Artesian Resources reported net income for the second quarter of 2015 was $3.2 million, an increase of $1.3 million, compared to $2 million in net income recorded during the second quarter of 2014.
Revenues for the second quarter of 2015 were $19.5 million, a 9. Percent increase from the $17.9 million in revenues recorded for the same three month period of 2014. Water sales revenues increased $1.5 million, or 9.6 percent, for the three months ended June 30, 2015 compared to the same period a year ago.
This increase was primarily a result of temporary rate increases that were placed into effect on June 10, 2014 and November 13, 2014.
In addition, overall water consumption increased during the three months ended June 30, 2015 compared to the same period a year ago as a result of May 2015 being the tenth driest May in Delaware since recordkeeping began in 1895. That was partially offset by the 12.5 inches of rain recorded in northern Delaware this June, the utility reported.
Non-utility operating revenue increased $100,000, or 11.5 percent, for the three months ended June 30, 2015 compared to the same period a year ago as enrollment in water and wastewater service line protection plans continued to increase.
“The ability to implement the temporary rate increase has allowed Artesian to begin recovery of the $47 million we invested in infrastructure improvements over the three year period ending September 30, 2014 to ensure water quality and service reliability to our customers. The ensuing improvement in revenues combined with our continued diligence in managing expenses resulted in the increase in our net income” said Dian C. Taylor, CEO.
Through the first six months of 2015, Artesian had net income of $5.8 million, compared to net income of $4 million recorded for the same period of 2014. Revenues during the first six months of 2015 increased 7.8 percent to $37.5 million.
Artesian provides water service in all three of the state’s counties and Cecil County MD, with the largest concentration of customers in northern New Castle County.
