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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950116-05-001288.txt : 20050406
<SEC-HEADER>0000950116-05-001288.hdr.sgml : 20050406
<ACCEPTANCE-DATETIME>20050406113602
ACCESSION NUMBER:		0000950116-05-001288
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050331
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050406
DATE AS OF CHANGE:		20050406

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARTESIAN RESOURCES CORP
		CENTRAL INDEX KEY:			0000863110
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				510002090
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-18516
		FILM NUMBER:		05736107

	BUSINESS ADDRESS:	
		STREET 1:		664 CHURCHMANS RD
		CITY:			NEWARK
		STATE:			DE
		ZIP:			19702
		BUSINESS PHONE:		3024536900

	MAIL ADDRESS:	
		STREET 1:		664 CHURCHMANS RD
		CITY:			NEWARK
		STATE:			DE
		ZIP:			19702
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>eight-k.txt
<DESCRIPTION>EIGHT-K.TXT
<TEXT>
<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549




                                    FORM 8-K

                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  March 31, 2005



                         ARTESIAN RESOURCES CORPORATION
  -----------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


            Delaware             000-18516                 51-0002090
- ----------------------------   -------------   ---------------------------------
(State or other jurisdiction    (Commission    (IRS Employer Identification No.)
      of incorporation)         File Number)


 664 Churchmans Road, Newark, Delaware                    19702
- --------------------------------------------------  ----------------
(Address of principal executive offices)                (Zip Code)



Registrant's telephone number, including area code: 302-453-6900


                                 Not Applicable
        -------------- --------------------------------------------------
         (Former name or former address, if changed since last report.)




Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):




[ ] Written communications pursuant to Rule 425 under the Securities Act

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act



<PAGE>







ITEM 2.02       RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On March 31, 2005, Artesian Resources Corporation (the "Company") issued a press
release reporting its financial results for the year ended December 31, 2004. A
copy of the press release is being furnished as Exhibit 99.1 to this report.

The foregoing information and the information set forth in Exhibit 99.1 attached
hereto is being furnished and shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934 nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933 except
as shall be expressly set forth by specific reference in such filing.



ITEM 9.01       FINANCIAL STATEMENTS AND EXHIBITS.

The following exhibit is furnished with this report:


    EXHIBIT
    NUMBER           DESCRIPTION
    -------          -----------
     99.1            Press Release dated March 31, 2005


<PAGE>



                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                        ARTESIAN RESOURCES CORPORATION
Date:  April 5, 2005                    By:       /s/ DIAN C. TAYLOR
                                            ----------------------------------
                                        Dian C. Taylor
                                        President, Chief Executive Officer and
                                        Chair of the Board



                                        ARTESIAN RESOURCES CORPORATION
Date:  April 5, 2005                    By:       /s/ DAVID B. SPACHT
                                            ----------------------------------
                                        David B. Spacht
                                        Vice President, Chief Financial Officer
                                        and Treasurer





<PAGE>



                                INDEX TO EXHIBIT


    EXHIBIT
    NUMBER           DESCRIPTION
    -------          -----------
     99.1            Press Release dated March 31, 2005


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99-1.txt
<DESCRIPTION>EX99-1.TXT
<TEXT>
<PAGE>



                                                                    Exhibit 99.1


Newark, DE, March 31 2005 - (ARTNA) Artesian Resources Corporation (Artesian)
today announced that basic and diluted net income per common share for 2004 were
$1.12 and $1.08, as compared to $0.99 and $0.96 in 2003. Revenues for 2004 were
$39.6 million, up 9.1% from $36.3 million in 2003. Net income available to
common stockholders was $4.4 million, compared to $3.8 million last year, a
14.4% increase.


Although suppressed by extraordinary weather conditions in 2004, Artesian
achieved increases in both revenue and income as a result of the increase in the
number of water utility customers served, increased rates and additional
revenues from wastewater operations. Rainfall in New Castle County, Delaware,
was approximately 33% above average for the year, and 3% greater than last year.


Contributing to revenue growth, Artesian recorded $1.6 million in non-utility
and other utility operating revenue in 2004, a 41.2% increase from $1.1 million
in 2003, primarily from growth in wastewater operations. Dian C. Taylor, CEO and
Chair of the Board said, "We continue to realize the benefits of expanding our
contract services and wastewater operations. As we grow these related
businesses, we are adding additional revenues to supplement our core utility
operations. Unlike traditional water sales, the revenues generated from these
contracts are not as sensitive to the effects of weather."


The number of water customers served by Artesian grew 1.9% from a year ago. As
permitted by Delaware statute, Artesian also placed a 6.9% temporary rate
increase into effect on April 6, 2004 and an additional 8.1% increase on
September 7, 2004 to recover expenses associated with the investment of $45
million in utility plant. The temporary rates will remain in effect pending a
final ruling on the rate increase request filed in February 2004.


Operating expenses, excluding depreciation and taxes increased $1.1 million, or
5.5% to $20.7 million in 2004. This increase is primarily the result of (1)
consulting fees related to internal control documentation and testing in
compliance with Section 404 of the Sarbanes-Oxley Act of 2002 and increased
audit fees of $298,000 (2) increased repair and maintenance fees of $288,000,
which includes expenses related to computer hardware and software fees,
replacement of a water treatment filter media and fuel price increases and (3)
increased non utility operating expenses of $268,000, primarily for engineering
services related to new wastewater projects. These increases were partially
offset by controlling expense increases and from capitalizing payroll and
related expenses associated with the conversion of the company's customer
service information programs, which is expected to conclude in the first half of
2005.




<PAGE>



In accordance with Securities and Exchange Commission order dated November 30,
2004 (Release No. 50754), we expect to include management's annual report on
internal control over financial reporting and the related attestation report of
our registered public accounting firm in our Form 10-K no later than 45 days
after the end of the 75 day filing period specified in Form 10-K.


Artesian Resources Corporation, through our wholly-owned subsidiary Artesian
Water Company, is the largest investor owned regulated public water utility in
the State of Delaware and has been providing water within the state since 1905.
Artesian has invested more than $155 million in utility plant over the last 10
years to provide sufficient treated supply, new water mains and additional
storage capacity to meet peak demands and provide fire protection for Delaware
residents. We distribute and sell water to residential, commercial, industrial,
governmental, municipal and utility customers throughout the state. As of
December 31, 2004, Artesian was serving approximately 71,000 metered customers,
providing water service to about 232,000 residents (including contract
services), approximately 28% of Delaware's total population. Last year, Artesian
distributed 7.2 billion gallons of water. Artesian serves its customers through
109 operating wells. Artesian's water supply is treated at 52 different
locations statewide. Artesian owns and maintains approximately 977 miles of
water main throughout the state.


Contact: Nicki Taylor
Investor Relations
(302) 453-6943 ntaylor@artesianwater.com

<PAGE>

                       Artesian Resources Corporation
               Condensed Consolidated Statement of Operations
               (In thousands, except share and per share data)
<TABLE>
<CAPTION>

                                                                    Three             Three            Twelve            Twelve
                                                                    months            months           months            months
                                                                    ended             ended            ended             ended
                                                                 December 31,      December 31,     December 31,      December 31,
                                                                     2004              2003             2004              2003
                                                                 ------------      ------------     ------------      ------------
<S>                                                              <C>               <C>              <C>               <C>
Operating Revenues                                               $    10,210       $     9,077      $    39,582       $    36,295
                                                                 -----------------------------      -----------------------------

Operating Expenses
     Operations and Maintenance Expenses                               5,214             5,045           20,700            19,630
     Depreciation and Amortization                                     1,031               995            4,046             3,635
     State & Federal Taxes                                               780               388            2,892             2,386
     Property and Other Taxes                                            452               567            2,070             2,115
                                                                 -----------------------------      -----------------------------
                                                                       7,477             6,995           29,708            27,766
                                                                 -----------------------------      -----------------------------
Operating Income                                                       2,733             2,082            9,874             8,529
     Miscellaneous Income (deduction)                                     25                68              471               277
                                                                 -----------------------------      -----------------------------
Income Before Interest Charges                                         2,758             2,150           10,345             8,806
                                                                 -----------------------------      -----------------------------

                                                                 -----------------------------      -----------------------------
Interest Charges                                                       1,513             1,279            5,943             4,889
                                                                 -----------------------------      -----------------------------

Net Income                                                             1,245               871            4,402             3,917
Preferred Dividend Requirement & Redemption Premium                     --                   3                2                71
                                                                 -----------------------------      -----------------------------
Net Income Applicable to Common Stock                            $     1,245       $       868      $     4,400       $     3,846
                                                                 =============================      =============================

     Weighted Average Common Shares Outstanding - Basic            3,952,046         3,893,703 *      3,936,066         3,880,159 *
     Net Income per Common Share - Basic                         $      0.32       $      0.22 *    $      1.12            $ 0.99 *

     Weighted Average Common Shares Outstanding - Diluted          4,079,024         4,002,834 *      4,065,651         3,992,519 *
     Net Income per Common Share - Diluted                       $      0.31       $      0.22 *    $      1.08       $      0.96 *

</TABLE>

* Shares outstanding and per share amounts restated to reflect a three for two
  common stock split effective May 30, 2003.



<PAGE>

                         Artesian Resources Corporation
                      Condensed Consolidated Balance Sheet
                                 (In thousands)

<TABLE>
<CAPTION>

                                                            December 31,       December 31,
                                                               2004                2003
                                                            ------------       ------------
     ASSETS

<S>                                                         <C>                <C>
         Utility Plant, at original cost less
              accumulated depreciation                      $    212,152       $    187,893
         Current Assets                                            9,658             23,429
         Regulatory and Other Assets                               5,570              5,002
                                                            ------------       ------------
                                                            $    227,380       $    216,324
                                                            ============       ============

     CAPITALIZATION AND LIABILITIES

         Stockholders' Equity                               $     54,943       $     52,691
         Long Term Debt, Net of Current Portion                   82,356             80,558
         Current Liabilities                                      18,440             19,674
         Advances for Construction                                21,456             19,175
         Contributions in Aid of Construction                     33,426             30,376
         Other Liabilities                                        16,759             13,850
                                                            ------------       ------------
                                                            $    227,380       $    216,324
                                                            ============       ============
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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