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Artesian Resources Corporation Class A Non-Voting Common Stock (ARTNA+3.28%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $108.0 million, an increase of 9.2% over the previous year. The increase is attributed to a temporary rate increase and higher water consumption due to drier weather.
Operating expenses, excluding depreciation and income taxes, increased by 7.3% compared to the previous year, primarily due to higher supply and treatment costs, payroll, and employee benefits.
Net income for the year was $20.4 million, up from $16.7 million in the previous year. The increase in net income is primarily due to higher revenues and lower interest charges.
Artesian Resources invested $45.9 million in capital expenditures during the year, focusing on infrastructure improvements and expansion in Delaware and Maryland.
The company has a $40 million line of credit with Citizens Bank and a $20 million line of credit with CoBank, both of which were fully available as of December 31, 2024.
The filing details various regulatory proceedings, including a rate increase request filed with the Delaware Public Service Commission, which resulted in a 15.2% increase in the revenue requirement.
Artesian Resources is involved in several multi-district litigation class action settlements related to PFAS contamination, with the outcome and potential recovery amounts currently uncertain.
The company's Board of Directors has established four standing committees: Audit, Compensation, Budget and Finance, and Governance and Nominating, with specific responsibilities for oversight and decision-making.
The filing also discusses the company's compensation program for its executive officers, which includes base salary, cash bonus awards, and equity compensation, with a focus on aligning executive performance with the company's strategic objectives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Artesian Resources Corporation Class A Non-Voting Common Stock annual 10-K report dated March 26, 2025. To report an error, please email earnings@qz.com.