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<SEC-DOCUMENT>0000950116-06-000829.txt : 20060320
<SEC-HEADER>0000950116-06-000829.hdr.sgml : 20060320
<ACCEPTANCE-DATETIME>20060320113330
ACCESSION NUMBER:		0000950116-06-000829
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060316
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060320
DATE AS OF CHANGE:		20060320

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:		06697809

	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>eightk.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):  March 16, 2006



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


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


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 16, 2006, Artesian Resources Corporation (the "Company") issued a press
release reporting its financial results for the year ended December 31, 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 March 16, 2006




<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:  March 20, 2006               By:  /s/ DIAN C. TAYLOR
                                        ----------------------------------------
                                        Dian C. Taylor
                                        President, Chief Executive Officer and
                                        Chair of the Board



                                    ARTESIAN RESOURCES CORPORATION

Date:  March 20, 2006               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 March 16, 2006









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


                                                                    Exhibit 99.1

Newark, DE, March 16, 2006 - (ARTNA) Artesian Resources Corporation (Artesian)
today announced that basic and diluted net income per common share for 2005 were
$1.26 and $1.22, as compared to $1.12 and $1.08 in 2004. Revenues for 2005 were
$45.3 million, up 14.4% from $39.6 million in 2004. Net income available to
common stockholders was $5.0 million, compared to $4.4 million last year, also a
14.4% increase.

Commenting on Artesian's results for 2005 and the Company's 100 year
Anniversary, Artesian President and CEO, Dian C. Taylor said: "We are pleased to
complete our first 100 years of service in 2005 on such a positive note. We
continue to achieve solid financial results as well as provide our shareholders
with attractive returns. We work hard, treat our employees fairly, provide our
customers superior water service at an affordable price, and we respect the
environment. It has worked for the first hundred years, and will guide us into
our second century as well."

Revenue in 2005 reflected the increase in the number of water utility customers
served in 2005 and increased water rates that became effective in 2004. Artesian
also achieved increases in both revenue and income in 2005 as a result of
generally more typical summer weather conditions in 2005 compared to the
generally wet weather pattern of summer 2004. Rainfall in New Castle County,
Delaware, was approximately 33% above average in 2004. Although the Spring and
early Summer of 2005 were somewhat wetter than usual, a warmer and drier period
of weather in late Summer resulted in increased water demand compared to the
prior year. In addition, the expansion of our non-regulated wastewater
operations contributed to revenue growth. In 2005, we had revenues from
design/build contracts for ten wastewater treatment projects.

Water sales revenues were up $3.7 million, or 9.6%. In addition to the change in
summer weather patterns noted above, the number of water customers served grew
1.9% from a year ago. Also, as permitted by Delaware statute, Artesian 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 $44 million in utility plant. The temporary rates will remain in effect
pending a final ruling on the rate increase request filed in February 2004.

Artesian recorded $3.6 million in non-utility and other utility operating
revenue in 2005, up $2.1 million from 2004, primarily from wastewater and
contract operations services.

Operating expenses, excluding depreciation and taxes increased $3.8 million, or
18.6%, to $24.5 million in 2005. This increase is the result of increased non
utility operating expenses of $1.8 million, primarily for engineering services
related to new wastewater projects, increased payroll and benefits costs of $1.2
million due to increased staffing and pay adjustments, increased audit fees and
other fees of $500,000 associated with the implementation of the Sarbanes-Oxley
Act and increased power and electric charges of $135,000. These increases were
partially offset by efforts to control other expenses.

Artesian continues to make significant investments in infrastructure to assure
high quality water is delivered to customers. In 2005, $20.2 million was
invested in utility plant, including new and replacement transmission and
distribution mains, improvements made to existing treatment facilities,
rehabilitation of pumping equipment and the installation of new wells to
increase supply capabilities.

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 $166 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 December 31, 2005, Artesian was serving approximately 72,400 metered
customers, providing water service to about 239,000 residents (including
contract services), approximately 28% of Delaware's total population. Last year,
Artesian distributed 7.5 billion gallons of water. Artesian serves its customers
through 107 operating wells. Artesian's water supply is treated at 50 different
locations statewide. Artesian owns and maintains approximately 1,000 miles of
water main throughout the state.



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)


                                                    Three months ended  Three months ended  Twelve months ended  Twelve months ended
                                                    December 31, 2005   December 31, 2004    December 31, 2005    December 31, 2004
                                                    --------------------------------------  ----------------------------------------
<S>                                                    <C>                    <C>                 <C>                  <C>
OPERATING REVENUES                                     $     11,501       $     10,210          $     45,285         $    39,582
                                                      ------------------------------------  ----------------------------------------
OPERATING EXPENSES
  Operations and Maintenance Expenses                         6,207              5,214                24,543              20,700
  Depreciation and Amortization                               1,145              1,031                 4,365               4,046
  State & Federal Taxes                                         786                780                 3,347               2,892
  Property and Other Taxes                                      599                452                 2,389               2,070
                                                      ------------------------------------  ----------------------------------------
                                                              8,737              7,477                34,644              29,708
                                                      ------------------------------------  ----------------------------------------

OPERATING INCOME                                              2,764              2,733                10,641               9,874
  Other Income, net                                              12                 25                   515                 471
                                                      ------------------------------------  ----------------------------------------
INCOME BEFORE INTEREST CHARGES                                2,776              2,758                11,156              10,345
                                                      ------------------------------------  ----------------------------------------
INTEREST CHARGES                                              1,578              1,513                 6,121               5,943
                                                      ------------------------------------  ----------------------------------------

NET INCOME                                                    1,198              1,245                 5,035               4,402
PREFERRED DIVIDEND REQUIREMENT                                    -                  -                     -                   2
                                                      ------------------------------------  ----------------------------------------
NET INCOME APPLICABLE TO COMMON STOCK                  $      1,198       $      1,245         $       5,035        $      4,400
                                                      ====================================  ========================================

  Weighted Average Common Shares Outstanding - Basic      4,011,596          3,952,046             3,989,016           3,936,066
  Net Income per Common Share - Basic                  $       0.30       $       0.32         $        1.26        $       1.12

  Weighted Average Common Shares Outstanding - Diluted    4,135,155          4,079,024             4,121,074           4,065,651
  Net Income per Common Share - Diluted                $       0.29       $       0.31         $        1.22        $       1.08



                                                      Artesian Resources Corporation
                                                   Condensed Consolidated Balance Sheet
                                                               (In thousands)

                                                    December 31, 2005                       December 31, 2004
- ------------------------------------------------------------------------------------------------------------------------------------

    ASSETS

       Utility Plant, at original cost less
            accumulated depreciation                 $      227,566                          $       212,152

       Current Assets                                        10,406                                    9,658

       Regulatory and Other Assets                            5,882                                    5,570
                                                     --------------                          ---------------

                                                     $      243,854                          $       227,380
                                                     ==============                          ===============

    CAPITALIZATION AND LIABILITIES

       Stockholders' Equity                          $       57,813                          $        54,943

       Long Term Debt, Net of Current Portion                92,379                                   82,356

       Current Liabilities                                   12,238                                   18,440

       Advances for Construction                             24,404                                   21,456

       Contributions in Aid of Construction                  37,350                                   33,426

       Other Liabilities                                     19,670                                   16,759
                                                     --------------                          ---------------

                                                     $      243,854                          $       227,380
                                                     ==============                          ===============
</TABLE>












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