-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KItlAMODDFd680cpAdmIX8pBSyC2GllsciXnwZUlX1lXZJUoSf1BMYgQhQWF5F3Y th43GBnl4wOhfwni17ZUNQ== 0000950116-06-001580.txt : 20060515 0000950116-06-001580.hdr.sgml : 20060515 20060515151304 ACCESSION NUMBER: 0000950116-06-001580 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060510 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060515 DATE AS OF CHANGE: 20060515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARTESIAN RESOURCES CORP CENTRAL INDEX KEY: 0000863110 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] IRS NUMBER: 510002090 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18516 FILM NUMBER: 06840238 BUSINESS ADDRESS: STREET 1: 664 CHURCHMANS RD CITY: NEWARK STATE: DE ZIP: 19702 BUSINESS PHONE: 3024536900 MAIL ADDRESS: STREET 1: 664 CHURCHMANS RD CITY: NEWARK STATE: DE ZIP: 19702 8-K 1 eight-k.txt 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, 2006 ARTESIAN RESOURCES CORPORATION ----------------------------------------------------------------------------- (Exact name of registrant as specified in its charter)
Delaware 000-18516 51-0002090 ------------------------------------ ------------------------------ ------------------------------------ (State or other jurisdiction of (Commission (IRS Employer Identification No.) incorporation) File Number) 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, 2006, Artesian Resources Corporation (the "Company") issued a press release reporting its financial results for the first quarter ended March 31, 2006. 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 Exhibits 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 8.01 OTHER EVENTS. On May 12, 2006, the Company issued a press release announcing that the Board of Directors of the Company approved a three-for-two split of the Company's common stock, to be effected in the form of a 50% stock dividend, to stockholders of record at the close of business on May 30, 2006. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. The following exhibit is furnished with this report: EXHIBIT EXHIBIT TITLE NUMBER 99.1 Press Release dated May 10, 2006 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 15, 2006 By: /s/ DIAN C. TAYLOR ----------------------------------- Dian C. Taylor President, Chief Executive Officer and Chair of the Board INDEX TO EXHIBIT EXHIBIT EXHIBIT TITLE NUMBER 99.1 Press Release dated May 10, 2006 EX-99 2 ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 Newark, DE, May 10, 2006 - Artesian Resources Corporation (Nasdaq:ARTNA) (Artesian) today announced that basic and diluted net income per common share for the quarter ended March 31, 2006 were $0.25 and $0.24, as compared to $0.24 and $0.23 for the comparable period in 2005. Revenues for the quarter were $10.5 million, up 5.9% from $9.9 million in 2005. Net income available to common stockholders was $996,000, compared to $954,000 last year, a 4.4% increase. Dian C. Taylor, CEO and Chair of the Board, said "We believe our second century of operation is off to a solid start. Artesian continues to make significant investments in water supply, treatment, storage and distribution to assure reliable, high quality service to its customers throughout Delaware. We acted to refinance outstanding long-term debt over the last three years and to issue additional debt needed to finance our investments in utility plant, taking advantage of historically low interest rates for the benefit of our customers. Although paying attention every day, we know we must never lose our long-term perspective." Water sales revenues increased 7.6% compared to the same quarter last year. A portion of the increase in water sales revenue reflects the addition of 1,284 customers and higher volumes of water delivered to customers compared to the same period last year. In addition, we recorded $154,000 in water sales revenues in the first quarter of 2006 associated with a remanded issue in our April 2004 rate filing. These revenues were collected in rates from September 2004 through March 2006 and held in reserve until the Delaware Public Service Commission reached a final decision on April 11, 2006. The remainder of the increase is primarily due to additional revenues of $132,000 generated by our Distribution System Improvement Charge in the first quarter of 2006. This charge permits more timely recovery of investments made by Artesian related to specific types of distribution system improvements assuring reliable water service. Non-utility operating revenues decreased $133,000 compared to the same period a year ago as a result of decreased wastewater design and construction activity. Utility operating expense increased $425,000, or 7.9%, to $5.8 million for the three months ended March 31, 2006, compared to $5.4 million for the same period in 2005. This is comprised of increases in legal expense, payroll and employee benefits, purchased water costs and water treatment expense. Legal expense increased $168,000 as a result of costs related to the 2004 rate proceeding remand that was not expected to be, nor included in the rate expenses approved in the proceeding. Payroll and employee benefit expense increased $112,000, primarily due to a decrease in the capitalization of payroll and benefits associated with our internal staff efforts in 2005 to convert our customer information system. The new customer information system was placed into service on January 2, 2006. Utility operating expense also increased $49,000 due to the recognition of an increase in rates charged for water purchased from neighboring utilities under minimum take or pay agreements. Water treatment expense increased utility operating expense by $47,000 as a result of increases in the cost of chemicals used in the water treatment process. Increases in energy prices have been the primary reason for the increase in the cost charged to Artesian. Non-utility operating expenses decreased $73,000 compared to the same period a year ago as a result of decreased wastewater design and construction activity. 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. About $170 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, 2006, Artesian was serving approximately 73,000 metered customers, providing water service to about 240,000 residents (including contract services), approximately 28% of Delaware's total population. Last year, Artesian distributed 7.5 billion gallons of water. Artesian serves its customers through 107 operating wells. Artesian's water supply is treated at 50 different locations statewide. Artesian owns and maintains approximately 1,000 miles of water main throughout the state. Contact: Nicki Taylor Investor Relations (302) 453-6943 ntaylor@artesianwater.com ------------------------- -----END PRIVACY-ENHANCED MESSAGE-----