Middlesex Water Company reported slightly higher net income in the second quarter as revenue from rate increases in Delaware aided revenues.
Revenues for the quarter ended June 30, of $27.4 million, up from $26.1 million for the same period in 2011. Net income increased $100,000 to $3.7 million.
For the six months ended June 30, revenues were $50.9 million, as compared to $50.1 for the same period in 2011. Net income decreased to $5.4 million, from $6.2 million for the same period in 2011.
Second quarter results were aided by the rate increase for the Delaware system which includes Tidewater Utilities, Inc., thanks to an interim rate increase that became permanent as well as new connections. Tidewater is based in Dover.
Operation and maintenance expenses for the three months ended June 30, 2012 increased $700,000 from the same period in 2011, due to changes in calculations involving the retirement plan.
Fewer water main breaks also lowered expenses.
Middlesex CEO Dennis W. Doll said, “We welcome increased demand by our customers for water and stand ready to meet peak demands for the remainder of the summer season. In addition, we are pleased with the timely approval by the Delaware Public Service Commission in June 2012 of a $3.9 million increase in base water rates for our Delaware subsidiary Tidewater; and the approval by the New Jersey Board of Public Utilities in July 2012 for a $8.1 million increase in base rates for Central New Jersey customers of our Middlesex system.
