-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, J2fQyhOdnQDAeu4qe/aNYqXehubSRfwXJcdvGWS6dbnJLJW60+EbO8xvr0/kApZh c9aC+lAgnEzgPCX+yulUxw== 0000893220-07-001719.txt : 20070508 0000893220-07-001719.hdr.sgml : 20070508 20070508134130 ACCESSION NUMBER: 0000893220-07-001719 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070507 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070508 DATE AS OF CHANGE: 20070508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARTESIAN RESOURCES CORP CENTRAL INDEX KEY: 0000863110 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] IRS NUMBER: 510002090 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18516 FILM NUMBER: 07827368 BUSINESS ADDRESS: STREET 1: 664 CHURCHMANS RD CITY: NEWARK STATE: DE ZIP: 19702 BUSINESS PHONE: 3024536900 MAIL ADDRESS: STREET 1: 664 CHURCHMANS RD CITY: NEWARK STATE: DE ZIP: 19702 8-K 1 w34741e8vk.htm ARTESIAN RESOURCES CORPORATION e8vk
 

 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 8, 2007 (May 7, 2007)
ARTESIAN RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
         
Delaware   000-18516   51-0002090
         
(State or other jurisdiction of
incorporation)
  (Commission
File Number)
  (IRS Employer Identification No.)
     
664 Churchmans Road, Newark, Delaware   19702
     
(Address of principal executive offices)   (Zip Code)
     
Registrant’s telephone number, including area code:       
302-453-6900
   
 
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

Item 2.02   Results of Operations and Financial Condition.
On May 7, 2007, Artesian Resources Corporation (the “Company”) issued a press release reporting its financial results for the Quarter ended March 31, 2007. A copy of the press release is being furnished as Exhibit 99.1 to this report.
The foregoing information and the information set forth in Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 except as shall be expressly set forth by specific reference in such filing.
Item 9.01   Financial Statements and Exhibits.
The following exhibit is furnished with this report:
         
Exhibit    
Number   Exhibit Title
  99.1    
Press Release dated May 7, 2007

 


 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  ARTESIAN RESOURCES CORPORATION
 
 
Date: May 8, 2007  By:   /s/ DIAN C. TAYLOR    
    Dian C. Taylor   
    President, Chief Executive Officer and Chair of the Board   
 
         
  ARTESIAN RESOURCES CORPORATION
 
 
Date: May 8, 2007  By:   /s/ DAVID B. SPACHT    
    David B. Spacht   
    Vice President, Chief Financial Officer and Treasurer   

 


 

         
INDEX TO EXHIBIT
         
Exhibit    
Number   Exhibit Title
  99.1    
Press Release dated May 7, 2007

 

EX-99.1 2 w34741exv99w1.htm PRESS RELEASE exv99w1
 

Exhibit 99.1
Newark, DE, May 7, 2007 — Artesian Resources Corporation (Nasdaq:ARTNA) (Artesian) today announced that basic and diluted net income per common share for the quarter ended March 31, 2007 were $0.19 and $0.18, as compared to $0.17 and $0.16 for the comparable period in 2006. Revenues for the quarter were $11.6 million, up 10.6% from $10.5 million in 2006. Net income available to common stockholders was $1,156,000, compared to $996,000 last year, a 16.1% increase.
Dian C. Taylor, CEO and Chair of the Board said, “Although our core water utility business has resulted in continued earnings growth, the key to our earnings growth in the current quarter was the increase in our wastewater utility and our non-utility operating revenues and gross margins.”
Water sales revenues increased 6.9% compared to the same quarter last year. The increase in water sales revenue reflects the addition of 1,636 customers compared to a year ago and an increase in water rates approved by the Delaware Public Service Commission effective January 1, 2007.
Other utility operating revenue increased $207,000 compared to the same period a year ago as a result of our addition of customers to our regulated wastewater facilities and operational subsidies from the developers of the communities we serve as contractually required during the initial operating period of the facilities.
Non-utility operating revenues increased $216,000 compared to the same period a year ago as a result of increased wastewater design and construction activity. Artesian continues to operate three wastewater treatment facilities in Delaware capable of serving over 10,000 residential customers under contract and has twelve facilities under contract for design and construction that will be capable of serving more than 4,000 homes. Ms. Taylor said “We are also developing plans for a regional wastewater facility in the Milton, Delaware area capable of serving 20,000 homes. By providing both water and wastewater services, Artesian has established itself as the go-to resource for developers seeking a single company to fill both needs.”
Utility operating expense increased $683,000, or 11.8%, to $6.5 million for the three months ended March 31, 2007, compared to $5.8 million for the same period in 2006. This is comprised of increases in purchased power rates effective in May 2006, payroll and employee benefits costs, maintenance contract cost for water storage tank painting and the replacement of carbon filters used for water treatment in the first quarter this year.
Non-utility operating expenses increased $28,000 compared to the same period a year ago as a result of increased wastewater design and construction activity.
On April 25, Artesian declared a 3.75%, or a $0.024 per share, increase in the Class A Non-Voting and Class B Common shareholders’ annual dividend. The dividend was increased, in total, by 7.5% in 2006 as compared to dividends in 2005. The quarterly dividend of $0.166 per share is payable May 25, 2007 to shareholders of record at the close of business on May 10, 2007.
Artesian, through our wholly-owned subsidiary Artesian Water Company, Inc., is the oldest and largest investor owned regulated public water utility on the Delmarva Peninsula and has been providing superior water service since 1905. Artesian also provides water and wastewater treatment contract services through Artesian Utility Development, Inc., a non-regulated subsidiary, and wastewater utility services through Artesian Wastewater Management, Inc., a regulated subsidiary. Artesian currently owns and operates five wastewater treatments plants. In addition, Artesian operates forty-five water and wastewater treatment plants under contract.
As of March 31, 2007, Artesian was serving approximately 74,000 metered water customers, providing water service to about 250,000 residents in Delaware, Maryland and Pennsylvania. Last year, Artesian distributed 7.6 billion gallons of water through a total of 172 wells and 1,000 miles of water main. Artesian’s water supply is treated at 50 different locations. Artesian has increased its water customer base by 27% and has more than doubled it franchise area over the past decade. About $186 million has been invested in utility plant over the last 10 years to provide sufficient treated supply, new water mains and additional storage capacity to meet peak demands and provide fire protection.
This release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, anticipated expansion and capacity of our planned wastewater facility. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions, timing of and margins on our wastewater design and construction projects, changes in regulations or regulatory treatment, availability and cost of capital, unfavorable weather conditions, the success of growth initiatives, and other factors discussed in our filings with the Securities and Exchange Commission. While the Company may elect to update forward-looking statements, we specifically disclaim any obligation to do so and you should not rely on any forward-looking statement as representation of the Company’s views as of any date subsequent to the date of this release.
Contact: Nicki Taylor
Investor Relations
( (302) 453-6943 ntaylor@artesianwater.com

 


 

Artesian Resources Corporation
Condensed Consolidated Statement of Operations
(In thousands, except share and per share data)
                 
    (Unaudited)  
    Three months ended     Three months ended  
    March 31, 2007     March 31, 2006  
       
Operating Revenues
               
Utility Operating Revenue
    11,139       10,240  
Non-Utility Operating Revenue
    465       249  
 
           
 
  $ 11,604     $ 10,489  
 
           
 
               
Operating Expenses
               
Utility Operating Expenses
    6,485       5,802  
Non-Utility Operating Expenses
    210       182  
Depreciation and Amortization
    1,212       1,165  
State & Federal Taxes
    741       653  
Property and Other Taxes
    688       634  
 
           
 
    9,336       8,436  
 
           
 
               
Operating Income
    2,268       2,053  
Other Income, net
    523       446  
 
           
 
               
Income Before Interest Charges
    2,791       2,499  
 
           
 
               
Interest Charges
    1,635       1,503  
 
           
 
               
Net Income Applicable to Common Stock
  $ 1,156     $ 996  
 
           
 
               
Weighted Average Common Shares Outstanding — Basic
    6,111       6,027 *
Net Income per Common Share — Basic
  $ 0.19     $ 0.17 *
 
               
Weighted Average Common Shares Outstanding — Diluted
    6,273       6,217 *
Net Income per Common Share — Diluted
  $ 0.18     $ 0.16 *
*   Shares outstanding and per share amounts restated to reflect a three for two common stock split effective May 30, 2006.
Artesian Resources Corporation
Condensed Consolidated Balance Sheet
(In thousands)
                 
    (Unaudited)        
    March 31, 2007     December 31, 2006  
   
ASSETS
               
 
               
Utility Plant, at original cost less accumulated depreciation
  $ 256,789     $ 253,182  
Current Assets
    10,868       10,245  
Regulatory and Other Assets
    6,143       5,933  
 
           
 
  $ 273,800     $ 269,360  
 
           
 
               
CAPITALIZATION AND LIABILITIES
               
 
               
Stockholders’ Equity
  $ 62,283     $ 61,800  
Long Term Debt, Net of Current Portion
    91,958       92,073  
Current Liabilities
    21,029       19,122  
Advances for Construction
    24,708       24,991  
Contributions in Aid of Construction
    49,551       48,177  
Other Liabilities
    24,271       23,197  
 
           
 
  $ 273,800     $ 269,360  
 
           

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