$ARTNA

ARTESIAN RESOURCES CORP

CIK:0000863110|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating revenues
Total Operating Revenues	$ 30,664	$ 28,549	$ 58,437	$ 54,435
Operating expenses
Utility operating expenses	13,436	12,505	26,589	24,830
Non-utility operating expenses	1,293	1,009	2,507	2,131
Depreciation and amortization	3,520	3,414	6,972	6,771
State and federal income taxes	2,262	2,163	4,322	4,015
Property and other taxes	1,538	1,603	3,157	3,288
Total Operating Expenses	22,049	20,694	43,547	41,035
Operating income	8,615	7,855	14,890	13,400
Other income, net
Allowance for funds used during construction (AFUDC)	260	619	759	1,186
Miscellaneous (expense) income	44	(29)	1,431	1,459
Income before interest charges	8,919	8,445	17,080	16,045
Interest charges	2,344	2,155	4,571	4,320
Net income applicable to common stock	$ 6,575	$ 6,290	$ 12,509	$ 11,725
Net income per common share:
Basic (in Dollars per share)	$ 0.64	$ 0.61	$ 1.21	$ 1.14
Diluted (in Dollars per share)	$ 0.64	$ 0.61	$ 1.21	$ 1.14
Weighted average common shares outstanding:
Basic (in Shares)	10,325	10,308	10,321	10,305
Diluted (in Shares)	10,330	10,310	10,327	10,308
Cash dividends per share of common stock (in Dollars per share)	$ 0.3199	$ 0.3074	$ 0.6335	$ 0.6088
Water Sales [Member]
Operating revenues
Total Operating Revenues	$ 24,429	$ 23,083	$ 46,621	$ 43,771
Other Utility Operating Revenue [Member]
Operating revenues
Total Operating Revenues	4,221	3,639	7,787	6,997
Non-Utility Operating Revenue [Member]
Operating revenues
Total Operating Revenues	$ 2,014	$ 1,827	$ 4,029	$ 3,667

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 12,509	$ 11,725
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,972	6,771
Amortization of debt expense	177	176
Amortization of deferred income tax regulatory liability	(649)	(649)
Provision for expected credit loss	110	103
Deferred income taxes, net	646	458
Stock compensation	169	92
AFUDC, equity portion	(539)	(807)
Changes in assets and liabilities, net of acquisitions:
Accounts and other receivables	(4,266)	234
Income tax receivable	547	512
Unbilled operating revenues	(878)	(809)
Materials and supplies	57	(265)
Income tax payable	1,089	805
Prepaid property taxes	1,807	2,187
Prepaid expenses and other	(201)	(531)
Other deferred assets	(382)	(478)
Regulatory assets	(91)	30
Regulatory liabilities	(78)	(103)
Accounts payable	(1,800)	614
Accrued expenses	972	(1,272)
Reserve for customer refund	1,854
Accrued interest	25	(37)
Customer deposits and other, net	761	139
NET CASH PROVIDED BY OPERATING ACTIVITIES	18,811	18,895
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (net of AFUDC, equity portion)	(25,858)	(26,259)
Proceeds from sale of assets	85	88
NET CASH USED IN INVESTING ACTIVITIES	(25,773)	(26,171)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments under lines of credit agreements	(10,933)	(357)
Borrowings under lines of credit agreements	5,214	2,343
Deferred debt issuance costs	(45)	0
(Decrease) increase in overdraft payable	(96)	31
Proceeds from contributions in aid of construction and advances	21,220	13,223
Payouts for contributions in aid of construction and advances	(950)	(1,336)
Net proceeds from issuance of common stock	174	172
Issuance of long–term debt	10,000	0
Dividends paid	(6,538)	(6,273)
Principal repayments of long-term debt	(1,332)	(1,325)
NET CASH PROVIDED BY FINANCING ACTIVITIES	16,714	6,478
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	9,752	(798)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	52	1,147
CASH AND CASH EQUIVALENTS AT END OF PERIOD	9,804	349
Non-cash Investing and Financing Activity:
Utility plant received as contributions in aid of construction	7,681	7,111
Contractual amounts of contributions in aid of construction due from developers included in accounts receivable and class action settlement funds included in accounts receivable and other deferred assets (See Note 15 – Legal Proceedings)	171
Change in amounts included in accounts payable, accrued payables and other related to capital expenditures	(814)	(2,335)
Supplemental Disclosures of Cash Flow Information:
Interest paid	4,369	4,181
Income taxes paid	2,842	2,937
Income taxes refunded	$ 165	$ 50

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Utility plant, at original cost (less accumulated depreciation - 2026- $208,603; 2025 - $202,077)	$ 825,816	$ 801,694
Current assets
Cash and cash equivalents	9,804	52
Accounts and other receivables (less provision for expected credit loss 2026 - $368; 2025 - $340)	10,491	9,489
Income tax receivable	222	769
Unbilled operating revenues	2,788	1,910
Materials and supplies	3,659	3,716
Prepaid property taxes	1	1,808
Prepaid expenses and other	3,874	3,673
Total current assets	30,839	21,417
Other assets
Non‑utility property (less accumulated depreciation - 2026 - $1,179; 2025 - $1,146)	3,524	3,541
Other deferred assets	9,468	9,571
Goodwill	1,939	1,939
Operating lease right-of-use assets	411	414
Total other assets	15,342	15,465
Regulatory assets, net	12,015	12,653
Total Assets	884,012	851,229
Stockholders' equity
Common stock	10,327	10,316
Preferred stock	0	0
Additional paid-in capital	144,824	144,492
Retained earnings	101,085	95,114
Total stockholders' equity	256,236	249,922
Long-term debt, net of current portion	182,551	174,276
Total stockholders' equity and long-term debt	438,787	424,198
Current liabilities
Lines of credit		5,719
Current portion of long-term debt	2,525	2,132
Accounts payable	9,512	14,018
Accrued expenses	7,289	4,601
Overdraft payable	7	103
Accrued interest	941	916
Income taxes payable	1,478	389
Customer and other deposits	3,758	3,474
Reserve for customer refund	2,248	394
Other	2,630	1,976
Total current liabilities	30,388	33,722
Commitments and contingencies
Deferred credits and other liabilities
Net advances for construction	344	374
Operating lease liabilities	403	407
Regulatory liabilities	25,719	26,301
Deferred investment tax credits	388	395
Deferred income taxes	55,409	54,756
Total deferred credits and other liabilities	82,263	82,233
Net contributions in aid of construction	332,574	311,076
Total Liabilities and Stockholders' Equity	$ 884,012	$ 851,229