Middlesex Water Company Reports 2008 Financial Results- Annual Revenues up $4.9 Million From 2007

Middlesex Water Company Reports 2008 Financial Results- Annual Revenues up $4.9 Million From 2007

ISELIN, NJ----Mar 12, 2009 -- Middlesex Water Company (NasdaqGS:MSEX ) a provider of water, wastewater and related services in New Jersey and Delaware, today announced operating revenue of $91.0 million for the year ended December 31, 2008, compared to operating revenue of $86.1 million in 2007. Net income for the year ended December 31, 2008 was $12.2 million, up from $11.8 million for the same period in 2007. Earnings applicable to common stock for the year ended December 31, 2008, were $12.0 million, or $0.90 per basic share, compared with $11.6 million, or $0.88 per basic share, in 2007. On a fully diluted basis, earnings per share were $0.89 for 2008, compared to $0.87 per share in 2007.

Middlesex Water President and Chief Executive Officer Dennis W. Doll said, "Despite the deepening uncertainties and volatility in the marketplace, we were able to achieve moderate growth in revenues, customers and earnings per share in 2008. Revenues in our Middlesex system increased as a result of rate relief implemented in late 2007. We realized improved water sales in our Delaware system, Tidewater Utilities, Inc. and our regulated wastewater operations in Delaware contributed to increased revenues due to customer growth. Although we are seeing some impact from our nation's economic challenges on the business in the form of moderately reduced water consumption for industrial, commercial and residential purposes, we remain focused on maintaining operational integrity and continuing to improve service to customers through investments in infrastructure and technology. Our mature regulatory model, reasonably predictable revenue stream and stable customer base are all elements of stability in an otherwise unstable economic environment," he added.


2008 Operating Results
Consolidated operating revenues rose $4.9 million, or 5.7% over the same period in 2007. Revenues in our Middlesex system increased by $4.2 million as result of a 9.1% base rate increase implemented in October 2007. Middlesex revenues decreased $1.1 million due to lower consumption by our customers during 2008. In Delaware, water sales improved by $0.8 million. We realized additional revenue of $1.2 million as a result of an additional 12% base rate increase granted to Tidewater in February 2007 and additional Distribution System Improvement Charge increases approved in January and July 2008. Revenues from regulated wastewater operations increased $0.2 million due to customer growth.
Fees charged for initial connection to our DE water system were $0.4 million lower in 2008. This is attributed to a slowing of new residential and commercial development in our Delaware service territories. Fees for managing the City of Perth Amboy water and wastewater systems were $0.5 million higher than the same period in 2007, due mostly to scheduled fixed fee increases inherent in the contract. Revenues from regulated wastewater operations in DE increased $0.2 million due to customer growth.
Total operations and maintenance expenses for the year ended December 31, 2008 increased $2.7 million, or 5.8%, from 2007 largely due to labor and benefits costs, which increased $1.3 million. Water production costs were $0.3 million higher in 2008, over 2007. The cost to operate wastewater facilities in Delaware increased by $0.3 million as a result of an increased number of wastewater treatment facilities in operation in Delaware. Costs for service claims under our water and sewer line maintenance program were $0.1 million higher due in part to a 9.4% increase in the number of subscribers in the program during 2008.
Depreciation expense for 2008 rose by $0.4 million or 5.1% due to a higher level of utility plant in service. Other taxes increased by $0.5 million generally reflecting additional taxes on higher taxable gross revenues, payroll and real estate.
Fourth Quarter 2008
For the three month period ended December 31, 2008, operating revenues increased to $21.5 million, up from $21.2 million, for the same period in 2007. This increase was largely due to rate relief, customer growth and increased water consumption in our Delaware system. Total operating expenses increased to $17.0 million, up from $16.3 million for the same period in 2007.
Net income decreased to $1.9 million, down from $2.6 million, in 2007. The decrease of $0.7 million was primarily due to the sale of certain water service rights in Delaware in 2007, that were not expected to recur in 2008, and increased labor and benefits costs including a reduction in the cash surrender value of life insurance policies due to financial market conditions.
Company Quarterly Dividend
Middlesex Water paid a quarterly dividend of $0.1775 per share on the Common Stock on March 2, 2009, to stockholders of record as of February 13, 2009. The Company has paid cash dividends in varying amounts continually since 1912.
About Middlesex Water Company
Middlesex Water Company, organized in 1897, is a 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 Company 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 Inc., 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 regulatory agencies concerning water, and wastewater effluent, quality standards.

For additional information regarding Middlesex Water Company, visit the Company's web site at http://www.middlesexwater.com/ or call (732) 634-1500.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, our long-term strategy and expectations, the status of our acquisition program, the impact of our acquisitions, the impact of current and projected rate requests and the impact of our capital program on our environmental compliance. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives and other factors discussed in our filings with the Securities and Exchange Commission.


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No Changes to Janney Global Water Index (TICKER: JGI) in Quarterly Rebalancing

No Changes to Janney Global Water Index in Quarterly Rebalancing

NEW YORK March 11 --The Janney Global Water IndexSM (TICKER: JGI) will have no constituent changes in its quarterly rebalancing, effective 09:00 AM (ET) Monday, March 23, 2009.

A complete list of constituents and weights will be posted on the Janney index family web site, (http://janney.snetglobalindexes.com/about_the_indexes.php).


The Janney Global Water IndexSM is a capitalization-weighted, float-adjusted index of the most prominent water stocks in the world. To be included in the JGI index, stocks must pass multiple screens, including for capitalization, float, exchange listing, share price and turnover.
Detailed information, including constituent data, rules and price information, on the Janney family of global water indexes is available at www.janneywaterindexes.com. Data is also available through most vendors of financial data.


Index: Janney Global Water IndexSM
TICKER: JGI
Index: Janney Water WorksSM
TICKER: JWW
Index: Janney Water TechSM
TICKER: JWT


Contacts Janney Montgomery Scott, LLCDebra Coy, 202-955-4315orJ-Net Global Indexes, LLCJoseph LaCorte, 646-467-7927www.janneywaterindexes.com



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ITT Publishes White Paper on Water, Energy Initiatives in Stimulus Package

ITT Publishes White Paper on Water, Energy Initiatives in Stimulus Package

WHITE PLAINS, N.Y.--March 9 2009 --ITT Corporation (NYSE: ITT), the leading provider of pumps and systems to move and treat water and wastewater, has published a new white paper titled: The Most Important Things You Need to Know about the Stimulus Package.

On February 17, 2009 President Barack Obama signed into law The American Economic Recovery and Investment Act to stimulate the economy through an injection of $787 billion in federal spending, including $60 billion to support traditional and “green technology” environmental infrastructure projects. This includes shovel-ready projects to improve water and wastewater infrastructure, as well as energy-saving initiatives.

ITT has extensive engineering expertise and innovative technology that has been instrumental to the creation and success of energy-efficient clean water and wastewater projects around the globe, as well as equipment to make homes and commercial buildings more energy-efficient. ITT’s white paper can be downloaded at www.itt.com/now

“Communities around the country, from major metropolitan cities to rural small towns, are now working to secure funds to launch much-needed infrastructure projects, such as drinking water and wastewater projects,” said Colin Sabol, vice president of business development for ITT’s Fluid Technology business. “ITT has extensive experience with the planning and creation of such projects, and measuring how project success produces benefits to the health and economy of a community.”

The goal of this white paper is to provide consulting engineers, as well as state and local municipal boards, with the straightforward information and practical advice they need to embark on shovel-ready projects. Some of this information includes:

A list of the key federal agencies involved in environmental infrastructure program implementation and project assistance; Guidance about the resources available to help plan projects and deal with the expedited project approvals timeframe to ensure critical deadlines – the application of funds, submission of project proposals and construction start-dates – are met; and, An overview of a variety of the products available to be used in the construction and successful completion of environmental infrastructure projects. About ITT Corporation

ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that crate more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company generated 2008 sales of $11.7 billion. www.itt.com



Contacts ITT CorporationTom Glover, +1-914-319-3451tom.glover@itt.com



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Robert F. Kennedy, Jr. Joins Board of Ostara Nutrient Recovery Technologies Inc.

Robert F. Kennedy, Jr. Joins Board of Ostara Nutrient Recovery Technologies Inc.


VANCOUVER, BC –Ostara Nutrient RecoveryTechnologies Inc., developer and marketer of proprietary technologiesthat recover polluting nutrients from wastewater and recycle them intoenvironmentally-friendly high-value fertilizer, announced that Robert F. Kennedy, Jr., has been elected to the Company’s board ofdirectors.

Kennedy is a prominent environmental advocate and a VenturePartner at VantagePoint Ventures Partners, a leading investor in 21stcentury technologies based in Silicon Valley, California.

VantagePointhas been a significant Ostara shareholder since 2008.Phillip Abrary, President and CEO of Ostara, said the Company will benefit fromKennedy’s insights and experiences as an expert in balancing protection of theenvironment with sustainable recreation and development.“Bobby is a recognized expert on water management and an active environmentalist. Heis passionate about sustainability and keeping waterways clean for future generations —and we believe he will bring a unique and valuable perspective to our Board,” saidAbrary.

Kennedy said he has been impressed with Ostara’s technology and its potential to helpmunicipal wastewater systems increase the efficiency of their operations while reducingtheir environmental impact on waterways and the water table.“I remain deeply concerned about the resource challenges we will face in our futures,and believe that by serving on Ostara’s board I will gain an opportunity to both advocatefor environmental stewardship and help Ostara with its water treatment and resourcerecovery solutions,” said Kennedy.About Robert F. Kennedy, Jr.Kennedy is a Clinical Professor and Supervising Attorney at Pace University School ofLaw’s Environmental Litigation Clinic. Kennedy also serves as President of WaterkeeperAlliance, Chief Prosecuting Attorney for the Hudson Riverkeeper, and Senior Attorneyfor the Natural Resources Defence Council.

He was named one of Time magazine’s“Heroes for the Planet.” He is a graduate of Harvard University, University of VirginiaLaw School, as well as Pace University School of Law, where he received a MastersDegree in Environmental Law. (www.robertfkennedyjr.com)

About VantagePoint Venture PartnersVantagePoint Venture Partners is a leader in investing in 21st Century technologies andpartners with entrepreneurs in the CleanTech, Healthcare and Information Technologysectors. With a large investment team of experts, a broad network of strategic partnersand advisors, and more than $4.5 billion in committed capital, the Firm has the depth ofresources to help build transformative companies that are clear leaders in theircategories. The Silicon Valley firm has investments in more than 70 companies. Formore information visit www.vpvp.com.


About OstaraOstara Nutrient Recovery Technologies Inc., founded in 2005, is a Vancouver-basedcompany commercializing proprietary technologies that recover resources fromwastewater and recycle them into valuable products. Ostara's struvite recovery process,developed at the University of British Columbia (UBC), recovers pollutants that wouldotherwise be released into the environment, helps wastewater treatment plants reduceoperating costs and meet environmental regulations, and provides municipalities andutilities with revenue from the sale of the recovered pollutants that are recycled intoenvironmentally safe slow-release fertilizer, Crystal Green®.


For more information: visitwww.ostara.com and www.crystalgreen.com.


Contact: Michelle Tiang 25 Feb 2009Corporate Marketing Manager



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Water crisis: world heads for ‘water bankruptcy’ warns World Economic Forum report

Reminder - World Water Day- March 22

In 2009, the focus of World Water Day on March 22 will be on transboundary waters: sharing water, sharing opportunities.
http://www.worldwaterday.org/

Water crisis: world heads for ‘water bankruptcy’ warns World Economic Forum report

http://www.irc.nl/page/46786

Many places in the world are on the verge of "water bankruptcy" following a series of regional water "bubbles" over the past 50 years that fuelled economic growth, according to a new report [1] by the World Economic Forum (WEF). This leads to a structural problem in the way water is managed across the global economy.
Some of the highlights of the forecast include:
The majority of the glaciers of the Himalayas and Tibet, which are a source of water for more than 2 billion people, will disappear by 2100 under current trends.
70 major rivers around the world are close to being totally drained in order to supply water for irrigation systems and reservoirs.

Within two decades, water will become a mainstream theme for investors; for many, water is already a better "pick" than oil. With good regulation, this will enable much more financing to be mobilized to invest in water infrastructure and technology.

The report was presented at the WEF Annual Meeting held in Davos-Klosters, Switzerland, from 28 January to 1 February 2009. At the meeting, Margaret Catley-Carlson chaired a special session on "The Politics of Water". “By far the most controversial issue was the need to recognize water as a scarce commodity. All participants agreed that pricing is as economically necessary as it is politically risky”, the session summary report [2] stated.

[1] WEF Water Initiative (2009). The bubble is close to bursting : a forecast of the main economic and geopolitical water issues likely to arise in the world during the next two decades. Draft. Geneva, Switzerland, World Economic Forum. 68 p. PDF file.
[2] Read the full session summary here and view the webcast here.
Web site: WEF Water Initiative.

Related news:
Climate change: millions fear death as water resources are depleted, Tearfund report, Source Weekly, 30 Jan 2009
World Economic Forum: water as critical as climate change, Source Weekly, 25 Feb 2008
Contact: WEF Water Initiative, Switzerland, water@weforum.org




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Investing In Water, Investor Ideas Water Stocks Directory Features Global Listed Water Companies and ETF’s

Investing In Water, Investor Ideas Water Stocks Directory Features Global Listed Water Companies and ETF’s


POINT ROBERTS, WA and DELTA, BC –March 6, 2009 - Investorideas.com and its Water-stocks.com portal update the current directory of publicly traded water stocks for investors looking for global water investment opportunities. The directory also includes publicly traded stocks and ETF’s.

Investorideas.com was one of the first investor resources covering water stocks and features the Investing in Water Podcast series, news, resources and links and a global water stocks directory.
Water Stocks Directory: http://www.investorideas.com/Water-Stocks/Stock_List.asp
Partial Directory:

ACEA SpA (Milan:ACE.MI) - ACEA SpA is an Italy-based utility company engaged in the production and supply of water, electricity, public lighting and heating. With 10,000 kilometers of aqueducts and networks, it manages the entire water cycle in the Ambito Territoriale Ottimale, in Rome and Frosinone.

Agilent Technologies Inc. (NYSE:A)Agilent Technologies Inc. is the world's premier measurement company and a technology leader in communications, electronics, life sciences and chemical analysis. The company's 20,000 employees serve customers in more than 110 countries. Agilent had net revenues of $5.8 billion in fiscal 2008.

AIR WATER INC.(TYO:4088) Tokyo-is a Japan-based manufacturing company - Treatment.

Aliran Ihsan Resources Bhd (Kuala Lampur:8516.KL) is a United Kingdom-based investment holding company. The Company's subsidiaries include Southern Water Corporation Sdn. Bhd., Arensi Pipes Sdn. Bhd., RNC Corporations Berhad, Southern Water Technology Sdn. Bhd. and Southern Water Engineering Sdn. Bhd. The principal activities of the subsidiaries include water treatment, rehabilitation of water treatment plants and construction of water works, construction of waterworks and water treatment plants and operation, maintenance and management of water treatment plants

AMCON Distributing Co. (AMEX:DIT) AMCON is a leading wholesale distributor of consumer products, including beverages, candy, tobacco, groceries, food service, frozen and chilled foods, and health and beauty care products with distribution centers in Illinois, Missouri, Nebraska, North Dakota and South Dakota.

American Pacific Corp. (NasdaqGM:APFC) is a leading manufacturer of specialty and fine chemicals within its focused markets. We also produce specialty chemicals utilized in various applications such as fire extinguishing systems, as well as manufacture water treatment equipment.

American States Water Company (NYSE:AWR) through its principal subsidiary, Golden State Water Company (GSWC), engages in the purchase, production, and distribution of water. It also distributes electricity in one customer service area. The company provides water and wastewater services, including billing and meter reading, water marketing, and the operation and maintenance of water and wastewater systems to various municipalities, the United States government, and private entities. As of December 31, 2005, it served 13,001 customers located in the town of Fountain Hills, Arizona, as well as a portion of the City of Scottsdale, Arizona; and operated approximately 184 miles of pipeline.

Full Directory: http://www.investorideas.com/Water-Stocks/Stock_List.asp

For investors following the sector, a report from The IPCC, Intergovernmental Panel on Climate Change,
“Climate Change and Water”, will enlighten and inform them as to the urgency and help direct research for potential investment.
http://www.ipcc.ch/ipccreports/tp-climate-change-water.htm
www.Water-Stocks.com, a portal within the InvestorIdeas.com content umbrella, offers investors research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.

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"One of the first online investor resources providing in-depth information on renewable energy, greentech and water sectors." InvestorIdeas.com is a leading global investor and industry research resource portal specialized in sector investing covering over thirty industry sectors and global markets including China, India, Middle East and Australia.

Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured companies, news submissions and online advertising. Disclosure:
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Source: Water-Stocks.com, Investorideas.com

Gov. Schwarzenegger Takes Action to Address California’s Water Shortage

Gov. Schwarzenegger Takes Action to Address California’s Water Shortage

Proclaims State of Emergency, Directs Government to Utilize Resources, Help People

To combat California’s third consecutive year of drought, Governor Arnold Schwarzenegger today proclaimed a state of emergency and ordered immediate action to manage the crisis. In the proclamation, the Governor uses his authority to direct all state government agencies to utilize their resources, implement a state emergency plan and provide assistance for people, communities and businesses impacted by the drought.

“Even with the recent rainfall, California faces its third consecutive year of drought and we must prepare for the worst - a fourth, fifth or even sixth year of drought,” Governor Schwarzenegger said. “Last year we experienced the driest spring and summer on record and storage in the state’s reservoir system is near historic lows. This drought is having a devastating impact on our people, our communities, our economy and our environment - making today’s action absolutely necessary. This is a crisis, just as severe as an earthquake or raging wildfire, and we must treat it with the same urgency by upgrading California’s water infrastructure to ensure a clean and reliable water supply for our growing state.”

The Governor’s order directs various state departments to engage in activity to provide assistance to people and communities impacted by the drought. The proclamation:
Requests that all urban water users immediately increase their water conservation activities in an effort to reduce their individual water use by 20 percent Directs the Department of Water Resources (DWR) to expedite water transfers and related efforts by water users and suppliers Directs DWR to offer technical assistance to agricultural water suppliers and agricultural water users, including information on managing water supplies to minimize economic impacts and implementing efficient water management practices Directs DWR to implement short-term efforts to protect water quality or water supply, such as the installation of temporary barriers in the Delta or temporary water supply connections Directs the Labor and Workforce Development Agency to assist the labor market, including job training and financial assistance Directs DWR to join with other appropriate agencies to launch a statewide water conservation campaign calling for all Californians to immediately decrease their water use Directs state agencies to immediately implement a water use reduction plan and take immediate water conservation actions and requests that federal and local agencies also implement water use reduction plans for facilities within their control In particular, the order directs that by March 30, 2009, DWR shall provide an updated report on the state’s drought conditions and water availability. According to the proclamation, if the emergency conditions have not been sufficiently mitigated, the Governor will consider additional steps. These could include the institution of mandatory water rationing and mandatory reductions in water use; reoperation of major reservoirs in the state to minimize impacts of the drought; additional regulatory relief or permit streamlining as allowed under the Emergency Services Act; and other actions necessary to prevent, remedy or mitigate the effects of the extreme drought conditions.

DWR and California’s Department of Food and Agriculture will also recommend, within 30 days, measures to reduce the economic impacts of the drought, including but not limited to water transfers, through-Delta emergency transfers, water conservation measures, efficient irrigation practices, and improvements to the California Irrigation Management Information System.
Last week, DWR announced that California’s severe drought had prevented it from increasing its State Water Project (SWP) delivery allocations for the first time since 2001. This year’s allocation as of February is at just 15 percent of SWP contractor’s requests. This is only the second time in SWP history that the February allocation has been this low.
The drought conditions and water restrictions are causing additional devastating economic and business losses. Agricultural revenue losses exceed $300 million to date and could exceed $2 billion in the coming season, with a total economic loss of nearly $3 billion in 2009.


Full text of proclamation:

http://gov.ca.gov/press-release/11556/



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