Middlesex Water Company Explained

Middlesex Water Company
Type:Public
Traded As:NASDAQ:
Russell 2000 Component
S&P 600 Component
Location City:Iselin, New Jersey
Location Country:U.S.
Key People:Dennis W. Doll, chairman, president and chief executive officer

Middlesex Water Company is a water utility based in the U.S. state of New Jersey that was first incorporated in 1897.[1] [2] [3] [4] [5] [6] [7] The company declared an annual net income of $33.8M, with a revenue of $135.5M for fiscal year 2019.[8]

Services

The Middlesex Water Company provides regulated and non-regulated water related services in New Jersey and Delaware.[9] These services include collecting, treating, distributing and selling water for domestic, commercial, municipal and industrial uses.

The company owns and operates regulated water utility and wastewater systems as well as operates water and wastewater systems under contract on behalf of municipal and private clients in New Jersey and Delaware. The company was awarded a $32 million contract to take responsibility for constructing and maintaining the water distribution system at Dover Air Force Base in Delaware for the next 50 years in September, 2013.[10]

The company also operates regional affiliated service subsidiaries including Tidewater Utilities, Inc., Pinelands Water Company, Pinelands Wastewater Company, Twin Lakes Utilities, Inc., Utility Service Affiliates, Inc., Utility Service Affiliates (Perth Amboy) Inc., and Tidewater Environmental Systems, Inc. Tidewater's wholly owned subsidiaries include Southern Shores Water Company, LLC and White Marsh Environmental Systems, Inc. These companies are engaged in the business of helping small communities and real estate developers to address aging infrastructure issues as well as provide technical support for environmental regulations related to building and operating water distribution and treatment systems.

The company has two overall business segments:

It is one of the few publicly held water utilities in the United States.[11]

Awards

In 2019, Middlesex Water’s Jay Kooper Wins General Counsel of the Year.

In 2013, Middlesex Water Company was named a finalist in the 2013 NJBIZ Business of the Year awards program. Tidewater Utilities, Inc., was named “Top Workplaces 2013” for the fifth time.

In 2009, Middlesex Water Company was named one of America's Fastest Growing Publicly Traded Small Companies. In 2008, Middlesex Water was honored as one of America's Top 100 Most Trustworthy Companies for its transparent financial reporting and conservative corporate governance. The company also was voted Outstanding Green Business in 2008 by the Edison Chamber of Commerce for its commitment to renewable energy and various sustainability initiatives.

Notes and References

  1. Web site: Tidewater Utilities Inc. observes National Drinking Water Week . Cape Gazette . May 16, 2012 . 2013-11-29.
  2. News: Tests at Construction Site Fail to Explain Illnesses. Tests on soil, air and water samples taken at an Edison construction site have failed to offer an explanation for the dizziness, nausea and yellowing tongues reported by workers since March, the Federal Occupational Safety and Health Administration said yesterday.. July 22, 1998 . The New York Times.
  3. News: Utility Halts Excavation After Workers Fall Ill. The Middlesex Water Company has suspended excavation work on a $30 million expansion of its treatment plant to prevent the spread of a mysterious ailment that has stricken workers, the company said yesterday. Residents have gathered petitions to stop the work completely, fearing that trucks driving to and from the site have deposited dirt on the streets that can be tracked into their homes. But as of yesterday, the contractor intended to continue carpentry and cement work at the site.... June 17, 1998 . The New York Times.
  4. News: Deal May Save Reservoir. Andy . Newman. Since 1899, Clark residents have sunbathed, fished and gone birdwatching along the edges of the Robinson's Branch Reservoir. Since a dam on the reservoir was declared unsafe in 1993, however, the Middlesex Water Company has threatened to drain the reservoir rather than fix the dam for $1.4 million.. March 31, 1997. The New York Times.
  5. News: New Jersey Stock Issues Approved.. Stock issue authorized by N J Public Utility Comm. March 27, 1927. The New York Times.
  6. News: WATER RATE CASE ARGUED.; New Jersey Utility Board Fights Middlesex Co. Injunction.. Public Utility Comm of N J seeks modification of court's injunction restraining Comm from forcing reduction in water rate. June 16, 1926. The New York Times.
  7. News: MIDDLESEX WATER COMPANY Area firemen concerned by size of water-rate plan. Home News Tribune . East Brunswick, N.J.. Tamari . Jonathan. March 30, 2004. B1. Water company President Dennis Sullivan said the rate increase is being caused by higher costs for items such as electricity, water from the state and security..
  8. Web site: Middlesex Water Co 2019 Annual Report 10-K.
  9. Web site: About Us . Middlesex Water Company . 2013-11-29.
  10. http://www.fool.com/investing/general/2014/01/09/pentagon-expands-privatization-of-military-on-base.aspx Company's contract
  11. Web site: The Best Water Stocks of 2017 -- How the 10 Largest Water Utilities Stacked up. 16 January 2018.

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