Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 1284

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 1284
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 financial statements that were communicated or required to be communicated to the audit committee and
that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. We determined that there are no critical audit matters.

We have served as the Company's auditor since 2006.

Philadelphia, Pennsylvania

February 28, 2025

39 

 MIDDLESEX WATER COMPANY

CONSOLIDATED STATEMENTS OF INCOME

(In thousands except
per share amounts)

    Years Ended December 31, 

    2024  
    2023  
    2022 

    Operating Revenues 
    $191,877  
    $166,274  
    $162,434 

    Operating Expenses: 

    Operations and Maintenance 
     92,363  
     83,113  
     79,096 
  
    Depreciation 
     24,430  
     25,194  
     23,029 
  
    Other Taxes 
     21,874  
     18,744  
     18,208 

    Total Operating Expenses 
     138,667  
     127,051  
     120,333 

    Gain on Sale of Subsidiary 
     —  
     —  
     5,232 

    Operating Income 
     53,210  
     39,223  
     47,333 

    Other Income: 

    Allowance for Funds Used During Construction 
     1,254  
     2,433  
     2,314 
  
    Other Income, net 
     10,815  
     4,052  
     5,389 

    Total Other Income, net 
     12,069  
     6,485  
     7,703 

    Interest Charges 
     14,023  
     13,143  
     9,367 

    Income before Income Taxes 
     51,256  
     32,565  
     45,669 

    Income Taxes 
     6,905  
     1,041  
     3,240 

    Net Income 
     44,351  
     31,524