Artesian Resources Corporation (ARTNA) has reported a 48.39 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $2.72 million, or $0.30 a share in the quarter, compared with $1.84 million, or $0.21 a share for the same period last year. Revenue during the quarter grew 3.56 percent to $19.42 million from $18.75 million in the previous year period. Total expenses were 77.59 percent of quarterly revenues, down from 81.17 percent for the same period last year. This has led to an improvement of 358 basis points in operating margin to 22.41 percent.
Operating income for the quarter was $4.35 million, compared with $3.53 million in the previous year period.
Operating expenses, excluding depreciation and income taxes, decreased $70,000, or 0.2%, for the year ended December 31, 2016 compared to the year ended December 31, 2015. Utility operating expenses decreased $0.5 million, or 1.4%, for the year ended December 31, 2016 compared to the year ended December 31, 2015. The decrease is primarily related to decreased payroll, employee benefit costs and purchased power expense. The ratio of operating expenses, excluding depreciation and income taxes, to total revenues was 54.1% for 2016 compared to 55.6% for 2015. “We have vigilantly acted to control expenses and to implement efficiencies. These efforts have resulted in our ability to reduce utility operating expenses in 2016,” said Dian C. Taylor, chair, president and chief executive officer.
Debt comes down marginally Artesian Resources Corporation has recorded a decline in total debt over the last one year. It stood at $102.33 million as on Dec. 31, 2016, down 1.27 percent or $1.32 million from $103.65 million on Dec. 31, 2015. Artesian Resources Corp has recorded a decline in long-term debt over the last one year. It stood at $102.33 million as on Dec. 31, 2016, down 1.27 percent or $1.32 million from $103.65 million on Dec. 31, 2015. Interest coverage ratio improved to 2.64 for the quarter from 2.03 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
