8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 10, 2005

ARTESIAN RESOURCES CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	000-18516	51-0002090
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

664 Churchmans Road, Newark, Delaware	19702
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code:     302-453-6900          

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     Written communications pursuant to Rule 425 under the Securities Act

     Soliciting material pursuant to Rule 14a-12 under the Exchange Act

     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Item 2.02 Results of Operations and Financial Condition.

On May 10, 2005, Artesian Resources Corporation (the “Company”) issued a press release reporting its financial results for the three months ended March 31, 2005. A copy of the press release is being furnished as Exhibit 99.1 to this report.

The foregoing information and the information set forth in Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

The following exhibit is furnished with this report:

Exhibit Number	Description
99.1	Press Release dated May 10, 2005

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ARTESIAN RESOURCES CORPORATION
Date: May 12, 2005	By:      /s/ DIAN C. TAYLOR
	Dian C. Taylor President, Chief Executive Officer and Chair of the Board

	ARTESIAN RESOURCES CORPORATION
Date: May 12, 2005	By:      /s/ DAVID B. SPACHT
	David B. Spacht Vice President, Chief Financial Officer and Treasurer

INDEX TO EXHIBIT

Exhibit Number	Description
99.1	Press Release dated May 10, 2005

EX-99

Exhibit 99.1        

Newark, DE, May 10, 2005 — (ARTNA) Artesian Resources Corporation (Artesian) today announced that basic and diluted net income per common share for the quarter ended March 31, 2005 were $0.24 and $0.23, respectively, as compared to $0.18 for both in the comparable period in 2004. Revenues for the quarter were $9.9 million, up 12.7% from $8.8 million in 2004. Net income available to common stockholders was $954,000, compared to $715,000 last year, a 33.4% increase.

Dian C. Taylor, CEO and Chair of the Board said, “We are pleased to see the positive results generated by our growing wastewater activities. As planned, our wastewater operations are adding revenues and income to supplement our core utility operations.” Our non-utility revenues increased $260,000 compared to the same period last year. These revenues were primarily for wastewater system design and engineering work from our non-regulated subsidiary, Artesian Utility Development, Inc.

Water sales revenues increased 9.8% compared to the same quarter last year. The increased water sales revenues reflected temporary rate increases in effect in the current quarter related to our February 5, 2004 request that is pending before the Delaware Public Service Commission, and the addition of 1,120 metered customers in the past year. Offsetting these increases, the volume of water delivered to customers fell 1.3% compared to the same period last year, primarily due to the first quarter of 2005 containing one less calendar day than the leap year of 2004.

Operations and maintenance expenses increased $575,000, or 11.4%, compared to the same period last year. The increase was primarily due to increased employee payroll and benefit expenses and increased non-utility operating expenses associated with the increased non-utility revenues. The increase in operation and maintenance expense in the first quarter of 2005 was partially offset by decreased rate case related expenses compared to 2004 and a non-recurring reimbursement in 2004 for consulting expenses incurred by the Delaware Public Service Commission in connection with the review of supply conditions during the 2002 drought. Other income increased primarily as a result of increased dividend income from a cooperative bank.

Artesian Resources Corporation, through our wholly-owned subsidiary Artesian Water Company, is the largest investor owned regulated public water utility in the State of Delaware and has been providing water within the state since 1905. More than $155 million has been invested in Artesian’s utility plant over the last 10 years to provide sufficient treated supply, new water mains and additional storage capacity to meet peak demands and provide fire protection for Delaware residents. We distribute and sell water to residential, commercial, industrial, governmental, municipal and utility customers throughout the state. As of March 31, 2005, Artesian was serving approximately 71,300 metered customers, providing water service to about 232,000 residents (including contract services), representing approximately 28% of Delaware’s total population. Last year, Artesian distributed 7.2 billion gallons of water. Artesian serves its customers through 109 operating wells. Artesian’s water supply is treated at 52 different locations statewide. Artesian owns and maintains approximately 977 miles of water main throughout the state.

Contact: Nicki Taylor
Investor Relations
(302) 453-6943 ntaylor@artesianwater.com

Artesian Resources Corporation
Condensed Consolidated Statement of Operations
(In thousands, except share and per share data)

			(Unaudited)
		Three months ended March 31, 2005		Three months ended March 31, 2004
Operating Revenues		$	9,902	$	8,787
Operating Expenses
	Operations and Maintenance Expenses		5,632		5,057
	Depreciation and Amortization		1,042		924
	State & Federal Taxes		640		471
	Property and Other Taxes		581		529
			7,895		6,981
Operating Income			2,007		1,806
	Other Income, net		428		369
Income Before Interest Charges			2,435		2,175
Interest Charges			1,481		1,457
Net Income			954		718
Preferred Dividend Requirement			—		3
Net Income Applicable to Common Stock		$	954	$	715
	Weighted Average Common Shares Outstanding – Basic		3,967,219		3,917,034
	Net Income per Common Share – Basic	$	0.24	$	0.18
	Weighted Average Common Shares Outstanding – Diluted		4,093,865		4,053,117
	Net Income per Common Share – Diluted	$	0.23	$	0.18

Artesian Resources Corporation
Condensed Consolidated Balance Sheet
(In thousands)

			(Unaudited) March 31, 2005		December 31, 2004
ASSETS
	Utility Plant, at original cost less accumulated depreciation	$	215,847	$	212,152
	Current Assets	$	8,717	$	9,658
	Regulatory and Other Assets	$	5,265	$	5,570
		$	229,829	$	227,380
CAPITALIZATION AND LIABILITIES
	Stockholders’ Equity	$	55,457	$	54,943
	Long Term Debt, Net of Current Portion	$	82,495	$	82,356
	Current Liabilities	$	18,447	$	18,440
	Advances for Construction	$	22,151	$	21,456
	Contributions in Aid of Construction	$	33,806	$	33,426
	Other Liabilities	$	17,473	$	16,759
		$	229,829	$	227,380