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<SEC-DOCUMENT>0000950116-05-001822.txt : 20050512
<SEC-HEADER>0000950116-05-001822.hdr.sgml : 20050512
<ACCEPTANCE-DATETIME>20050512080809
ACCESSION NUMBER:		0000950116-05-001822
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050510
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050512
DATE AS OF CHANGE:		20050512

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:		05822409

	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.htm
<DESCRIPTION>8-K
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">

<page>


<p align="center"><font size="2" face="serif"><b>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549</b></font></p>
<p align="center"><font size="2" face="serif"><b>FORM 8-K</b></font></p>
<p align="center"><font size="2" face="serif"><b>CURRENT REPORT</b></font></p>
<p align="center"><font size="2" face="serif"><b>Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934<br></b></font></p>
<p align="left"><font size="2" face="serif">Date of Report (Date of earliest event reported):  May 10, 2005</font></p>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="center"><font size="2" face="serif"><b>ARTESIAN RESOURCES CORPORATION</b></font></td>
</tr>
<tr valign="top">
<td><hr align="left" width="100%" size=1 noshade>
  </td>
</tr>
<tr valign="top">
<td align="center"><font size="2" face="serif">(Exact name of registrant as specified in its charter)</font></td>
</tr>
</table>
<br><br>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr align="center" valign="top" bgcolor="#ffffff">
<td><font size="2" face="serif">Delaware</font></td>
<td width="2%">&nbsp;</td>
<td width="27%"><font size="2" face="serif">000-18516</font></td>
<td width="2%">&nbsp;</td>
<td width="33%"><font size="2" face="serif">51-0002090</font></td>
</tr>
<tr align="center" valign="top">
<td>
  <hr align="left" width="100%" size=1 noshade>
  </td>
<td>&nbsp;</td>
<td><hr align="left" width="100%" size=1 noshade></td>
<td>&nbsp;</td>
<td><hr align="left" width="100%" size=1 noshade></td>
</tr>
<tr align="center" valign="top" bgcolor="#FFFFFF">
<td><font size="2" face="serif">(State or other jurisdiction of <br>incorporation)</font></td>
<td>&nbsp;</td>
<td><font size="2" face="serif">(Commission<br>File Number)</font></td>
<td>&nbsp;</td>
<td><font size="2" face="serif">(IRS Employer Identification No.)</font></td>
</tr>
</table>
<br><br>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr align="center" valign="top" bgcolor="#ffffff">
<td><font size="2" face="serif">664 Churchmans Road, Newark, Delaware</font></td>
<td width="2%">&nbsp;</td>
<td width="36%"><font size="2" face="serif">19702</font></td>
</tr>
<tr align="center" valign="top">
<td><hr align="left" width="100%" size=1 noshade></td>
<td>&nbsp;</td>
<td><hr align="left" width="100%" size=1 noshade></td>
</tr>
<tr align="center" valign="top" bgcolor="#FFFFFF">
<td><font size="2" face="serif">(Address of principal executive offices)</font></td>
<td>&nbsp;</td>
<td><font size="2" face="serif">(Zip Code)</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">Registrant&#146;s telephone number, including area code:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302-453-6900&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>

<table width="100%" cellspacing="0" cellpadding="0">
  <tr>
    <td align="center"><font size="2" face="serif">Not Applicable</font></td>
  </tr>
  <tr>
    <td align="center"><hr align="left" width="100%" size=1 noshade>
    </td>
  </tr>
  <tr>
    <td align="center"><font size="2" face="serif"> (Former name or former address, if changed
    since last report.)</font></td>
  </tr>
</table>



<p align="left"><font size="2" face="serif">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):</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act </font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act </font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</font></p>
<p align="left"><font size="2" face="serif"><img src="emptybox.gif"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left" width="10%"><font size="2" face="serif"><b>Item 2.02</b></font></td>
<td align="left"><font size="2" face="serif"><b>Results of Operations and Financial Condition.</b></font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">On May 10, 2005, Artesian Resources Corporation (the &#8220;Company&#8221;) issued a press release reporting its financial results for the three months ended March 31, 2005.  A copy of the press release is being furnished as Exhibit 99.1 to this report.<br></font></p>
<p align="left"><font size="2" face="serif">The foregoing information and the information set forth in Exhibit 99.1 attached hereto is being furnished and shall not be deemed &#8220;filed&#8221; 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.</font></p>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td align="left" width="10%"><font size="2" face="serif"><b>Item 9.01</b></font></td>
<td align="left"><font size="2" face="serif"><b>Financial Statements and Exhibits.</b></font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">The following exhibit is furnished with this report:</font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td align="center"><font size="2" face="serif"><b>Exhibit<br>
  Number</b></font></td>
<td width="80%" align="left"><font size="2" face="serif"><b><u><br></u>Description</b></font></td>
</tr>
<tr valign="top">
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="center"><font size="2" face="serif">99.1</font></td>
<td align="left"><font size="2" face="serif">Press Release dated May 10, 2005</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>SIGNATURES<br></b></font></p>
<p align="left"><font size="2" face="serif">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.</font></p>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top"> <td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">ARTESIAN RESOURCES CORPORATION</font></td> </tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" width="29%"><font size="2" face="serif">Date:  May 12, 2005</font></td>
<td align="left" width="24%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">By:  <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ DIAN C. TAYLOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td rowspan="2" align="left"><font size="2" face="serif">Dian C. Taylor<br>President, Chief Executive Officer and Chair of the Board </font></td>
</tr>
<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td> </tr>
</table>
<br><br>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top"> <td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">ARTESIAN RESOURCES CORPORATION</font></td> </tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" width="29%"><font size="2" face="serif">Date:  May 12, 2005</font></td>
<td align="left" width="24%"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">By:  <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ DAVID B. SPACHT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td rowspan="2" align="left"><font size="2" face="serif">David B. Spacht<br>Vice President, Chief Financial Officer and Treasurer</font></td>
</tr>
<tr valign="top">
<td>&nbsp;</td>
<td>&nbsp;</td> </tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>INDEX TO EXHIBIT</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#FFFFFF">
<td width="16%" align="center"><font size="2" face="serif"><b>Exhibit<br>Number</b></font></td>
<td width="84%" align="left"><font size="2" face="serif"><b><u><br></u>Description</b></font></td>
</tr>
<tr valign="top">
<td align="center"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
<td align="center"><font size="2" face="serif">99.1</font></td>
<td align="left"><font size="2" face="serif">Press Release dated May 10, 2005</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
</body>
</html>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Burrups
</title>
</head>
<body bgcolor="#FFFFFF">

<page>
<br>

 <p align="right"><font size="2" face="serif">Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
<p align="left"><font size="2" face="serif">Newark, DE, May 10, 2005 &#151; (ARTNA) Artesian Resources Corporation (Artesian) today announced that basic and diluted net income per common share for the quarter ended March 31, 2005 were $0.24 and $0.23, respectively, as compared to $0.18 for both in the comparable period in 2004.  Revenues for the quarter were $9.9 million, up 12.7% from $8.8 million in 2004.  Net income available to common stockholders was $954,000, compared to $715,000 last year, a 33.4% increase.  </font></p>
<p align="left"><font size="2" face="serif">Dian C. Taylor, CEO and Chair of the Board said, &#8220;We are pleased to see the positive results generated by our growing wastewater activities.  As planned, our wastewater operations are adding revenues and income to supplement our core utility operations.&#8221;  Our non-utility revenues increased $260,000 compared to the same period last year.  These revenues were primarily for wastewater system design and engineering work from our non-regulated subsidiary, Artesian Utility Development, Inc.  </font></p>
<p align="left"><font size="2" face="serif">Water sales revenues increased 9.8% compared to the same quarter last year.  The increased water sales revenues reflected temporary rate increases in effect in the current quarter related to our February 5, 2004 request that is pending before the Delaware Public Service Commission, and the addition of 1,120 metered customers in the past year.  Offsetting these increases, the volume of water delivered to customers fell 1.3% compared to the same period last year, primarily due to the first quarter of 2005 containing one less calendar day than the leap year of 2004.</font></p>
<p align="left"><font size="2" face="serif">Operations and maintenance expenses increased $575,000, or 11.4%, compared to the same period last year.  The increase was primarily due to increased employee payroll and benefit expenses and increased non-utility operating expenses associated with the increased non-utility revenues.  The increase in operation and maintenance expense in the first quarter of 2005 was partially offset by decreased rate case related expenses compared to 2004 and a non-recurring reimbursement in 2004 for consulting expenses incurred by the Delaware Public Service Commission in connection with the review of supply conditions during the 2002 drought.  Other income increased primarily as a result of increased dividend income from a cooperative bank.</font></p>
<p align="left"><font size="2" face="serif">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.  More than $155 million has been invested in Artesian&#8217;s 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 March 31, 2005, Artesian was serving approximately 71,300 metered customers, providing water service to about 232,000
residents (including contract services), representing approximately 28% of Delaware&#8217;s total population.  Last year, Artesian distributed 7.2 billion gallons of water.  Artesian serves its customers through 109 operating wells.  Artesian&#8217;s water supply is treated at 52 different locations statewide.  Artesian owns and maintains approximately 977 miles of water main throughout the state.</font></p>
<p align="left"><font size="2" face="serif">Contact: Nicki Taylor<br>
Investor Relations<br>
(302) 453-6943 <u>ntaylor@artesianwater.com</u></font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p align="center"><font size="2" face="serif"><b><u><font face="serif" size="4">Artesian Resources Corporation<br></font></u><font face="serif" size="4">Condensed Consolidated Statement of Operations<br></font>(In thousands, except share and per share data)</b></font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td colspan="4" align="center"><font size="1" face="serif">(Unaudited)</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="center"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font><font size="1" face="serif">&nbsp;</font></td>
<td colspan="2" align="center"><font size="1" face="serif">Three months ended<br>
</font><font size="1" face="serif">March 31, 2005</font></td>
<td align="center">&nbsp;</td>
<td colspan="2" align="center"><font size="1" face="serif">Three months ended<br>
</font><font size="1" face="serif">March 31, 2004</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="center"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="left">&nbsp;</td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="center"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif"><b>Operating Revenues</b></font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif">  9,902 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 8,787 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="2" align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b>Operating Expenses</b></font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
	<td width="3%" align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">Operations and Maintenance Expenses</font></td>
<td width="1%" align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
<td width="12%" align="right" bgcolor="#FFFFFF"><font size="2" face="serif">5,632 </font></td>
<td width="2%" align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
<td width="1%" align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
<td width="12%" align="right" bgcolor="#FFFFFF"><font size="2" face="serif">5,057 </font></td>
<td width="2%" align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
</tr>







<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Depreciation and Amortization</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">1,042 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">924 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">State &amp; Federal Taxes</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">640 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">471 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Property and Other Taxes</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">581 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">529 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font face="serif">&nbsp;</font></td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left">&nbsp;</td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">7,895 </font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
<td align="right" bgcolor="#FFFFFF"><font size="2" face="serif">6,981 </font></td>
<td align="left" bgcolor="#FFFFFF"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font face="serif">&nbsp;</font></td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left">&nbsp;</td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif"><b>Operating Income</b></font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">2,007 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">1,806 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Other Income, net</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">428 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">369 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font face="serif">&nbsp;</font></td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left">&nbsp;</td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif"><b>Income Before Interest Charges</b></font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">2,435 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">2,175 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font face="serif">&nbsp;</font></td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left">&nbsp;</td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>

<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif"><b>Interest Charges</b></font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">1,481 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">1,457 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font face="serif">&nbsp;</font></td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left">&nbsp;</td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif"><b>Net Income</b></font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">954 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">718 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif"><b>Preferred Dividend Requirement </b></font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">3 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font face="serif">&nbsp;</font></td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left">&nbsp;</td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif"><b>Net Income Applicable to Common Stock</b></font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 954 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 715 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font face="serif">&nbsp;</font></td>
<td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=2 noshade></td>
<td align="left">&nbsp;</td>
<td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
<td align="right"><hr align="left" width="100%" size=2 noshade></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font><font size="2">&nbsp;</font><font size="2">&nbsp;</font><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Weighted Average Common Shares Outstanding &#150; Basic</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">3,967,219 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">3,917,034 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Net Income per Common Share &#150; Basic</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 0.24 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 0.18 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Weighted Average Common Shares Outstanding &#150; Diluted</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">4,093,865 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">4,053,117 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Net Income per Common Share &#150; Diluted</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 0.23 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 0.18 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
</table>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b><u><font face="serif" size="4">Artesian Resources Corporation<br></font></u><font face="serif" size="4">Condensed Consolidated Balance Sheet<br></font>(In thousands)</b></font></p>
<table width="100%" border="0" align="center" cellpadding="0" cellspacing="0">
<tr align="center" valign="bottom">
<td><font size="1" face="serif">&nbsp;</font><font size="1">&nbsp;</font></td>
<td><font size="1" face="serif">&nbsp;</font><font size="1">&nbsp;</font></td>
<td><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
<td><font size="1" face="serif">(Unaudited)<br>
</font><font size="1" face="serif">March 31, 2005</font></td>
<td colspan="2"><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font><font size="1">&nbsp;</font></td>
<td><font size="1" face="serif">&nbsp;</font><font size="1" face="serif">December 31, 2004</font></td>
</tr>
<tr align="center" valign="bottom">
<td><font size="2" face="serif">&nbsp;</font></td>
<td><font size="2" face="serif">&nbsp;</font></td>
<td><hr align="left" width="100%" size=1 noshade>
  </td>
<td><hr align="left" width="100%" size=1 noshade>
  </td>
<td>&nbsp;</td>
<td><hr align="left" width="100%" size=1 noshade>
  </td>
<td><hr align="left" width="100%" size=1 noshade>
  </td>
</tr>
<tr valign="top">
<td colspan="2" align="left" bgcolor="#FFFFFF"><font size="2" face="serif"><b>ASSETS</b></font></td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
<td align="left" bgcolor="#FFFFFF">&nbsp;</td>
<td align="right" bgcolor="#FFFFFF">&nbsp;</td>
<td align="left" bgcolor="#FFFFFF"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="3%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Utility Plant, at original cost less accumulated depreciation</font></td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="12%" align="right"><font size="2" face="serif"> 215,847 </font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="12%" align="right"><font size="2" face="serif"> 212,152 </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Current Assets</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 8,717 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 9,658 </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Regulatory and Other Assets</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 5,265 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 5,570 </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
<td align="left"><hr align="left" width="100%" size=1 noshade></td>
<td align="left">&nbsp;</td>
<td align="right"><hr align="left" width="100%" size=1 noshade>  </td>
<td align="left"><hr align="left" width="100%" size=1 noshade></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 229,829 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 227,380 </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><hr size="2" noshade>
  </td>
<td align="left"><hr size="2" noshade></td>
<td align="left">&nbsp;</td>
<td align="right"><hr size="2" noshade>
  </td>
<td align="left"><hr size="2" noshade></td>
</tr>
<tr valign="top">
<td colspan="2" align="left"><font size="2" face="serif"><b>CAPITALIZATION AND LIABILITIES</b></font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Stockholders&#146; Equity</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 55,457 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 54,943 </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Long Term Debt, Net of Current Portion</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 82,495 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 82,356 </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Current Liabilities</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 18,447 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 18,440 </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Advances for Construction</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 22,151 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 21,456 </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Contributions in Aid of Construction</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 33,806 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 33,426 </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">Other Liabilities</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 17,473 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 16,759 </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 229,829 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 227,380 </font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
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