$ARTNA
ARTESIAN RESOURCES CORP

2019 Q3 Form 10-Q Financial Statement

#000086311019000022 Filed on November 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $22.55M $19.34M $21.92M
YoY Change 2.85% -4.2% -1.95%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.679M $2.670M $2.513M
YoY Change 6.61% 5.12% 6.03%
% of Gross Profit
Operating Expenses $16.82M $14.59M $16.68M
YoY Change 0.83% 3.26% 16.16%
Operating Profit $5.730M $5.244M
YoY Change 9.27%
Interest Expense $1.765M -$1.700M $1.548M
YoY Change 14.02% 8.97% -201.18%
% of Operating Profit 30.8% 29.52%
Other Income/Expense, Net -$73.00K $150.0K $87.00K
YoY Change -183.91% 36.36% 335.0%
Pretax Income $6.223M $3.200M $5.477M
YoY Change 13.62% -30.43% -15.61%
Income Tax $1.498M -$70.00K $1.834M
% Of Pretax Income 24.07% -2.19% 33.49%
Net Earnings $4.458M $2.950M $3.929M
YoY Change 13.46% -20.27% -0.28%
Net Earnings / Revenue 19.77% 15.25% 17.92%
Basic Earnings Per Share $0.48 $0.32 $0.42
Diluted Earnings Per Share $0.48 $0.32 $0.42
COMMON SHARES
Basic Shares Outstanding 9.283M 9.244M
Diluted Shares Outstanding 9.329M 9.299M

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $500.0K $300.0K $200.0K
YoY Change 150.0% -70.0% -33.33%
Cash & Equivalents $458.0K $293.0K $233.0K
Short-Term Investments
Other Short-Term Assets $6.300M $5.400M $6.000M
YoY Change 5.0% 3.85% -3.23%
Inventory $1.300M $1.500M $1.300M
Prepaid Expenses
Receivables $6.647M $8.159M $8.700M
Other Receivables $200.0K $700.0K $2.200M
Total Short-Term Assets $14.86M $16.12M $18.40M
YoY Change -19.27% -15.17% 12.2%
LONG-TERM ASSETS
Property, Plant & Equipment $3.819M $3.849M $491.0M
YoY Change -99.22% -99.17% 8.7%
Goodwill $0.00 $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.205M $3.931M $11.30M
YoY Change -62.79% -65.21% -0.88%
Total Long-Term Assets $534.1M $513.7M $502.3M
YoY Change 6.33% 8.01% 8.46%
TOTAL ASSETS
Total Short-Term Assets $14.86M $16.12M $18.40M
Total Long-Term Assets $534.1M $513.7M $502.3M
Total Assets $548.9M $529.8M $520.7M
YoY Change 5.42% 7.12% 8.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.950M $8.187M $5.200M
YoY Change -4.81% -8.01% -10.34%
Accrued Expenses $2.561M $3.902M $4.700M
YoY Change -45.51% -16.98% -4.08%
Deferred Revenue $1.074M $1.044M
YoY Change
Short-Term Debt $31.70M $16.10M $15.90M
YoY Change 99.37% 62.63% 109.21%
Long-Term Debt Due $1.700M $1.725M $1.500M
YoY Change 13.33% 32.69% 15.38%
Total Short-Term Liabilities $50.25M $37.73M $37.20M
YoY Change 35.07% 32.39% 60.34%
LONG-TERM LIABILITIES
Long-Term Debt $114.6M $115.9M $111.8M
YoY Change 2.47% 9.72% 5.57%
Other Long-Term Liabilities $174.0M $167.9M $166.1M
YoY Change 4.76% 5.07% 26.7%
Total Long-Term Liabilities $82.44M $84.97M $277.9M
YoY Change -70.33% -67.98% 17.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.25M $37.73M $37.20M
Total Long-Term Liabilities $82.44M $84.97M $277.9M
Total Liabilities $132.7M $122.7M $370.6M
YoY Change -64.2% -64.74% 10.66%
SHAREHOLDERS EQUITY
Retained Earnings $46.07M $43.36M
YoY Change
Common Stock $9.284M $9.250M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $156.9M $153.3M $150.1M
YoY Change
Total Liabilities & Shareholders Equity $548.9M $529.8M $520.7M
YoY Change 5.42% 7.12% 8.59%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $4.458M $2.950M $3.929M
YoY Change 13.46% -20.27% -0.28%
Depreciation, Depletion And Amortization $2.679M $2.670M $2.513M
YoY Change 6.61% 5.12% 6.03%
Cash From Operating Activities $4.230M $8.070M $8.410M
YoY Change -49.7% -20.8% -13.83%
INVESTING ACTIVITIES
Capital Expenditures -$9.230M -$14.09M -$11.97M
YoY Change -22.89% 9.99% 7.45%
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.00K $10.00K
YoY Change -100.0% -50.0% -80.0%
Cash From Investing Activities -$9.230M -$14.08M -$11.96M
YoY Change -22.83% 10.0% 7.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.260M 6.070M 3.570M
YoY Change 47.34% 83.94% 178.91%
NET CHANGE
Cash From Operating Activities 4.230M 8.070M 8.410M
Cash From Investing Activities -9.230M -14.08M -11.96M
Cash From Financing Activities 5.260M 6.070M 3.570M
Net Change In Cash 260.0K 60.00K 20.00K
YoY Change 1200.0% -91.3% -150.0%
FREE CASH FLOW
Cash From Operating Activities $4.230M $8.070M $8.410M
Capital Expenditures -$9.230M -$14.09M -$11.97M
Free Cash Flow $13.46M $22.16M $20.38M
YoY Change -33.95% -3.65% -2.49%

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">NOTE<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 1</font> &#8211; GENERAL</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Resources Corporation, or Artesian Resources, includes income from the earnings of our nine wholly owned subsidiaries. The terms "we", "our", "Artesian" and the "Company" as used herein refer to Artesian Resources and its subsidiaries.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">DELAWARE REGULATED SUBSIDIARIES</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Water Company, Inc., or Artesian Water, our principal subsidiary, is the oldest and largest public water utility in the State of Delaware and has been providing water service within the state since 1905.&#160; Artesian Water distributes and sells water to residential, commercial, industrial, governmental, municipal and utility customers throughout the State of Delaware.&#160; In addition, Artesian Water provides services to other water utilities, including operations and billing functions, and has contract operation agreements with private and municipal water providers.&#160; We also provide water for public and private fire protection to customers in our service territories.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Wastewater Management, Inc., or Artesian Wastewater, is a regulated entity that owns wastewater collection and treatment infrastructure and provides wastewater services to customers in Delaware as a regulated public wastewater service company.&#160; Artesian Wastewater owns and operates four wastewater treatment facilities, which are permitted to treat approximately 500,000 gallons per day.&#160; Artesian Wastewater and Sussex County, a political subdivision of Delaware, provide reciprocal services to address the periodic need of each for additional wastewater treatment and disposal capacity in certain service areas within Sussex County.&#160; There are numerous locations in Sussex County where Artesian Wastewater&#8217;s and Sussex County&#8217;s facilities are capable of being connected or integrated to allow for the movement and disposal of wastewater generated by one or the other&#8217;s system in a manner that most efficiently and cost effectively manages wastewater transmission, treatment and disposal.&#160;</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">MARYLAND REGULATED SUBSIDIARIES</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Water Maryland, Inc., or Artesian Water Maryland, began operations in August<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 2007. Artesian Water Maryland distributes and sells water to residential, commercial, industrial and municipal customers in Cecil County, Maryland.&#160; Artesian Water Maryland owns and operates 8 public water systems including one in Port Deposit that has the ability to supply up to 1 million gallons per day, or mgd, of water through an intake in the Susquehanna River.</font></div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Wastewater Maryland, Inc., or Artesian Wastewater Maryland, was incorporated on June <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3, 2008 and is able to provide regulated wastewater services to customers in the State of Maryland.</font>&#160; It is currently not providing these services in Maryland.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">PENNSYLVANIA REGULATED SUBSIDIARY</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Water Pennsylvania, Inc., or Artesian Water Pennsylvania, began operations <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">in 2002.&#160; It provides water service to a residential community in Chester County, Pennsylvania.</font></div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">OTHER SUBSIDIARIES</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Our four other subsidiaries, none of which are regulated, are Artesian Utility Development, Inc., or Artesian Utility, Artesian Development Corporation, or Artesian Development, Artesian Storm Water Services, Inc., or Artesian Storm Water, and Artesian Consulting Engineers, Inc., or Artesian Consulting Engineers.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Utility was formed in <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1996 and designs and builds water and wastewater infrastructure and provides contract water and wastewater operation services on the Delmarva Peninsula to private, municipal and governmental institutions.&#160; </font>Artesian Utility also evaluates land parcels, provides recommendations to developers on the size of water or wastewater facilities and the type of technology that should be used for treatment at such facilities, and operates water and wastewater facilities in Delaware for municipal and governmental organizations.&#160; Artesian Utility also contracts with developers for design and construction of wastewater facilities within the Delmarva Peninsula, using a number of different technologies for treatment of wastewater at each facility.&#160; In addition, as further discussed below, Artesian Utility operates the Water Service Line Protection Plan, or WSLP Plan, the Sewer Service Line Protection Plan, or SSLP Plan, and the Internal Service Line Protection Plan, or ISLP Plan.</div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><font style="font-style: normal;">Table of Contents</font></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><br /></div></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Utility currently operates wastewater treatment facilities for the town of Middletown, in southern New Castle County, Delaware, or Middletown, under a 20-year contract that expires in July<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> 2039.&#160; </font>The facilities include two wastewater treatment stations with capacities of up to approximately 2.5 mgd and 250,000 gallons per day, respectively.&#160; We also operate a wastewater disposal facility in Middletown in order to support the 2.5 mgd wastewater facility.&#160; One<font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font>of the wastewater treatment facilities in Middletown now provides reclaimed wastewater for use in spray irrigation on public and agricultural lands in the area.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Utility also offers three protection plans to customers, the WSLP Plan, the SSLP Plan, and the ISLP Plan. <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> The </font>WSLP Plan covers all parts, material and labor required to repair or replace participating customers' leaking water service lines up to an annual limit. <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The SSLP Plan covers all parts, material and labor required to repair or replace participating customers' leaking or clogged sewer lines up to an annual limit.&#160; </font>The ISLP Plan enhances available coverage to include water and wastewater lines within customers' residences.</div><div><br /></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Development is a real estate holding company that owns properties, including land zoned for office buildings, a water treatment plant and wastewater facility, as well as property for current operations, including an office facility in Sussex County, Delaware.&#160; The facility consists of approximately 10,000 square feet of office space along with nearly 10,000 square feet of warehouse space.</div><div><br /></div><div style="background-color: #FFFFFF;"><div style="text-align: justify; margin-right: 0.1pt; margin-left: 0.1pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Storm Water, incorporated on January 17, 2017, was formed to provide design, installation, maintenance and repair services related to existing or proposed storm water management systems in Delaware and the surrounding areas.&#160; The ability to offer storm water services will complement the primary water and wastewater services that we provide.</div><div><br /></div></div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Artesian Consulting Engineers ceased offering services in 2011.&#160; In September 2019, the Board of Directors of Artesian Consulting Engineers unanimously approved its dissolution.&#160; Also, in September 2019, the Board of Directors of Artesian Resources Corporation, the sole shareholder of Artesian Consulting Engineers, unanimously approved the dissolution of Artesian Consulting Engineers.&#160; The Company filed a Certificate of Dissolution with the Delaware Secretary of State in October 2019.&#160;</div><div><br /></div></div></div>
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OtherOperatingRevenueNotInScopeOfASC606
338000
CY2019Q3 artna Other Operating Revenue Not In Scope Of Asc606
OtherOperatingRevenueNotInScopeOfASC606
381000
artna Minimum Number Of Days Due For Accounts Receivable From Regulated Contract Customers
MinimumNumberOfDaysDueForAccountsReceivableFromRegulatedContractCustomers
P25D
artna Minimum Number Of Days Due For Accounts Receivable From Service Line Protection Plan Customer
MinimumNumberOfDaysDueForAccountsReceivableFromServiceLineProtectionPlanCustomer
P25D
artna Minimum Number Of Days Customers Services Invoiced In Advance
MinimumNumberOfDaysCustomersServicesInvoicedInAdvance
P30D
artna Area Of Office Space In Facility
AreaOfOfficeSpaceInFacility
10000
artna Number Of Subsidiaries Not Regulated
NumberOfSubsidiariesNotRegulated
4
artna Area Of Warehouse Space In Facility
AreaOfWarehouseSpaceInFacility
10000
artna Number Of Wholly Owned Subsidiaries
NumberOfWhollyOwnedSubsidiaries
9
artna Percentage Of Lessee Operating Lease Increase In Annual Lease Payments
PercentageOfLesseeOperatingLeaseIncreaseInAnnualLeasePayments
0.03

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