Artesian Resources Corporation Announces 2.5% Increase in Quarterly Common Stock Dividend Marking a 4% Increase this Year
23 September 2021 - 7:05AM
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 116th 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 TaylorInvestor Relations(302)
453-6900ntaylor@artesianwater.com
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