|
39,797,755
|
38,635,382
|
36,519,355
|
|||||||
Maintenance
|
3,546,677
|
3,519,914
|
3,464,036
|
|||||||
Depreciation
|
7,060,360
|
6,460,241
|
5,846,191
|
|||||||
Other
Taxes
|
9,338,404
|
8,779,325
|
8,228,354
|
|||||||
Total
Operating Expenses
|
59,743,196
|
57,394,862
|
54,057,936
|
|||||||
Operating
Income
|
21,318,261
|
17,218,443
|
16,933,210
|
|||||||
Other
Income (Expense):
|
||||||||||
Allowance
for Funds Used During Construction
|
632,366
|
547,714
|
606,019
|
|||||||
Other
Income
|
159,288
|
219,572
|
221,950
|
|||||||
Other
Expense
|
(17,977
|
)
|
(27,593
|
)
|
(32,676
|
)
|
||||
Total
Other Income, net
|
773,677
|
739,693
|
795,293
|
|||||||
Interest
Charges
|
7,012,452
|
6,244,671
|
5,468,576
|
|||||||
Income
before Income Taxes
|
15,079,486
|
11,713,465
|
12,259,927
|
|||||||
Income
Taxes
|
5,040,591
|
3,237,324
|
3,814,418
|
|||||||
Net
Income
|
10,038,895
|
8,476,141
|
8,445,509
|
|||||||
Preferred
Stock Dividend Requirements
|
247,786
|
251,286
|
254,786
|
|||||||
Earnings
Applicable to Common Stock
|
$
|
9,791,109
|
$
|
8,224,855
|
$
|
8,190,723
|
||||
Earnings
per share of Common Stock:
|
||||||||||
Basic
|
$
|
0.83
|
$
|
0.72
|
$
|
0.74
|
||||
Diluted
|
$
|
0.82
|
$
|
0.71
|
$
|
0.73
|
||||
Average
Number of
|
||||||||||
Common
Shares Outstanding :
|
||||||||||
Basic
|
11,843,580
|
11,444,785
|
11,079,835
|
|||||||
Diluted
|
12,174,720
|
11,783,925
|
11,422,975
|
|||||||
Cash
Dividends Paid per Common Share
|
$
|
0.683
|
$
|
0.673
|
$
|
0.663
|
||||
See
Notes to Consolidated Financial Statements
|
MIDDLESEX
WATER COMPANY
|
||||||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
||||||||||
Twelve
Months Ended December 31,
|
||||||||||
2006
|
2005
|
2004
|
||||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||||
Net
Income
|
$
|
10,038,895
|
$
|
8,476,141
|
$
|
8,445,509
|
||||
Adjustments
to Reconcile Net Income to
|
||||||||||
Net
Cash Provided by Operating Activities:
|
||||||||||
Depreciation
and Amortization
|
7,761,243
|
7,159,670
|
6,387,808
|
|||||||
Provision
for Deferred Income Taxes and ITC
|
896,993
|
164,873
|
603,275
|
|||||||
Allowance
for Funds Used During Construction
|
(632,366
|
)
|
(547,714
|
)
|
(606,019
|
)
|
||||
Changes
in Assets and Liabilities:
|
||||||||||
Accounts
Receivable
|
(463,373
|
)
|
(1,758,076
|
)
|
(634,245
|
)
|
||||
Unbilled
Revenues
|
(275,658
|
)
|
(164,914
|
)
|
(337,925
|
)
|
||||
Materials
& Supplies
|
(46,261
|
)
|
(56,029
|
)
|
215,236
|
|||||
Prepayments
|
(301,366
|
)
|
(103,278
|
)
|
185,328
|
|||||
Other
Assets
|
(563,300
|
)
|
(151,166
|
)
|
(578,048
|
)
|
||||
Operations
Contracts Receivable
|
78,161
|
-
|
14,207
|
|||||||
Accounts
Payable
|
(538,220
|
)
|
(17,933
|
)
|
1,224,406
|
|||||
Accrued
Taxes
|
197,004
|
(323,227
|
)
|
528,715
|
||||||
Accrued
Interest
|
10,768
|
165,831
|
(107,508
|
)
|
||||||
Employee
Benefit Plans
|
(83,679
|
)
|
709,988
|
377,068
|
||||||
Unearned
Revenue & Advanced Service Fees
|
126,999
|
86,471
|
(215,698
|
)
|
||||||
Other
Liabilities
|
(298,779
|
)
|
(143,704
|
)
|
56,913
|
|||||
NET
CASH PROVIDED BY OPERATING ACTIVITIES
|
15,907,061
|
13,496,933
|
15,559,022
|
|||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||||
Utility
Plant Expenditures*
|
(30,360,491
|
)
|
(25,287,735
|
)
|
(28,878,576
|
)
|
||||
Cash
Surrender Value & Other Investments
|
(154,527
|
)
|
(294,372
|
)
|
(273,837
|
)
|
||||
Restricted
Cash
|
(1,035,943
|
)
|
7,637,175
|
(9,431,686
|
)
|
|||||
Preliminary
Survey & Investigation Charges
|
(1,661,307
|
)
|
(742,635
|
)
|
348,589
|
|||||
NET
CASH USED IN INVESTING ACTIVITIES
|
(33,212,268
|
)
|
(18,687,567
|
)
|
(38,235,510
|
)
|
||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||||
Redemption
of Long-term Debt
|
(1,914,900
|
)
|
(1,214,521
|
)
|
(1,067,258
|
)
|
||||
Proceeds
from Issuance of Long-term Debt
|
5,016,234
|
14,948,082
|
18,995,153
|
|||||||
Net
Short-term Bank Borrowings (Repayments)
|
(4,000,000
|
)
|
(7,000,000
|
)
|
(1,500,000
|
)
|
||||
Deferred
Debt Issuance Expenses
|
(27,858
|
)
|
(166,477
|
)
|
(65,219
|
)
|
||||
Common
Stock Issuance Expense
|
(238,405
|
)
|
-
|
(379,534
|
)
|
|||||
Restricted
Cash
|
(31,770
|
)
|
(162,774
|
)
|
-
|
|||||
Proceeds
from Issuance of Common Stock
|
28,087,507
|
4,076,047
|
15,055,874
|
|||||||
Payment
of Common Dividends
|
(8,189,710
|
)
|
(7,690,462
|
)
|
(7,375,629
|
)
|
||||
Payment
of Preferred Dividends
|
(247,786
|
)
|
(251,286
|
)
|
(254,786
|
)
|
||||
Construction
Advances and Contributions-Net
|
1,694,145
|
1,601,019
|
297,045
|
|||||||
NET
CASH PROVIDED BY FINANCING ACTIVITIES
|
20,147,457
|
4,139,628
|
23,705,646
|
|||||||
NET
CHANGES IN CASH AND CASH EQUIVALENTS
|
2,842,250
|
(1,051,006
|
)
|
1,029,158
|
||||||
CASH
AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
2,983,762
|
4,034,768
|
3,005,610
|
|||||||
CASH
AND CASH EQUIVALENTS AT END OF YEAR
|
$
|
5,826,012
|
$
|
2,983,762
|
$
|
4,034,768
|
||||
*Excludes
Allowance for Funds Used During Construction.
|
||||||||||
SUPPLEMENTAL
DISCLOSURE OF NON-CASH ACTIVITY:
|
||||||||||
Utility
Plant received as Construction Advances and
Contributions
|
$
|
3,543,203
|
$
|
5,149,990
|
$
|
2,722,121
|
||||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOWS INFORMATION:
|
||||||||||
Cash
Paid During the Year for:
|
||||||||||
Interest
|
$
|
6,937,230
|
$
|
5,990,089
|
$
|
5,409,803
|
||||
Interest
Capitalized
|
$
|
(632,366
|
)
|
$
|
(547,714
|
)
|
$
|
(606,019
|
)
|
|
Income
Taxes
|
$
|
4,351,550
|
$
|
3,792,000
|
$
|
3,074,513
|
||||
See
Notes to Consolidated Financial Statements.
|
MIDDLESEX
WATER COMPANY
|
|||||||
CONSOLIDATED
STATEMENTS OF CAPITAL STOCK
|
|||||||
AND
LONG-TERM DEBT
|
|||||||
|
December
31,
|
December
31,
|
|||||
2006
|
2005
|
||||||
Common
Stock, No Par Value
|
|||||||
Shares
Authorized - 20,000,000
|
|||||||
Shares
Outstanding - 2006 - 13,168,081
|
$
|
104,248,456
|
$
|
76,160,949
|
|||
2005
- 11,584,499
|
|||||||
Retained
Earnings
|
25,001,295
|
23,638,301
|
|||||
Accumulated
Other Comprehensive Income (Loss), net of tax
|
94,255
|
(206,925
|
)
|
||||
TOTAL
COMMON EQUITY
|
$
|
129,344,006
|
$
|
99,592,325
|
|||
Cumulative
Preference Stock, No Par Value:
|
|||||||
Shares
Authorized - 100,000
|
|||||||
Shares
Outstanding - None
|
|||||||
Cumulative
Preferred Stock, No Par Value
|
|||||||
Shares
Authorized - 139,497
|
|||||||
Convertible:
|
|||||||
Shares
Outstanding, $7.00 Series - 13,881
|
$
|
1,457,505
|
$
|
1,457,505
|
|||
Shares
Outstanding, $8.00 Series - 12,000
|
1,398,857
|
1,398,857
|
|||||
Nonredeemable:
|
|||||||
Shares
Outstanding, $7.00 Series - 1,017
|
101,700
|
101,700
|
|||||
Shares
Outstanding, $4.75 Series - 10,000
|
1,000,000
|
1,000,000
|
|||||
TOTAL
PREFERRED STOCK
|
$
|
3,958,062
|
$
|
3,958,062
|
|||
Long-term
Debt
|
|||||||
8.05%,
Amortizing Secured Note, due December 20, 2021
|
$
|
2,895,875
|
$
|
2,983,384
|
|||
6.25%,
Amortizing Secured Note, due May 22, 2028
|
8,995,000
|
9,415,000
|
|||||
6.44%,
Amortizing Secured Note, due August 25, 2030
|
6,626,667
|
6,906,667
|
|||||
6.46%,
Amortizing Secured Note, due September 19, 2031
|
6,906,667
|
7,000,000
|
|||||
4.22%,
State Revolving Trust Note, due December 31, 2022
|
738,773
|
754,164
|
|||||
3.30%
to 3.60%, State Revolving Trust Note, due May 1, 2025
|
3,099,950
|
3,018,254
|
|||||
3.49%,
State Revolving Trust Note, due January 25, 2027
|
598,144
|
278,144
|
|||||
4.03%,
State Revolving Trust Note, due December 1, 2026
|
914,537
|
-
|
|||||
4.00%
to 5.00%, State Revolving Trust Bond, due September 1,
2021
|
730,000
|
760,000
|
|||||
0.00%,
State Revolving Fund Bond, due September 1, 2021
|
577,222
|
614,436
|
|||||
First
Mortgage Bonds:
|
|||||||
5.20%,
Series S, due October 1, 2022
|
12,000,000
|
12,000,000
|
|||||
5.25%,
Series T, due October 1, 2023
|
6,500,000
|
6,500,000
|
|||||
6.40%,
Series U, due February 1, 2009
|
15,000,000
|
15,000,000
|
|||||
5.25%,
Series V, due February 1, 2029
|
10,000,000
|
10,000,000
|
|||||
5.35%,
Series W, due February 1, 2038
|
23,000,000
|
23,000,000
|
|||||
0.00%,
Series X, due September 1, 2018
|
646,897
|
700,280
|
|||||
4.25%
to 4.63%, Series Y, due September 1, 2018
|
820,000
|
870,000
|
|||||
0.00%,
Series Z, due September 1, 2019
|
1,454,749
|
1,567,367
|
|||||
5.25%
to 5.75%, Series AA, due September 1, 2019
|
1,890,000
|
1,990,000
|
|||||
0.00%,
Series BB, due September 1, 2021
|
1,804,982
|
1,926,956
|
|||||
4.00%
to 5.00%, Series CC, due September 1, 2021
|
2,090,000
|
2,185,000
|
|||||
5.10%,
Series DD, due January 1, 2032
|
6,000,000
|
6,000,000
|
|||||
0.00%,
Series EE, due September 1, 2024
|
7,482,432
|
7,715,909
|
|||||
3.00%
to 5.50%, Series FF, due September 1, 2024
|
8,735,000
|
8,920,000
|
|||||
0.00%,
Series GG, due August 1, 2026
|
1,750,000
|
-
|
|||||
4.00%
to 5.00%, Series HH, due August 1, 2026
|
1,950,000
|
-
|
|||||
SUBTOTAL
LONG-TERM DEBT
|
133,206,895
|
130,105,561
|
|||||
Less:
Current Portion of Long-term Debt
|
(2,500,537
|
)
|
(1,930,617
|
)
|
|||
TOTAL
LONG-TERM DEBT
|
$
|
130,706,358
|
$
|
128,174,944
|
|||
See
Notes to Consolidated Financial Statements.
|
MIDDLESEX
WATER COMPANY
CONSOLIDATED
STATEMENTS OF COMMON STOCKHOLDERS' EQUITY AND COMPREHENSIVE
INCOME
|
||||||||||||||||
Accumulated
|
||||||||||||||||
Common
|
Common
|
Other
|
||||||||||||||
Stock
|
Stock
|
Retained
|
Comprehensive
|
|||||||||||||
Shares
|
Amount
|
Earnings
|
Income
(Loss)
|
Total
|
||||||||||||
Balance
at January 1, 2004
|
10,566,937
|
$
|
56,924,028
|
$
|
22,668,348
|
$
|
50,808
|
$
|
79,643,184
|