|
þ
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
New
Jersey
(State
of incorporation)
|
22-1114430
(IRS
employer identification no.)
|
Large
accelerated filer ¨
|
Accelerated
filer þ
|
Non-accelerated
filer ¨
|
PAGE
|
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1
|
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2
|
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3
|
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4
|
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5
|
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12
|
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17
|
||
18
|
||
18
|
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18
|
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18
|
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18
|
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19
|
||
19
|
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19
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20
|
MIDDLESEX
WATER COMPANY
|
||||||||||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF
INCOME
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
(In
thousands except per share amounts)
|
||||||||||||||||
Three
Months Ended September 30,
|
Nine
Months Ended September 30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Operating
Revenues
|
$ |
24,135
|
$ |
22,632
|
$ |
64,868
|
$ |
61,899
|
||||||||
Operating
Expenses:
|
||||||||||||||||
Operations
|
10,915
|
10,446
|
31,250
|
30,104
|
||||||||||||
Maintenance
|
1,046
|
907
|
3,060
|
2,440
|
||||||||||||
Depreciation
|
1,887
|
1,883
|
5,607
|
5,264
|
||||||||||||
Other
Taxes
|
2,558
|
2,537
|
7,221
|
7,110
|
||||||||||||
Total
Operating Expenses
|
16,406
|
15,773
|
47,138
|
44,918
|
||||||||||||
Operating
Income
|
7,729
|
6,859
|
17,730
|
16,981
|
||||||||||||
Other
Income:
|
||||||||||||||||
Allowance
for Funds Used During Construction
|
168
|
170
|
421
|
398
|
||||||||||||
Other
Income
|
100
|
41
|
608
|
140
|
||||||||||||
Other
Expense
|
(9 | ) | (6 | ) | (21 | ) | (20 | ) | ||||||||
Total
Other Income, net
|
259
|
205
|
1,008
|
518
|
||||||||||||
Interest
Charges
|
1,734
|
1,890
|
4,816
|
5,213
|
||||||||||||
Income
before Income Taxes
|
6,254
|
5,174
|
13,922
|
12,286
|
||||||||||||
Income
Taxes
|
2,096
|
1,797
|
4,680
|
4,129
|
||||||||||||
Net
Income
|
4,158
|
3,377
|
9,242
|
8,157
|
||||||||||||
Preferred
Stock Dividend Requirements
|
62
|
62
|
186
|
186
|
||||||||||||
Earnings
Applicable to Common Stock
|
$ |
4,096
|
$ |
3,315
|
$ |
9,056
|
$ |
7,971
|
||||||||
Earnings
per share of Common Stock:
|
||||||||||||||||
Basic
|
$ |
0.31
|
$ |
0.29
|
$ |
0.69
|
$ |
0.69
|
||||||||
Diluted
|
$ |
0.31
|
$ |
0.28
|
$ |
0.68
|
$ |
0.68
|
||||||||
Average
Number of
|
||||||||||||||||
Common
Shares Outstanding :
|
||||||||||||||||
Basic
|
13,206
|
11,630
|
13,191
|
11,611
|
||||||||||||
Diluted
|
13,537
|
11,961
|
13,522
|
11,943
|
||||||||||||
Cash
Dividends Paid per Common Share
|
$ |
0.1725
|
$ |
0.1700
|
$ |
0.5175
|
$ |
0.5100
|
See
Notes to Condensed Consolidated Financial Statements.
|
MIDDLESEX
WATER COMPANY
|
||||||||
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
||||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
September
30,
|
December
31,
|
|||||||
ASSETS
|
2007
|
2006
|
||||||
UTILITY
PLANT:
|
Water
Production
|
$ |
98,399
|
$ |
95,324
|
|||
Transmission
and Distribution
|
258,478
|
243,959
|
||||||
General
|
24,867
|
25,153
|
||||||
Construction
Work in Progress
|
6,826
|
6,131
|
||||||
TOTAL
|
388,570
|
370,567
|
||||||
Less
Accumulated Depreciation
|
63,535
|
59,694
|
||||||
UTILITY
PLANT - NET
|
325,035
|
310,873
|
||||||
CURRENT
ASSETS:
|
Cash
and Cash Equivalents
|
2,666
|
5,826
|
|||||
Accounts
Receivable, net
|
11,854
|
8,538
|
||||||
Unbilled
Revenues
|
5,632
|
4,013
|
||||||
Materials
and Supplies (at average cost)
|
1,338
|
1,306
|
||||||
Prepayments
|
1,645
|
1,229
|
||||||
TOTAL
CURRENT ASSETS
|
23,135
|
20,912
|
||||||
DEFERRED
CHARGES
|
Unamortized
Debt Expense
|
2,909
|
3,014
|
|||||
AND
OTHER ASSETS:
|
Preliminary
Survey and Investigation Charges
|
5,274
|
3,436
|
|||||
Regulatory
Assets
|
20,210
|
18,342
|
||||||
Restricted
Cash
|
4,441
|
6,850
|
||||||
Non-utility
Assets - Net
|
6,776
|
6,255
|
||||||
Other
|
536
|
585
|
||||||
TOTAL
DEFERRED CHARGES AND OTHER ASSETS
|
40,146
|
38,482
|
||||||
TOTAL
ASSETS
|
$ |
388,316
|
$ |
370,267
|
||||
CAPITALIZATION
AND LIABILITIES
|
||||||||
CAPITALIZATION:
|
Common
Stock, No Par Value
|
$ |
105,308
|
$ |
104,248
|
|||
Retained
Earnings
|
27,218
|
25,001
|
||||||
Accumulated
Other Comprehensive Income, net of tax
|
73
|
94
|
||||||
TOTAL
COMMON EQUITY
|
132,599
|
129,343
|
||||||
Preferred
Stock
|
3,958
|
3,958
|
||||||
Long-term
Debt
|
128,446
|
130,706
|
||||||
TOTAL
CAPITALIZATION
|
265,003
|
264,007
|
||||||
CURRENT
|
Current
Portion of Long-term Debt
|
2,678
|
2,501
|
|||||
LIABILITIES:
|
Notes
Payable
|
6,550
|
-
|
|||||
Accounts
Payable
|
6,674
|
5,491
|
||||||
Accrued
Taxes
|
8,041
|
6,684
|
||||||
Accrued
Interest
|
904
|
1,880
|
||||||
Unearned
Revenues and Advanced Service Fees
|
758
|
601
|
||||||
Other
|
1,332
|
984
|
||||||
TOTAL
CURRENT LIABILITIES
|
26,937
|
18,141
|
||||||
COMMITMENTS
AND CONTINGENT LIABILITIES (Note 7)
|
||||||||
DEFERRED
CREDITS
|
Customer
Advances for Construction
|
21,343
|
19,246
|
|||||
AND
OTHER LIABILITIES:
|
Accumulated
Deferred Investment Tax Credits
|
1,754
|
1,813
|
|||||
Accumulated
Deferred Income Taxes
|
18,376
|
15,779
|
||||||
Employee
Benefit Plans
|
16,658
|
16,388
|
||||||
Regulatory
Liability - Cost of Utility Plant Removal
|
6,682
|
6,200
|
||||||
Other
|
443
|
527
|
||||||
TOTAL
DEFERRED CREDITS AND OTHER LIABILITIES
|
65,256
|
59,953
|
||||||
CONTRIBUTIONS
IN AID OF CONSTRUCTION
|
31,120
|
28,166
|
||||||
TOTAL
CAPITALIZATION AND LIABILITIES
|
$ |
388,316
|
$ |
370,267
|
See
Notes to Condensed Consolidated Financial Statements.
|
||||||||
MIDDLESEX
WATER COMPANY
|
||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
||||||||
(Unaudited)
|
||||||||
(In
thousands)
|
||||||||
Nine
Months Ended September 30,
|
||||||||
2007
|
2006
|
|||||||
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net
Income
|
$ |
9,242
|
$ |
8,157
|
||||
Adjustments
to Reconcile Net Income to
|
||||||||
Net
Cash Provided by Operating Activities:
|
||||||||
Depreciation
and Amortization
|
6,149
|
5,817
|
||||||
Provision
for Deferred Income Taxes and ITC
|
628
|
241
|
||||||
Equity
Portion of AFUDC
|
(201 | ) | (167 | ) | ||||
Cash
Surrender Value of Life Insurance
|
(275 | ) | (155 | ) | ||||
Gain
on Sale of Real Estate
|
(212 | ) |
-
|
|||||
Changes
in Assets and Liabilities:
|
||||||||
Accounts
Receivable
|
(2,939 | ) | (1,496 | ) | ||||
Unbilled
Revenues
|
(1,619 | ) | (1,373 | ) | ||||
Materials
& Supplies
|
(32 | ) | (370 | ) | ||||
Prepayments
|
(416 | ) | (777 | ) | ||||
Other
Assets
|
(447 | ) | (383 | ) | ||||
Accounts
Payable
|
1,183
|
1,006
|
||||||
Accrued
Taxes
|
1,368
|
1,535
|
||||||
Accrued
Interest
|
(976 | ) | (960 | ) | ||||
Employee
Benefit Plans
|
270
|
301
|
||||||
Unearned
Revenue & Advanced Service Fees
|
157
|
94
|
||||||
Other
Liabilities
|
266
|
80
|
||||||
NET
CASH PROVIDED BY OPERATING ACTIVITIES
|
12,146
|
11,550
|
||||||
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Utility
Plant Expenditures, Including AFUDC of $220 in 2007 and $231 in
2006
|
(15,579 | ) | (20,932 | ) | ||||
Restricted
Cash
|
2,420
|
745
|
||||||
Proceeds
from Real Estate Dispositions
|
273
|
-
|
||||||
Preliminary
Survey & Investigation Charges
|
(1,838 | ) | (1,338 | ) | ||||
NET
CASH USED IN INVESTING ACTIVITIES
|
(14,724 | ) | (21,525 | ) | ||||
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Redemption
of Long-term Debt
|
(2,214 | ) | (1,647 | ) | ||||
Proceeds
from Issuance of Long-term Debt
|
132
|
321
|
||||||
Net
Short-term Bank Borrowings
|
6,550
|
14,200
|
||||||
Deferred
Debt Issuance Expenses
|
(30 | ) | (1 | ) | ||||
Common
Stock Issuance Expense
|
(15 | ) | (10 | ) | ||||
Restricted
Cash
|
(11 | ) | (16 | ) | ||||
Proceeds
from Issuance of Common Stock
|
1,060
|
1,182
|
||||||
Payment
of Common Dividends
|
(6,825 | ) | (5,920 | ) | ||||
Payment
of Preferred Dividends
|
(186 | ) | (186 | ) | ||||
Construction
Advances and Contributions-Net
|
957
|
478
|
||||||
NET
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
(582 | ) |
8,401
|
|||||
NET
CHANGES IN CASH AND CASH EQUIVALENTS
|
(3,160 | ) | (1,574 | ) | ||||
CASH
AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
5,826
|
2,984
|
||||||
CASH
AND CASH EQUIVALENTS AT END OF PERIOD
|
$ |
2,666
|
$ |
1,410
|
||||
SUPPLEMENTAL
DISCLOSURE OF NON-CASH ACTIVITY:
|
||||||||
Utility
Plant received as Construction Advances and Contributions
|
$ |
3,717
|
$ |
2,995
|
||||
SUPPLEMENTAL
DISCLOSURE OF CASH FLOWS INFORMATION:
|
||||||||
Cash
Paid During the Year for:
|
||||||||
Interest
|
$ |
5,795
|
$ |
6,153
|
||||
Interest
Capitalized
|
$ | (220 | ) | $ | (231 | ) | ||
Income
Taxes
|
$ |
2,882
|
$ |
3,111
|
||||
See
Notes to Condensed Consolidated Financial Statements.
|
MIDDLESEX
WATER COMPANY
|
||||||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF CAPITAL STOCK
|
||||||||||||
AND
LONG-TERM DEBT
|
||||||||||||
(Unaudited)
|
||||||||||||
(In
thousands)
|
||||||||||||
September
30,
|
December
31,
|
|||||||||||
2007
|
2006
|
|||||||||||
Common
Stock, No Par Value
|
||||||||||||
Shares
Authorized - 40,000
|
||||||||||||
Shares
Outstanding - 2007 - 13,214
|
$ |
105,308
|
$ |
104,248
|
||||||||
2006 - 13,168 | ||||||||||||
Retained
Earnings
|
27,218
|
25,001
|
||||||||||
Accumulated
Other Comprehensive Income, net of tax
|
73
|
94
|
||||||||||
TOTAL
COMMON EQUITY
|
$ |
132,599
|
$ |
129,343
|
||||||||
Cumulative
Preference Stock, No Par Value:
|
||||||||||||
Shares
Authorized - 100
|
||||||||||||
Shares
Outstanding - None
|
||||||||||||
Cumulative
Preferred Stock, No Par Value:
|
||||||||||||
Shares
Authorized - 139
|
||||||||||||
Shares
Outstanding - 37
|
||||||||||||
Convertible:
|
||||||||||||
Shares
Outstanding, $7.00 Series - 14
|
1,457
|
1,457
|
||||||||||
Shares
Outstanding, $8.00 Series - 12
|
1,399
|
1,399
|
||||||||||
Nonredeemable:
|
||||||||||||
Shares
Outstanding, $7.00 Series - 1
|
102
|
102
|
||||||||||
Shares
Outstanding, $4.75 Series - 10
|
1,000
|
1,000
|
||||||||||
TOTAL
PREFERRED STOCK
|
$ |
3,958
|
$ |
3,958
|
||||||||
Long-term
Debt:
|
||||||||||||
8.05%,
Amortizing Secured Note, due December 20, 2021
|
$ |
2,825
|
$ |
2,896
|
||||||||
6.25%,
Amortizing Secured Note, due May 22, 2028
|
8,680
|
8,995
|
||||||||||
6.44%,
Amortizing Secured Note, due August 25, 2030
|
6,417
|
6,627
|
||||||||||
6.46%,
Amortizing Secured Note, due September 19, 2031
|
6,696
|
6,907
|
||||||||||
4.22%,
State Revolving Trust Note, due December 31, 2022
|
707
|
739
|
||||||||||
3.30%
to 3.60%, State Revolving Trust Note, due May 1, 2025
|
3,168
|
3,100
|
||||||||||
3.49%,
State Revolving Trust Note, due January 25, 2027
|
603
|
598
|
||||||||||
4.03%,
State Revolving Trust Note, due December 1, 2026
|
974
|
914
|
||||||||||
4.00%
to 5.00%, State Revolving Trust Bond, due September 1,
2021
|
695
|
730
|
||||||||||
0.00%,
State Revolving Fund Bond, due September 1, 2021
|
537
|
577
|
||||||||||
First
Mortgage Bonds:
|
||||||||||||
5.20%,
Series S, due October 1, 2022
|
12,000
|
12,000
|
||||||||||
5.25%,
Series T, due October 1, 2023
|
6,500
|
6,500
|
||||||||||
6.40%,
Series U, due February 1, 2009
|
15,000
|
15,000
|
||||||||||
5.25%,
Series V, due February 1, 2029
|
10,000
|
10,000
|
||||||||||
5.35%,
Series W, due February 1, 2038
|
23,000
|
23,000
|
||||||||||
0.00%,
Series X, due September 1, 2018
|
592
|
647
|
||||||||||
4.25%
to 4.63%, Series Y, due September 1, 2018
|
765
|
820
|
||||||||||
0.00%,
Series Z, due September 1, 2019
|
1,342
|
1,455
|
||||||||||
5.25%
to 5.75%, Series AA, due September 1, 2019
|
1,785
|
1,890
|
||||||||||
0.00%,
Series BB, due September 1, 2021
|
1,686
|
1,805
|
||||||||||
4.00%
to 5.00%, Series CC, due September 1, 2021
|
1,995
|
2,090
|
||||||||||
5.10%,
Series DD, due January 1, 2032
|
6,000
|
6,000
|
||||||||||
0.00%,
Series EE, due September 1, 2024
|
7,112
|
7,482
|
||||||||||
3.00%
to 5.50%, Series FF, due September 1, 2024
|
8,385
|
8,735
|
||||||||||
0.00%,
Series GG, due September 1, 2026
|
1,710
|
1,750
|
||||||||||
4.00%
to 5.00%, Series HH, due September 1, 2026
|
1,950
|
1,950
|
||||||||||
SUBTOTAL
LONG-TERM DEBT
|
131,124
|
133,207
|
||||||||||
Less:
Current Portion of Long-term Debt
|
(2,678 | ) | (2,501 | ) | ||||||||
TOTAL
LONG-TERM DEBT
|
$ |
128,446
|
$ |
130,706
|
(In
Thousands Except per Share Amounts)
Three
Months Ended September 30,
|
||||||||||||||||
Basic:
|
2007
|
Shares
|
2006
|
Shares
|
||||||||||||
Net
Income
|
$ |
4,158
|
13,206
|
$ |
3,377
|
11,630
|
||||||||||
Preferred
Dividend
|
(62 | ) |
|
(62 | ) |
|
||||||||||
Earnings
Applicable to Common Stock
|
$ |
4,096
|
13,206
|
$ |
3,315
|
11,630
|
||||||||||
Basic
EPS
|
$ |
0.31
|
$ |
0.29
|
Diluted:
|
||||||||||||||||
Earnings
Applicable to Common Stock
|
$ |
4,096
|
13,206
|
$ |
3,315
|
11,630
|
||||||||||
$7.00
Series Preferred Dividend
|
24
|
167
|
24
|
167
|
||||||||||||
$8.00
Series Preferred Dividend
|
24
|
164
|
24
|
164
|
||||||||||||
Adjusted
Earnings Applicable to Common Stock
|
$ |
4,144
|
13,537
|
$ |
3,363
|
11,961
|
||||||||||
Diluted
EPS
|
$ |
0.31
|
$ |
0.28
|
Nine
Months Ended September 30,
|
||||||||||||||||
Basic:
|
2007
|
Shares
|
2006
|
Shares
|
||||||||||||
Net
Income
|
$ |
9,242
|
13,191
|
$ |
8,157
|
11,611
|
||||||||||
Preferred
Dividend
|
(186 | ) |
|
(186 | ) |
|
||||||||||
Earnings
Applicable to Common Stock
|
$ |
9,056
|
13,191
|
$ |
7,971
|
11,611
|
||||||||||
Basic
EPS
|
$ |
0.69
|
$ |
0.69
|
||||||||||||
Diluted:
|
||||||||||||||||
Earnings
Applicable to Common Stock
|
$ |
9,056
|
13,191
|
$ |
7,971
|
11,611
|
||||||||||
$7.00
Series Preferred Dividend
|
73
|
167
|
73
|
167
|
||||||||||||
$8.00
Series Preferred Dividend
|
72
|
164
|
72
|
164
|
||||||||||||
Adjusted
Earnings Applicable to Common Stock
|
$ |
9,201
|
13,522
|
$ |
8,116
|
11,942
|
||||||||||
Diluted
EPS
|
$ |
0.68
|
$ |
0.68
|
(In
Thousands)
|
||||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
Operations
by Segments:
|
2007
|
2006
|
2007
|
2006
|
||||||||||||
Revenues:
|
||||||||||||||||
Regulated
|
$ |
21,906
|
$ |
20,388
|
$ |
58,239
|
$ |
55,051
|
||||||||
Non
– Regulated
|
2,399
|
2,330
|
6,956
|
6,994
|
||||||||||||
Inter-segment
Elimination
|
(170 | ) | (86 | ) | (327 | ) | (146 | ) | ||||||||
Consolidated
Revenues
|
$ |
24,135
|
$ |
22,632
|
$ |
64,868
|
$ |
61,899
|
||||||||
Operating
Income:
|
||||||||||||||||
Regulated
|
$ |
7,384
|
$ |
6,596
|
$ |
16,806
|
$ |
16,046
|
||||||||
Non
– Regulated
|
345
|
263
|
924
|
935
|
||||||||||||
Consolidated
Operating Income
|
$ |
7,729
|
$ |
6,859
|
$ |
17,730
|
$ |
16,981
|
Net
Income:
|
||||||||||||||||
Regulated
|
$ |
3,959
|
$ |
3,254
|
$ |
8,739
|
$ |
7,662
|
||||||||
Non
– Regulated
|
199
|
123
|
503
|
495
|
||||||||||||
Consolidated
Net Income
|
$ |
4,158
|
$ |
3,377
|
$ |
9,242
|
$ |
8,157
|
||||||||
Capital
Expenditures:
|
||||||||||||||||
Regulated
|
$ |
6,724
|
$ |
8,906
|
$ |
15,273
|
$ |
20,707
|
||||||||
Non
– Regulated
|
81
|
7
|
306
|
225
|
||||||||||||
Total
Capital Expenditures
|
$ |
6,805
|
$ |
8,913
|
$ |
15,579
|
$ |
20,932
|
||||||||
As
of
September
30,
2007
|
As
of
December
31,
2006
|
|||||||||||||||
Assets:
|
||||||||||||||||
Regulated
|
$ |
383,837
|
$ |
366,149
|
||||||||||||
Non
– Regulated
|
7,673
|
6,808
|
||||||||||||||
Inter-segment
Elimination
|
(3,194 | ) | (2,690 | ) | ||||||||||||
Consolidated
Assets
|
$ |
388,316
|
$ |
370,267
|
(In
Thousands)
|
||||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Purchased
Water
|
||||||||||||||||
Treated
|
$ |
569
|
$ |
475
|
$ |
1,568
|
$ |
1,409
|
||||||||
Untreated
|
602
|
647
|
1,730
|
1,706
|
||||||||||||
Total
Costs
|
$ |
1,171
|
$ |
1,122
|
$ |
3,298
|
$ |
3,115
|
(In
Thousands)
|
||||||||||||||||
Pension
Benefits
|
Other
Benefits
|
|||||||||||||||
Three
Months Ended September 30,
|
||||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Service
Cost
|
$ |
324
|
$ |
328
|
$ |
205
|
$ |
189
|
||||||||
Interest
Cost
|
452
|
426
|
224
|
201
|
||||||||||||
Expected
Return on Assets
|
(455 | ) | (402 | ) | (120 | ) | (83 | ) | ||||||||
Amortization
of Unrecognized Losses
|
19
|
64
|
84
|
111
|
||||||||||||
Amortization
of Unrecognized Prior Service Cost
|
2
|
3
|
-
|
-
|
||||||||||||
Amortization
of Transition Obligation
|
-
|
-
|
34
|
34
|
||||||||||||
Net
Periodic Benefit Cost
|
$ |
342
|
$ |
419
|
$ |
427
|
$ |
452
|
Pension
Benefits
|
Other
Benefits
|
|||||||||||||||
Nine
Months Ended September 30,
|
||||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Service
Cost
|
$ |
972
|
$ |
972
|
$ |
616
|
$ |
555
|
||||||||
Interest
Cost
|
1,356
|
1,281
|
671
|
620
|
||||||||||||
Expected
Return on Assets
|
(1,364 | ) | (1,219 | ) | (361 | ) | (256 | ) | ||||||||
Amortization
of Unrecognized Losses
|
56
|
184
|
253
|
351
|
||||||||||||
Amortization
of Unrecognized Prior Service Cost
|
7
|
6
|
-
|
-
|
||||||||||||
Amortization
of Transition Obligation
|
-
|
-
|
101
|
101
|
||||||||||||
Net
Periodic Benefit Cost
|
$ |
1,027
|
$ |
1,224
|
$ |
1,280
|
$ |
1,371
|
||||||||
(In
Thousands)
|
||||||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Net
Income
|
$ |
4,158
|
$ |
3,377
|
$ |
9,242
|
$ |
8,157
|
||||||||
Other
Comprehensive Income:
|
||||||||||||||||
Change
in Value of Equity Investments,
Net
of Income Tax
|
(6 | ) |
39
|
(21 | ) |
39
|
||||||||||
Other
Comprehensive Income
|
(6 | ) |
39
|
(21 | ) |
39
|
||||||||||
Comprehensive
Income
|
$ |
4,152
|
$ |
3,416
|
$ |
9,221
|
$ |
8,196
|
|
-
|
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
regarding expectations and events concerning capital
expenditures;
|
|
-
|
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 quarterly
report.
|
(In
Thousands)
|
||||||||||||||||||||||||
Three
Months Ended September 30,
|
||||||||||||||||||||||||
2007
|
2006
|
|||||||||||||||||||||||
Regulated
|
Non-
Regulated
|
Total
|
Regulated
|
Non-
Regulated
|
Total
|
|||||||||||||||||||
Revenues
|
$ |
21,906
|
$ |
2,229
|
$ |
24,135
|
$ |
20,388
|
$ |
2,244
|
$ |
22,632
|
||||||||||||
Operations
and maintenance expenses
|
10,173
|
1,788
|
11,961
|
9,467
|
1,886
|
11,353
|
||||||||||||||||||
Depreciation
expense
|
1,854
|
33
|
1,887
|
1,850
|
33
|
1,883
|
||||||||||||||||||
Other
taxes
|
2,495
|
63
|
2,558
|
2,475
|
62
|
2,537
|
||||||||||||||||||
Operating
income
|
7,384
|
345
|
7,729
|
6,596
|
263
|
6,859
|
||||||||||||||||||
Other
income
|
259
|
-
|
259
|
205
|
-
|
205
|
||||||||||||||||||
Interest
expense
|
1,707
|
27
|
1,734
|
1,867
|
23
|
1,890
|
||||||||||||||||||
Income
taxes
|
1,977
|
119
|
2,096
|
1,680
|
117
|
1,797
|
||||||||||||||||||
Net
income
|
$ |
3,959
|
$ |
199
|
$ |
4,158
|
$ |
3,254
|
$ |
123
|
$ |
3,377
|
(In
Thousands)
|
||||||||||||||||||||||||
Nine
Months Ended September 30,
|
||||||||||||||||||||||||
2007
|
2006
|
|||||||||||||||||||||||
Regulated
|
Non-
Regulated
|
Total
|
Regulated
|
Non-
Regulated
|
Total
|
|||||||||||||||||||
Revenues
|
$ |
58,239
|
$ |
6,629
|
$ |
64,868
|
$ |
55,051
|
$ |
6,848
|
$ |
61,899
|
||||||||||||
Operations
and maintenance expenses
|
28,884
|
5,426
|
34,310
|
26,899
|
5,645
|
32,544
|
||||||||||||||||||
Depreciation
expense
|
5,510
|
97
|
5,607
|
5,174
|
90
|
5,264
|
||||||||||||||||||
Other
taxes
|
7,039
|
182
|
7,221
|
6,932
|
178
|
7,110
|
||||||||||||||||||
Operating
income
|
16,806
|
924
|
17,730
|
16,046
|
935
|
16,981
|
||||||||||||||||||
Other
income
|
1,008
|
-
|
1,008
|
518
|
-
|
518
|
||||||||||||||||||
Interest
expense
|
4,738
|
78
|
4,816
|
5,140
|
73
|
5,213
|
||||||||||||||||||
Income
taxes
|
4,337
|
343
|
4,680
|
3,762
|
367
|
4,129
|
||||||||||||||||||
Net
income
|
$ |
8,739
|
$ |
503
|
$ |
9,242
|
$ |
7,662
|
$ |
495
|
$ |
8,157
|