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Artesian Resources : Reports Second Quarter 2015 Results

08/06/2015 | 12:01am US/Eastern

(GlobeNewswire) - Artesian Resources Corporation (Nasdaq:ARTNA), a leading provider of water, wastewater services and related services on the Delmarva Peninsula, today announced that net income for the second quarter of 2015 was $3.2 million, an increase of $1.3 million, compared to $2.0 million in net income recorded during the second quarter of 2014. Diluted net income per share increased to $0.36 compared to $0.22 for the second quarter of 2014.

Revenues for the second quarter of 2015 were $19.5 million, a 9.2% 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%, for the three months ended June 30, 2015 compared to the same period a year ago. This increase primarily was 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; although its impact on the quarter was significantly reduced by the effect of the 12.5 inches of rain recorded in northern Delaware this June. Non-utility operating revenue increased $0.1 million, or 11.5%, 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.

Excluding depreciation and income taxes, operating expenses decreased $0.6 million, or 5.6% to $10.2 million for the second quarter of 2015, compared to $10.8 million for the same period in 2014. Utility operating expenses for the second quarter of 2015 were $8.5 million, a $0.6 million, or 6.3%, decrease from the $9.1 million recorded for the same period in 2014. The decrease is mainly the result of reduced payroll and employee benefit costs of $0.8 million. Offsetting these decreased expenses was $0.2 million of amortization of amounts incurred in regard to our pending water utility filing in Delaware for rate relief.

“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, Chair, President and CEO.

Through the first six months of 2015, Artesian had net income of $5.8 million, compared to net income of $4.0 million recorded for the same period of 2014. Diluted earnings per share increased to $0.64 for the six months ended June 30, 2015 from $0.45 for the six months ended June 30, 2014. Revenues during the first six months of 2015 increased 7.8% to $37.5 million, while operating expenses, excluding depreciation and income taxes, decreased 2.4%. The company invested $9.6 million in infrastructure improvements through the first six months of 2015 to ensure high quality and reliable service to customers.

About Artesian Resources

Artesian Resources Corporation operates as a holding company of wholly-owned subsidiaries offering water, wastewater services and related services on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest investor-owned water utility on the Delmarva Peninsula and has been providing water service since 1905. Artesian supplies 7.3 billion gallons of water per year through 1,201 miles of water main to approximately 300,000 people.

Artesian Resources Corporation

Condensed Consolidated Statement of Operations

(In thousands, except per share amounts)

(Unaudited)

Three months ended

Six months ended

June 30,

June 30,

2015

2014

2015

2014

Operating Revenues

Water sales

$

17,474

$

15,950

$

33,512

$

31,034

Other utility operating revenue

894

893

1,756

1,686

Non-utility operating revenue

1,168

1,048

2,229

2,071

19,536

17,891

37,497

34,791

Operating Expenses

Utility operating expenses

8,501

9,070

17,162

17,587

Non-utility operating expenses

607

632

1,127

1,190

Depreciation and amortization

2,192

2,155

4,401

4,293

State and federal income taxes

2,191

1,312

3,955

2,713

Property and other taxes

1,060

1,073

2,195

2,213

14,551

14,242

28,840

27,996

Operating Income

4,985

3,649

8,657

6,795

Allowance for funds used during construction

43

95

67

146

Miscellaneous

(41

)

(39

)

549

583

Income Before Interest Charges

4,987

3,705

9,273

7,524

Interest Charges

1,754

1,743

3,503

3,479

Net Income

$

3,233

$

1,962

$

5,770

$

4,045

Weighted Average Common Shares Outstanding - Basic

8,926

8,884

8,922

8,865

Net Income per Common Share - Basic

$

0.36

$

0.22

$

0.65

$

0.46

Weighted Average Common Shares Outstanding - Diluted

8,960

8,928

8,958

8,914

Net Income per Common Share - Diluted

$

0.36

$

0.22

$

0.64

$

0.45

Artesian Resources Corporation

Condensed Consolidated Balance Sheet

(In thousands)

(Unaudited)

June 30,

December 31,

2015

2014

Assets

Utility Plant, at original cost less

accumulated depreciation

$

398,923

$

393,793

Current Assets

13,835

16,648

Regulatory and Other Assets

11,812

11,772

$

424,570

$

422,213

Capitalization and Liabilities

Stockholders' Equity

$

127,920

$

125,605

Long Term Debt, Net of Current Portion

104,295

104,954

Current Liabilities

25,719

30,192

Net Advances for Construction

9,671

10,228

Contributions in Aid of Construction

95,900

92,429

Other Liabilities

61,065

58,805

$

424,570

$

422,213

Contact:

Nicki Taylor

Investor Relations

(302) 453-6900

ntaylor@artesianwater.com

For the original version on GlobeNewswire visit: http://globenewswire.com/news-release/2015/08/05/758245/0/en/Artesian-Resources-Corporation-Reports-Second-Quarter-2015-Results.html

All rights reserved

(c) 2015 The Jerusalem Post Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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