Water- Stocks.com Presents Q&A Interview with Middlesex Water Company (NASDAQ:MSEX) for World Water Day
Point Roberts WA, DELTA, BC –March 22, 2010 www.Water-Stocks.com, an investor and industry portal for the water sector within Investorideas.com, presents an interview with Mr. Dennis W. Doll , Vice Chairman, President and Chief Executive Officer of Middlesex Water Company (NASDAQ:MSEX) following the theme of World Water Day, March 22nd.
Water- Stocks.com Interview with Mr. Dennis W. Doll, Vice Chairman, President and Chief Executive Officer of Middlesex Water Company (NASDAQ:MSEX)
Q- Dawn Van Zant at Water-stocks.com
UN-Water has chosen ''Clean Water for a Healthy World" as the theme for World Water Day 2010. For investors that don’t know the history of Middlesex Water Company, can you give us a summary of how your company has played a key role in the water industry in the past, leading up to your current position in the sector?
A- Mr. Dennis W. Doll, Vice Chairman, President and Chief Executive Officer and of Middlesex Water Company (NASDAQ:MSEX)
The availability of a reliable supply of clean, safe drinking water is a major concern both on the global stage and locally and it’s an issue we take very seriously at Middlesex Water Company. Our company was incorporated in 1897 as a water utility primarily serving customers in eastern Middlesex County, New Jersey. Over time, our business, as well as the areas in which we operate, has grown and evolved. In addition to establishing a solid retail and wholesale revenue base in New Jersey, we entered into a public private partnership agreement with a major New Jersey city in 1998. We acquired other water and wastewater companies in New Jersey, and in 1992 expanded to Delaware where we acquired a 2,400 customer system which has since grown to more than 40,000 customers. We entered the regulated wastewater business in Delaware in 1995 (a key growth driver for the Company) and also added numerous additional water and wastewater contract operations to our portfolio. Presently, we are largely a New Jersey and Delaware company which just recently expanded its footprint to Pennsylvania through the acquisition of assets of a small system in that state. We differentiate ourselves from our peers in the industry in that we are one company offering developers, municipalities and small system owners a complete suite of services which includes water production and treatment, wastewater collection and treatment, full service contract operations and design/build/ownership and operation of assets. We are capable of providing these services as either a regulated utility or as a contract operator. We implement whatever business model best balances all the needs of the prospective customer. We have increasingly demonstrated our ability to grow the business profitably and we have the technical and operational expertise, financing capability and solutions-based philosophy that addresses present and future water and wastewater challenges.
Q- Dawn Van Zant at Water-stocks.com
In previous interviews on our site, water expert Mr. William Brennan noted that, “Water stocks are not recession proof but are recession resistant. “ In line with that, your corporate dividend history for investors is impressive, paying dividends since 1912. Can you explain some of the factors influencing performance of water stocks and expand on your dividend history to investors?
A- Mr. Dennis W. Doll, Vice Chairman, President and Chief Executive Officer and of Middlesex Water Company (NASDAQ:MSEX)
No one can argue that water is essential to life. In that regard, the growing opportunities in this industry through public private partnerships and outright sale of municipal assets, the need for long term investment to upgrade water infrastructure, the regulated utility business model and our growth profile, suggest that Middlesex Water could be an essential part of an investment portfolio for investors seeking reasonable and steady growth in earnings per share. While weather and the ability to obtain recovery through the regulatory framework of investments in utility infrastructure impact sector performance, we are well positioned to grow the company through organic growth (adding customers to new or existing systems), strategic and profitable acquisitions, regulated and non-regulated operating contracts and complementary products and services. Investors are also compelled by our robust dividend yield and Dividend Reinvestment and Stock Purchase plans. Middlesex Water has paid quarterly dividends for 97 years, and, in 2009, increased its dividend for the 37th consecutive year. We are proud of this strong dividend history, our record as a Mergent Dividend Champion and understand the importance of this dividend to our shareholders.
Q- Dawn Van Zant at Water-stocks.com
Water conservation and usage is a key issue in addressing global water issues. Middlesex Water Company just announced joining with the U.S. Environmental Protection Agency's (EPA's) WaterSense® program in promoting "Fix a Leak Week," March 15 through 21, 2010 to encourage residents to check household plumbing fixtures and irrigation systems for leaks. Can you expand on this initiative and others your company is involved in?
A- Mr. Dennis W. Doll, Vice Chairman, President and Chief Executive Officer and of Middlesex Water Company (NASDAQ:MSEX)
Water is a renewable resource and we are fortunate to enjoy an adequate supply of water in the areas in which we do business. But to ensure the availability of such resources well into the future we constantly encourage our customers to use water wisely. Our ongoing partnership with the Environmental Protection Agency’s WaterSense Program, of which Fix a Leak Week is one initiative, helps us to educate our customers about how to decrease indoor and outdoor water use through simple water-saving practices, available on our website www.middlesexwater.com, and WaterSense labeled water-efficient products. By the very nature of our business, we are an environmental steward, advocating for the protection of our watershed areas and the preservation of our natural resources. The Company is very involved in outreach to customers, local schools and municipal officials and in 2009 received recognition as a Green Leadership Award winner for its education efforts and commitment to renewable energy. We power 10% of the energy needs of our largest treatment plan in New Jersey with an onsite solar energy system, a demonstrated commitment to sustainable business practices, which gained our Company recognition as an Outstanding Green Business Leader in 2008. Electric power is one of the largest line-item costs for a water utility due to the fact that it requires a great deal of energy to treat water and to transport it over long distances through our distribution system. We are grateful that this successful project not only reduces operating costs but also, makes a contribution toward protecting our environment. Other initiatives include an active leak detection program, an ongoing effort to improve our business processes and use of technology, and our main cleaning and lining program, which is designed to cost-effectively upgrade our water infrastructure including water mains, valves and hydrants. These efforts are designed to improve services to our customers and improve shareholder value.
Q- Dawn Van Zant at Water-stocks.com
As a closing note, we frequently ask industry leaders in the water sector to address the critical need to pay attention to water investment in the cleantech space. Ceres.Org, released a report last year, “Water Scarcity & Climate Change: Growing Risks for Businesses & Investors", noting that water is an area that needs more attention. Can you give us your thoughts on this an executive in the industry?
A- Mr. Dennis W. Doll, Vice Chairman, President and Chief Executive Officer and of Middlesex Water Company (NASDAQ:MSEX)
As municipalities wrestle with increasing fiscal challenges, aging utility infrastructure, increasingly stringent water quality regulations and a transitioning workforce, the need to ensure the continual delivery of a reliable supply of safe drinking water will grow more complex, challenging and critical. While this presents opportunities for the investor-owned sector and therefore, opportunities for appropriate shareholder returns, it also highlights the need to better educate customers and residents about the true cost of providing reliable water and wastewater service, and the importance of infrastructure upgrades and replacement. Interest in the water space has continued to grow in recent years, both domestically and internationally. Regardless of the size and scope of any individual water system, we view this as a very local business, that directly influences the health and welfare of the residents served as well as the local economy. We believe strongly in the importance of maintaining relationships with our customers, local officials and regulators, ensuring our employees possess the tools and training to deliver quality service and providing solutions to municipalities and developers seeking answers to their water and wastewater challenges. Our strength lies in our expertise, our people and our vision for growth and these will contribute to shareholder value.
About Middlesex Water Company
Incorporated as a water utility in 1897, Middlesex Water Company (NASDAQ:MSEX) provides a full range of regulated and non-regulated water, wastewater utility and related services in parts of New Jersey, Delaware and Pennsylvania. Middlesex Water engages in collecting, treating, distributing and selling water for domestic, commercial, municipal industrial and fire protection purposes.
Visit the Middlesex Water Company (NASDAQ:MSEX) Showcase Profile on Investorideas.com and Water-stocks.com: http://www.investorideas.com/CO/MSEX/
For More info on World Water Day- Visit: www.worldwaterday.org
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For more info on Middlesex Water Company (NASDAQ:MSEX)
Bernadette M. Sohler
Vice President - Corporate Affairs
Bsohler@middlesexwater.com
732-638-7549
For More info on Water-stocks.com
Contact:
Dawn Van Zant 800-665-0411
Email: dvanzant@investorideas.com
Web Site: www.InvestorIdeas.com http://www.water-stocks.com/
Source: Water-Stocks.com, Investorideas.com
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