Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 764

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 4
Chunk 764
---
 before Income Taxes 
     51,256  
     32,565  
     45,669 

    Income Taxes 
     6,905  
     1,041  
     3,240 

    Net Income 
     44,351  
     31,524  
     42,429 

    Preferred Stock Dividend Requirements 
     112  
     120  
     120 

    Earnings Applicable to Common Stock 
    $44,239  
    $31,404  
    $42,309 

    Earnings per share of Common Stock: 

    Basic 
    $2.48  
    $1.77  
    $2.40 
  
    Diluted 
    $2.47  
    $1.76  
    $2.39 

    Average Number of 

    Common Shares Outstanding : 

    Basic 
     17,842  
     17,732  
     17,597 
  
    Diluted 
     17,946  
     17,847  
     17,712 

See Notes to Consolidated Financial Statements. 

40 

MIDDLESEX WATER COMPANY

CONSOLIDATED
BALANCE SHEETS

(In thousands)

    December 31,  
    December 31, 
  
    ASSETS 
      
    2024  
    2023 
  
    UTILITY PLANT: 
    Water Production 
    $314,924  
    $303,791 

    Transmission and Distribution 
     855,497  
     809,862 

    General 
     105,167  
     100,593 

    Construction Work in Progress 
     34,209  
     19,636 

    TOTAL 
     1,309,797  
     1,233,882 

    Less Accumulated Depreciation 
     254,425  
     235,540 

    UTILITY PLANT - NET 
     1,055,372  
     998,342 

    CURRENT ASSETS: 
    Cash and Cash Equivalents 
     4,226  
     2,390 

    Accounts Receivable, net of allowance for credit losses of $2,695 and $2,137, respectively in