Server: Microsoft-IIS/3.0 Date: Thu, 18 Dec 1997 21:59:19 GMT Content-Type: text/html Accept-Ranges: bytes Last-Modified: Thu, 20 Nov 1997 16:10:17 GMT Set-Cookie: EGSOFT_ID=128.2.209.145-820874768.29166592; expires=Fri, 31-Dec-2010 00:00:00 GMT; path=/ Content-Length: 15595
We are pleased to report that Artesian Resources
Corporation recorded an increase in net income of approximately
25% from $453,192 to $564,224 for the third quarter of 1997.
Earnings per share for the third quarter were $0.32 compared to
$0.26 per share in the same period of 1996. For the nine months
ended September 30, Artesian's net income was $1.25 million
compared to $1.26 million for the same period last year. Earnings
per share for the first nine months of 1997 were $0.70 per share
compared to $0.90 per share for the same period of 1996.
On August 26, the Delaware Public Service Commission
(PSC) approved a rate increase of approximately $248,000 in
additional annual revenue. This rate relief was specifically
directed toward recovering costs associated with
government-mandated highway relocation projects.
In the months ahead the PSC will consider Artesian
Water's general request for rate relief, filed on October 3. The
request, if granted, would increase customer rates by
approximately 26% and result in $5.6 million in additional annual
revenue. Temporary rates will likely go into effect on or about
December 3, resulting in approximately $2.5 million in additional
annual revenue. A final decision on Artesian's request is
currently anticipated by late Summer 1998.
Since Artesian's last full rate increase in 1995,
the Company has invested more than $24 million in infrastructure.
Artesian's request for increase rates s for those water system
improvements which include drilling new wells and constructing
new treatment facilities, upgrading water mains, relocating mains
due to government-mandated road improvements and constructing
additional storage tanks.
The $24 million in capital improvements also has
been consistent with Artesian's goal to become self-sufficient in
supply. In the last five years, Artesian has gone far in
achieving that foal by securing more than 14.2 million gallons a
day in additional well water supply. We have also identified more
that 13.2 million gallons a day in supply which we plan to access
as demand requires. The assurance of a long-term, high-quality
water supply to met the needs of all our customers-with a primary
focus on self supply-is of paramount importance to Artesian.
Artesian
continues to successfully expand our franchise service territory.
We recently completed the acquisition of the Cat Hill and Whites
Haven Water Companies located near South Bethany Beach. The new
venture not only marks Artesian's arrival in Sussex County, but
it also establishes Artesian as a public water supplier in al
three Counties in Delaware.. In addition, Artesian will be
providing water service to the resident=s of the Town of South
Bethany. These developments provide Artesian with the opportunity
to serve an additional 2,000 customers in the South Bethany area.
Artesian's
ability to keep pace with Delaware's steady economic development
can be attributed to our strategic planning over the past five
years. Our course for the future has been set, and we will
continue to develop appropriate resources to meet the needs
associated with the industrial, commercial and residential
growth, as it occurs. We also invite you to visit Artesian's new
web site at www.artesianwater.com. You are a valued investor, and your
support is greatly appreciated.
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Condensed
Consolidated Statement of Income
For the Three Months Ended September 30, |
1997 | 1996 |
Operating Revenues | $5,863,332 | $5,284,858 |
Earnings applicable to Common Stockholders | $564,224 | $453,192 |
Per Share Earnings Applicable to Common Stockholders | $0.32 | $0.26 |
Dividends Per Share of Common Stock | $0.23 | $0.23 |
Average Shares of Common Stock Outstanding | 1,775,223 | 1,743,644 |
For the Nine Months Ended September 30, |
1997 | 1996 |
Operating Revenues | $16,393,172 | $15,619,280 |
Earnings applicable to Common Stockholders | $1,246,063 | $1,258,158 |
Per Share Earnings Applicable to Common Stockholders | $0.70 | $0.90 |
Dividends Per Share of Common Stock | $0.69 | $0.67 |
Average Shares of Common Stock Outstanding | 1,779,406 | 1,390,847 |
Condensed
Consolidated Balance Sheet
September 30, 1997 | December 31, 1996 |
Assets | (Unaudited) | |
Utility Plant, at original cost less accumulated depreciation | $94,080,380 | $88,993,073 |
Current Assets | 6,390,631 | 5,359,463 |
Regulatory and Other Assets | 4,992,357 | 5,355,617 |
$105,463,368 | $99,708,153 |
Capitalization and Liabilities | ||
Stockholders' Equity | $26,756,472 | $26,584,183 |
Long Term Debt, Net of Current Portion | 32,133,095 | 26,258,977 |
Current Liabilities | 4,821,306 | 5,650,617 |
Advances for Construction | 19,327,516 | 19,079,822 |
Contributions in Aid of Construction | 19,675,811 | 19,350,356 |
Other Liabilities | 2,749,168 | 2,784,198 |
$105,463,368 | $99,708,153 |
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