Artesian Resources Corporation Reports First Quarter Results

NEWARK, Del., May 7 /PRNewswire-FirstCall/ -- Artesian Resources Corporation, (Nasdaq: ARTNA), a leading provider of water, wastewater and engineering services on the Delmarva Peninsula,  today announced that revenues for the first quarter of 2010 were $15.0 million, an 8.0% increase from the $13.9 million in revenues recorded for the same three-month period of 2009. Net income for the quarter grew 2.4%. Diluted net income per share was unchanged at $0.22.

"Water consumption increased during the quarter and we continued to benefit from our strategy to diversify our business, including expanding our non-utility operations," said Artesian President and CEO Dian C. Taylor. "Even with the increase in water sales, our non-utility businesses accounted for 9.8% of our revenues for the quarter, a new record for our company."

Non-utility revenues grew by $562,000 or 61.9% during the quarter from $908,000 in 2009 to $1.5 million for the same period of 2010. The increase was primarily attributable to additional contract revenue for design and permitting services for a project in Middletown, Delaware, and for increased contract services for municipalities in Maryland.

"Our strategy is to continue to expand into a total water resource company serving the Delmarva Peninsula, focusing on smart growth and continuously evaluating our contract services to ensure they make short- and long-term sense for our company," Taylor said.

About Artesian Resources

Artesian Resources Corporation operates as the holding company of eight wholly-owned subsidiaries offering water, wastewater and engineering services on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest investor-owned public water utility on the Delmarva Peninsula, and has been providing water service since 1905.

SOURCE Artesian Resources Corporation