Earnings, revenues increase at Artesian

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Artesian Resources Corp., Newark, announced higher revenues and earnings.

In the first quarter of 2012, revenues were $16.7 million, a 13.2 percent increase from the $14.8 million reported in the same quarter a year earlier.

Net income for the quarter grew to $2.5 million from  $1 million recorded during the first quarter of 2011. Thanks to an increase in water sales and a $500,000 decrease in expenses.

An additional 2,000 customers in Delaware and Cecil County, Md. contributed to a 16.5 percent increase in water sales during the first quarter of 2012. Revenues from water sales were also higher in early 2012, due to a water rate increase. A delay in collecting revenues to pay for the investments had depressed Artesian’s fiscal performance in the first quarter of 2011.

“Our growth strategies are providing rewards for our customers, our communities and our investors,” Taylor said. “We are investing in the infrastructure that our communities need to grow. At the same time, we are focused on improving the service we provide to all customers. I would like to particularly thank our management team and employees for controlling our expenses.”

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Artesian announced it is increasing its dividend by 2.5 percent, raising its annual dividend to $0.7912 per share. Artesian has increased its dividend each year for the past 15 years.

Artesian Resources Corporation operates as the holding company of eight wholly-owned subsidiaries offering water, wastewater and engineering services on the Delmarva Peninsula. 


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