Artesian Resources Corporation Announces 2.5% Increase in Quarterly Common Stock Dividend Marking a 4% Increase this Year

Rhea-AI Summary

Artesian Resources Corporation (Nasdaq: ARTNA) announces a 2.5% increase in its quarterly common stock dividend, raising it to $0.2675 per share, marking a 4% total increase for the year. The annualized dividend rate now stands at $1.07 per share. The dividend is payable on November 19, 2021, to shareholders of record as of November 8, 2021. Additionally, the company is set to acquire Tidewater Environmental Services, significantly expanding its wastewater service capacity in Delaware, doubling its customer base in Sussex County.

Positive

• Quarterly dividend increased by 2.5%, raising annual rate to $1.07 per share.
• Acquisition of Tidewater Environmental Services will double number of wastewater customers in Sussex County.
• Strategic growth and commitment to increasing shareholder value affirmed.

Negative

• None.

NEWARK, Del., Sept. 22, 2021 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA) announced today that its Board of Directors has approved a 2.5% increase in the quarterly common stock dividend, for a total increase of 4% this year. This increase will raise the quarterly dividend to $0.2675 per share on the company’s Class A and Class B Common Stock, lifting the annualized dividend rate to $1.07 per share.  

“As recently reported, Artesian Wastewater Management Inc., our wholly-owned subsidiary, has entered into an agreement with Middlesex Water Company to acquire its Tidewater Environmental Services, Inc. subsidiary, which provides wastewater service in Delaware. Upon completion of the acquisition, which is anticipated in the fourth quarter, we will double the number of wastewater customers we serve in our fast-growing Sussex County, Delaware service area, adding seven wastewater treatment facilities and approximately 13,000 additional acres of franchised service territory. The acquisition will avoid investments in facilities otherwise required, which will accrue to the benefit of all customers,” said David Spacht, President of Artesian Wastewater Management, Inc.   

“We remain committed to our efforts on strategic growth, acquisitions and increasing shareholder value; and are pleased to increase, once again, our dividend to our shareholders,” said Dian C. Taylor, Chair, President and CEO.

The quarterly dividend is payable on November 19, 2021 to shareholders of record at the close of business on November 8, 2021, and will mark Artesian’s 116^th consecutive quarterly dividend paid to shareholders.

About Artesian Resources

Artesian Resources Corporation operates as a holding company of wholly-owned subsidiaries offering water and wastewater services, and related services, on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest regulated water utility on the Delmarva Peninsula and has been providing water service since 1905. Artesian supplies 8.3 billion gallons of water per year through 1,368 miles of water main to nearly a third of Delaware residents.

Forward Looking Statements

This release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, our growth strategy, including expectations regarding the impact of our acquisitions and the continued growth in our business and the number of customers served. These statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: changes in weather, changes in our contractual obligations, changes in government policies, the timing and results of our rate requests, failure to receive regulatory approval, changes in interest rates, changes in economic and market conditions generally and other matters discussed in our filings with the Securities and Exchange Commission. While the Company may elect to update forward-looking statements, we specifically disclaim any obligation to do so and you should not rely on any forward-looking statement as representation of the Company’s views as of any date subsequent to the date of this release.

Contact:
Nicholle Taylor
Investor Relations
(302) 453-6900
ntaylor@artesianwater.com

FAQ

What is the new quarterly dividend amount for ARTNA?

The new quarterly dividend for Artesian Resources Corporation (ARTNA) is $0.2675 per share.

When will the dividend be paid for ARTNA?

The dividend will be paid on November 19, 2021, to shareholders of record as of November 8, 2021.

How much has ARTNA increased its dividend this year?

Artesian Resources Corporation has increased its dividend by a total of 4% this year.

What impact will the acquisition of Tidewater Environmental Services have?

The acquisition is expected to double Artesian's wastewater customer base in Sussex County, Delaware, enhancing its service capacity.