← MIDDLESEX WATER CO

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations — — — — — — $42.4m $31.5m $44.4m $42.8m
Net Income (Loss) Attributable to Parent $22.7m $22.8m $32.5m $33.9m $38.4m $36.5m $42.4m $31.5m $44.4m $42.8m
Net Income (Loss) Available to Common Stockholders, Basic $22.6m $22.7m $32.3m $33.8m $38.3m $36.4m $42.3m $31.4m $44.2m $42.7m
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest — — — — — — $42.4m $31.5m — —
Depreciation, Depletion and Amortization $13.5m $14.8m $15.8m $17.2m $20.8m $26.8m $27.5m $29.4m $28.0m $32.5m
Depreciation — — $15.0m $16.7m $18.5m $21.1m $23.0m $25.2m $24.4m $27.1m
Depreciation Amortization Depletion — — — — — — $27.5m $29.4m $28.0m $32.5m
Deferred Income Tax Expense (Benefit) $3.6m $7.9m ($8.7m) ($11.7m) ($13.5m) ($11.0m) ($5.3m) ($5.6m) ($1.6m) ($5.2m)
Deferred Other Tax Expense (Benefit) ($79k) ($79k) ($78k) ($77k) ($75k) ($72k) ($68k) ($64k) ($59k) ($54k)
Provision for Deferred Income Taxes and Investment Tax Credits — — — — — — ($5.3m) ($5.6m) ($1.6m) ($5.2m)
Deferred Income Tax — — — — — — ($5.3m) ($5.6m) ($1.6m) ($5.2m)
Deferred Tax — — — — — — ($5.3m) ($5.6m) ($1.6m) ($5.2m)
Share-based Payment Arrangement, Noncash Expense $829k $840k $1.1m $637k $1.1m $1.3m $1.6m $2.2m $1.5m $1.2m
Payment, Tax Withholding, Share-based Payment Arrangement — — — — — — — — — $371k
Stock Compensation Expense $829k $840k $1.1m $637k $1.1m $1.3m $1.6m $2.2m $1.5m $1.2m
Income Tax Expense (Benefit) $11.7m $11.1m $924k ($3.1m) ($4.1m) ($5.5m) $3.2m $1.0m $6.9m $4.8m
Interest Expense Nonoperating — — — — — — — — $14.0m $14.3m
Other Nonoperating Income (Expense) — — $1.6m ($654k) $363k $3.3m $5.4m $4.1m $10.8m $5.9m
Changes in operating assets and liabilities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable $69k $656k $977k $146k $2.7m $742k $707k $2.2m $670k $371k
Increase (Decrease) in Accounts Payable $5.8m $1.6m $5.4m $4.0m $7.1m ($9.3m) $3.7m $2.8m $2.6m $1.3m
Increase (Decrease) in Other Operating Assets — — $294k ($110k) ($118k) $208k — — — —
Nonoperating Income (Expense) ($862k) $795k $3.0m $2.5m $4.4m $6.0m $7.7m $6.5m $12.1m $7.6m
Operating Costs and Expenses — — — — — — — — $7.5m —
Operating Expenses $92.3m $92.2m $100.9m $99.1m $104.2m $109.9m $120.3m $127.1m $138.7m $140.3m
Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity $423k $481k $919k $2.0m $2.5m $1.5m $1.4m $1.5m $743k $977k
Revenue from Contract with Customer, Including Assessed Tax — — $137.9m $134.5m $141.4m $143.0m $162.3m $166.1m $191.8m —
Equity Portion of Allowance for Funds Used During Construction (AFUDC) ($423k) ($481k) ($919k) ($2.0m) ($2.5m) ($1.5m) ($1.4m) ($1.5m) ($743k) ($977k)
Cash Surrender Value of Life Insurance ($101k) ($209k) $27k ($252k) ($391k) ($136k) $401k ($300k) ($308k) ($296k)
Accounts Receivable ($69k) ($656k) ($977k) ($146k) ($2.7m) ($742k) ($707k) ($2.2m) ($670k) ($371k)
Unbilled Revenues ($344k) ($409k) ($294k) $110k $118k ($208k) ($1.4m) ($638k) ($1.5m) $1.4m
Materials and Supplies ($1.5m) ($24k) ($1.3m) ($34k) $333k ($246k) ($819k) ($795k) $253k ($830k)
Prepayments $11k ($384k) ($236k) $277k ($519k) $6k $256k $791k ($589k) ($421k)
Accounts Payable $5.8m $1.6m $5.4m $4.0m $7.1m ($9.3m) $3.7m $2.8m $2.6m $1.3m
Accrued Taxes $3.3m ($967k) $2.8m ($6.6m) $2.5m ($1.5m) $3.5m ($1.6m) $1.4m $4.0m
Accrued Interest ($20k) $9k $196k $742k $106k ($151k) $549k $603k ($222k) $395k
Employee Benefit Plans ($1.6m) ($1.9m) ($2.1m) ($1.1m) ($1.4m) ($2.6m) ($4.3m) ($1.3m) ($3.7m) ($5.4m)
Unearned Revenue and Advanced Service Fees — — — — — — $35k $25k $86k ($979k)
Recovered Costs Litigation Settlement — — — — — — — $0 ($9.0m) $0
Other Assets and Liabilities $1.3m ($169k) $2.6m $866k $3.7m ($4.3m) $454k ($677k) ($1.2m) ($6.6m)
Utility Plant Expenditures, Including AFUDC-Debt of $641 in 2025, $511 in 2024 and $975 in 2023 — — — — — — — ($90.2m) ($74.6m) ($96.4m)
Acquisition of Water Systems — — — — — — — $0 $0 ($4.6m)
Redemption of Long-term Debt ($5.9m) ($6.2m) ($7.0m) ($7.3m) ($7.5m) ($52.7m) ($7.4m) ($17.5m) ($7.6m) ($7.3m)
Net Short-term Bank Borrowings $9.0m $16.0m $20.5m ($28.5m) ($18.0m) $11.0m $42.5m ($12.8m) ($19.8m) $5.2m
Proceeds from Litigation Settlement, net — — — — — — — $0 $63.6m $0
Payment of Grantee Withholding Taxes in Exchange for Restricted Stock — — — — — — — ($619k) ($1.5m) ($371k)
Construction Advances and Contributions-Net $1.0m $1.3m $4.7m $4.3m $8.6m $11.2m $659k $1.6m $3.3m $2.8m
Beginning Cash Position — — — — — — $3.5m $3.8m $2.4m $4.2m
Cash Flow From Continuing Financing Activities — — — — — — $27.1m $36.0m $17.7m $38.6m
Cash Flow From Continuing Investing Activities — — — — — — ($88.2m) ($90.2m) ($74.6m) ($101.0m)
Change In Account Payable — — — — — — $3.7m $2.8m $2.6m $1.3m
Change In Accrued Expense — — — — — — $549k $603k ($222k) $395k
Change In Income Tax Payable — — — — — — $3.5m ($1.6m) $1.4m $4.0m
Change In Interest Payable — — — — — — $549k $603k ($222k) $395k
Change In Inventory — — — — — — ($819k) ($795k) $253k ($830k)
Change In Other Working Capital — — — — — — ($3.8m) ($2.0m) ($13.9m) ($12.9m)
Change In Payable — — — — — — $7.3m $1.1m $4.0m $5.3m
Change In Payables And Accrued Expense — — — — — — $7.8m $1.7m $3.8m $5.7m
Change In Prepaid Assets — — — — — — $256k $791k ($589k) ($421k)
Change In Receivables — — — — — — ($2.1m) ($2.8m) ($2.1m) $1.0m
Change In Tax Payable — — — — — — $3.5m ($1.6m) $1.4m $4.0m
Change In Working Capital — — — — — — $1.4m ($3.0m) ($12.5m) ($7.5m)
Changes In Account Receivables — — — — — — ($707k) ($2.2m) ($670k) ($371k)
Changes In Cash — — — — — — $295k ($1.4m) $1.8m $249k
End Cash Position — — — — — — $3.8m $2.4m $4.2m $4.5m
Financing Cash Flow — — — — — — $27.1m $36.0m $17.7m $38.6m
Free Cash Flow — — — — — — ($30.0m) ($37.4m) ($15.9m) ($33.8m)
Gain Loss On Sale Of Business — — — — — $0 ($5.2m) $0 $0 —
Investing Cash Flow — — — — — — ($88.2m) ($90.2m) ($74.6m) ($101.0m)
Issuance Of Capital Stock — — — — — — $10.3m $12.1m $974k $30.5m
Net Business Purchase And Sale — — — — — $0 $3.1m $0 $0 —
Other Non Cash Items — — — — — — ($986k) ($1.8m) ($1.1m) ($1.3m)
Sale Of Business — — — — — $0 $3.1m $0 $0 —
Stock Based Compensation — — — — — — $1.6m $2.2m $1.5m $1.2m
Net Cash Provided by (Used in) Operating Activities $47.1m $42.8m $45.9m $36.1m $53.4m $33.0m $61.4m $52.8m $58.7m $62.6m
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment — — — — — — $91.3m $90.2m $74.6m ($96.4m)
Capital Expenditure Reported — — — — — — ($91.3m) ($90.2m) ($74.6m) ($96.4m)
Net Cash Provided by (Used in) Investing Activities ($47.4m) ($51.3m) ($72.1m) ($89.1m) ($105.6m) ($79.4m) ($88.2m) ($90.2m) ($74.6m) ($101.0m)
Cash flows from financing activities:
Proceeds from Issuance of Long-term Debt $8.6m $11.5m $22.1m $79.0m $50.3m $86.6m $2.7m $75.8m $2.3m $33.6m
Deferred Debt Issuance Expense ($152k) ($230k) ($880k) ($769k) ($148k) ($994k) ($624k) ($131k) ($54k) ($142k)
Issuance Of Debt — — — — — — $2.7m $75.8m $2.3m $33.6m
Long Term Debt Issuance — — — — — — $2.7m $75.8m $2.3m $33.6m
Net Issuance Payments Of Debt — — — — — — $37.7m $45.6m ($25.1m) $31.5m
Net Long Term Debt Issuance — — — — — — ($4.8m) $58.3m ($5.3m) $26.3m
Net Short Term Debt Issuance — — — — — — $42.5m ($12.8m) ($19.8m) $5.2m
Repayments of Long-term Debt $5.9m $6.2m $7.0m $7.3m $7.5m $52.7m $7.4m $17.5m $7.6m $7.3m
Long Term Debt Payments — — — — — — ($7.4m) ($17.5m) ($7.6m) ($7.3m)
Repayment Of Debt — — — — — — ($7.4m) ($17.5m) ($7.6m) ($7.3m)
Proceeds from Issuance of Common Stock $1.5m $1.2m $1.1m $56.8m $1.2m $3.8m $10.3m $12.1m $974k $30.5m
Common Stock Issuance Expense — — — ($357k) ($37k) — ($32k) ($10k) $0 ($667k)
Common Stock Issuance — — — — — — $10.3m $12.1m $974k $30.5m
Net Common Stock Issuance — — — — — — $10.3m $12.1m $974k $30.5m
Payments for Repurchase of Common Stock — — — — — — — $619k $1.5m —
Payments of Ordinary Dividends, Common Stock $13.1m $14.0m $14.9m $16.2m $18.2m $19.4m $20.8m $22.4m $23.4m $24.9m
Payment of Common Dividends ($13.1m) ($14.0m) ($14.9m) ($16.2m) ($18.2m) ($19.4m) ($20.8m) ($22.4m) ($23.4m) ($24.9m)
Payment of Preferred Dividends ($144k) ($144k) ($144k) ($132k) ($120k) ($120k) ($120k) ($120k) ($109k) ($76k)
Cash Dividends Paid — — — — — — ($20.9m) ($22.6m) ($23.5m) ($25.0m)
Common Stock Dividend Paid — — — — — — ($20.8m) ($22.4m) ($23.4m) ($24.9m)
Preferred Stock Dividend Paid — — — — — — ($120k) ($120k) ($109k) ($76k)
Proceeds from (Payments for) Other Financing Activities $1.0m $1.3m $4.7m $4.3m $8.6m $11.2m $659k $1.6m $3.3m $2.8m
Net Other Financing Charges — — — — — — $3k $806k $65.4m $1.6m
Net Cash Provided by (Used in) Financing Activities $714k $9.5m $25.5m $93.9m $16.2m $39.5m $27.1m $36.0m $17.7m $38.6m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect $4.3m $6.4m $5.7m $40.8m ($36.1m) $3.5m $295k $2.4m $4.2m $4.5m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $410k $2.1m $5.7m $46.5m $10.4m $3.5m $295k $2.4m $4.2m $4.5m
NET CHANGES IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH $410k $2.1m ($736k) $40.8m ($36.1m) ($6.9m) $295k ($1.4m) $1.8m $249k
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD $4.3m $6.4m $5.7m $46.5m $10.4m $3.5m $3.5m $2.4m $4.2m $4.5m
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported — — — — — — $295k ($1.4m) $1.8m $249k
Interest Paid, Excluding Capitalized Interest, Operating Activities $5.4m $5.6m $6.1m $6.9m $7.6m $8.5m $9.3m $12.8m $14.5m $13.5m
Income Taxes Paid, Net $5.7m $2.8m $4.7m $10.3m $2.5m $3.3m $3.2m $3.0m $3.2m $1.6m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.