Artesian Resources Corp. reported higher earnings the third quarter. Artesian, based near Newark, is a provider of water and wastewater services in Delaware and Cecil County, Md.
Net income totaled $2.8 million, up 27 percent from the same period a year earlier. Net revenue rose to $19 million, up 7.2 percent from the same period in 2011.
During the first nine months of 2012, Artesian posted net income of $8.1 million, a $3.1 million increase from the same period of 2011. Revenues during the first nine months of 2012 grew by 9.4 percent to $53.6 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 Delawareand 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, 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 percent 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.
Artesian is nearing completion of the installation of a needed water main in the Cherry Hill area of Cecil County, Md. The new main will provide service to a W.L. Gore facility and two Cecil County public schools.
