Company: MSEX
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001174947-25-000677
Chunk: 3

Company: MIDDLESEX WATER CO
Filing Date: 2025-05-01
Form: 10-Q
Item: Item 1
Chunk 3
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(In thousands)

    Three Months Ended March  31, 

    2025  
    2024 
  
    CASH FLOWS FROM OPERATING ACTIVITIES: 

    Net Income 
    $9,479  
    $10,682 
  
    Adjustments to Reconcile Net Income to 

    Net Cash Provided by Operating Activities: 

    Depreciation and Amortization 
     7,913  
     5,979 
  
    Provision for Deferred Income Taxes and Investment Tax Credits 
     (1,142) 
     1,382 
  
    Equity Portion of Allowance for Funds Used During Construction (AFUDC) 
     (218) 
     (102)
  
    Cash Surrender Value of Life Insurance 
     88  
     (113)
  
    Stock Compensation Expense 
     389  
     (465)
  
    Changes in Assets and Liabilities: 

    Accounts Receivable 
     (1,279) 
     2,440 
  
    Unbilled Revenues 
     480  
     (2,015)
  
    Materials & Supplies 
     (312) 
     (100)
  
    Prepayments 
     (3,984) 
     (2,538)
  
    Accounts Payable 
     (195) 
     (4,375)
  
    Accrued Taxes 
     5,468  
     4,184 
  
    Accrued Interest 
     (460) 
     (488)
  
    Employee Benefit Plans 
     (1,324) 
     (867)
  
    Unearned Revenue & Advanced Service Fees 
     59  
     (25)
  
    Recovered Costs -  Litigation Settlement 
     —  
     (6,027)
  
    Other Assets and Liabilities 
     (1,180) 
     (900)

    NET CASH PROVIDED BY OPERATING ACTIVITIES 
     13,782  
     6,652 
  
    CASH FLOWS FROM INVESTING ACTIVITIES: 

    Utility Plant Expenditures, Including AFUDC of $154 in 2025, $74 in 2024 
     (18,911) 
     (14,389)

    NET CASH USED IN