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<SEC-DOCUMENT>0000914317-06-002819.txt : 20061027
<SEC-HEADER>0000914317-06-002819.hdr.sgml : 20061027
<ACCEPTANCE-DATETIME>20061027144223
ACCESSION NUMBER:		0000914317-06-002819
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061027
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061027
DATE AS OF CHANGE:		20061027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIDDLESEX WATER CO
		CENTRAL INDEX KEY:			0000066004
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				221114430
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00422
		FILM NUMBER:		061168510

	BUSINESS ADDRESS:	
		STREET 1:		1500 RONSON RD
		STREET 2:		P O BOX 1500
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830
		BUSINESS PHONE:		7326341500

	MAIL ADDRESS:	
		STREET 1:		1500 RONON ROAD
		CITY:			ISELIN
		STATE:			NJ
		ZIP:			08830
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-79720_msx.txt
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934




                        Date of Report: October 27, 2006



                             MIDDLESEX WATER COMPANY
                             -----------------------
             (Exact name of registrant as specified in its charter)


          NEW JERSEY                       0-422                22-1114430
          ----------                       -----                ----------
(State or other jurisdiction of         (Commission          (I.R.S. Employer
 incorporation or organization)         File Number)        Identification No.)


            1500 RONSON ROAD, P.O. BOX 1500, ISELIN, NEW JERSEY 08830
            ---------------------------------------------------------
          (Address of principal executive offices, including zip code)


                                 (732)-634-1500
                                 --------------
              (Registrant's telephone number, including area code)



Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[_]   Written communications pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

[_]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

[_]   Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

[_]   Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))

<PAGE>

Item 8.01  Other Events

Announcement of Middlesex Water Company Third Quarter 2006 Earnings as set forth
in the press release, which is attached as Exhibit 99.1 and incorporated herein
by reference.


Item 9.01  Financial Statements and Exhibits


      (d)   Exhibits.

Exhibit No.             Description
- -----------             -----------

99.1              Press release, dated October 27, 2006, issued by Middlesex
                  Water Company announcing its financial results for the three
                  and nine months ended September 30, 2006.


                                    SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned hereunto duly authorized.



                                    MIDDLESEX WATER COMPANY
                                          (Registrant)





                                    s/Kenneth J. Quinn
                                    Kenneth J. Quinn
                                    Vice President, General Counsel,
                                    Secretary and Treasurer


Dated:  October 27, 2006

                                        2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.txt
<TEXT>


                                                                    Exhibit 99.1

             MIDDLESEX WATER COMPANY REPORTS THIRD QUARTER EARNINGS

                Consolidated Revenues Climb 8.6% in Third Quarter


         ISELIN, NJ (October 27, 2006) Middlesex Water Company (Nasdaq Global
Select Market:MSEX), a provider of water and wastewater services in New Jersey
and Delaware, today announced that its Board of Directors approved an increase
in the quarterly dividend from $0.17 to $0.1725 per common share, payable
December 1, 2006, to shareholders of record as of November 15, 2006.

Third Quarter 2006 Results
- --------------------------

         Middlesex Water Company produced positive financial results in several
areas in the third quarter of 2006. Earnings applicable to common stock rose to
$3.3 million for the quarter ended September 30, 2006, up from $3.0 million from
the same period in 2005. Basic and diluted earnings per share of common stock
rose to $0.29 and $0.28 per share, respectively, from $0.26 for both for that
period in 2005.

         Consolidated operating revenues for the quarter ended September 30,
2006 were $22.6 million, up $1.8 million from $20.8 million for the same period
in 2005. Water sales revenues improved by $0.6 million in the regulated New
Jersey utilities, of which $1.3 million was the result of a base rate increase
that was granted to Middlesex on December 8, 2005. Unfavorable weather at the
beginning and end of the quarter resulted in a decrease of consumption revenues
of $0.7 million when compared to the same period in 2005. Revenues rose in the
Delaware service territories by $1.1 million. Higher water consumption by
existing customers contributed $0.4 million of the increase, customer growth
accounted for $0.2 million and the implementation of the 15% interim rate
increase on June 28, 2006 contributed an additional $0.5 million. New
unregulated wastewater contracts in Delaware provided $0.1 million.

         Operations and maintenance expenses for the quarter increased to $11.4
million, up from $10.8 million. The continued growth of the Delaware systems
resulted in $0.4 million of increases for the cost of water and wastewater
treatment, business insurance, payroll and related employee benefit costs.

Nine-Month Results
- ------------------

         For the nine-month period ended September 30, 2006, earnings applicable
to common stock were $8.0 million, compared to $6.2 million in the prior year.
Basic and diluted earnings per share increased to $0.69 and $0.68 respectively,
up from $0.54 for both for the same period in 2005. Operating revenues increased
$5.9 million, or 10.5% from the same period in 2005. Base rate increases in New
Jersey and Delaware combined to contribute $3.9 million of the higher revenues.
Water consumption and related fees from customer growth, primarily in Delaware,
added $0.8 million of the increase, while water sales to our existing customers
grew by $0.4 million. New unregulated wastewater contracts in Delaware provided
$0.4 million of additional revenues. All other sources contributed $0.4 million.

         Operation and maintenance expenses increased $1.4 million, or 4.4%.
Water production and treatment costs for our Middlesex system increased by $0.2
million, which was offset by $0.2 million of reduced maintenance costs. The
continuing growth of our Delaware systems resulted in higher costs of water
treatment, additional employees and related benefit expenses of $0.4 million.
Costs related to providing services by our non-regulated wastewater operation in
Delaware increased $0.2 million. USA-PA expenses for subcontractor fees and
labor increased by $0.2 million. Business insurance increased $0.2 million. All
other operation costs increased by $0.4 million.

<PAGE>

         "We continue to remain focused on obtaining timely and adequate rate
relief for the substantial capital investments we continue to make in water
infrastructure, primarily in our Delaware service territory. In addition, we
continue to demonstrate our capabilities in the wastewater business to
prospective customers and we are actively pursuing profitable growth in this
business," said Dennis W. Doll, Middlesex President & CEO.


About Middlesex Water Company
- -----------------------------

         Middlesex Water Company, organized in 1897, is an investor-owned water
utility, serving customers in central and southern New Jersey and in the State
of Delaware. The Company and its New Jersey subsidiaries - Pinelands Water
Company and Pinelands Wastewater Company--are subject to the regulations of the
Board of Public Utilities of the State of New Jersey. Middlesex Water operates
the water and wastewater utilities for the City of Perth Amboy through its
subsidiary, Utility Service Affiliates (Perth Amboy), Inc. Middlesex Water also
provides contract operations services and a service line maintenance program
through its non-regulated subsidiary, Utility Service Affiliates, Inc. The
Company's regulated Delaware subsidiaries, Tidewater Utilities, Inc., together
with Southern Shores Water Company, and Tidewater Environmental Services are
subject to the regulations of the Public Service Commission in Delaware. White
Marsh Environmental Systems, Inc. operates small water and wastewater systems
under contract on a non-regulated basis in Delaware. These companies are also
subject to various Federal and State and regulatory agencies concerning water
quality standards.

         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, rates, 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:
Bernadette M. Sohler
Director of Communications
(732) 634-1500

<PAGE>
<TABLE>
<CAPTION>

                                               MIDDLESEX WATER COMPANY
                                     CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                                     (Unaudited)

                                                 Three Months Ended September 30,     Nine Months Ended September 30,
                                                       2006            2005                 2006            2005
- --------------------------------------------------------------------------------------------------------------------
<S>                                               <C>             <C>                   <C>             <C>
Operating Revenues                                $ 22,631,975    $ 20,832,448          $ 61,899,176    $ 56,006,102
- --------------------------------------------------------------------------------------------------------------------

Operating Expenses:
   Operations                                       10,446,019      10,065,706            30,104,046      28,516,810
   Maintenance                                         907,554         765,422             2,440,786       2,643,226
   Depreciation                                      1,882,544       1,635,403             5,263,677       4,803,610
   Other Taxes                                       2,537,462       2,352,781             7,109,987       6,599,435
- --------------------------------------------------------------------------------------------------------------------

      Total Operating Expenses                      15,773,579      14,819,312            44,918,496      42,563,081
- --------------------------------------------------------------------------------------------------------------------

Operating Income                                     6,858,396       6,013,136            16,980,680      13,443,021
- --------------------------------------------------------------------------------------------------------------------

Other Income:
   Allowance for Funds Used During Construction        170,148         109,009               398,173         459,915
   Other Income                                         41,393          63,368               140,171         154,530
   Other Expense                                        (6,372)         (1,879)              (20,630)        (26,348)
- --------------------------------------------------------------------------------------------------------------------

Total Other Income, net                                205,169         170,498               517,714         588,097
- --------------------------------------------------------------------------------------------------------------------

Interest Charges                                     1,889,572       1,624,145             5,212,687       4,584,315
- --------------------------------------------------------------------------------------------------------------------

Income before Income Taxes                           5,173,993       4,559,489            12,285,707       9,446,803
- --------------------------------------------------------------------------------------------------------------------

Income Taxes                                         1,796,998       1,535,061             4,128,512       3,096,545
- --------------------------------------------------------------------------------------------------------------------

Net Income                                           3,376,995       3,024,428             8,157,195       6,350,258

Preferred Stock Dividend Requirements                   61,947          61,947               185,840         189,340
- --------------------------------------------------------------------------------------------------------------------

Earnings Applicable to Common Stock               $  3,315,048    $  2,962,481          $  7,971,355    $  6,160,918
- --------------------------------------------------------------------------------------------------------------------

Earnings per share of Common Stock:
   Basic                                          $       0.29    $       0.26          $       0.69    $       0.54
   Diluted                                        $       0.28    $       0.26          $       0.68    $       0.54

Average Number of
   Common Shares Outstanding :
   Basic                                            11,629,681      11,466,024            11,611,427      11,409,182
   Diluted                                          11,960,821      11,805,164            11,942,567      11,750,989

Cash Dividends Paid per Common Share              $     0.1700    $     0.1675          $     0.5100    $     0.5025

</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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