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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950116-05-002736.txt : 20050812
<SEC-HEADER>0000950116-05-002736.hdr.sgml : 20050812
<ACCEPTANCE-DATETIME>20050812103050
ACCESSION NUMBER:		0000950116-05-002736
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050809
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050812
DATE AS OF CHANGE:		20050812

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:		051019455

	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>8-K
<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):  August 9, 2005



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


            Delaware              000-18516                51-0002090
- -------------------------------  ------------  ---------------------------------
(State or other jurisdiction of  (Commission   (IRS Employer Identification No.)
         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 August 9, 2005, Artesian Resources Corporation (the "Company") issued a press
release reporting its financial results for the six months ended June 30, 2005.
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      EXHIBIT TITLE

      99.1      Press Release dated August 9, 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: August 12, 2005                By:   /s/ DIAN C. TAYLOR
                                           -------------------------------------
                                     Dian C. Taylor
                                     President, Chief Executive Officer and
                                     Chair of the Board



                                     ARTESIAN RESOURCES CORPORATION

Date: August 12, 2005                By:   /s/ DAVID B. SPACHT
                                           -------------------------------------
                                     David B. Spacht
                                     Vice President, Chief Financial Officer and
                                     Treasurer





<PAGE>

                                INDEX TO EXHIBIT


    EXHIBIT
    NUMBER            EXHIBIT TITLE

      99.1            Press Release dated August 9, 2005








</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99-1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<PAGE>

                                                                    Exhibit 99.1

Newark, DE, August 9, 2005 - (ARTNA) Artesian Resources Corporation (Artesian)
today announced that basic and diluted net income per common share for the six
months ended June 30, 2005 were $0.54 and $0.53, respectively, as compared to
$0.43 and $0.41 for the comparable period in 2004. Dian Taylor, CEO and
President, said "We continue to focus on our strategy of meeting the water and
wastewater needs associated with the continued growth and economic development
in Delaware." Revenues for the six month period were $21.4 million, up 14.0%
from $18.8 million in 2004. Net income available to common stockholders was $2.2
million, compared to $1.7 million last year, a 28.8% increase.

Basic and diluted net income per common share for the quarter ended June 30,
2005 were $0.30 and $0.29, respectively, as compared to $0.24 for both in the
comparable period in 2004. Revenues for the quarter were $11.5 million, up 15.2%
from $10.0 million in 2004. Net income was $1.2 million, compared to $1.0
million last year, a 25.5% increase.

Operating revenues increased primarily as the result of the $1.7 million, or
9.2%, increase in water sales revenue for the six month period ended June 30,
2005 compared to the same period last year. Water sales revenues reflected
temporary rate increases in effect in the current period related to our February
5, 2004 request that is pending before the Delaware Public Service Commission.

The remaining increase in operating revenues is primarily due to additional
revenues generated by wastewater and contract operations services. Non-utility
revenue totaled $1.2 million for the six months ended June 30, 2005, $0.9
million above non-utility revenue for the comparable period in 2004. This
increase is a result of revenue from our non-regulated wastewater subsidiary,
Artesian Utility Development, Inc., which designs, builds and operates
wastewater facilities. These revenues are offset by associated non-utility
expenses for contracted engineering design and construction services.

Total operations and maintenance expenses increased $1.6 million, or 15.1% for
the six month period ended June 30, 2005, as compared to the same period last
year. The primary components of the increase in operating expenses included
increases in non-utility expense of $0.9 million and payroll and employee
benefit expense of $0.6 million.

On August 1, 2005, Artesian Water Company issued $25 million in First Mortgage
Bonds at an annual interest rate of 5.96%. These bonds enabled us to retire a
total of $15 million of First Mortgage Bonds ($10 million at 7.84% and $5
million at 7.56%) originally due December 31, 2007. The remainder of the net
bond proceeds were used to pay down currently outstanding short-term lines of
credit, which were used to finance investments in utility plant and equipment.

On August 5, 2005, Artesian Development Corporation, our wholly-owned
subsidiary, entered into an Agreement of Sale for a four acre parcel of land it
owns. The sale price is $1.35 million, which includes a $200,000 non-refundable
deposit. Settlement is expected to occur not later than 12 months after
execution of the Agreement.

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'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 June 30, 2005, Artesian was serving approximately 71,100 metered
customers, providing water service to about 233,000 residents (including
contract services), representing 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.

In addition to historical facts or statements of current conditions, this press
release contains a forward-looking statement regarding our plan to sell a four
acre parcel of land in the next twelve month period. This statement is subject
to certain risks and uncertainties. These risks and uncertainties include, but
are not limited to: the sale and settlement are contingent on the purchaser's
ability to obtain all governmental approvals necessary to construct a medical
office facility of at least 42,000 square feet of leaseable space as well as an
acceptable environmental audit report. Given these risks and uncertainties, this
forward-looking statement may prove to be incorrect. Furthermore, we do not
intend to update publicly any forward-looking statements.

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

<PAGE>

<TABLE>
<CAPTION>
                                                 ARTESIAN RESOURCES CORPORATION
                                                 ------------------------------
                                         CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                                         (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)


                                                                       (Unaudited)                       (Unaudited)

                                                             Three months      Three months       Six months       Six months
                                                                ended              ended             ended           ended
                                                            June 30, 2005     June 30, 2004     June 30, 2005     June 30, 2004
                                                            -------------     -------------     -------------     -------------
<S>                                                          <C>               <C>               <C>               <C>
OPERATING REVENUES                                           $   11,502        $    9,984        $   21,404        $   18,771
                                                             ----------        ----------        ----------        ----------
OPERATING EXPENSES
     Operations and Maintenance Expenses                          6,319             5,328            11,952            10,386
     Depreciation and Amortization                                1,080             1,093             2,122             2,016
     State & Federal Taxes                                          805               648             1,445             1,119
     Property and Other Taxes                                       591               553             1,172             1,082
                                                             ----------        ----------        ----------        ----------
                                                                  8,795             7,622            16,691            14,603
                                                             ----------        ----------        ----------        ----------

OPERATING INCOME                                                  2,707             2,362             4,713             4,168

     Other Income, net                                               41                77               470               446

                                                             ----------        ----------        ----------        ----------
INCOME BEFORE INTEREST CHARGES                                    2,748             2,439             5,183             4,614
                                                             ----------        ----------        ----------        ----------
                                                             ----------        ----------        ----------        ----------
INTEREST CHARGES                                                  1,544             1,480             3,025             2,937
                                                             ----------        ----------        ----------        ----------

NET INCOME                                                        1,204               959             2,158             1,677
PREFERRED DIVIDEND REQUIREMENT                                        -                 -                                   2
                                                             ----------        ----------        ----------        ----------
NET INCOME APPLICABLE TO COMMON STOCK                        $    1,204        $      959        $    2,158        $    1,675
                                                             ==========        ==========        ==========        ==========

     Weighted Average Common Shares Outstanding - Basic       3,975,294         3,930,235         3,973,425         3,923,948
     Net Income per Common Share - Basic                     $     0.30        $     0.24        $     0.54        $     0.43

     Weighted Average Common Shares Outstanding - Diluted     4,106,525         4,064,123         4,106,743         4,056,695
     Net Income per Common Share - Diluted                   $     0.29        $     0.24        $     0.53        $     0.41
</TABLE>
<TABLE>
<CAPTION>
                                      ARTESIAN RESOURCES CORPORATION
                                      ------------------------------
                                   CONDENSED CONSOLIDATED BALANCE SHEET
                                              (IN THOUSANDS)

                                                                        (Unaudited)
                                                                       June 30, 2005    December 31, 2004
- ---------------------------------------------------------------------------------------------------------
<S>                                                                      <C>                 <C>
ASSETS

    Utility Plant, at original cost less accumulated depreciation        $220,079            $212,152

    Current Assets                                                       $  9,272            $  9,658

    Regulatory and Other Assets                                          $  5,220            $  5,570
                                                                         --------            --------

                                                                         $234,571            $227,380
                                                                         ========            ========

CAPITALIZATION AND LIABILITIES

    Stockholders' Equity                                                 $ 56,025            $ 54,943

    Long Term Debt, Net of Current Portion                               $ 91,630            $ 82,356

    Current Liabilities                                                  $ 10,412            $ 18,440

    Advances for Construction                                            $ 22,867            $ 21,456

    Contributions in Aid of Construction                                 $ 35,327            $ 33,426

    Other Liabilities                                                    $ 18,310            $ 16,759
                                                                         --------            --------

                                                                         $234,571            $227,380
                                                                         ========            ========
</TABLE>






</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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