UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 5, 2005
ARTESIAN RESOURCES CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 000-18516 51-0002090
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(State or other jurisdiction of (Commission (IRS Employer Identification No.)
incorporation) File Number)
664 Churchmans Road, Newark, Delaware 19702
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 302-453-6900
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Not Applicable
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act
ITEM 8.01 OTHER EVENTS.
On April 5, 2005, the Delaware Public Service Commission, the PSC, approved a
rate increase for Artesian Water Company Inc., Artesian Water, in response to
Artesian Water's February 5, 2004 rate request. In the February 2004 rate
request, Artesian Water filed a petition with the PSC to implement new rates to
meet a requested increase in revenue of 24%, or approximately $8.8 million on an
annualized basis. The PSC, on March 16, 2004, suspended the implementation of
the proposed new rates pending further investigation and public evidentiary
hearings. Pending these hearings and a final ruling by the PSC, Artesian Water,
as is permitted by law, placed a portion of the proposed rates into effect, in
the form of the temporary rate increases, each under surety, in lieu of bond. On
April 6, 2004, Artesian Water implemented a temporary rate increase designed to
generate an increase in annual operating revenue of approximately 6.98%, or $2.5
million on an annualized basis, and on September 7, 2004, Artesian Water
implemented an additional temporary rate increase designed to generate an
additional increase of approximately 8.02%, for a total increase of 15%, or
approximately $5.5 million on an annualized basis.
Pending review by Artesian Water of the final order by the PSC, determination
will be reached as to the impact of the new rates on customer bills. Artesian
Water currently expects that the rate increase will be approximately $4.4
million. Since customer overpayment has occurred as a result of the
implementation of the temporary rates, such overpayment with interest will be
applied to current and future customer bills once the impact of the new rates is
determined.
CAUTIONARY STATEMENT
The statement in this Current Report on Form 8-K regarding the size of Artesian
Water's rate increase is a forward-looking statement within the meaning of
Section 27A of the Securities Act, Section 21E of the Securities Exchange Act of
1934, as amended and the Private Securities Litigation Reform Act of 1995. This
statement involves risks and uncertainties that could cause our rate increase to
differ materially from those projected, including the interpretation of the
final order by the PSC. The forward-looking statement is based on our current
beliefs and we undertake no obligation to update this cautionary statement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ARTESIAN RESOURCES CORPORATION
Date: April 11, 2005 By: /s/ DAVID B. SPACHT
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David B. Spacht
Vice President, Chief Financial Officer and
Treasurer