SOURCE: Middlesex Water Company

May 25, 2005 17:40 ET

Stockholders Gather for Middlesex Water Company Annual Meeting

ISELIN, NJ -- (MARKET WIRE) -- May 25, 2005 -- Middlesex Water Company (NASDAQ: MSEX) - "Continued infrastructure investment, continued growth in Delaware, new wastewater opportunities and further development of complementary non-regulated businesses, are at the core of Middlesex Water's strategy for building shareholder value," said Dennis G. Sullivan, President, at the Company's Annual Meeting of Stockholders, held Wednesday, May 25, 2005 at its corporate headquarters.

Mr. Sullivan described numerous Company infrastructure initiatives during 2004, including capital improvements in New Jersey and Delaware totaling $29.4 million. The Company has completed the construction of a 60-inch second raw water supply pipeline to ensure back-up water supply and also rehabilitated nine miles of pipeline under its 2004 RENEW Program. Mr. Sullivan also discussed 10.4% customer growth in the Company's Delaware subsidiary, Tidewater Utilities, Inc., and major infrastructure projects in Delaware.

A. Bruce O'Connor, Vice President and Chief Financial Officer, reported on the Company's strong financial performance in 2004, including factors impacting earnings, rate filings, construction financing and the Company's dividend history. Mr. O'Connor also described the Company's 5% Dividend Reinvestment Plan Discount program currently in effect through December 1, 2005.

At the meeting, stockholders of the Company voted to re-elect Directors John Middleton, M.D., Jeffries Shein and J. Richard Tompkins. Each director received at least 9,625,118 votes or at least 98.6 percent of the total votes cast. More than 86% of the total shares outstanding were voted in person or by proxy.

For additional information regarding Middlesex Water Company, visit the Company's web site at www.middlesexwater.com or call (732) 634-1500.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Certain matters discussed in this press release are "forward-looking statements" intended to qualify for safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Such statements address future plans, objectives, expectations and events concerning various matters such as capital expenditures, earnings, litigation, growth potential, rate, regulatory matters, liquidity, capital resources and accounting matters. Actual results in each case could differ materially from those currently anticipated in such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • CONTACT:
    Bernadette M. Sohler
    Director of Communications
    (732) 634-1500