$ARTNA
ARTESIAN RESOURCES CORP

2022 Q4 Form 10-K Financial Statement

#000086311023000004 Filed on March 10, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $25.12M $98.90M $22.58M
YoY Change 11.26% 8.85% 3.79%
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 $3.270M $12.62M $2.927M
YoY Change 11.72% 6.18% 2.34%
% of Gross Profit
Operating Expenses $19.98M $74.99M $16.65M
YoY Change 20.02% 19.36% 4.63%
Operating Profit $23.91M
YoY Change 7.23%
Interest Expense -$2.297M $8.502M -$1.907M
YoY Change 20.45% -211.99% -1.19%
% of Operating Profit 35.56%
Other Income/Expense, Net -$46.00K $1.265M $3.000K
YoY Change -1633.33% -2.84% -98.5%
Pretax Income $3.225M $23.88M $4.120M
YoY Change -21.72% 5.81% 0.0%
Income Tax $900.0K $5.878M $1.060M
% Of Pretax Income 27.91% 24.62% 25.73%
Net Earnings $2.325M $18.00M $3.060M
YoY Change -24.02% -26.3% -1.61%
Net Earnings / Revenue 9.26% 18.2% 13.55%
Basic Earnings Per Share $1.90
Diluted Earnings Per Share $0.24 $1.90 $324.1K
COMMON SHARES
Basic Shares Outstanding 9.462M
Diluted Shares Outstanding 9.481M

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.309M $1.309M $92.00K
YoY Change 1322.83% 1322.83%
Cash & Equivalents $1.309M $1.309M $92.00K
Short-Term Investments
Other Short-Term Assets $6.650M $6.650M $6.038M
YoY Change 10.14% 10.14% 13.92%
Inventory $4.702M $4.702M $1.933M
Prepaid Expenses
Receivables $13.51M $13.51M $8.367M
Other Receivables $1.632M $1.632M $2.234M
Total Short-Term Assets $27.80M $27.80M $18.66M
YoY Change 48.97% 48.97% 5.93%
LONG-TERM ASSETS
Property, Plant & Equipment $3.740M $672.2M $3.751M
YoY Change -0.29% 13.05% -1.19%
Goodwill $1.900M $0.00
YoY Change -100.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.54M $17.54M $5.097M
YoY Change 106.71% 57.42% -3.99%
Total Long-Term Assets $692.0M $692.0M $606.1M
YoY Change 14.18% 14.18% 5.29%
TOTAL ASSETS
Total Short-Term Assets $27.80M $27.80M $18.66M
Total Long-Term Assets $692.0M $692.0M $606.1M
Total Assets $719.8M $719.8M $624.7M
YoY Change 15.22% 15.22% 5.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.93M $10.93M $10.21M
YoY Change 7.08% 7.08% 60.95%
Accrued Expenses $4.246M $5.237M $4.038M
YoY Change 5.15% 5.56% 18.28%
Deferred Revenue $2.489M $2.273M
YoY Change 9.5% 10.34%
Short-Term Debt $20.22M $20.22M $26.73M
YoY Change -24.37% -24.37% -0.62%
Long-Term Debt Due $2.003M $2.003M $1.591M
YoY Change 25.9% 25.9% -9.45%
Total Short-Term Liabilities $44.07M $44.07M $47.21M
YoY Change -6.65% -6.65% 7.96%
LONG-TERM LIABILITIES
Long-Term Debt $175.6M $175.6M $143.3M
YoY Change 22.59% 22.59% 0.65%
Other Long-Term Liabilities $257.6M $257.6M $203.1M
YoY Change 26.84% 26.84% 8.38%
Total Long-Term Liabilities $87.86M $433.2M $79.58M
YoY Change 10.4% 25.08% 2.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.07M $44.07M $47.21M
Total Long-Term Liabilities $87.86M $433.2M $79.58M
Total Liabilities $131.9M $531.9M $126.8M
YoY Change 4.06% 19.06% 4.61%
SHAREHOLDERS EQUITY
Retained Earnings $71.29M $63.61M
YoY Change 12.07% 12.37%
Common Stock $9.503M $9.414M
YoY Change 0.95% 0.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $187.9M $187.9M $178.0M
YoY Change
Total Liabilities & Shareholders Equity $719.8M $719.8M $624.7M
YoY Change 15.22% 15.22% 5.31%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income $2.325M $18.00M $3.060M
YoY Change -24.02% -26.3% -1.61%
Depreciation, Depletion And Amortization $3.270M $12.62M $2.927M
YoY Change 11.72% 6.18% 2.34%
Cash From Operating Activities -$785.0K $24.27M $12.30M
YoY Change -106.38% -22.5% 102.95%
INVESTING ACTIVITIES
Capital Expenditures $11.82M $48.48M -$11.11M
YoY Change -206.41% -218.79% 33.55%
Acquisitions $6.341M
YoY Change
Other Investing Activities $16.00K -$6.276M $2.000K
YoY Change 700.0% -7073.33% -80.0%
Cash From Investing Activities -$11.81M -$54.76M -$11.11M
YoY Change 6.28% 34.46% 33.84%
FINANCING ACTIVITIES
Cash Dividend Paid $10.32M
YoY Change 5.02%
Common Stock Issuance & Retirement, Net $2.090M
YoY Change
Debt Paid & Issued, Net $1.643M
YoY Change -9.97%
Cash From Financing Activities 13.79M 31.71M -1.708M
YoY Change -907.55% 234.57% -184.14%
NET CHANGE
Cash From Operating Activities -785.0K 24.27M 12.30M
Cash From Investing Activities -11.81M -54.76M -11.11M
Cash From Financing Activities 13.79M 31.71M -1.708M
Net Change In Cash 1.201M 1.217M -518.0K
YoY Change -331.85% 1801.56% 146.67%
FREE CASH FLOW
Cash From Operating Activities -$785.0K $24.27M $12.30M
Capital Expenditures $11.82M $48.48M -$11.11M
Free Cash Flow -$12.61M -$24.22M $23.41M
YoY Change -153.86% -133.58% 62.8%

Facts In Submission

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CY2022 dei Entity Registrant Name
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ARTESIAN RESOURCES CORP
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CY2022 dei Local Phone Number
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<div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic;">Use of Estimates in the Preparation of Consolidated Financial Statements</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The consolidated financial statements were prepared in conformity with generally accepted accounting principles in the U.S., which require management to make certain estimates and assumptions regarding the reported amounts of assets and liabilities including unbilled revenues, credit losses and reserves for bad debt, regulatory asset recovery , lease agreements, goodwill and contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from management’s estimates.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">All additions to utility plant are recorded at cost.  Business combinations pursuant to ASC Topic 805 may result in a purchase price allocation and the acquired assets are required to be evaluated by the applicable regulatory agency.  Artesian Wastewater acquired TESI in January 2022 and Artesian Water purchased substantially all of the water operating assets from the Town of Clayton in May 2022.  As of December 31, 2022, the fair value determination for TESI and the town of Clayton is finalized.  A third-party valuation specialist assisted with the valuation of the assets acquired.</div>
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