Artesian Resources Corp 10-Q for FY2022 Q1

Artesian Resources Corp (ARTNA)

10-Q 2022-05-05 For: 2022-03-31

Added on April 06, 2026

About this 10-Q

Artesian Resources Corp filed this 10-Q on May 5, 2022, covering the quarter ended March 31, 2022 (FY2022 Q1).

Headline figures

Quarter ended March 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $22.19M; up 7.5% from $20.65M a year earlier
Net income: $4.48M; up 6.6% from net income of $4.21M a year earlier
Diluted EPS: $0.47; up 4.4% from $0.45 a year earlier

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Delaware	51-0002090
--------------------------------------------------------------------	-------------------------------------------------
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common Stock	ARTNA	The Nasdaq Stock Market

Part I	-	Financial Information:

Item 1	-	Financial Statements	Page(s)

		Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (unaudited)	3

		Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited)	4

		Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)	5 - 6

		Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2022 and 2021 (unaudited)	7

		Notes to the Condensed Consolidated Financial Statements	8 - 21

Item 2	-	Management's Discussion and Analysis of Financial Condition and Results of Operations	22 - 29

Item 3	-	Quantitative and Qualitative Disclosures about Market Risk	29

Item 4	-	Controls and Procedures	29

Part II	-	Other Information	29

Item 1	-	Legal Proceedings	29

Item 1A	-	Risk Factors	29

Item 2	-	Unregistered Sales of Equity Securities and Use of Proceeds	30

Item 3		Defaults Upon Senior Securities	30

Item 4		Mine Safety Disclosures	30

Item 5		Other Information	30

Item 6	-	Exhibits	31

Signatures

ASSETS	March 31, 2022		December 31, 2021
Utility plant, at original cost (less accumulated depreciation - 2022 - $168,815; 2021 - $159,385)	$	618,424	$	590,431
Current assets
Cash and cash equivalents		478		92
Accounts receivable (less allowance for doubtful accounts - 2022 - $444; 2021 - $429)		6,440		8,367
Income tax receivable		977		2,234
Unbilled operating revenues		1,504		1,080
Materials and supplies		2,852		1,933
Prepaid property taxes		1,057		2,306
Prepaid expenses and other		2,328		2,652
Total current assets		15,636		18,664
Other assets
Non-utility property (less accumulated depreciation - 2022 - $938; 2021 - $919)		3,756		3,751
Other deferred assets		8,134		5,097
Operating lease right of use assets		446		451
Total other assets		12,336		9,299
Regulatory assets, net		6,362		6,321
Total Assets	$	652,758	$	624,715

LIABILITIES AND STOCKHOLDERS' EQUITY
Stockholders' equity
Common stock	$	9,438	$	9,414
Preferred stock		—		—
Additional paid-in capital		105,551		104,989
Retained earnings		65,572		63,607
Total stockholders' equity		180,561		178,010
Long-term debt, net of current portion		142,908		143,259
		323,469		321,269
Current liabilities
Lines of credit		27,409		26,703
Current portion of long-term debt		1,563		1,591
Accounts payable		12,441		10,206
Accrued expenses		4,282		4,038
Overdraft payable		133		30
Accrued interest		1,339		917
Income taxes payable		244		-
Customer and other deposits		2,372		2,273
Other		2,141		1,448
Total current liabilities		51,924		47,206

Commitments and contingencies

Deferred credits and other liabilities
Net advances for construction		4,310		4,295
Operating lease liabilities		440		440
Regulatory liabilities		21,732		21,260
Deferred investment tax credits		451		456
Deferred income taxes		53,370		53,133
Total deferred credits and other liabilities		80,303		79,584

Net contributions in aid of construction		197,062		176,656
Total Liabilities and Stockholders’ Equity	$	652,758	$	624,715

	For the Three Months Ended March 31,

	2022		2021
Operating revenues
Water sales	$	18,143	$	17,830
Other utility operating revenue		2,525		1,376
Non-utility operating revenue		1,519		1,439
Total Operating Revenues		22,187		20,645

Operating expenses
Utility operating expenses		10,495		9,505
Non-utility operating expenses		943		915
Depreciation and amortization		3,085		3,012
State and federal income taxes		1,419		1,351
Property and other taxes		1,502		1,420
Total Operating Expenses		17,444		16,203

Operating income		4,743		4,442

Other income, net
Allowance for funds used during construction (AFUDC)		181		244
Miscellaneous income		1,446		1,402

Income before interest charges		6,370		6,088

Interest charges		1,887		1,882

Net income applicable to common stock	$	4,483	$	4,206

Income per common share:
Basic	$	0.48	$	0.45
Diluted	$	0.47	$	0.45

Weighted average common shares outstanding:
Basic		9,423		9,368
Diluted		9,455		9,407

Cash dividends per share of common stock	$	0.2675	$	0.2571

	For the Three Months Ended March 31,
	2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	4,483		$	4,206
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,085			3,012
Deferred income taxes, net		34			(1,236	)
Stock compensation		49			43
AFUDC, equity portion		(125	)		(164	)

Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance for doubtful accounts		1,878			1,347
Income tax receivable		1,257			623
Unbilled operating revenues		(60	)		15
Materials and supplies		(919	)		135
Prepaid property taxes		1,827			869
Prepaid expenses and other		333			254
Other deferred assets		(499	)		(463	)
Regulatory assets		92			91
Regulatory liabilities		(109	)		(125	)
Income tax payable		244			2,036
Accounts payable		(2	)		(51	)
Accrued expenses		(137	)		(809	)
Accrued interest		422			395
Deposits and other		(34	)		64
NET CASH PROVIDED BY OPERATING ACTIVITIES		11,819			10,242

CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (net of AFUDC, equity portion)		(9,776	)		(6,272	)
Investment in acquisitions, net of cash acquired		(2,842	)		—
Proceeds from sale of assets		2			7
NET CASH USED IN INVESTING ACTIVITIES		(12,616	)		(6,265	)

CASH FLOWS FROM FINANCING ACTIVITIES
Net borrowings (repayments) under lines of credit agreements		706			(4,097	)
Deferred debt issuance cost		(30	)		—
Increase (decrease) in overdraft payable		103			(78	)
Net advances and contributions in aid of construction		2,764			2,751
Net proceeds from issuance of common stock		537			601
Dividends paid		(2,518	)		(2,406	)
Principal repayments of long-term debt		(379	)		(527	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		1,183			(3,756	)

NET INCREASE IN CASH AND CASH EQUIVALENTS		386			221

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR		92			28

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	478		$	249

Non-cash Investing and Financing Activity:
Utility plant received as construction advances and contributions	$	1,878		$	1,991
Dividends declared but not paid		—			—
Amounts included in accounts payable and accrued payables related to capital expenditures		684			3,074

Supplemental Disclosures of Cash Flow Information:
Interest paid	$	1,465		$	1,487
Income taxes paid	$	—		$	30

	Common Shares Outstanding Class A Non-Voting (1) (3) (4)		Common Shares Outstanding Class B Voting (2)		$1 Par Value Class A Non-Voting		$1 Par Value Class B Voting		Additional Paid-in Capital		Retained Earnings			Total

Balance as of December 31, 2020		8,475		882	$	8,475	$	882	$	103,463	$	56,606		$	169,426
Net income		–		–		–		–		–		4,206			4,206
Cash dividends declared
Common stock		–		–		–		–		–		(2,406	)		(2,406	)
Issuance of common stock
Dividend reinvestment plan		3		–		3		–		95		–			98
Employee stock options and awards(4)		22		–		22		–		438		–			460
Employee Retirement Plan(3)		2		–		2		–		84		–			86
Balance as of March 31, 2021		8,502		882		8,502		882		104,080		58,406			171,870

(in thousands)	Three months ended March 31, 2022		Three months ended March 31, 2021
Tariff Revenue
Consumption charges	$	10,566	$	10,418
Fixed fees		7,778		6,999
Service charges		156		201
DSIC		1,182		1,172
Metered wastewater services		140		—
Industrial wastewater services		407		6
Total Tariff Revenue	$	20,229	$	18,796

Non-Tariff Revenue
Service line protection plans	$	1,222	$	1,096
Contract operations		211		230
Design and installation		123		151
Inspection fees		41		84
Total Non-Tariff Revenue	$	1,597	$	1,561

Other Operating Revenue	$	361	$	288

Total Operating Revenue	$	22,187	$	20,645

	(in thousands)
	Three Months Ended			Three Months Ended
	March 31, 2022			March 31, 2021

Minimum rentals		$	7		$	7
Contingent rentals			–			–

		$	7		$	7

	(in thousands, except lease term and discount rate)
	March 31, 2022			December 31, 2021

Operating Leases:
Operating lease right-of-use assets	$	446		$	451

Other current liabilities	$	2			6
Operating lease liabilities		440			440
Total operating lease liabilities	$	442		$	446


Weighted Average Remaining Lease Term
Operating leases	61 years			61 years
Weighted Average Discount Rate
Operating leases		5.0	%		5.0	%

	(in thousands)
	Operating Leases
Year
2023	$	24
2024		24
2025		24
2026		24
2027		25
Thereafter		1,332
Total undiscounted lease payments	$	1,453
Less effects of discounting		(1,011	)
Total lease liabilities recognized	$	442

	Options									Restricted Awards
	Option Shares			Weighted Average Exercise Price		Weighted Average Remaining Life (Yrs.)		Aggregate Intrinsic Value (in thousands)		Outstanding Restricted Stock Awards		Weighted Average Grant Date Fair Value
Plan options/restricted stock awards
Outstanding at January 1, 2022		83,000		$	21.65			$	2,048		5,000	$	40.11
Granted		—			—				—		—		—
Exercised/vested and released		(22,250	)		20.12				600		—		—
Expired/cancelled		—			—				—		—		—
Outstanding at March 31, 2022		60,750		$	22.22		1.659	$	1,600		5,000	$	40.11

Exercisable/vested at March 31, 2022		60,750		$	22.22		1.659	$	1,600		—		—

In thousands	March 31, 2022	December 31, 2021

Investment in CoBank	$5,351	$4,850
Other deferred assets	2,783	247
	$8,134	$5,097

Expense	Years Amortized
Deferred contract costs and other	5
Rate case studies	5
Delaware rate proceedings	2.5
Maryland rate proceedings	5
Debt related costs	15 to 30 (based on term of related debt)
Goodwill (resulting from acquisition of Mountain Hill Water Company in 2008)	50
Deferred acquisition costs (resulting from purchase of water assets in Cecil County, Maryland in 2011 and Port Deposit, Maryland in 2010)	20
Franchise Costs (resulting from purchase of water assets in Cecil County, Maryland in 2011)	80

Regulatory assets, net of amortization, comprise:
	(in thousands)
	March 31, 2022		December 31, 2021

Deferred income taxes	$	481	$	355
Deferred contract costs and other		273		288
Debt related costs		4,844		4,902
Goodwill		271		273
Deferred acquisition and franchise costs		493		503
	$	6,362	$	6,321

Application Date	11/20/2020
DEPSC Approval Date	12/14/2020
Effective Date	01/01/2021
Cumulative DSIC Rate	7.50%
Net Eligible Plant Improvements – Cumulative Dollars (in millions)	$43.1
Eligible Plant Improvements – Installed Beginning Date	10/01/2014
Eligible Plant Improvements – Installed Ending Date	04/30/2019

In thousands
	March 31, 2022		December 31, 2021
Carrying amount	$	144,471	$	144,850
Estimated fair value	$	147,505	$	163,182

Regulatory liabilities comprise:
	(in thousands)
	March 31, 2022		December 31, 2021

Utility plant retirement cost obligation	$	158	$	149
Deferred income taxes (related to TCJA)		21,574		21,111
	$	21,732	$	21,260

(In thousands)
		TESI
	Utility plant	$	19,455
	Cash		280
	Other assets		2,565
	Total assets		22,300
	Less: Liabilities and contributions in aid of construction (CIAC)
	Liabilities		2,521
	CIAC		16,657
	Net cash purchase price	$	3,122

Material Cash Requirements	Payments Due by Period
In thousands	Less than 1 Year		1-3 Years		4-5 Years		After 5 Years		Total
First mortgage bonds (principal and interest)	$	7,924	$	15,773	$	15,569	$	240,933	$	280,289
State revolving fund loans (principal and interest)		820		1,483		1,195		4,130		7,628
Lines of credit		27,409		---		---		---		27,409
Promissory note (principal and interest)		961		1,921		1,923		11,334		16,139
Operating leases		24		48		49		1,332		1,453
Operating agreements		59		77		82		814		1,032
Unconditional purchase obligations		1,043		1,539		1,286		---		3,868
Tank painting contractual obligation		392		490		---		---		882
Total contractual cash obligations	$	38,632	$	21,331	$	20,194	$	285,543	$	338,700

Exhibit No.	Description

4.1	Twenty-Fifth Supplemental Indenture dated as of April 29, 2022, between Artesian Water Company, Inc. and Wilmington Trust Company, as trustee.*

4.2	Bond Purchase Agreement, dated April 29, 2022, by and between Artesian Water Company, Inc., and CoBank, ACB.

31.1	Certification of Chief Executive Officer of the Registrant required by Rule 13a–14(a) under the Securities Exchange Act of 1934, as amended.*

31.2	Certification of Chief Financial Officer of the Registrant required by Rule 13a–14(a) under the Securities Exchange Act of 1934, as amended.*

32	Certification of Chief Executive Officer and Chief Financial Officer required by Rule 13a-14(b) under the Securities Exchange Act of 1934, as amended and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. Section 1350).**

101.BAL	Inline XBRL Condensed Consolidated Balance Sheets (unaudited)*
101.OPS	Inline XBRL Condensed Consolidated Statements of Operations (unaudited)*

101.CSH	Inline XBRL Condensed Consolidated Statements of Cash Flows (unaudited)*

101.NTS	Inline XBRL Notes to the Condensed Consolidated Financial Statements (unaudited)*

104	The cover page from Artesian Resources Corporation’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, formatted in Inline XBRL (contained in exhibit 101).*

Date: May 5, 2022	By:	/s/ DIAN C. TAYLOR
		Dian C. Taylor (Principal Executive Officer)

Date: May 5, 2022	By:	/s/ DAVID B. SPACHT
		David B. Spacht (Principal Financial Officer)

			Page
SECTION 1.		DESCRIPTION OF BONDS.	1
	Section 1.1	Series W Bonds	1
	Section 1.2	Definitions	1
SECTION 2.		SALE OF BONDS.	2
SECTION 3.		CLOSING.	2
	Section 3.1	Location	2
	Section 3.2	Payment	2
	Section 3.3	Denominations and Registration	2
SECTION 4.		REPRESENTATIONS.	2
	Section 4.1	Corporate Organization and Authority	2
	Section 4.2	Subsidiaries	3
	Section 4.3	Financial Statements	3
	Section 4.4	Litigation	3
	Section 4.5	Taxes	3
	Section 4.6	Liens	3
	Section 4.7	Title to Properties	4
	Section 4.8	Intellectual Property	4
	Section 4.9	Calamities, Strikes, Etc.	4
	Section 4.10	Restrictions on the Company	4
	Section 4.11	No Conflicts	5
	Section 4.12	No Defaults	5
	Section 4.13	Compliance with Laws	5
	Section 4.14	Validity	5
	Section 4.15	Full Disclosure	6
	Section 4.16	Use of Proceeds	6
	Section 4.17	ERISA	6
	Section 4.18	Principal Place of Business; Records	7
	Section 4.19	Rate Matters	7
	Section 4.20	System Condition; Water Rights	7
	Section 4.21	Condemnation Powers	7

	Section 4.22	Investment Company Act	7
	Section 4.23	Anti-Corruption; Anti-Terrorism and Sanctions	8
SECTION 5.		CLOSING CONDITIONS.	9
	Section 5.1	Legal Opinions	9
	Section 5.2	Representations and Warranties	10
	Section 5.3	Fee and Expenses	10
	Section 5.4	PSC Approval	10
	Section 5.5	Bond Documents	11
	Section 5.6	Authorization	11
	Section 5.7	Approvals	11
	Section 5.8	Environmental Matters	11
	Section 5.9	No Material Adverse Effect	11
	Section 5.10	No Injunction	11
	Section 5.11	Event of Redemption	11
	Section 5.12	Officer's Certificate	11
	Section 5.13	Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions Documentation and Beneficial Ownership Certification	11
	Section 5.14	Financial Tests	12
	Section 5.15	Other Information; Etc.	12
SECTION 6.		PRIVATE PLACEMENT EXEMPTION.	12
	Section 6.1	Company Representation	12
	Section 6.2	Purchaser Representations and Agreement	12
SECTION 7.		PAYMENT OF EXPENSES; BROKERAGE FEES.	13
SECTION 8.		FAILURE OF CONDITIONS.	13
SECTION 9.		FURNISHING FINANCIAL AND OTHER INFORMATION.	14
SECTION 10.		COVENANTS.	17
	Section 10.1	Compliance With Laws and Agreements	17
	Section 10.2	CoBank Equities and Securities.	18
	Section 10.3	Licenses, Etc.	19
	Section 10.4	Water Rights	19
	Section 10.5	Loans and Investments	19
	Section 10.6	Guarantees	20
	Section 10.7	Mergers; Acquisitions; Etc.	20

	Section 10.8	Transfer of Assets	20
	Section 10.9	Change in Business	20
	Section 10.10	Distributions	20
	Section 10.11	Calculation of Ratios	20
	Section 10.12	Anti-Corruption; Anti-Terrorism; Sanctions	21
SECTION 11.		REDEMPTION.	21
	Section 11.1	Events of Redemption Defined	21
	Section 11.2	Redemption	23
	Section 11.3	Suits for Enforcement	23
	Section 11.4	Remedies Cumulative	23
	Section 11.5	Remedies Not Waived	23
SECTION 12.		SURVIVAL OF REPRESENTATIONS AND WARRANTIES, ETC.	24
SECTION 13.		LOST BONDS.	24
SECTION 14.		PAYMENTS.	24
SECTION 15.		DELIVERY EXPENSE.	25
SECTION 16.		USE OF PROCEEDS COVENANT.	25
SECTION 17.		TAXES.	25
SECTION 18.		INDEMNIFICATION.	25
SECTION 19.		CONFIDENTIALITY.	26
SECTION 20.		MISCELLANEOUS.	26
	Section 20.1	Successors and Assigns; Legend	26
	Section 20.2	Notices	27
	Section 20.3	Governing Law	27
	Section 20.4	Counterparts	27
	Section 20.5	Amendments	27
	Section 20.6	Severability	27
	Section 20.7	Electronic Execution of Bond Documents	27

ACKNOWLEDGED AND AGREED TO THIS 29th DAY OF APRIL, 2022.	COBANK, ACB By: Name: Title: Assistant Corporate Secretary

NAME AND ADDRESS OF PURCHASER	PRINCIPAL AMOUNT OF BONDS TO BE PURCHASED

COBANK, ACB 6340 S. Fiddlers Green Circle Greenwood Village, CO 80111 Attention: Energy and Water Banking Group Telefacsimile: (303) 224-2556 Confirmation: (303) 740-4310	$30,000,000 (Series W)

Exhibit 31.1
Certification of Chief Executive Officer of Artesian Resources Corporation required by Rule 13a – 14 (a) under the Securities Act of 1934, as amended

I, Dian C. Taylor, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2022 of Artesian Resources Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)		Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)		Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: May 5, 2022			/s/ DIAN C. TAYLOR
			Dian C. Taylor
			Chief Executive Officer (Principal Executive Officer)

Exhibit 31.2

Certification of Chief Financial Officer of Artesian Resources Corporation required by Rule 13a – 14 (a) under the Securities Act of 1934, as amended

I, David B. Spacht, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the period ended March 31, 2022 of Artesian Resources Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)		Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)		Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.



Date: May 5, 2022			/s/ DAVID B. SPACHT
			David B. Spacht
			Chief Financial Officer (Principal Financial Officer)

Exhibit 32


Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350


I, Dian C. Taylor, Chief Executive Officer, and David B. Spacht, Chief Financial Officer, of Artesian Resources Corporation, a Delaware corporation (the "Company"), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on our knowledge:

(1)	The Company's Quarterly Report on Form 10-Q for the period ended March 31, 2022 (the " Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78m(a) or Section 78o(d)), as amended; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition of the Company at the end of the period covered by the Report and results of operations of the Company for the period covered by the Report.




Date: May 5, 2022

CHIEF EXECUTIVE OFFICER:		CHIEF FINANCIAL OFFICER:


/s/ DIAN C. TAYLOR		/s/ DAVID B. SPACHT
Dian C. Taylor		David B. Spacht



These certifications accompany the Report to which they relate, are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Report), irrespective of any general incorporation language contained in such filing.