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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Artesian Resources Corporation | NASDAQ:ARTNA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.30 | -0.73% | 40.57 | 35.51 | 44.62 | 41.29 | 40.18 | 41.29 | 25,767 | 22:30:00 |
Title of each class
|
Trading Symbol (s)
|
Name of each exchange on which registered
|
|
Delaware
|
51-0002090
|
--------------------------------------------------------------------
|
-------------------------------------------------
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
Securities registered pursuant to Section 12(b) of the Act:
|
||
Title of each class
|
Trading Symbol (s)
|
Name of each exchange on which registered
|
Common Stock
|
ARTNA
|
The Nasdaq Stock Market
|
☑
|
Yes
|
□
|
No
|
☑
|
Yes
|
□
|
No
|
Large Accelerated Filer □
|
Accelerated Filer ☐
|
Non-accelerated Filer ☑
|
Smaller Reporting Company ☒
|
Emerging Growth Company ☐
|
☐
|
Yes
|
☑
|
No
|
-
|
||||
-
|
Page(s)
|
|||
3
|
||||
4
|
||||
5 - 6
|
||||
7 - 8
|
||||
9 - 22
|
||||
-
|
23 - 31
|
|||
-
|
31
|
|||
-
|
31
|
|||
-
|
32
|
|||
-
|
32
|
|||
-
|
32
|
|||
-
|
32
|
|||
32
|
||||
32
|
||||
32
|
||||
-
|
33
|
|||
Signatures
|
ASSETS
|
September 30, 2021
|
December 31, 2020
|
||||||
Utility plant, at original cost (less accumulated depreciation 2021 - $ 156,620; and 2020 - $147,469)
|
$
|
581,565
|
$
|
559,561
|
||||
Current assets
|
||||||||
Cash and cash equivalents
|
610
|
28
|
||||||
Accounts receivable (less allowance for doubtful accounts 2021 - $590; 2020 - $862)
|
9,592
|
10,162
|
||||||
Income tax receivable
|
60
|
629
|
||||||
Unbilled operating revenues
|
1,659
|
1,166
|
||||||
Materials and supplies
|
1,666
|
1,535
|
||||||
Prepaid property taxes
|
3,194
|
1,891
|
||||||
Prepaid expenses and other
|
2,421
|
2,208
|
||||||
Total current assets
|
19,202
|
17,619
|
||||||
Other assets
|
||||||||
Non-utility property (less accumulated depreciation - 2021 - $921; 2020 - $865)
|
3,742
|
3,796
|
||||||
Other deferred assets
|
5,053
|
5,309
|
||||||
Operating lease right of use assets
|
444
|
460
|
||||||
Total other assets
|
9,239
|
9,565
|
||||||
Regulatory assets, net
|
6,437
|
6,473
|
||||||
Total Assets
|
$
|
616,443
|
$
|
593,218
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Stockholders' equity
|
||||||||
Common stock
|
$
|
9,406
|
$
|
9,357
|
||||
Preferred stock
|
—
|
—
|
||||||
Additional paid-in capital
|
104,689
|
103,463
|
||||||
Retained earnings
|
60,547
|
56,606
|
||||||
Total stockholders' equity
|
174,642
|
169,426
|
||||||
Long-term debt, net of current portion
|
143,327
|
142,333
|
||||||
317,969
|
311,759
|
|||||||
Current liabilities
|
||||||||
Lines of credit
|
27,607
|
26,813
|
||||||
Current portion of long-term debt
|
1,536
|
1,757
|
||||||
Accounts payable
|
5,265
|
6,341
|
||||||
Accrued expenses
|
3,685
|
4,283
|
||||||
Dividends payable
|
2,516
|
—
|
||||||
Overdraft payable
|
433
|
105
|
||||||
Accrued interest
|
1,352
|
930
|
||||||
Income taxes payable
|
1,688
|
28
|
||||||
Customer and other deposits
|
2,310
|
2,064
|
||||||
Other
|
1,606
|
1,403
|
||||||
Total current liabilities
|
47,998
|
43,724
|
||||||
Commitments and contingencies
|
|
|
||||||
Deferred credits and other liabilities
|
||||||||
Net advances for construction
|
4,606
|
4,578
|
||||||
Operating lease liabilities
|
427
|
432
|
||||||
Regulatory liabilities
|
21,361
|
21,681
|
||||||
Deferred investment tax credits
|
460
|
473
|
||||||
Deferred income taxes
|
47,900
|
50,313
|
||||||
Total deferred credits and other liabilities
|
74,754
|
77,477
|
||||||
Net contributions in aid of construction
|
175,722
|
160,258
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
616,443
|
$
|
593,218
|
|
For the Three Months Ended September 30,
|
For the Nine Months Ended September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Operating revenues
|
||||||||||||||||
Water sales
|
$
|
21,279
|
$
|
21,362
|
$
|
59,187
|
$
|
58,178
|
||||||||
Other utility operating revenue
|
2,245
|
2,080
|
4,818
|
4,416
|
||||||||||||
Non-utility operating revenue
|
1,463
|
1,295
|
4,279
|
3,796
|
||||||||||||
Total Operating Revenues
|
24,987
|
24,737
|
68,284
|
66,390
|
||||||||||||
Operating expenses
|
||||||||||||||||
Utility operating expenses
|
10,957
|
10,947
|
30,307
|
29,541
|
||||||||||||
Non-utility operating expenses
|
979
|
926
|
2,756
|
2,387
|
||||||||||||
Depreciation and amortization
|
2,969
|
2,835
|
8,958
|
8,280
|
||||||||||||
State and federal income taxes
|
1,784
|
1,784
|
4,677
|
4,680
|
||||||||||||
Property and other taxes
|
1,400
|
1,376
|
4,160
|
4,048
|
||||||||||||
Total Operating Expenses
|
18,089
|
17,868
|
50,858
|
48,936
|
||||||||||||
Operating income
|
6,898
|
6,869
|
17,426
|
17,454
|
||||||||||||
Other income, net
|
||||||||||||||||
Allowance for funds used during construction (AFUDC)
|
112
|
155
|
727
|
917
|
||||||||||||
Miscellaneous (expense) income
|
(44
|
)
|
(53
|
)
|
1,299
|
1,022
|
||||||||||
Income before interest charges
|
6,966
|
6,971
|
19,452
|
19,393
|
||||||||||||
Interest charges
|
1,910
|
1,908
|
5,685
|
5,690
|
||||||||||||
Net income applicable to common stock
|
$
|
5,056
|
$
|
5,063
|
$
|
13,767
|
$
|
13,703
|
||||||||
Income per common share:
|
||||||||||||||||
Basic
|
$
|
0.54
|
$
|
0.54
|
$
|
1.47
|
$
|
1.47
|
||||||||
Diluted
|
$
|
0.54
|
$
|
0.54
|
$
|
1.46
|
$
|
1.46
|
||||||||
Weighted average common shares outstanding:
|
||||||||||||||||
Basic
|
9,404
|
9,338
|
9,389
|
9,320
|
||||||||||||
Diluted
|
9,432
|
9,377
|
9,421
|
9,363
|
||||||||||||
Cash dividends per share of common stock
|
$
|
0.2610
|
$
|
0.2496
|
$
|
0.7791
|
$
|
0.7488
|
|
For the Nine Months
Ended September 30,
|
|||||||
2021
|
2020
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$
|
13,767
|
$
|
13,703
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
8,958
|
8,280
|
||||||
Deferred income taxes, net
|
(2,426
|
)
|
(1,861
|
)
|
||||
Stock compensation
|
142
|
134
|
||||||
AFUDC, equity portion
|
(491
|
)
|
(612
|
)
|
||||
Changes in assets and liabilities:
|
||||||||
Accounts receivable, net of allowance for doubtful accounts
|
570
|
(2,264
|
)
|
|||||
Income tax receivable
|
569
|
(333
|
)
|
|||||
Unbilled operating revenues
|
(493
|
)
|
(389
|
)
|
||||
Materials and supplies
|
(131
|
)
|
(227
|
)
|
||||
State and federal income taxes payable
|
1,660
|
318
|
||||||
Prepaid property taxes
|
(1,303
|
)
|
(872
|
)
|
||||
Prepaid expenses and other
|
(213
|
)
|
93
|
|||||
Other deferred assets
|
(393
|
)
|
(419
|
)
|
||||
Regulatory assets
|
14
|
275
|
||||||
Regulatory liabilities
|
(426
|
)
|
(478
|
)
|
||||
Accounts payable
|
(1,076
|
)
|
(3,814
|
)
|
||||
Accrued expenses
|
(598
|
)
|
1,385
|
|||||
Accrued interest
|
422
|
527
|
||||||
Deposits and other
|
459
|
852
|
||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES
|
19,011
|
14,298
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Capital expenditures (net of AFUDC, equity portion)
|
(29,703
|
)
|
(25,961
|
)
|
||||
Investment in acquisitions
|
—
|
(5,741
|
)
|
|||||
Proceeds from sale of assets
|
88
|
35
|
||||||
NET CASH USED IN INVESTING ACTIVITIES
|
(29,615
|
)
|
(31,667
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net borrowings under lines of credit agreements
|
794
|
12,578
|
||||||
Increase in overdraft payable
|
328
|
3,667
|
||||||
Net advances and contributions in aid of construction
|
13,946
|
8,050
|
||||||
Net proceeds from issuance of common stock
|
1,133
|
1,125
|
||||||
Issuance of long-term debt
|
3,753
|
—
|
||||||
Dividends paid
|
(7,310
|
)
|
(6,974
|
)
|
||||
Debt issuance costs
|
(19
|
)
|
(28
|
)
|
||||
Principal repayments of long-term debt
|
(1,439
|
)
|
(1,396
|
)
|
||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
11,186
|
17,022
|
||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
582
|
(347
|
)
|
|||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
28
|
596
|
||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
610
|
$
|
249
|
||||
Non-cash Investing and Financing Activity:
|
||||||||
Utility plant received as construction advances and contributions
|
$
|
2,799
|
$
|
1,191
|
||||
Dividends declared but not paid
|
2,516
|
2,402
|
||||||
Supplemental Disclosures of Cash Flow Information:
|
||||||||
Interest paid
|
$
|
5,263
|
$
|
5,163
|
||||
Income taxes paid
|
$
|
5,179
|
$
|
6,881
|
||||
Purchase price of allocation of investment in acquisitions:
|
||||||||
Utility plant
|
$
|
—
|
$
|
5,118
|
||||
Other deferred assets/goodwill
|
—
|
623
|
||||||
Total investment in acquisitions
|
$
|
—
|
$
|
5,741
|
|
Common Shares Outstanding Class A Non-Voting (1) (3) (4)
|
Common Shares Outstanding Class B Voting (2)
|
$1 Par Value Class A Non-Voting
|
$1 Par Value Class B Voting
|
Additional Paid-in Capital
|
Retained Earnings
|
Total
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Balance as of December 31, 2019
|
8,410
|
882
|
$
|
8,410
|
$
|
882
|
$
|
101,811
|
$
|
49,165
|
$
|
160,268
|
||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
4,074
|
4,074
|
|||||||||||||||||||||
Cash dividends declared
|
||||||||||||||||||||||||||||
Common stock
|
—
|
—
|
—
|
—
|
—
|
(2,319
|
)
|
(2,319
|
)
|
|||||||||||||||||||
Issuance of common stock
|
||||||||||||||||||||||||||||
Dividend reinvestment plan
|
3
|
—
|
3
|
—
|
105
|
—
|
108
|
|||||||||||||||||||||
Employee stock options and awards(4)
|
5
|
—
|
5
|
—
|
129
|
—
|
134
|
|||||||||||||||||||||
Employee Retirement Plan(3)
|
2
|
—
|
2
|
—
|
87
|
—
|
89
|
|||||||||||||||||||||
Balance as of March 31, 2020
|
8,420
|
882
|
8,420
|
882
|
102,132
|
50,920
|
162,354
|
|||||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
4,566
|
4,566
|
|||||||||||||||||||||
Cash dividends declared
|
||||||||||||||||||||||||||||
Common stock
|
—
|
—
|
—
|
—
|
—
|
(4,655
|
)
|
(4,655
|
)
|
|||||||||||||||||||
Issuance of common stock
|
||||||||||||||||||||||||||||
Dividend reinvestment plan
|
3
|
—
|
3
|
—
|
87
|
—
|
90
|
|||||||||||||||||||||
Employee stock options and awards(4)
|
24
|
—
|
24
|
—
|
399
|
—
|
423
|
|||||||||||||||||||||
Employee Retirement Plan(3)
|
4
|
—
|
4
|
—
|
128
|
—
|
132
|
|||||||||||||||||||||
Balance as of June 30, 2020
|
8,451
|
882
|
8,451
|
882
|
102,746
|
50,831
|
162,910
|
|||||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
5,063
|
5,063
|
|||||||||||||||||||||
Cash dividends declared
|
||||||||||||||||||||||||||||
Common stock
|
—
|
—
|
—
|
—
|
—
|
(2,402
|
)
|
(2,402
|
)
|
|||||||||||||||||||
Issuance of common stock
|
||||||||||||||||||||||||||||
Dividend reinvestment plan
|
2
|
—
|
2
|
—
|
88
|
—
|
90
|
|||||||||||||||||||||
Employee stock options and awards(4)
|
1
|
—
|
1
|
—
|
45
|
—
|
46
|
|||||||||||||||||||||
Employee Retirement Plan(3)
|
4
|
—
|
4
|
—
|
143
|
—
|
147
|
|||||||||||||||||||||
Balance as of September 30, 2020
|
8,458
|
882
|
8,458
|
882
|
103,022
|
53,492
|
165,854
|
|
Common Shares Outstanding Class A Non-Voting (1) (3) (4)
|
Common Shares Outstanding Class B Voting (2)
|
$1 Par Value Class A Non-Voting
|
$1 Par Value Class B Voting
|
Additional Paid-in Capital
|
Retained Earnings
|
Total
|
|||||||||||||||||||||
|
||||||||||||||||||||||||||||
Balance as of December 31, 2020
|
8,475
|
882
|
$
|
8,475
|
$
|
882
|
$
|
103,463
|
$
|
56,606
|
$
|
169,426
|
||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
4,206
|
4,206
|
|||||||||||||||||||||
Cash dividends declared
|
||||||||||||||||||||||||||||
Common stock
|
—
|
—
|
—
|
—
|
—
|
(2,406
|
)
|
(2,406
|
)
|
|||||||||||||||||||
Issuance of common stock
|
||||||||||||||||||||||||||||
Dividend reinvestment plan
|
3
|
—
|
3
|
—
|
95
|
—
|
98
|
|||||||||||||||||||||
Employee stock options and awards(4)
|
22
|
—
|
22
|
—
|
438
|
—
|
460
|
|||||||||||||||||||||
Employee Retirement Plan(3)
|
2
|
—
|
2
|
—
|
84
|
—
|
86
|
|||||||||||||||||||||
Balance as of March 31, 2021
|
8,502
|
882
|
8,502
|
882
|
104,080
|
58,406
|
171,870
|
|||||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
4,505
|
4,505
|
|||||||||||||||||||||
Cash dividends declared
|
||||||||||||||||||||||||||||
Common stock
|
—
|
—
|
—
|
—
|
—
|
(4,904
|
)
|
(4,904
|
)
|
|||||||||||||||||||
Issuance of common stock
|
||||||||||||||||||||||||||||
Dividend reinvestment plan
|
2
|
—
|
2
|
—
|
103
|
—
|
105
|
|||||||||||||||||||||
Employee stock options and awards(4)
|
11
|
—
|
11
|
—
|
165
|
—
|
176
|
|||||||||||||||||||||
Employee Retirement Plan(3)
|
3
|
—
|
3
|
—
|
105
|
—
|
108
|
|||||||||||||||||||||
Balance as of June 30, 2021
|
8,518
|
882
|
8,518
|
882
|
104,453
|
58,007
|
171,860
|
|||||||||||||||||||||
Net income
|
—
|
—
|
—
|
—
|
—
|
5,056
|
5,056
|
|||||||||||||||||||||
Cash dividends declared
|
||||||||||||||||||||||||||||
Common stock
|
—
|
—
|
—
|
—
|
—
|
(2,516
|
)
|
(2,516
|
)
|
|||||||||||||||||||
Issuance of common stock
|
||||||||||||||||||||||||||||
Dividend reinvestment plan
|
3
|
—
|
3
|
—
|
94
|
—
|
97
|
|||||||||||||||||||||
Employee stock options and awards(4)
|
1
|
—
|
1
|
—
|
49
|
—
|
50
|
|||||||||||||||||||||
Employee Retirement Plan(3)
|
2
|
—
|
2
|
—
|
93
|
—
|
95
|
|||||||||||||||||||||
Balance as of September 30, 2021
|
8,524
|
882
|
8,524
|
882
|
104,689
|
60,547
|
174,642
|
(1) |
At September 30, 2021 and September 30, 2020, Class A Common Stock had 15,000,000 shares authorized. For the same periods, shares issued, inclusive of treasury shares, were 8,553,070 and 8,487,604, respectively.
|
(2) |
At September 30, 2021 and September 30, 2020, Class B Common Stock had 1,040,000 shares authorized and 881,452 shares issued.
|
(3) |
Artesian Resources Corporation registered 200,000 shares of Class A Common Stock, subsequently adjusted for stock splits, available for purchase through the Artesian Retirement Plan and the Artesian Supplemental Retirement Plan.
|
(4) |
Under the Equity Compensation Plan, effective December 9, 2015, or the 2015 Plan, Artesian Resources Corporation authorized up to 331,500 shares of Class A Common Stock for issuance of grants in the form of stock options, stock units, dividend equivalents and other stock-based awards, subject to adjustment in certain circumstances as discussed in the 2015 Plan. Includes stock compensation expense for September 30, 2021, and September 30, 2020, see Note 5-Stock Compensation Plans.
|
(in thousands)
|
Three months ended September 30, 2021
|
Three months ended September 30, 2020
|
Nine months ended September 30, 2021
|
Nine months ended September 30, 2020
|
||||||||||||
Tariff Revenue
|
||||||||||||||||
Consumption charges
|
$
|
13,595
|
$
|
13,875
|
$
|
36,672
|
$
|
36,217
|
||||||||
Fixed fees
|
7,112
|
6,797
|
20,983
|
20,192
|
||||||||||||
Service charges
|
130
|
21
|
450
|
183
|
||||||||||||
DSIC
|
1,387
|
1,392
|
3,876
|
3,810
|
||||||||||||
Industrial wastewater services
|
497
|
851
|
118
|
866
|
||||||||||||
Total Tariff Revenue
|
$
|
22,721
|
$
|
22,936
|
$
|
62,099
|
$
|
61,268
|
||||||||
Non-Tariff Revenue
|
||||||||||||||||
Service line protection plans
|
$
|
1,181
|
$
|
1,099
|
$
|
3,411
|
$
|
3,267
|
||||||||
Contract operations
|
210
|
207
|
658
|
636
|
||||||||||||
Design and installation
|
139
|
—
|
351
|
—
|
||||||||||||
Inspection fees
|
108
|
63
|
244
|
173
|
||||||||||||
Total Non-Tariff Revenue
|
$
|
1,638
|
$
|
1,369
|
$
|
4,664
|
$
|
4,076
|
||||||||
Other Operating Revenue
not in scope of ASC 606
|
$
|
628
|
$
|
432
|
$
|
1,521
|
$
|
1,046
|
||||||||
Total Operating Revenue
|
$
|
24,987
|
$
|
24,737
|
$
|
68,284
|
$
|
66,390
|
(in thousands)
|
September 30, 2021
|
December 31, 2020
|
||||||
Contract Assets – Tariff
|
$
|
2,627
|
$
|
2,175
|
||||
Deferred Revenue
|
||||||||
Deferred Revenue – Tariff
|
$
|
1,120
|
$
|
1,150
|
||||
Deferred Revenue – Non-Tariff
|
341
|
300
|
||||||
Total Deferred Revenue
|
$
|
1,461
|
$
|
1,450
|
|
(in thousands)
|
|||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Minimum rentals
|
$
|
24
|
$
|
7
|
$
|
38
|
$
|
21
|
||||||||
Contingent rentals
|
—
|
—
|
—
|
—
|
||||||||||||
$
|
24
|
$
|
7
|
$
|
38
|
$
|
21
|
|
(in thousands)
|
|||||||
|
Nine Months Ended
|
Nine Months Ended
|
||||||
September 30, 2021
|
September 30, 2020
|
|||||||
|
|
|||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
||||||||
Operating cash flows from operating leases
|
$
|
38
|
$
|
21
|
||||
Right-of-use assets obtained in exchange for lease obligations:
|
||||||||
Operating leases
|
$
|
444
|
$
|
464
|
|
(in thousands,
except lease term and discount rate)
|
|||||||
|
September 30, 2021
|
December 31, 2020
|
||||||
|
||||||||
Operating Leases:
|
||||||||
Operating lease right-of-use assets
|
$
|
444
|
$
|
460
|
||||
Other current liabilities
|
$
|
11
|
20
|
|||||
Operating lease liabilities
|
427
|
432
|
||||||
Total operating lease liabilities
|
$
|
438
|
$
|
452
|
||||
Weighted Average Remaining Lease Term
|
||||||||
Operating leases
|
60 years
|
59 years
|
||||||
Weighted Average Discount Rate
|
||||||||
Operating leases
|
5.0
|
%
|
5.0
|
%
|
|
(in thousands)
|
|||
|
Operating Leases
|
|||
Year
|
||||
2022
|
$
|
33
|
||
2023
|
24
|
|||
2024
|
24
|
|||
2025
|
24
|
|||
2026
|
24
|
|||
Thereafter
|
1,337
|
|||
Total undiscounted lease payments
|
$
|
1,466
|
||
Less effects of discounting
|
(1,028
|
)
|
||
Total lease liabilities recognized
|
$
|
438
|
|
Options
|
Restricted Awards
|
||||||||||||||||||||||
Option Shares
|
Weighted Average Exercise Price
|
Weighted Average Remaining Life (Yrs.)
|
Aggregate Intrinsic Value (in thousands)
|
Outstanding Restricted Stock Awards
|
Weighted Average Grant Date Fair
Value
|
|||||||||||||||||||
Plan options/restricted stock awards
|
||||||||||||||||||||||||
Outstanding at January 1, 2021
|
116,347
|
$
|
20.90
|
$
|
1,882
|
5,000
|
$
|
35.01
|
||||||||||||||||
Granted
|
—
|
—
|
—
|
5,000
|
40.11
|
|||||||||||||||||||
Exercised/vested and released
|
(28,597
|
)
|
19.05
|
624
|
(5,000
|
)
|
35.01
|
|||||||||||||||||
Expired/cancelled
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
Outstanding at September 30, 2021
|
87,750
|
$
|
21.51
|
1.756
|
$
|
1,462
|
5,000
|
$
|
40.11
|
|||||||||||||||
Exercisable/vested at September 30, 2021
|
87,750
|
$
|
21.51
|
1.756
|
$
|
1,462
|
—
|
—
|
In thousands
|
September 30, 2021
|
December 31, 2020
|
||||||
|
||||||||
Investment in CoBank
|
$
|
4,850
|
$
|
4,374
|
||||
Other deferred assets/goodwill
|
203
|
935
|
||||||
|
$
|
5,053
|
$
|
5,309
|
Expense
|
Years Amortized
|
Deferred contract costs and other
|
5
|
Rate case studies
|
5
|
Delaware rate proceedings
|
2.5
|
Maryland rate proceedings
|
5
|
Debt related costs
|
15 to 30 (based on term of related debt)
|
Goodwill (resulting from acquisition of Mountain Hill Water Company in 2008)
|
50
|
Deferred acquisition costs (resulting from purchase of water assets in Cecil County, Maryland in 2011 and Port Deposit, Maryland in 2010)
|
20
|
Franchise Costs (resulting from purchase of water assets in Cecil County, Maryland in 2011)
|
80
|
|
For the Three Months Ended
September 30,
|
For the Nine Months Ended
September 30,
|
||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Weighted average common shares outstanding during the period for Basic computation
|
9,404
|
9,338
|
9,389
|
9,320
|
||||||||||||
Dilutive effect of employee stock options and awards
|
28
|
39
|
32
|
43
|
||||||||||||
Weighted average common shares outstanding during the period for Diluted computation
|
9,432
|
9,377
|
9,421
|
9,363
|
•
|
The DEPSC, regulates both Artesian Water and Artesian Wastewater.
|
•
|
The MDPSC, regulates both Artesian Water Maryland and Artesian Wastewater Maryland.
|
•
|
The PAPUC, regulates Artesian Water Pennsylvania.
|
Application Date
|
11/15/2019
|
05/29/2020
|
11/20/2020
|
DEPSC Approval Date
|
12/12/2019
|
06/17/2020
|
12/14/2020
|
Effective Date
|
01/01/2020
|
07/01/2020
|
01/01/2021
|
Cumulative DSIC Rate
|
7.50%
|
7.41%
|
7.50%
|
Net Eligible Plant Improvements – Cumulative Dollars (in millions)
|
$43.1
|
$43.1
|
$43.1
|
Eligible Plant Improvements – Installed Beginning Date
|
10/01/2014
|
10/01/2014
|
10/01/2014
|
Eligible Plant Improvements – Installed Ending Date
|
04/30/2019
|
04/30/2019
|
04/30/2019
|
In thousands
|
||||||||
September 30, 2021
|
December 31, 2020
|
|||||||
Carrying amount
|
$
|
144,863
|
$
|
144,090
|
||||
Estimated fair value
|
$
|
162,522
|
$
|
171,374
|
(In thousands)
|
||||
Utility plant
|
||||
Source of supply plant
|
$
|
201
|
||
Pumping and water treatment plant
|
1,455
|
|||
Transmission and distribution plant
|
3,462
|
|||
Other deferred assets
|
||||
Goodwill
|
623
|
|||
Purchase Price
|
$
|
5,741
|
|
Repair and maintenance costs increased $0.4 million, related to an increase in maintenance costs primarily associated with the timing of water treatment filter replacements and tank painting costs under contract, an increase in water and wastewater treatment facilities and equipment, and an increase in fuel costs.
|
|
Payroll and employee benefit costs decreased $0.4 million, primarily related to a decrease in variable compensation, partially offset by an increase in employee count and annual wage increases.
|
|
Repair and maintenance costs increased $0.8 million, related to an increase in maintenance costs primarily associated with water and wastewater treatment facilities and equipment, the timing of water treatment filter replacements and tank painting costs under contract, and an increase in fuel costs.
|
|
Purchased water costs increased $0.2 million, related to the timing of water purchased under contract.
|
|
Payroll and employee benefit costs increased $0.1 million, primarily related to an increase in overall compensation.
|
|
Administrative costs decreased $0.3 million, primarily due to a decrease in bad debt reserve related to non-payment of water customer receivable balances resulting from the COVID-19 pandemic, partially offset by an increase in overall employee related costs and professional service fees as well as an increase in legal expenses related primarily to a settlement agreement concerning the payment of fees by an industrial wastewater customer.
|
Line of Credit Commitments
|
Commitment Due by Period
|
|||||||||||||||
In thousands
|
Less than
1 Year
|
1-3 Years
|
4-5 Years
|
Over 5 Years
|
||||||||||||
Lines of Credit
|
$
|
27,607
|
$
|
--
|
$
|
--
|
$
|
--
|
Contractual Obligations
|
Payments Due by Period
|
|||||||||||||||||||
In thousands
|
Less than
1 Year
|
1-3
Years
|
4-5
Years
|
After 5
Years
|
Total
|
|||||||||||||||
First mortgage bonds (principal and interest)
|
$
|
6,623
|
$
|
13,169
|
$
|
13,056
|
$
|
188,219
|
$
|
221,067
|
||||||||||
State revolving fund loans (principal and interest)
|
796
|
1,488
|
1,226
|
3,980
|
7,490
|
|||||||||||||||
Promissory note (principal and interest)
|
960
|
1,921
|
1,923
|
11,817
|
16,621
|
|||||||||||||||
Operating leases
|
33
|
48
|
49
|
1,336
|
1,466
|
|||||||||||||||
Operating agreements
|
66
|
76
|
81
|
835
|
1,058
|
|||||||||||||||
Unconditional purchase obligations
|
2,273
|
1,470
|
1,371
|
173
|
5,287
|
|||||||||||||||
Tank painting contractual obligation
|
392
|
686
|
---
|
---
|
1,078
|
|||||||||||||||
Total contractual cash obligations
|
$
|
11,143
|
$
|
18,858
|
$
|
17,706
|
$
|
206,360
|
$
|
254,067
|
Exhibit No.
|
Description
|
Stock Purchase Agreement, dated August 27, 2021, by and among Artesian Wastewater Management, Inc., a Delaware corporation, and Middlesex Water Company, a New Jersey corporation. *
|
|
Certification of Chief Executive Officer of the Registrant required by Rule 13a–14(a) under the Securities Exchange Act of 1934, as amended.*
|
|
|
|
Certification of Chief Financial Officer of the Registrant required by Rule 13a–14(a) under the Securities Exchange Act of 1934, as amended.*
|
|
|
|
Certification of Chief Executive Officer and Chief Financial Officer required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. Section 1350).**
|
|
|
|
101.BAL
|
Inline XBRL Condensed Consolidated Balance Sheets (unaudited)*
|
101.OPS
|
Inline XBRL Condensed Consolidated Statements of Operations (unaudited)*
|
101.CSH
|
Inline XBRL Condensed Consolidated Statements of Cash Flows (unaudited)*
|
101.NTS
|
Inline XBRL Notes to the Condensed Consolidated Financial Statements (unaudited)*
|
104
|
The cover page from Artesian Resources Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, formatted in Inline iXBRL (contained in exhibit 101).*
|
Date: November 5, 2021
|
By:
|
/s/ DIAN C. TAYLOR
|
|
|
|
Dian C. Taylor (Principal Executive Officer)
|
Date: November 5, 2021
|
By:
|
/s/ DAVID B. SPACHT
|
|
|
|
David B. Spacht (Principal Financial Officer)
|
1 Year Artesian Resources Chart |
1 Month Artesian Resources Chart |
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