Artesian Resources Corp. Q3 2024 10-Q Filing

TL;DR

**ARTNA Q3 2024 10-Q FILED: Check water sales & non-utility revenue vs last year.**

AI Summary

Artesian Resources Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance for the third quarter and the first nine months of the year, comparing it to the same periods in 2023. Specific revenue streams like water sales and non-utility operating revenue are reported.

Why It Matters

This filing provides investors with a detailed look at Artesian Resources' financial health and operational performance for the most recent quarter, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative news.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2023-09-30 — Prior Year Period End Date (Used for year-over-year financial comparisons.)

Key Players & Entities

• Artesian Resources Corp. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2023-09-30 (date) — Comparative period end

FAQ

Filing Documents

• form10q.htm (10-Q) — 1626KB
• ex3_html.htm (EX-3) — 140KB
• exhibit31-1.htm (EX-31.1) — 14KB
• exhibit31-2.htm (EX-31.2) — 15KB
• exhibit32.htm (EX-32) — 12KB
• image00005.jpg (GRAPHIC) — 387KB
• 0000863110-24-000044.txt ( ) — 9608KB
• artna-20240930.xsd (EX-101.SCH) — 69KB
• artna-20240930_cal.xml (EX-101.CAL) — 66KB
• artna-20240930_def.xml (EX-101.DEF) — 336KB
• artna-20240930_lab.xml (EX-101.LAB) — 836KB
• artna-20240930_pre.xml (EX-101.PRE) — 454KB
• form10q_htm.xml (XML) — 1502KB

Financial Statements

Financial Statements Page(s) Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited) 5 - 6 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 7 - 8 Notes to the Condensed Consolidated Financial Statements 9 - 26 Item 2 -

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 - 35 Item 3 -

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4 -

Controls and Procedures

Controls and Procedures 35 Part II - Other Information 36 Item 1 -

Legal Proceedings

Legal Proceedings 36 Item 1A -

Risk Factors

Risk Factors 36 Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3 Defaults Upon Senior Securities 36 Item 4 Mine Safety Disclosures 36 Item 5 Other Information 36 Item 6 - Exhibits 37 -

Signatures

Signatures 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS ARTESIAN RESOURCES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited (In thousands) ASSETS September 30, 2024 December 31, 2023 Utility plant, at original cost (less accumulated depreciation - 2024 - $ 188,567 ; 2023 - $ 185,170 ) $ 734,224 $ 714,284 Current assets Cash and cash equivalents 10,703 2,505 Accounts and other receivables (less provision for expected credit loss - 2024 - $ 339 ; 2023 - $ 328 ) 10,248 12,830 Income tax receivable 191 1,799 Unbilled operating revenues 2,276 1,934 Materials and supplies 4,459 5,983 Prepaid property taxes 3,286 2,269 Prepaid expenses and other 3,180 3,297 Total current assets 34,343 30,617 Other assets Non-utility property (less accumulated depreciation - 2024 - $ 1,100 ; 2023 - $ 1,052 ) 3,607 3,693 Other deferred assets 6,535 8,504 Goodwill 1,939 1,939 Operating lease right of use assets 499 506 Total other assets 12,580 14,642 Regulatory assets, net 14,873 7,289 Total Assets $ 796,020 $ 766,832 LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders' equity Common stock $ 10,298 $ 10,285 Preferred stock — — Additional paid-in capital 143,789 143,369 Retained earnings 84,227 76,743 Total stockholders' equity 238,314 230,397 Long-term debt, net of current portion 176,886 178,307 415,200 408,704 Current liabilities Lines of credit — — Current portion of long-term debt 2,333 2,235 Accounts payable 9,649 9,697 Accrued expenses 5,570 3,519 Overdraft payable 3,918 9 Accrued interest 1,356 2,275 Income taxes payable 332 2 Customer and other deposits 3,210 2,983 Other 1,673 1,694 Total current liabilities 28,041 22,414 Commitments and contingencies Deferred credits and other liabilities Net advances for construction 2,388 2,797 Operating lease liabilities 496 503 Regulatory liabilities 30,622 25,676

View Full Filing

View this 10-Q filing on SEC EDGAR