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Artesian Resources Corporation Reports First Quarter 2016 Results

NEWARK, Del., May 04, 2016 (GLOBE NEWSWIRE via COMTEX) --

Artesian Resources Corporation ARTNA, +0.46% a leading provider of water, wastewater services and related services on the Delmarva Peninsula, today announced that net income for the first quarter of 2016 was $2.8 million, a $0.3 million or 11.5% increase compared to net income recorded during the first quarter of 2015. Diluted net income per share increased 10.7% to $0.31 compared to $0.28 for the first quarter of 2015.

Revenues for the first quarter of 2016 were $18.4 million, a 2.7% increase from the $18.0 million in revenues recorded for the same three-month period of 2015. Water sales revenue increased by $0.4 million, or 2.5%, for the first quarter of 2016. The growth in water sales revenue was due to an increase in the number of customers served and the Distribution System Improvement Charge applied to customer bills, as well as the effect of the final rate adjustment as approved by the Delaware Public Service Commission upon conclusion of Artesian's April 11, 2014 request for new rates to recover $47 million invested in utility plant. This increase was slightly offset by a decrease in water consumption.

The Distribution System Improvement Charge allows Delaware water utilities to place into effect interim rate increases for timely recovery of investments made in certain infrastructure improvements. "The Distribution System Improvement Charge has allowed Artesian to invest $7 million in the course of a year to replace and repair ageing infrastructure to ensure proper water quality and service reliability for our customers," said Dian C. Taylor, Chair, President and CEO.

Non-utility operating revenues for the first...