ARTESIAN RESOURCES CORP

Listed Company

ARTNBCIK 0000863110OTCNon-AcceleratedWater SupplyDelawareFY ends Dec 31

Period

FY 2025

Revenue

$112.94M

Net Income

$22.82M

Total Assets

—

Equity

—

Shares Out

8.05M

Op. Cash Flow

$40.35M

Business

ARTESIAN RESOURCES CORP is a holding company that owns subsidiaries providing regulated water and wastewater utility services. It distributes and sells potable water, provides wastewater collection and treatment, offers contract operations, and sells water, sewer and internal service line protection plans, design and construction of utility infrastructure, and reclaimed water services. Its key operating entities include five regulated public utilities (Artesian Water, Artesian Water Pennsylvania, Artesian Water Maryland, Artesian Wastewater Maryland, Artesian Wastewater Management/TESI) and two non-utility subsidiaries (Artesian Utility and Artesian Development). The company serves the Delmarva Peninsula, primarily Delaware, with service delivered through interconnected transmission and distribution mains, interconnections with neighboring utilities and municipal contracts.

Summary from filing dated 2025-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Operating Revenues	113	108	99	99	91
Utility operating expenses	52	50	46	44	41
Non-utility operating expenses	5	5	4	7	4
Depreciation and amortization	14	14	13	13	12
Current	7	7	3	4	3
Deferred	1	578,000	3	2	2
Property and other taxes	6	6	6	6	6
Total Operating Expenses	85	82	76	75	69
Operating income	28	26	22	24	22
Allowance for funds used during construction (AFUDC)	2	2	2	1	823,000
Miscellaneous	1	1	1	1	1
Total other income, net	4	3	3	3	2
Income before interest charges	32	29	26	27	24
Interest charges	9	9	9	9	8
Net income applicable to common stock	23	20	17	18	17
Basic (in Dollars per share)	2.21	1.98	1.67	1.9	1.79
Diluted (in Dollars per share)	2.21	1.98	1.67	1.9	1.79
Basic (in Shares)	10	10	10	9	9
Diluted (in Shares)	10	10	10	9	9
Cash dividends per share of common stock (in Dollars per share)	1.23	1.18	1.14	1.09	1.05

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Utility plant, at original cost less accumulated depreciation	802	747	714	668	590
Cash and cash equivalents	52,000	1	3	1	92,000
Accounts and other receivables (less provision for expected credit loss 2025 - $340; 2024 - $343)	9	11	13	14	8
Income tax receivable	769,000	624,000	2	2	2
Unbilled operating revenues	2	2	2	2	1
Materials and supplies	4	4	6	5	2
Prepaid property taxes	2	2	2	2	2
Prepaid expenses and other	4	3	3	3	3
Total current assets	21	25	31	28	19
Non-utility property (less accumulated depreciation 2025-$1,146; 2024-$1,116)	4	4	4	4	4
Other deferred assets	10	7	9	11	5
Goodwill	2	2	2	2	0
Operating lease right of use assets	414,000	414,000	506,000	467,000	451,000
Total other assets	15	12	15	17	9
Regulatory assets, net	13	14	7	7	6
Total Assets	851	799	767	720	625
Common stock	10	10	10	10	9
Preferred stock	0	0	0	0	0
Additional paid-in capital	144	144	143	107	105
Retained earnings	95	85	77	71	64
Total stockholders' equity	250	239	230	188	178
Long-term debt, net of current portion	174	177	178	176	143
Total stockholders' equity and long-term debt	424	416	409	364	321
Lines of credit	6	0	0	20	27
Current portion of long-term debt	2	2	2	2	2
Accounts payable	14	11	10	11	10
Accrued expenses	5	5	4	4	4
Overdraft payable	103,000	31,000	9,000	43,000	30,000
Accrued interest	916,000	930,000	2	989,000	917,000
Income taxes payable	389,000	500,000	2,000	6,000	0
Customer and other deposits	3	3	3	2	2
Other	2	2	2	3	1
Total current liabilities	34	26	22	44	47
Commitments and contingencies (Note 11)	—	—	—	—	—
Net advances for construction	374,000	2	3	4	4
Operating lease liabilities	407,000	404,000	503,000	466,000	440,000
Regulatory liabilities	26	30	26	29	21
Deferred investment tax credits	395,000	409,000	423,000	439,000	456,000
Deferred income taxes	55	52	58	55	53
Total deferred credits and other liabilities	82	85	88	88	80
Net contributions in aid of construction	311	272	248	224	177
Total Liabilities and Stockholders' Equity	851	799	767	720	625

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of debt expense	352,000	353,000	355,000	354,000	351,000
Amortization of deferred income tax regulatory liability	−1	−916,000	−444,000	0	—
Provision for expected credit loss	140,000	233,000	92,000	68,000	−224,000
Deferred income taxes, net	2	1	4	2	3
Stock compensation expense	246,000	219,000	254,000	152,000	193,000
AFUDC, equity portion	−2	−1	−1	−894,000	−556,000
Accounts and other receivables	5	−257,000	807,000	−4	318,000
Income tax receivable	−145,000	1	−167,000	602,000	−2
Unbilled operating revenues	−49,000	73,000	−348,000	−141,000	86,000
Materials and supplies	562,000	2	−1	−3	−398,000
Income taxes payable	−111,000	498,000	−4,000	6,000	−28,000
Prepaid property taxes	380,000	81,000	−83,000	697,000	−415,000
Prepaid expenses and other	−582,000	206,000	−419,000	−216,000	−444,000
Other deferred assets	−485,000	2	2	−5	−445,000
Regulatory assets	152,000	−206,000	−497,000	−37,000	−236,000
Regulatory liabilities	−3	−3	−3	7	−535,000
Accounts payable	2	305,000	284,000	−4	4
Accrued expenses	−686,000	552,000	614,000	−564,000	−71,000
Accrued interest	−14,000	−1	1	72,000	−13,000
Customer deposits and other, net	564,000	634,000	−476,000	545,000	270,000
NET CASH PROVIDED BY OPERATING ACTIVITIES	40	37	32	24	31
Capital expenditures (net of AFUDC, equity portion)	−59	−46	−62	−48	−41
Proceeds from sale of assets	129,000	623,000	99,000	65,000	90,000
NET CASH USED IN INVESTING ACTIVITIES	−59	−45	−62	−55	−41
Repayments under lines of credit agreements	−2	0	−23	−41	−11
Borrowings under lines of credit agreements	8	0	3	35	11
Increase (decrease) in overdraft payable	72,000	22,000	−34,000	13,000	−75,000
Proceeds from contributions in aid of construction and advances	30	24	25	17	17
Payouts for contributions in aid of construction and advances	−4	−4	−2	−1	−1
Net proceeds from issuance of common stock	342,000	347,000	37	2	1
Equity issuance cost	0	0	−317,000	0	0
Issuance of long-term debt	—	758,000	6	32	4
Dividends paid	−13	−12	−11	−10	−10
Debt issuance costs	0	0	0	−135,000	−19,000
Principal repayments of long-term debt	−2	−2	−2	−2	−2
NET CASH PROVIDED BY FINANCING ACTIVITIES	17	7	31	32	9
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	−1	−1	1	1	64,000
Utility plant received as construction advances and contributions	11	9	3	8	4
Contractual amounts of contributions in aid of construction due from developers included in accounts receivable and class action settlement funds included in other deferred assets (See Note 15 - Legal Proceedings)	7	641,000	2	—	—
Change in amounts included in accounts payable and accrued payables related to capital expenditures	875,000	3	−3	—	—
Interest paid	8	10	8	8	8
Income taxes paid	7	6	4	3	5
Income taxes refunded	162,000	701,000	0	0	—

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