PR Newswire
NEWARK, Del., Aug. 7, 2012
NEWARK, Del., Aug. 7, 2012 /PRNewswire/ -- Artesian Resources Corporation, (Nasdaq: ARTNA), a leading provider of water, wastewater and engineering services on the Delmarva Peninsula, today announced that revenues for the second quarter of 2012 were $17.9 million, an 8.5% increase from the $16.5 million in revenues recorded for the same three-month period of 2011.
Net income for the second quarter of 2012 was $2.7 million, an increase of $1.0 million, compared to the same period last year. Diluted net income per share increased to $0.32 for the second quarter of 2012 from $0.23 for the same period last year on 12.6% more diluted shares outstanding.
Operating expenses, excluding depreciation and income taxes, decreased slightly during the quarter, and the ratio of operating expense, excluding depreciation and income taxes, to total revenue fell to 54.8% for the three months ended June 30, 2012, compared to 59.6% for the same time period of 2011.
Artesian increased its investments in utility infrastructure during the first six months of 2012 to $10.0 million, compared to $6.6 million invested during the same period of 2011. The investments were made to replace aging mains, enhance or improve existing treatment facilities, rehabilitate pumping equipment and for other projects that will enable Artesian to better serve its customers.
Through the first six months of 2012, Artesian has posted net income of $5.3 million, a $2.5 million increase over the same period of 2011. Diluted net income per common share was $0.61 through the first six months of 2012 compared to $0.36 during the same period last year. Revenues during the first six months of 2012 grew by 10.7% to $34.6 million while operating expenses, excluding depreciation and income taxes, decreased 3.0%.
"Last year our earnings were depressed," said Artesian President and CEO Dian C. Taylor. "At this time last year, we did not have regulatory approval to begin recovery of the $41.8 million we had invested over the previous three years for necessary water utility plant improvements and equipment. Since then, we obtained regulatory approval to begin recovery of our investments, added more than 1,900 customers in Maryland and Delaware and continued our tight control over expenses. As a result, we are able to report healthier earnings this year."
Other year-to-date highlights include:
About Artesian Resources
Artesian Resources Corporation operates as the holding company of eight wholly-owned subsidiaries offering water, wastewater and engineering services on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest investor-owned public water utility on the Delmarva Peninsula and has been providing water service since 1905.
Artesian Resources Corporation | |||||||||||
Condensed Consolidated Statement of Operations | |||||||||||
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| | Three months ended | | | Six months ended | ||||||
| | June 30, | | | June 30, | ||||||
| | 2012 | | | 2011 | | | 2012 | | | 2011 |
Operating Revenues | | | | | | | | | | | |
Water sales | $ | 16,201 | | $ | 14,683 | | $ | 31,244 | | $ | 27,598 |
Other utility operating revenue | | 711 | | | 711 | | | 1,447 | | | 1,458 |
Non-utility operating revenue | | 1,000 | | | 1,116 | | | 1,919 | | | 2,211 |
| | 17,912 | | | 16,510 | | | 34,610 | | | 31,267 |
| | | | | | | | | | | |
Operating Expenses | | | | | | | | | | | |
Utility operating expenses | | 8,308 | | | 8,136 | | | 16,237 | | | 16,214 |
Non-utility operating expenses | | 550 | | | 775 | | | 1,048 | | | 1,715 |
Depreciation and amortization | | 1,964 | | | 1,823 | | | 3,924 | | | 3,633 |
State and federal income taxes | | 1,839 | | | 1,260 | | | 3,530 | | | 1,954 |
Property and other taxes | | 957 | | | 928 | | | 1,990 | | | 1,944 |
| | 13,618 | | | 12,922 | | | 26,729 | | | 25,460 |
| | | | | | | | | | | |
Operating Income | | 4,294 | | | 3,588 | | | 7,881 | | | 5,807 |
| | | | | | | | | | | |
Allowance for funds used during construction | | 85 | | | 38 | | | 119 | | | 73 |
Miscellaneous | | 131 | | | (25) | | | 784 | | | 572 |
| | | | | | | | | | | |
Income Before Interest Charges | | 4,510 | | | 3,601 | | | 8,784 | | | 6,452 |
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Interest Charges | | 1,762 | | | 1,848 Werbung Mehr Nachrichten zur Artesian Resources Corp Aktie kostenlos abonnieren
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