Company: MSEX
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001628280-25-047821
Chunk: 70

Company: MIDDLESEX WATER CO
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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 regulations promulgated by state public utility commissions as to rates and level of service. Rates and level of service in the Non-Regulated segment are subject to the terms of individually-negotiated and executed contracts with municipal, industrial and other clients. Both segments are subject to federal and state environmental, water and wastewater quality and other associated legal and regulatory requirements.

The segments in the tables included below are comprised of the following companies: Regulated-Middlesex, Tidewater, Pinelands and Southern Shores; Non-Regulated-USA, USA-PA, and White Marsh.

Results of Operations – Three Months Ended September 30, 2025

(In Thousands)Three Months Ended September 30,20252024RegulatedNon- RegulatedTotalRegulatedNon- RegulatedTotalOperating Revenues$50,907 $3,184 $54,091 $51,892 $3,208 $55,100 Operations and Maintenance Expense21,554 2,184 23,738 23,092 2,267 25,359 Depreciation6,871 70 6,941 6,245 64 6,309 Other Taxes5,656 53 5,709 5,882 49 5,931 Operating Income$16,826 $877 $17,703 $16,673 $828 $17,501 Other Income, net1,825 61 1,886 1,892 76 1,968 Interest Charges4,200 — 4,200 3,411 — 3,411 Income Taxes1,116 315 1,431 1,457 282 1,739 Net Income$13,335 $623 $13,958 $13,697 $622 $14,319 

Operating Revenues

Operating revenues for the three months ended September 30, 2025 decreased $1.0 million from the same period in 2024 due to the following factors:

•Middlesex System revenues decreased $1.3 million due to lower customer consumption driven by unfavorable weather partially offset by increased Distribution System Improvement Charge (DSIC) and Lead Service Line (LSL) Recovery rate increases (see Note 2, Rate and Regulatory Matters); and

•Tidewater System revenues increased $0.3 million due to customer growth and base rate increases partially offset by lower