Business
Artesian Resources Corporation Reports Second Quarter and Year-To-Date 2023 Results
NEWARK, Del., Aug. 07, 2023 (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., Aug. 07, 2023 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider of water and wastewater services, and related services, on the Delmarva Peninsula, today announced second quarter and year-to-date results for 2023. Diluted net income per share decreased to $0.44 in the second quarter and to $0.84 year-to-date, compared to $0.53 and $1.01 in the comparative periods a year ago. Increased revenue by $0.2 million in the second quarter and $0.5 million year-to-date.Filed a request with the Delaware Public Service Commission on April 28th to implement increased water rates to support the on-going capital improvement program and increased costs of operations. Invested $32.3 million year-to-date in water and wastewater infrastructure.Raised $36.2 million in capital upon the sale of approximately 763,339 shares of the Company’s Class A Non-Voting Common Stock. Common Stock Offering During the second quarter of 2023, the Company completed a combined sale and partial exercise of the over-allotment option of a total of 763,339 shares of its Class A Non-Voting Common Stock, par value $1.00 per share, at a price to the public of $50.00 per share. The net proceeds to the Company from the offering, after deducting the underwriting discounts and commissions and other offering expenses, were approximately $36.2 million. The proceeds from both the initial offering and the over-allotment option were used to repay short-term borrowings, including borrowings incurred under Artesian’s lines of credit, incurred primarily to finance expenses associated with our construction program, including investment in utility plant and equipment, and to fund capital expenditures and other general corporate purposes. “Maintaining a reliable water system that ensures high-quality water and service to our customers requires significant and continuous investment in our infrastructure,” said Dian C. Taylor, CEO. “It is our ability to attract investors and raise funds in the capital markets that enables us to cost-effectively provide assured supply of high-quality water to those we serve.” Application to Increase Customer Rates Artesian’s last comprehensive application for an increase in base rate charges was filed in April 2014. On April 28, 2023, Artesian filed a request with the Delaware Public Service Commission, or DE...