Artesian reports higher earnings in second quarter and first half

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Artesian Resources Corp., Newark, announced that net income for the second quarter of 2017 was $3.3 million, an increase of $200,000 million, or 6.9 percent, compared to the second quarter of 2016.

“We are pleased to report continued solid financial results in 2017,” said Dian C. Taylor, CEO. “During the first six months of 2017, we made significant investments in treatment facilities, pumping equipment, transmission and distribution facilities and mains totaling $17.1 million, consistent with our continued effort to ensure high-quality reliable service to our customers. We also continue to build upon public and private partnerships such as those with the Fort DuPont Redevelopment and Preservation Corporation, the Town of Odessa and Allen Harim Foods that are important to the continued economic vitality of Delaware and the sustained growth of Artesian.”

Revenues for the second quarter of 2017 were $20.5 million, a 5.7 percent, increase from the $19.4 million in revenues recorded for the same three month period of 2016.

Water sales revenues increased $0.9 million, or 5.3 percent, for the three months ended June 30 when compared to the same period a year ago, primarily as a result of an increase in the Distribution System Improvement Charge (a temporary rate increase) applied to customer bills and an increase in overall water consumption.

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Other utility operating revenue increased $0.1 million, or 11.8 percent for the three months ended June 30, compared to the same period a year ago as a result of an increase in the number of wastewater customers and new development inspection fees.

Artesian disclosed that it made a $300,000 pledge to the new public-private entity that will replace the Delaware Economic Development Office.

Through the first six months of 2017, net income was $6.3 million, a $0.5 million, or an eight percent increase compared to the same period a year ago.

Revenues during the first six months of 2017 were $39.7 million, a $1.9 million, or 4.9 percent, increase from the $37.8 million in revenues recorded for the same six month period in 2016. Water sales revenues increased $1.4 million, or 4.2 percent, for the six months ended June 30 compared to the same period a year ago for the reasons cited in the second quarter earnings report. Other utility operating revenue increased $300,000 or 14.8 percent, for the six months ended June 30,

Other utility operating revenue increased $300,000 or 14.8 percent, for the six months ended June 30, compared to the same period a year ago as a result of growth in the number of wastewater customers and new development inspection fees.

Artesian Resources Corporation also announced that its Board of Directors has declared a regular quarterly dividend on the company’s Class A and Class B Common Stock.

Artesian also reported:

  • Closing on the purchase of water assets in the Fort DuPont Historic District in New Castle County. The acquisition was the culmination of a public-private partnership between Fort DuPont Redevelopment and Preservation Corporation and state and local governments to redevelop and revitalize the 325-acre historic waterfront community located on the Delaware River.
  • Acquiring the water assets of the Cantwell Water Company of Odessa and expanded water service to the residents of the town of Odessa in southern New Castle County, Delaware through its regionalized integrated system.
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