Company: MSEX
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001174947-25-001119
Chunk: 109

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 2
Chunk 109
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     5,642  
     5,640  
     61  
     5,701 
  
    Operating Income 
    $12,943  
    $969  
    $13,912  
    $14,314  
    $1,001  
    $15,315 

    Other Income, net 
     1,860  
     38  
     1,898  
     2,606  
     50  
     2,656 
  
    Interest Charges 
     3,623  
     —  
     3,623  
     4,041  
     —  
     4,041 
  
    Income Taxes 
     1,088  
     321  
     1,409  
     3,053  
     331  
     3,384 
  
    Net Income 
    $10,092  
    $686  
    $10,778  
    $9,826  
    $720  
    $10,546 

22 

Operating Revenues

Operating revenues for the three months ended June
30, 2025 increased $0.2 million from the same period in 2024 due to the following factors:

●Middlesex System revenues decreased $0.3 million due to lower customer consumption driven by unfavorable
weather partially offset by increased DSIC and Lead Service Line (LSL) Recovery rate increases (see Note 2, Rate and Regulatory Matters)
;

●Tidewater System revenues increased $0.6 million due to customer growth and an interim rate increase effective
November 1, 2024 partially offset by lower customer consumption driven by unfavorable weather;

●Non-regulated revenues decreased $0.2 million, primarily due to lower supplemental contract services;
and

●All other revenue categories increased $0.1 million.

Operations and Maintenance Expense

Operations and Maintenance Expense for the three months
ended June 30, 2025 increased $1.2 million from the same period in 2024 due to higher production costs from lower weather-driven water
quality, increased weather-driven main break repair costs and higher labor cost due to wage and employee headcount increases partially
offset by higher capitalizable costs.

Depreciation

Depreciation expense for the three months ended June
30, 2025 increased $0.4 million from the