Artesian Resources Corporation (ARTNA) has reported 9.05 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $3.09 million, or $0.34 a share in the quarter, compared with $2.83 million, or $0.31 a share for the same period last year.
Revenue during the quarter grew 4.02 percent to $19.19 million from $18.45 million in the previous year period. Total expenses were 79.20 percent of quarterly revenues, up from 79.12 percent for the same period last year. That has resulted in a contraction of 9 basis points in operating margin to 20.80 percent.
Operating income for the quarter was $3.99 million, compared with $3.85 million in the previous year period.
"We are pleased to report continued strong financial results as we begin 2017," said Dian C. Taylor, Chair, president and chief executive officer. "In the first quarter of 2017 we have invested $7.7 million, compared to $4.3 million during the same period a year ago, in treatment facilities, pumping equipment, transmission and distribution facilities and mains to continue to provide high quality reliable service to our growing customer base," said Taylor.
Working capital remains negativeWorking capital of Artesian Resources Corporation was negative $30.79 million on Mar. 31, 2017 compared with negative $5.35 million on Mar. 31, 2016. Current ratio was at 0.28 as on Mar. 31, 2017, down from 0.69 on Mar. 31, 2016.
Debt comes down significantlyArtesian Resources Corporation has recorded a decline in total debt over the last one year. It stood at $81.53 million as on Mar. 31, 2017, down 27.20 percent or $30.46 million from $111.99 million on Mar. 31, 2016. Total debt was 17.78 percent of total assets as on Mar. 31, 2017, compared with 26 percent on Mar. 31, 2016. Debt to equity ratio was at 0.58 as on Mar. 31, 2017, down from 0.84 as on Mar. 31, 2016. Interest coverage ratio improved to 2.56 for the quarter from 2.26 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: [email protected]
