Artesian Resources Corp., Newark, reported higher earnings in the first quarter.
Net income for the first quarter of 2015 was $2.5 million, up $500,000 from the same period a year earlier.
Revenues for the first quarter of 2015 were $18million, a 6.3 percent increase from the $16.9 million in revenues recorded for the same three-month period of 2014.
Water sales revenue increased by $1 million, or 6.3 percent, to $16 million for the first quarter of 2015.
The growth in water sales revenue resulted primarily from greater consumption and interim rate relief placed into effect pending final review and approval by the Delaware Public Service Commission of Artesian’s April 11, 2014 rate application.
“Artesian invested over $47.1 million in infrastructure improvements to ensure water quality and service reliability for its customers since its last rate request in April 2011, and remains committed to providing reliable delivery of high quality water,” said Dian C. Taylor, Chair, CEO. “While we await a decision on our pending request for rate relief, we continue to make system improvements to ensure a reliable and safe water supply to our customers. In the first quarter of 2015, we invested another $3.3 million for such improvements,” said Taylor.
Non-utility operating revenues for the first quarter of 2015 were $1.1 million, a 3.8 percent increase from the same period in 2014, reflecting increased enrollment in Artesian’s Service Line Protection Plans. “We continue to see increased enrollment in our water and wastewater Service Line Protection Plans, with 27.4 percent of our eligible customers now enrolled for water service coverage and 20.5 percent of eligible customers enrolled for sewer service coverage,” said Taylor.
Artesian Water Company supplies more than 7.6 billion gallons of water per year through 1,201 miles of water main to about 300,000 people on the Delmarva Peninsula.
