$ARTNA
ARTESIAN RESOURCES CORP

2020 Q2 Form 10-Q Financial Statement

#000086311020000028 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $21.75M $20.65M $19.39M
YoY Change 5.33% 2.05% 2.54%
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 $2.693M $2.724M $2.715M
YoY Change -1.14% 7.2% 5.64%
% of Gross Profit
Operating Expenses $15.63M $15.33M $15.10M
YoY Change 1.93% 2.22% 11.04%
Operating Profit $6.124M $5.320M $4.284M
YoY Change 15.11% 1.55%
Interest Expense $1.883M $1.750M $1.720M
YoY Change 7.6% 16.59% -214.67%
% of Operating Profit 30.75% 32.89% 40.15%
Other Income/Expense, Net -$13.00K -$58.00K $800.0K
YoY Change -77.59% -825.0% -20.79%
Pretax Income $6.449M $5.528M $5.310M
YoY Change 16.66% 1.86% 10.17%
Income Tax $1.537M $1.325M $1.180M
% Of Pretax Income 23.83% 23.97% 22.22%
Net Earnings $4.566M $3.778M $3.590M
YoY Change 20.86% -3.77% 3.22%
Net Earnings / Revenue 20.99% 18.29% 18.52%
Basic Earnings Per Share $0.49 $0.41 $0.39
Diluted Earnings Per Share $0.49 $0.41 $0.39
COMMON SHARES
Basic Shares Outstanding 9.326M 9.276M 9.258M
Diluted Shares Outstanding 9.367M 9.324M 9.314M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $400.0K $200.0K $300.0K
YoY Change 100.0% 0.0% 0.0%
Cash & Equivalents $373.0K $185.0K $265.0K
Short-Term Investments
Other Short-Term Assets $4.500M $4.500M $4.400M
YoY Change 0.0% 2.27% 12.82%
Inventory $1.500M $1.300M $1.600M
Prepaid Expenses
Receivables $8.191M $4.555M $7.000M
Other Receivables $0.00 $200.0K $0.00
Total Short-Term Assets $14.50M $10.71M $13.20M
YoY Change 35.35% -33.04% -8.33%
LONG-TERM ASSETS
Property, Plant & Equipment $3.774M $3.826M $509.1M
YoY Change -1.36% -99.21% 8.02%
Goodwill $1.220M $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.884M $4.286M $11.40M
YoY Change 37.28% -62.4% -0.87%
Total Long-Term Assets $561.4M $527.8M $520.6M
YoY Change 6.37% 7.06% 7.85%
TOTAL ASSETS
Total Short-Term Assets $14.50M $10.71M $13.20M
Total Long-Term Assets $561.4M $527.8M $520.6M
Total Assets $575.9M $538.5M $533.8M
YoY Change 6.94% 5.8% 7.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.853M $4.412M $4.900M
YoY Change 10.0% -13.49% 63.33%
Accrued Expenses $3.003M $2.498M $5.800M
YoY Change 20.22% -49.02% 222.22%
Deferred Revenue $2.011M $1.063M
YoY Change 89.18%
Short-Term Debt $14.90M $26.50M $19.00M
YoY Change -43.77% 33.17% 20.25%
Long-Term Debt Due $1.800M $1.800M $1.800M
YoY Change 0.0% 28.57% -61.7%
Total Short-Term Liabilities $36.47M $43.75M $40.50M
YoY Change -16.63% 11.32% 33.66%
LONG-TERM LIABILITIES
Long-Term Debt $143.2M $115.0M $115.4M
YoY Change 24.53% 9.61% 9.7%
Other Long-Term Liabilities $182.8M $171.9M $168.6M
YoY Change 6.34% 5.52% 5.57%
Total Long-Term Liabilities $78.45M $83.03M $284.0M
YoY Change -5.52% -69.0% 7.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.47M $43.75M $40.50M
Total Long-Term Liabilities $78.45M $83.03M $284.0M
Total Liabilities $114.9M $126.8M $378.7M
YoY Change -9.35% -64.86% 8.6%
SHAREHOLDERS EQUITY
Retained Earnings $50.83M $43.93M
YoY Change 15.72%
Common Stock $9.333M $9.279M
YoY Change 0.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $162.9M $154.5M $155.0M
YoY Change
Total Liabilities & Shareholders Equity $575.9M $538.5M $533.8M
YoY Change 6.94% 5.8% 7.38%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $4.566M $3.778M $3.590M
YoY Change 20.86% -3.77% 3.22%
Depreciation, Depletion And Amortization $2.693M $2.724M $2.715M
YoY Change -1.14% 7.2% 5.64%
Cash From Operating Activities $4.710M $1.290M $7.621M
YoY Change 265.12% -81.0% 29.83%
INVESTING ACTIVITIES
Capital Expenditures -$7.740M -$9.010M $9.078M
YoY Change -14.1% -31.27% -191.88%
Acquisitions
YoY Change
Other Investing Activities -$3.630M $30.00K $10.00K
YoY Change -12200.0% 50.0% 0.0%
Cash From Investing Activities -$11.37M -$8.990M -$9.064M
YoY Change 26.47% -31.32% -8.17%
FINANCING ACTIVITIES
Cash Dividend Paid $2.241M
YoY Change
Common Stock Issuance & Retirement, Net $395.0K
YoY Change
Debt Paid & Issued, Net $408.0K
YoY Change
Cash From Financing Activities 6.700M 7.620M 1.415M
YoY Change -12.07% 22.51% -57.63%
NET CHANGE
Cash From Operating Activities 4.710M 1.290M 7.621M
Cash From Investing Activities -11.37M -8.990M -9.064M
Cash From Financing Activities 6.700M 7.620M 1.415M
Net Change In Cash 40.00K -80.00K -28.00K
YoY Change -150.0% 0.0% -95.76%
FREE CASH FLOW
Cash From Operating Activities $4.710M $1.290M $7.621M
Capital Expenditures -$7.740M -$9.010M $9.078M
Free Cash Flow $12.45M $10.30M -$1.457M
YoY Change 20.87% -48.24% -109.25%

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ARTESIAN RESOURCES CORPORATION
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dei Entity Tax Identification Number
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dei City Area Code
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302
dei Local Phone Number
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453 – 6900
dei Security12b Title
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Common Stock
dei Trading Symbol
TradingSymbol
ARTNA
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Current Reporting Status
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Yes
dei Entity Interactive Data Current
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dei Entity Filer Category
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Accelerated Filer
dei Entity Small Business
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dei Entity Emerging Growth Company
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RegulatoryAssets
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RetainedEarningsAccumulatedDeficit
50831000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
162910000
CY2020Q2 us-gaap Dividends Payable Current
DividendsPayableCurrent
2330000
CY2019Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
0
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OtherCostAndExpenseOperating
733000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2504000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
6449000
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
5528000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
12422000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
10838000
us-gaap Net Income Loss
NetIncomeLoss
7368000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.79
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9326000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5438000
us-gaap Increase Decrease In Raw Materials Packaging Materials And Supplies Inventories
IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories
-159000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1278000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3604000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-19000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-574000
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
335000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.92
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9276000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-1690000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9267000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9367000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9319000
CY2020Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.2496
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
548000
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.4882
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9357000
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.4992
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
508000
us-gaap Increase Decrease In Raw Materials Packaging Materials And Supplies Inventories
IncreaseDecreaseInRawMaterialsPackagingMaterialsAndSuppliesInventories
254000
us-gaap Net Income Loss
NetIncomeLoss
7368000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9311000
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
311000
us-gaap Net Income Loss
NetIncomeLoss
8640000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9324000
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.41
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.93
us-gaap Share Based Compensation
ShareBasedCompensation
90000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.80
CY2019Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.2459
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
artna Net Advances And Contributions In Aid Of Construction
NetAdvancesAndContributionsInAidOfConstruction
3314000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
886000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
598000
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
182000
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
661000
artna Net Advances And Contributions In Aid Of Construction
NetAdvancesAndContributionsInAidOfConstruction
5711000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-223000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-108000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
596000
us-gaap Contribution Of Property
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us-gaap Payments Of Dividends
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4644000
us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
880000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
771000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8490000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9037000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
293000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
373000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
185000
us-gaap Contribution Of Property
ContributionOfProperty
619000
CY2020Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
2330000
CY2019Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
2282000
us-gaap Interest Paid Net
InterestPaidNet
3704000
us-gaap Interest Paid Net
InterestPaidNet
2447000
us-gaap Income Taxes Paid
IncomeTaxesPaid
360000
us-gaap Income Taxes Paid
IncomeTaxesPaid
2940000
CY2020Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
2412000
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
0
CY2020Q2 us-gaap Goodwill
Goodwill
1220000
CY2019Q2 us-gaap Goodwill
Goodwill
0
CY2020Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
3632000
CY2019Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
0
artna Minimum Number Of Days Due For Accounts Receivable From Regulated Contract Customers
MinimumNumberOfDaysDueForAccountsReceivableFromRegulatedContractCustomers
P25D
CY2020Q2 artna Increase In Reserve For Bad Debt
IncreaseInReserveForBadDebt
300000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
154503000
CY2020Q2 artna Increase In Reserve For Bad Debt
IncreaseInReserveForBadDebt
300000

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