SOURCE: Middlesex Water Company

September 12, 2005 15:40 ET

Middlesex Water Company Presents Overview at Meeting of the Philadelphia Securities Association

ISELIN, NJ -- (MARKET WIRE) -- September 12, 2005 -- Officers of Middlesex Water Company (NASDAQ: MSEX), a leader in water and wastewater services in New Jersey and Delaware, presented an overview of the Company's vision and strategy at a luncheon meeting of the Philadelphia Securities Association on Thursday, September 8, 2005.

"Middlesex Water's stable utility customer base in New Jersey and its strong record of double digit customer growth in Delaware position Middlesex Water as a quality choice for retail investors," said President and Chief Executive Officer, Dennis G. Sullivan. "In addition, we are applying our experience as a 108-year old traditional water provider in managing and pursuing new water, wastewater and related service opportunities such as contract operations, irrigation and water service line maintenance," added Sullivan. "Our commitment to infrastructure investment, our diligence in water quality matters and the dedication of our employees enable us to provide the highest level of service to our customers," added Sullivan.

Middlesex Water serves approximately 115,000 customers in New Jersey and Delaware and has invested more than $90 million in capital improvement projects over the past five years, to support its water infrastructure in those states.

Dennis W. Doll, Executive Vice President, described the Company's vision as the following:

--  To be a trusted and continually improving provider of safe, reliable
    and cost-effective water, wastewater and related services
--  Provide a comprehensive suite of water and wastewater solutions in the
    rapidly developing Delaware market that results in profitable growth
--  Actively pursue profitable, core growth in New Jersey
--  Invest in products, services and other viable opportunities that
    complement our core competencies.
Chief Financial Officer, A. Bruce O'Connor, described Middlesex Water's financial performance for the twelve months ended June 30, 2005, citing its operating revenues of $72.4 million and basic earnings per share of $0.76. Mr. O'Connor explained impacts on earnings including corporate governance costs, power/water increases, employee benefit costs and utility plant investment. He described Middlesex Water's $23.2 million construction program in 2005, its access to low cost financing through state revolving fund loans and the Company's 5% Dividend Reinvestment Plan Discount, currently in place through December 1, 2005. Middlesex Water has paid quarterly dividends since 1912 and has increased its dividend rate each year for the past 33 years.

For more information, visit the Company's web site at Copies of the presentation made to the Philadelphia Securities Association can be obtained by calling the Investor Relations Department (732) 634-1500.

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, the Company's growth-through-acquisition strategy, expected capital investment spending, the potential for additional customer growth from acquired operations, increased opportunities for economies of scale through acquisitions, and increased opportunities to invest and earn on infrastructure improvements. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives, and other factors discussed in our filings with the Securities and Exchange Commissions.

Contact Information

  • Contact:
    Bernadette Sohler
    Director of Communications
    (732) 634-1500