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M IDDLESEX ATER COMPANY ա Middlesex Water Announces Third Quarter Financial Results October 29 , 2021 ISELIN , N.J. , Oct. 29 , 2021 ( GLOBE NEWSWIRE ) -- Middlesex Water Company ( " Middlesex " or the " Company " ) ( NASDAQ : MSEX ) a provider of water and wastewater services , today reported third quarter diluted earnings per share of $ 0.65 , as compared to $ 0.72 per share for the same period in 2020. Net income decreased $ 1.3 million to $ 11.5 million . Third Quarter Results The Company reported that its consolidated operating revenues of $ 39.9 million for the three months ended September 30 , 2021 , were comparable to the three months ended September 30 , 2020. Revenues were affected by : • $ 0.8 million increase related to customer growth in our Delaware systems ; • $ 0.5 million decrease in the Middlesex System in New Jersey due to decreased weather - related demand from retail and wholesale customers ; and • $ 0.3 million decrease due primarily to lower non - regulated contract activities . Operation and maintenance expenses for the three months ended September 30 , 2021 increased $ 1.0 million from the same period in 2020. This was primarily due to increased labor costs , increased production costs resulting from higher treatment costs from weather - impacted changes and outside services costs prompted by higher regulatory and corporate activity , including compliance with America's Water Infrastructure Act of 2018 . Depreciation expense for the three months ended September 30 , 2021 increased $ 0.8 million from the same period in 2020 due to a higher level of utility plant in service , including the completion of a major upgrade to our largest treatment plant in New Jersey . " Separate from variations in weather patterns affecting revenues and related water production costs , we continue to experience positive organic growth and execute on our large capital program . The program includes recently completed major upgrades in our water distribution system as well as completion of a new ozone treatment facility at our largest water treatment plant in New Jersey . Our significant investments in utility infrastructure under the banner of Water For TomorrowⓇ have placed us at the end of our traditional ratemaking cycle , which facilitated a need to seek rate relief in New Jersey where that proceeding remains in progress . We are pleased that completion of these major projects is already providing value to customers and will also provide value for generations to come , " said Middlesex Chairman , President and Chief Executive Officer Dennis W. Doll . Nine Month Results Consolidated operating revenues , for the nine months ended September 30 , 2021 , were $ 109.1 million , an increase of $ 2.2 million from the same period in 2020 , primarily due to increased water consumption and customer growth in our Delaware systems and higher non - regulated revenues from our contract to operate and maintain the Borough of Highland Park , New Jersey's water and wastewater systems , which commenced July 1 , 2020. For the nine months ended September 30 , 2021 , diluted earnings per share were $ 1.66 as compared to $ 1.71 for the same period in 2020 . Operation and maintenance expenses for the nine months ended September 30 , 2021 increased $ 2.5 million from the same period in 2020 due to higher weather - related main break activity and higher labor costs . Depreciation expense for the nine months ended September 30 , 2021 increased $ 1.7 million from the same period in 2020 due to a higher level of utility plant in service . Board Declares Dividend As previously announced , our Board of Directors declared a cash dividend of $ 0.29 per common share payable on December 1 , 2021 to shareholders of record as of November 13 , 2021. This represents a 6.4 % increase from the $ 0.2725 per share dividend declared in July of 2021 . ABOUT MIDDLESEX WATER COMPANY Established in 1897 , Middlesex Water Company ( NASDAQ : MSEX ) serves as a trusted provider offering life - sustaining high quality water service for residential , commercial , industrial and fire protection purposes . The Company offers a full range of water , wastewater utility and related services . An investor - owned public utility , Middlesex Water is a professional services provider specializing in municipal and industrial contract operations and water and wastewater system technical operations and maintenance . The company and its subsidiaries form the Middlesex Water family of companies , which collectively serve a population of nearly half a million people in New Jersey and Delaware . We invest in our people , our infrastructure and the communities we serve to support reliable and resilient utility services , economic growth and quality of life . This press release contains " forward - looking statements " within the meaning of U.S. federal securities laws regarding Middlesex Water Company " MSEX " or the " Company " , its financial condition , and its results of operations that reflect the Company's current views and information currently available . This information is , where applicable , based on estimates , assumptions and analysis that the Company believes , as of the date hereof , provides a reasonable basis for the information contained herein . Forward - looking statements can generally be identified by the use of forward - looking words such as " outlook , " " believes , ” “ expects , ” “ potential , " " continues , ” “ may , ” “ will , ” “ should , ” “ seeks , " " approximately , " " predicts , ” “ intends , ” “ plans , ” " estimates , " " anticipates , " " foresees " or the negative version of those words or other comparable words and phrases , and include statements relating to the Company's beliefs or expectations regarding its future performance , strategic plans and cash flows , as well as any other statements that do not directly relate to any historical or current facts . Actual results , performance or achievements may differ materially from forward - looking statements ,