Welcome!

News Feed Item

Artesian Resources Corporation Reports Third Quarter Results

NEWARK, Del., Nov. 7, 2012 /PRNewswire/ -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider of water, wastewater and related services on the Delmarva Peninsula, today announced that net income for the third quarter of 2012 was $2.8 million, an increase of $0.6 million or 27.2% compared to the same period last year. Diluted net income per share increased to $0.33 for the third quarter of 2012 from $0.26 for the same period last year. Net revenues for the third quarter of 2012 were $19.0 million, a $1.3 million or 7.2 % increase for the same three-month period of 2011.

Operating expenses, excluding depreciation and income taxes, for the third quarter of 2012 increased by 6.9% to $10.6 million, compared to $10.0 million for the same period in 2011. The increase was primarily due to higher payroll and employee benefit costs. The ratio of operating expense, excluding depreciation and income taxes, to total revenue fell slightly to 56.0% for the three months ended September 30, 2012, compared to 56.2% for the same time period of 2011.

Through the first nine months of 2012, Artesian posted net income of $8.1 million, a $3.1 million increase over the same period of 2011. Diluted net income per common share was $0.93 through the first nine months of 2012 compared to $0.63 during the same period last year. Revenues during the first nine months of 2012 grew by 9.4% to $53.6 million while operating expense, excluding depreciation and income taxes, was flat at $29.9 million.

"We recorded strong revenue growth through the first nine months of 2012.  We attribute this growth to the addition of over 1,900 customers in Delaware and Maryland and to the rate relief we were granted late last year that enabled us to recover millions of dollars invested in needed system improvements that we completed over the previous three years," said Dian Taylor, Chair, President and CEO.  "In addition, last year we experienced record rainfall in the third quarter from multiple tropical storms, which impacted water consumption and contributed to depressed earnings."

"We continue to strengthen our position as the primary water and wastewater resource for developers and communities throughout the Delmarva Peninsula seeking to fill both needs simultaneously," Taylor said. "At the same time, we remain focused on providing superior service to our customers while seeking ways to improve our efficiency and performance."

Artesian increased investment in its infrastructure during the first nine months of 2012 to $14.8 million, a 37.1% increase over capital expenditures made during the same period of 2011. The investments were made to replace aging mains, enhance or improve existing treatment facilities, rehabilitate pumping equipment and fund other projects that will enable Artesian to better serve its customers. Artesian is nearing completion of the installation of a needed water main in the Cherry Hill area of Cecil County, Maryland. The new main will provide service to a W.L. Gore facility and two Cecil County public schools.

Other year-to-date highlights include:

  • More than 9,200 customers, about 11.2%, have enrolled in Artesian's newly instituted free electronic billing service. Enrolled customers have secure access to their water bills as well as free online payment options.
  • The company's Water Service Line Protection Plan and Sewer Service Line Protection Plan continue to be popular with 25.1% and 14.7% of eligible customers participating, respectively.

About Artesian Resources
Artesian Resources Corporation operates as the holding company of eight wholly-owned subsidiaries offering water, wastewater and related services on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest investor-owned public water utility on the Delmarva Peninsula and has been providing water service since 1905.

 

Artesian Resources Corporation

Condensed Consolidated Statement of Operations

(In thousands, except per share amounts)

(Unaudited)















Three months ended



Nine months ended



September 30,



September 30,



2012



2011



2012



2011

Operating Revenues












Water sales

$

17,353


$

15,921


$

48,597


$

43,520

Other utility operating revenue


719



751



2,166



2,208

Non-utility operating revenue


929



1,058



2,848



3,269



19,001



17,730



53,611



48,997













Operating Expenses












Utility operating expenses


9,155



8,313



25,391



24,527

Non-utility operating expenses


515



709



1,562



2,424

Depreciation and amortization


1,957



1,897



5,880



5,530

State and federal income taxes


1,904



1,505



5,435



3,459

Property and other taxes


975



939



2,965



2,882



14,506



13,363



41,233



38,822













Operating Income


4,495



4,367



12,378



10,175













Allowance for funds used during construction 


133



67



253



140

Miscellaneous


(36)



(387)



748



185













Income Before Interest Charges


4,592



4,047



13,379



10,500













Interest Charges


1,746



1,809



5,280



5,500













Net Income 

$

2,846


$

2,238


$

8,099


$

5,000













   Weighted Average Common Shares Outstanding - Basic


8,681



8,547



8,653



7,960

   Net Income per Common Share - Basic

$

0.33


$

0.26


$

0.94


$

0.63













   Weighted Average Common Shares Outstanding - Diluted


8,752



8,579



8,699



8,000

   Net Income per Common Share - Diluted

$

0.33


$

0.26


$

0.93


$

0.63

























 

Artesian Resources Corporation

Condensed Consolidated Balance Sheet

(In thousands)

(Unaudited)














September 30,


December 31,








2012


2011







Assets












Utility Plant, at original cost less 












accumulated depreciation

$

362,611


$

353,397







Current Assets


13,738



13,250







Regulatory and Other Assets


12,004



12,090








$

388,353


$

378,737



















Capitalization and Liabilities
























Stockholders' Equity

$

115,826


$

112,997







Long Term Debt, Net of Current Portion


105,729



106,539







Current Liabilities


27,165



24,660







Net Advances for Construction


13,530



14,405







Contributions in Aid of Construction


79,552



77,306







Other Liabilities


46,551



42,830








$

388,353


$

378,737



















 

SOURCE Artesian Resources Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
As more and more companies are making the shift from on-premises to public cloud, the standard approach to DevOps is evolving. From encryption, compliance and regulations like GDPR, security in the cloud has become a hot topic. Many DevOps-focused companies have hired dedicated staff to fulfill these requirements, often creating further siloes, complexity and cost. This session aims to highlight existing DevOps cultural approaches, tooling and how security can be wrapped in every facet of the bu...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, d...
IT organizations are moving to the cloud in hopes to approve efficiency, increase agility and save money. Migrating workloads might seem like a simple task, but what many businesses don’t realize is that application migration criteria differs across organizations, making it difficult for architects to arrive at an accurate TCO number. In his session at 21st Cloud Expo, Joe Kinsella, CTO of CloudHealth Technologies, will offer a systematic approach to understanding the TCO of a cloud application...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Secure Channels, a cybersecurity firm, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Secure Channels, Inc. offers several products and solutions to its many clients, helping them protect critical data from being compromised and access to computer networks from the unauthorized. The company develops comprehensive data encryption security strategie...
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, S...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
SYS-CON Events announced today that App2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyer belt between the Software Factory and production stages. Artifacts are m...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Cloud resources, although available in abundance, are inherently volatile. For transactional computing, like ERP and most enterprise software, this is a challenge as transactional integrity and data fidelity is paramount – making it a challenge to create cloud native applications while relying on RDBMS. In his session at 21st Cloud Expo, Claus Jepsen, Chief Architect and Head of Innovation Labs at Unit4, will explore that in order to create distributed and scalable solutions ensuring high availa...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...