Business
Artesian Resources Corporation Reports 2019 Year-End Earnings and Fourth Quarter Results
NEWARK, Del., March 11, 2020 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider of water and wastewater services, and
About this update from Artesian Resources Corporation
[{"type":"text","content":"NEWARK, Del., March 11, 2020 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider of water and wastewater services, and related services, on the Delmarva Peninsula, today announced earnings results for the fourth quarter and full year ended December 31, 2019. Net income increased 4.5% to $14.9 million for the year ended December 31, 2019, compared to $14.3 million for the year December 31, 2018. Diluted net income per common share increased 3.9% to $1.60 for the year ended December 31, 2019, compared to $1.54 for the same period in 2018.\n Dian C. Taylor, President and CEO stated, “Artesian remained focused during 2019 on our ongoing strategy of growing our water and wastewater customer base and service area while investing in utility plant to provide the best possible service and quality water to our customers.” We invested $40.7 million in 2019, following $49.1 million invested in 2018, in infrastructure projects including installation of transmission and distribution facilities, replacement of aging mains, rehabilitation of treatment facilities, new water treatment facilities and a storage tank, redevelopment of wells and pumping equipment and upgrades to computer, transportation and meter reading equipment as well as investments in wastewater facilities in Delaware. “Our continuing significant investments in utility plant allow us to ensure our current customers receive reliable service and high quality drinking water, meet the needs of our expanding and developing service areas and provide for our ability to sustain growth in earnings for the benefit of our shareholders,” said Taylor. Water sales revenue increased 3.9% to $73.6 million for the year ended December 31, 2019 from $70.8 million for the same period in 2018. The increase in water sales revenue is primarily due to an increase from customer growth, overall water consumption and in the Distribution System Improvement Charge (“DSIC”). Other utility operating revenue increased 10.3% to $4.9 million for the year ended December 31, 2019 from $4.5 million for the year ended December 31, 2018 primarily as a result of an increase in wastewater revenue from customer growth. Operating expenses, excluding depreciation and income taxes, increased $1.5 million, or 3.3%, for the year ended December 31, 2019 compared to the year ended December 31...