Artesian Resources Corp. announces first quarter earnings

Artesian Resources Corporation announced that revenues for the first quarter of 2001 were $6,959,646 as compared to $6,348,089 for the same period in 2000, an increase of 9.6%. Earnings available to common shareholders this quarter were $255,977, up from $234,866 as reported for the first quarter of 2000, an increase of 9.0%. Basic and diluted earnings per share were $0.13 and $0.12, respectively, for the quarter, as compared to $0.12 and $0.11, respectively, for the same period last year.

NEWARK, Del., May 1 /PRNewswire/ --Artesian Resources Corporation announced that revenues for the first quarter of 2001 were $6,959,646 as compared to $6,348,089 for the same period in 2000, an increase of 9.6%. Earnings available to common shareholders this quarter were $255,977, up from $234,866 as reported for the first quarter of 2000, an increase of 9.0%. Basic and diluted earnings per share were $0.13 and $0.12, respectively, for the quarter, as compared to $0.12 and $0.11, respectively, for the same period last year.

The increase in revenues and income for the first quarter of 2001 as compared to the same period in 2000 are attributable to an increase in rates of 4.7% which became effective in August 2000, the implementation of a new temporary rate increase of 8.9% on February 3, 2001, and a 3.8% increase in the number of customers served.

The Company has made investments of $14.3 million in utility plant infrastructure since March 31, 2000 to ensure appropriate levels of service to customers. These investments resulted in increased interest and depreciation expenses for the first quarter of 2001 of $194,000 and $72,000, respectively, as compared to the first quarter of last year.

Artesian Resources Corporation, the parent company of Artesian Water Company, is the oldest and largest investor-owned water utility in the state of Delaware. The company has been providing high-quality water service since 1905. The Company is publicly traded on the Nasdaq National Market under the symbol ARTNA.

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