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
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?! Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development. Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.