NEWARK, Del., Nov. 02, 2016 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq:ARTNA), a leading provider of water, wastewater services and related services on the Delmarva Peninsula, announced today that net income for the third quarter of 2016 was $4.4 million, an increase of $0.7 million, or 17.9%, compared to the $3.7 million in net income reported during the third quarter of 2015. Diluted net income per share increased 17.1% to $0.48 compared to $0.41 for the third quarter of 2015. Revenues for the third quarter of 2016 were $21.8 million, a $1.0 million, or 5.1%, increase over the same quarter of 2015. Water sales revenue increased $0.8 million, or 4.5%, to $19.7 million for the third quarter of 2015 compared to $18.8 million for the third quarter of 2015. The increase is due primarily to an increase in the Distribution System Improvement Charge, or DSIC, and overall greater water consumption. Excluding depreciation and income taxes, operating expenses increased $0.4 million, or 4.0%, to $11.1 million for the third quarter of 2016 compared to $10.7 million for the same period in 2015. Utility operating expenses for the third quarter of 2016 were $9.3 million, a $0.3 million, or 2.8%, increase from the $9.0 million recorded for the same period in 2015. The increase is primarily the result of increased legal costs and increased purchased water expense due to the timing of purchases. Interest expenses decreased $0.1 million, or 6.1%, to $1.7 million for the third quarter of 2016 compared to $1.8 million for the same period of 2015 primarily due to a decrease in the Series S First Mortgage Bond interest rate from 6.73% to 4.45%, effective March 1, 2016, and a decrease in short-term debt outstanding. Through the first nine months of 2016, Artesian had net income of $10.2 million, an increase of 8.0% compared to net income of $9.5 million recorded for the same period of 2015. Diluted net income per share increased 5.7% to $1.12 for the nine months ended September 30, 2016 from $1.06 for the same period of 2015.