Business
Artesian Resources Corporation Reports Year-to-Date and Third Quarter 2021 Results
NEWARK, Del., Nov. 03, 2021 (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., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider of water and wastewater services, and related services, on the Delmarva Peninsula, today announced third quarter and year-to-date results for 2021. Increased common stock dividend by 2.5% as announced on September 22, 2021, marking a 4% increase this yearInvested $29.7 million year-to-date in water and wastewater infrastructureEntered into an agreement to acquire Tidewater Environmental Services, Inc., a regulated wastewater company, which will more than double the number of wastewater customers served in Delaware Year-to-Date Results Net income was $13.8 million, a $0.1 million, or 0.5%, increase compared to net income recorded during the nine months ended September 30, 2020. Diluted net income per share remained the same at $1.46 for the nine months ended September 30, 2021 compared to the nine months ended September 30, 2020. Revenues totaled $68.3 million, an increase of $1.9 million, or 2.9%. Water sales revenue increased $1.0 million, or 1.7%, primarily due to an increase in fixed fee revenue related to customer growth and an increase in non-residential consumption revenue. Other utility operating revenue increased $0.4 million, or 9.1%, primarily due to an increase in wastewater revenue related to customer growth, offset by a decrease in industrial wastewater service revenue resulting from adjustments related to the amounts recorded for the minimum required volume of wastewater under contract, pursuant to a settlement agreement. In addition, service and finance charges increased, related to executive orders that were issued by state governmental agencies in 2020 requiring utility companies to prohibit late fees and service disconnections for non-payment that since have been lifted. Non-utility operating revenue increased 12.7% to $4.3 million, primarily due to an increase in contract service revenue related to a contract for the design and construction of wastewater infrastructure for a third party and an increase in Service Line Protection Plan revenue that covers the cost of materials and labor to repair or replace participants’ leaking water services or clogged sewer lines. “The results demonstrate Artesian’s ability to steadily grow our business through the consistent and successful execution of long-term...