Artesian Resources(ARTNA)2025-05-09 17:32Financial Performance - Total operating revenues for the three months ended March 31, 2025, increased to 24,544,000 in the same period of 2024[15] - Net income applicable to common stock for Q1 2025 was 4,411,000 in Q1 2024[15] - Basic net income per common share rose to 0.43 in Q1 2024, reflecting a 23.3% increase[15] - Operating income for Q1 2025 was 4,719,000 in Q1 2024[15] - Regulated Utility revenues for the three months ended March 31, 2025, were 22,840 thousand in 2024, representing an increase of approximately 5.3%[116] - Consolidated revenues for the three months ended March 31, 2025, totaled 24,544 thousand in 2024, reflecting a growth of about 5.4%[116] Cash and Assets - Cash and cash equivalents at the end of Q1 2025 were 9,503,000 at the end of Q1 2024, indicating a decrease of 61.0%[19] - Total assets as of March 31, 2025, were 798,623,000 as of December 31, 2024[13] - Total stockholders' equity increased to 239,189,000 at the end of 2024, reflecting a growth of 1.0%[12] Expenditures and Dividends - Capital expenditures for Q1 2025 were 8,922,000 in Q1 2024, representing an increase of 16.5%[17] - Cash dividends per share of common stock increased to 0.2897 in Q1 2024, marking a rise of 4.9%[15] - Cash dividends declared for common stock in the first quarter of 2025 totaled 2,980,000 in the first quarter of 2024, indicating a growth of about 4.2%[22] Revenue Sources - Tariff revenue increased to 22.369 million in Q1 2024, driven by a rise in consumption charges and industrial wastewater services[57] - Non-tariff revenue rose to 1.828 million in Q1 2024, with significant contributions from service line protection plans and inspection fees[57] - The company recognized 0.4 million from deferred non-tariff revenue during the three months ended March 31, 2025[58] Customer Base and Services - Artesian Water Company continues to expand its services, providing water to various customer segments across Delaware, including residential and commercial[26] - The company served approximately 97,700 customers in Delaware, 2,700 customers in Maryland, and 40 customers in Pennsylvania as of March 31, 2025[82] - The company operates wastewater treatment facilities with a combined capacity of approximately 3.8 million gallons per day, supporting environmental sustainability initiatives[32] Regulatory and Compliance - The company is committed to maintaining compliance with regulatory accounting standards as prescribed by relevant public service commissions[39] - Artesian Water's revenue requirement increase approved by DEPSC is 10.8 million, or 14.6%, was implemented on November 28, 2023, subject to refund[101] Liabilities and Debt - The carrying amount of the company's long-term debt is 159,926,000[72] - Regulatory liabilities amounted to 30.267 million on December 31, 2024[97] - The deferred income tax regulatory liability related to the Tax Cuts and Jobs Act is 27,492,000[97] Other Financial Metrics - Cash flows from operating activities for Q1 2025 were 12,594,000 in Q1 2024, a decrease of 12.9%[17] - Accounts receivable totaled 11.682 million at the end of 2024, with a provision for expected credit loss of 6,889,000 as of March 31, 2025, from $6,425,000 as of December 31, 2024[85]