$ARTNA
ARTESIAN RESOURCES CORP

2021 Q2 Form 10-Q Financial Statement

#000086311021000025 Filed on August 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $22.47M $21.75M
YoY Change 3.3% 5.33%
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 $2.976M $2.693M
YoY Change 10.51% -1.14%
% of Gross Profit
Operating Expenses $16.38M $15.63M
YoY Change 4.82% 1.93%
Operating Profit $6.087M $6.124M
YoY Change -0.6% 15.11%
Interest Expense $1.894M $1.883M
YoY Change 0.58% 7.6%
% of Operating Profit 31.12% 30.75%
Other Income/Expense, Net -$59.00K -$13.00K
YoY Change 353.85% -77.59%
Pretax Income $6.399M $6.449M
YoY Change -0.78% 16.66%
Income Tax $1.542M $1.537M
% Of Pretax Income 24.1% 23.83%
Net Earnings $4.505M $4.566M
YoY Change -1.34% 20.86%
Net Earnings / Revenue 20.05% 20.99%
Basic Earnings Per Share $0.48 $0.49
Diluted Earnings Per Share $0.48 $0.49
COMMON SHARES
Basic Shares Outstanding 9.395M 9.326M
Diluted Shares Outstanding 9.425M 9.367M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $369.0K $400.0K
YoY Change -7.75% 100.0%
Cash & Equivalents $369.0K $373.0K
Short-Term Investments
Other Short-Term Assets $4.727M $4.500M
YoY Change 5.04% 0.0%
Inventory $1.467M $1.500M
Prepaid Expenses
Receivables $9.728M $8.191M
Other Receivables $70.00K $0.00
Total Short-Term Assets $16.36M $14.50M
YoY Change 12.83% 35.35%
LONG-TERM ASSETS
Property, Plant & Equipment $581.3M $3.774M
YoY Change 15303.68% -1.36%
Goodwill $1.220M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.28M $5.884M
YoY Change 108.62% 37.28%
Total Long-Term Assets $593.6M $561.4M
YoY Change 5.74% 6.37%
TOTAL ASSETS
Total Short-Term Assets $16.36M $14.50M
Total Long-Term Assets $593.6M $561.4M
Total Assets $610.0M $575.9M
YoY Change 5.92% 6.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.991M $4.853M
YoY Change 44.06% 10.0%
Accrued Expenses $6.081M $3.003M
YoY Change 102.5% 20.22%
Deferred Revenue $2.011M
YoY Change 89.18%
Short-Term Debt $26.20M $14.90M
YoY Change 75.85% -43.77%
Long-Term Debt Due $1.618M $1.800M
YoY Change -10.11% 0.0%
Total Short-Term Liabilities $49.75M $36.47M
YoY Change 36.4% -16.63%
LONG-TERM LIABILITIES
Long-Term Debt $143.3M $143.2M
YoY Change 0.07% 24.53%
Other Long-Term Liabilities $197.8M $182.8M
YoY Change 8.22% 6.34%
Total Long-Term Liabilities $341.1M $78.45M
YoY Change 334.82% -5.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.75M $36.47M
Total Long-Term Liabilities $341.1M $78.45M
Total Liabilities $438.1M $114.9M
YoY Change 281.22% -9.35%
SHAREHOLDERS EQUITY
Retained Earnings $50.83M
YoY Change 15.72%
Common Stock $9.333M
YoY Change 0.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $171.9M $162.9M
YoY Change
Total Liabilities & Shareholders Equity $610.0M $575.9M
YoY Change 5.92% 6.94%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $4.505M $4.566M
YoY Change -1.34% 20.86%
Depreciation, Depletion And Amortization $2.976M $2.693M
YoY Change 10.51% -1.14%
Cash From Operating Activities $3.178M $4.710M
YoY Change -32.53% 265.12%
INVESTING ACTIVITIES
Capital Expenditures -$12.79M -$7.740M
YoY Change 65.25% -14.1%
Acquisitions
YoY Change
Other Investing Activities $5.000K -$3.630M
YoY Change -100.14% -12200.0%
Cash From Investing Activities -$12.79M -$11.37M
YoY Change 12.45% 26.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.728M 6.700M
YoY Change 45.19% -12.07%
NET CHANGE
Cash From Operating Activities 3.178M 4.710M
Cash From Investing Activities -12.79M -11.37M
Cash From Financing Activities 9.728M 6.700M
Net Change In Cash 121.0K 40.00K
YoY Change 202.5% -150.0%
FREE CASH FLOW
Cash From Operating Activities $3.178M $4.710M
Capital Expenditures -$12.79M -$7.740M
Free Cash Flow $15.97M $12.45M
YoY Change 28.26% 20.87%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
51-0002090
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Shell Company
EntityShellCompany
false
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2021-06-30
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
000-18516
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
ARTESIAN RESOURCES CORPORATION
dei Entity Address Address Line1
EntityAddressAddressLine1
664 Churchmans Road
dei Entity Address City Or Town
EntityAddressCityOrTown
Newark
dei Entity Address State Or Province
EntityAddressStateOrProvince
DE
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
19702
dei Local Phone Number
LocalPhoneNumber
453 – 6900
dei Security12b Title
Security12bTitle
Common Stock
dei Trading Symbol
TradingSymbol
ARTNA
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Central Index Key
EntityCentralIndexKey
0000863110
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Amendment Flag
AmendmentFlag
false
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Type
DocumentType
10-Q
dei City Area Code
CityAreaCode
302
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
1720000
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
0
CY2020Q2 artna Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Deferred Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherDeferredAssets
623000
CY2020Q4 us-gaap Regulatory Assets
RegulatoryAssets
6473000
CY2021Q2 us-gaap Prepaid Taxes
PrepaidTaxes
0
CY2021Q2 us-gaap Regulatory Assets
RegulatoryAssets
6516000
CY2021Q2 us-gaap Dividends Payable Current
DividendsPayableCurrent
2454000
CY2020Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
0
CY2020Q2 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
1537000
us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
2893000
us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
2896000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6449000
CY2021Q2 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
1542000
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6399000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12486000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12422000
artna Operating Lease Rent Expense Minimum Rentals
OperatingLeaseRentExpenseMinimumRentals
14000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0
CY2020Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
3009000
CY2021Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
0
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
3632000
CY2021Q2 artna Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Deferred Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherDeferredAssets
0
CY2021Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
0
CY2020Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
3632000
artna Minimum Number Of Days Due For Accounts Receivable From Regulated Contract Customers
MinimumNumberOfDaysDueForAccountsReceivableFromRegulatedContractCustomers
P25D
CY2020Q4 artna Adjustment In Reserve For Bad Debt
AdjustmentInReserveForBadDebt
500000
CY2021Q2 artna Operating Lease Rent Expense Minimum Rentals
OperatingLeaseRentExpenseMinimumRentals
7000
CY2020Q2 artna Operating Lease Rent Expense Minimum Rentals
OperatingLeaseRentExpenseMinimumRentals
7000
CY2021Q2 artna Operating Lease Rent Expense Contingent Rentals
OperatingLeaseRentExpenseContingentRentals
0
CY2020Q2 artna Operating Lease Rent Expense Contingent Rentals
OperatingLeaseRentExpenseContingentRentals
0
artna Operating Lease Rent Expense Contingent Rentals
OperatingLeaseRentExpenseContingentRentals
0
artna Operating Lease Rent Expense Contingent Rentals
OperatingLeaseRentExpenseContingentRentals
0
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
7000
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
7000
us-gaap Operating Lease Expense
OperatingLeaseExpense
14000
artna Amortization Period Of Deferred Contract Costs And Other
AmortizationPeriodOfDeferredContractCostsAndOther
P5Y
CY2021Q2 us-gaap Regulatory Assets
RegulatoryAssets
6516000
CY2020Q4 us-gaap Regulatory Assets
RegulatoryAssets
6473000
CY2020Q4 artna Percentage Of Distribution System Improvement Charge Rate Increase Application Filed By Company To Regulatory
PercentageOfDistributionSystemImprovementChargeRateIncreaseApplicationFiledByCompanyToRegulatory
0.0750
CY2020Q4 artna Increase Amount Based On Eligible Plant Improvements Since Last Rate Increase
IncreaseAmountBasedOnEligiblePlantImprovementsSinceLastRateIncrease
43100000
artna Number Of Counties In Which Water Utility Service Provided
NumberOfCountiesInWhichWaterUtilityServiceProvided
3
CY2021Q2 artna Adjustment In Reserve For Bad Debt
AdjustmentInReserveForBadDebt
-300000
artna Operating Lease Rent Expense Minimum Rentals
OperatingLeaseRentExpenseMinimumRentals
14000
us-gaap Operating Lease Expense
OperatingLeaseExpense
14000

Files In Submission

Name View Source Status
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0000863110-21-000025-index.html Edgar Link pending
0000863110-21-000025.txt Edgar Link pending
0000863110-21-000025-xbrl.zip Edgar Link pending
artna-20210630.xsd Edgar Link pending
artna-20210630_cal.xml Edgar Link unprocessable
artna-20210630_def.xml Edgar Link unprocessable
artna-20210630_lab.xml Edgar Link unprocessable
artna-20210630_pre.xml Edgar Link unprocessable
exhibit31-1.htm Edgar Link pending
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