Business
Artesian Resources Corporation Reports Year-to-Date and Second Quarter Results for 2020
NEWARK, Del., Aug. 05, 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., Aug. 05, 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 year-to-date and second quarter results for 2020.\n Reports earnings per share of $0.92 year-to-date and $0.49 in the second quarter of 2020Invested $20.6 million year-to-date in water and wastewater infrastructureMunicipal water acquisitions add approximately 3,000 people served in Delaware service area in 2020 Year-to-Date Results Net income for the first six months ended June 30, 2020 was $8.6 million, a $1.3 million, or 17.3%, increase compared to net income recorded during the first six months of 2019. Diluted earnings per share was $0.92 for the six months ended June 30, 2020, a 16.5% increase compared to $0.79 for the six months ended June 30, 2019. Revenues totaled $41.7 million for the six months ended June 30, 2020, $1.6 million, or 4.0%, more than revenues recorded for the same six month period in 2019. Water sales revenue increased 4.8% to $36.8 million for the six months ended June 30, 2020 from $35.1 million for the same period in 2019, primarily due to an increase in residential consumption revenue and an increase in the number of customers served. This increase is partially offset by a decrease in non-residential consumption revenue. In addition, Distribution System Improvement Charges, or DSIC, revenue and fixed fee revenue increased. Other utility operating revenue increased 2.9% to $2.3 million for the six months ended June 30, 2020 from the same period in 2019, primarily as a result of increases in wastewater revenue from customer growth. This increase is partially offset by a decrease in utility service and finance charges, related to state mandated prohibitions on late fees and service disconnections. Non-utility revenue decreased $0.1 million, or 5.3%, for the six months ended June 30, 2020 compared to the same period in 2019, primarily due to a decrease in contract service revenue. This decrease is partially offset by an increase in Service Line Protection Plan revenue. Operating expenses, excluding depreciation and income taxes, increased $0.2 million, or 1.0%, for the six months ended June 30, 2020 compared to the same period in 2019. Utility operating expenses increased $0.2 million, or 1.2%,...