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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950116-05-003454.txt : 20051108
<SEC-HEADER>0000950116-05-003454.hdr.sgml : 20051108
<ACCEPTANCE-DATETIME>20051108151127
ACCESSION NUMBER:		0000950116-05-003454
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051107
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051108
DATE AS OF CHANGE:		20051108

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:		051186086

	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):  November 7, 2005



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

<TABLE>
<CAPTION>
              Delaware                          000-18516                          51-0002090
  -------------------------------              -----------             --------------------------------
                <S>                                <C>                                 <C>
  (State or other jurisdiction of              (Commission             (IRS Employer Identification No.)
           incorporation)                      File Number)
</TABLE>


     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 November 7, 2005, Artesian Resources Corporation (the "Company") issued a
press release reporting its financial results for the nine months ended
September 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 November 7, 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: November 8, 2005                By:  /s/ DIAN C. TAYLOR
                                         ------------------------------------
                                      Dian C. Taylor
                                      President, Chief Executive Officer and
                                      Chair of the Board



                                      ARTESIAN RESOURCES CORPORATION
Date: November 8, 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 November 7, 2005
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99-1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<PAGE>

                                                                    Exhibit 99.1

Newark, DE, November 7, 2005 - (ARTNA) Artesian Resources Corporation (Artesian)
today announced that basic and diluted net income per common share for the nine
months ended September 30, 2005 were $0.96 and $0.93, respectively, as compared
to $0.80 and $0.78 for the comparable period in 2004. Dian Taylor, CEO and
President, said "Drier weather conditions later in the summer helped to boost
water sales. In addition, we are seeing 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." Revenues for the
nine month period were $33.8 million, up 15.0% from $29.4 million in 2004. Net
income available to common stockholders was $3.8 million, compared to $3.2
million last year, a 21.6% increase.

Basic and diluted net income per common share for the quarter ended September
30, 2005 were $0.42 and $0.41, respectively, as compared to $0.38 and $0.36 for
the comparable period in 2004. Revenues for the quarter were $12.4 million, up
16.8% from $10.6 million in 2004. Net income was $1.7 million, compared to $1.5
million last year, a 13.4% increase.

Operating revenues increased primarily as the result of the $2.8 million, or
10.0%, increase in water sales revenue for the nine month period ended September
30, 2005 compared to the same period last year. For the quarter and year to
date, the overall amount of water delivered to customers was up 10.7% and 4.8%,
respectively, compared to the same periods last year. In addition to increased
demands for water, principally as a result of drier weather conditions compared
to the summer of 2004, increased water sales revenues reflect an increase in the
number of customers served and the increases in temporary rates implemented in
the current period related to our February 5, 2004 request that is pending
before the Delaware Public Service Commission. The February request was made to
seek recovery of costs associated with $44 million in investments in utility
plant. These investments were made to increase supply and improve and expand
infrastructure, to ensure continued quality service.

The remaining increase in operating revenues is primarily due to additional
revenues generated by wastewater and contract operations services. Non-utility
revenue totaled $2.0 million for the nine months ended September 30, 2005, $1.5
million above non-utility revenue for the comparable period in 2004. This
increase is primarily the result of revenue from our non-regulated wastewater
subsidiary, Artesian Utility Development, Inc., which designs, builds and
operates wastewater facilities. These revenues are partially offset by
associated non-utility expenses for contracted engineering design and
construction services.

Total operations and maintenance expenses increased $2.9 million, or 18.4% for
the nine month period ended September 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 $1.4 million and payroll and employee
benefit expense of $1.0 million.

Artesian's 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 $164 million has
been invested in water 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. Artesian
distributes and sells water to residential, commercial, industrial,
governmental, municipal and utility customers throughout the state. As of
September 30, 2005, Artesian was serving approximately 71,400 metered customers,
providing water service to about 233,000 residents (including contract
services), representing approximately 28% of Delaware's total population.
Artesian is also providing engineering design, construction services and
wastewater operations services through Artesian Utility Development, its
non-regulated subsidiary. In July 2005, Artesian began operations as a regulated
wastewater utility in Delaware through Artesian Wastewater Management, Inc.

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>
                                                                   (Unaudited)                              (Unaudited)
                                                        Three months          Three months      Nine months            Nine months
                                                            ended                ended             ended                  ended
                                                        September 30,         September 30,     September 30,          September 30,
                                                            2005                   2004             2005                   2004
                                                        -----------------------------------    ------------------------------------
<S>                                                          <C>                    <C>              <C>                    <C>

                                                        -----------------------------------    ------------------------------------
OPERATING REVENUES                                       $   12,380             $   10,601      $   33,784              $   29,372
                                                        -----------------------------------    ------------------------------------

OPERATING EXPENSES
 Operations and Maintenance Expenses                          6,384                  5,100          18,336                  15,486
 Depreciation and Amortization                                1,098                    998           3,220                   3,014
 State & Federal Taxes                                        1,116                    993           2,561                   2,112
 Property and Other Taxes                                       618                    537           1,790                   1,619

                                                        -----------------------------------    ------------------------------------
                                                              9,216                  7,628          25,907                  22,231
                                                        -----------------------------------    ------------------------------------

OPERATING INCOME                                              3,164                  2,973           7,877                   7,141

     Other Income, net                                           33                      -             503                     446

                                                        -----------------------------------    ------------------------------------
INCOME BEFORE INTEREST CHARGES                                3,197                  2,973           8,380                   7,587
                                                        -----------------------------------    ------------------------------------

                                                        -----------------------------------    ------------------------------------
INTEREST CHARGES                                              1,518                  1,493           4,543                   4,430
                                                        -----------------------------------    ------------------------------------

NET INCOME                                                    1,679                  1,480           3,837                   3,157
PREFERRED DIVIDEND REQUIREMENT                                    -                      -               -                       2

                                                        -----------------------------------    ------------------------------------
NET INCOME APPLICABLE TO COMMON STOCK                    $    1,679             $    1,480      $    3,837              $    3,155
                                                        -----------------------------------    ------------------------------------

 Weighted Average Common Shares Outstanding - Basic       3,997,618              3,944,299       3,981,490               3,930,744
 Net Income per Common Share - Basic                     $     0.42             $     0.38      $     0.96              $     0.80

 Weighted Average Common Shares Outstanding - Diluted     4,124,998              4,072,761       4,115,926               4,058,873
 Net Income per Common Share - Diluted                   $     0.41             $     0.36      $     0.93              $     0.78

</TABLE>

                       ARTESIAN RESOURCES CORPORATION
                       ------------------------------
                    CONDENSED CONSOLIDATED BALANCE SHEET
                               (IN THOUSANDS)
<TABLE>
<CAPTION>
                                                        (Unaudited)                         (Unaudited)
                                                     September 30, 2005                  December 31, 2004
- ------------------------------------------------------------------------------------------------------------
       <S>                                                    <C>                                <C>
     ASSETS

         Utility Plant, at original cost less
              accumulated depreciation                    $ 223,690                          $ 212,152
         Current Assets                                      11,502                              9,658
         Regulatory and Other Assets                          6,059                              5,570
                                                         -----------                        -----------
                                                          $ 241,251                          $ 227,380
                                                         ===========                        ===========

     CAPITALIZATION AND LIABILITIES
         Stockholders' Equity                             $  57,195                          $  54,943
         Long Term Debt, Net of Current Portion              92,385                             82,356
         Current Liabilities                                 11,624                             18,440
         Advances for Construction                           24,097                             21,456
         Contributions in Aid of Construction                36,922                             33,426
         Other Liabilities                                   19,028                             16,759
                                                         -----------                        -----------
                                                          $ 241,251                          $ 227,380
                                                         ===========                        ===========
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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