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Employee Update-Investing in Ideas Worldwide
1. Employee Communications
Company Update
InvestIng In Ideas Carpenter technology Is
searching Worldwide for the
talent and Ideas that Will Yield the
Company’s next great Products
Tim Armstrong hurries down the spiral staircase joining the two
floors of the glass-enclosed, book-filled materials library, which serves
as the information hub for Carpenter Technology’s Research and
Development Center in Reading.
“Mindy, can you please get me everything you can find on slag-
refractory interactions?” asks Armstrong, R&D Vice President, as he
whirs past the desk of Librarian Mindy Peters.
Armstrong doesn’t just mean the information Carpenter Technology
has developed itself during its more than 100 years of producing
the world’s finest specialty steels and alloys. He literally means
“everything”—no matter where the information was generated.
In reaching out into that vast pool of world knowledge, Armstrong
and Carpenter Technology are setting off on a new path that the
Company believes will yield its next great products and innovation and
ultimately secure the Company’s future.
“Our world doesn’t end on Union Street anymore,” says Manager –
Innovation Technology Joe Lehman, referring not only to the street
in Reading, where Building 68, Carpenter Technology’s R&D center,
is located, but to the Company’s past preference to rely solely on the
development of its own ideas and technology.
“We have wonderfully talented and innovative staff, but we have
limited resources and manpower, and we have to use them wisely
when choosing new products to develop,” explains Armstrong. “One
path to success is stay aware of developments outside Carpenter and
“In five years, we want to be known as the identify the best ideas that R&D can develop or expand upon.”
partner of choice in our field. We want our InVESTInG In THE FUTURE
Key to the effort is the continued investment that Carpenter
customers to come to us and say, ‘We have a Technology is making in its Research and Development area.
problem. You are the best. Please solve it.’” Chairman, President and CEO Anne Stevens says that despite the
challenging economy, funding research initiatives is a necessity for
—tim Armstrong, vice President the Company if it is to control its destiny and ensure its future. “We
Research and Development must make the necessary investments that will enable us to meet the
increasingly demanding requirements of our customers,” she notes.
these gauges are part of the
technician iii Mike natale prepares to test a solar Manufacturing vacuum In FY2008, Carpenter Technology increased its capital spending for closed-loop water system that
heat treating furnace to ensure that it meets operational specifications. research efforts over the previous year and in FY2009, the Company cools the solar furnace.
Continued on page 8.
6 Carpenter ConneCtions spring 2009 7
2. Employee Communications
Get Involved. Volunteer Today.
Make a Difference!
Join Our Volunteer Team.
See the Carpenter
Intranet or your
manager for more
information!
CARPENTER
TECHNOLOGY CARES
3. Employee Communications
Our Vision
To competitively grow the value of our power
generation and related assets
[NOTE: Picture – Possibly graphic from
website of trading board] Our Mission
About Our Business [NOTE: Flap with Business Card Slot:
We have set our course for the future. The
Sample]
Conectiv Energy is a mission of Conectiv Energy summarizes our
competitive wholesale company’s goals, strategies and values that focus
energy trading and generation on innovation and growth in the areas of energy
company operating in the and fuel:
Welcome PJM, New York and New
England power pools. We
manage power plants in the
n To focus on employee safety, environmental
protection and our community responsibilities
to Conectiv Energy Mid-Atlantic states and buy
and sell fuel and energy in
n To empower a culture committed to ethical
behavior in highly skilled, motivated and
the wholesale marketplace. diverse teams
Conectiv Energy is an asset- n To outperform the competition by optimizing
backed merchant energy operations, maintenance and marketing
business that uses risk
management tools, regional
expertise and intellectual Our Values
capital to optimize the value Conectiv Energy has a strong values-based
of our assets. Our success is culture, and our company is driven by those
made possible by the people values. We communicate clear objectives
of our company. and expectations and foster an environment
Headquartered in Newark, where individuals and teams can work, learn,
Delaware, we are a wholly develop and contribute knowing their values and
owned subsidiary of Pepco behaviors are aligned with the business.
ectiv Energy, Holdings, Inc. (PHI). We enjoy Conectiv Energy’s core values are:
community the benefits of being part of
Safety – We make safety the most important
a larger organization, while
ease visit us being able to focus on the
part of everything we do.
tiv.com. people and ideas that make Accountability – We accept responsibility for our
us strive to be the best. actions and behaviors.
Integrity – We intentionally do the right thing.
We are proud to be
Diversity – We treat everyone with dignity
Conectiv Energy. and respect.
Excellence – We strive to be the best.
11. Corporate Communications
Financial Results
$.71
Over the last five years, we have increased our
$.69
dividend at a 5.9% average annualized rate. In
2008, we increased our annual common stock
dividend by $0.0256, or 3.7%, which brought
$.64
the annual dividend to $0.7136 per share. Our
revenues grew to a company record of $56.2
$.60
About Artesian million in 2008, a 7% gain from 2007 revenues of
$.57*
Resources $52.5 million. Driven by the gain in revenues, we
increased net income by $155,000 to $6.4 million
$.54*
Artesian Resources Corporation
in 2008, an increase of 2.5% from $6.3 million in
$.52*
operates as the holding company
2007.
$.50*
of eight wholly-owned subsidiaries.
$.49*
$.48*
Artesian Water Company, the Strengths
principal subsidiary, is the oldest
n 104-year record of exemplary operational and
and largest investor-owned public financial performance
water utility on the Delmarva
n Service area is located in two of the fastest
Peninsula, and has been providing
growing areas of the United States.
2007
2002
2005
2000
2003
2004
2008
2001
2006
1999
water service in the state of
Delaware since 1905. Although n Infrastructure investments have already been
Annualized Dividend
made to support continued growth.
our Delaware water business *Restated for the stock split effective May 30, 2006
remains our largest business n Non-utility business is expanding rapidly. (Non-
line, accounting for 90% of our utility revenue increased $1.7 million in 2008, a
revenues, we have expanded our 72% gain from 2007.)
capabilities and our service area. n We have a talented, experienced and dedicated management and professional team.
We now provide wastewater
service in Delaware and provide Sustainable Growth
water and wastewater service We are expanding our business in Cecil County, Maryland, and southern Delaware
in Cecil County, Maryland, and and transforming from primarily a water services provider to a total water resource
Pennsylvania. management company. Some expected growth will undoubtedly occur more slowly
than previously projected because of turmoil in the housing and credit markets. But
The Company is listed on NASDAQ one area that should grow quickly is Cecil County, Maryland, where we have secured
Global Market and trades under the significant water and wastewater franchises in the county’s growth corridor. Cecil
symbol ARTNA. County is expected to add thousands of high-paying jobs in the next few years because
of U.S. Army-mandated expansion at the nearby Aberdeen Proving Grounds.
F I N A N C I A L H I G H L I G H T S
For the year ended December 31,
In millions except per share amounts 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999
Operating Revenues $56.19 $52.52 $48.59 $45.29 $39.58 $36.30 $34.60 $31.99 $27.55 $26.78
Operating Expenses 44.28 40.76 36.79 34.64 29.71 27.77 26.42 24.59 21.34 20.69
Operating Income 11.91 11.77 11.80 10.64 9.87 8.53 8.18 7.40 6.21 6.09
Net Income 6.42 6.26 6.07 5.04 4.40 3.92 4.17 3.32 2.45 2.98
Net Income Per Common Share
Diluted .86 .90 .97 .81* .72* .64* .76* .70* .52* .65*
Cash Dividend Per Common Share .71 .66 .61 .58* .55* .53* .51* .49* .49* .47*
Rate Base $189.03 $174.83 $167.76 $160.04 $152.21 $131.56 $115.18 $98.68 $88.48 $77.48
* Restated for the stock split effective May 30, 2006
Artesian Resources Corporation | P.O. Box 15004 | Wilmington, Delaware 19850
Nicholle R. Taylor, Vice President Laura Slayman, Investor Relations/Strategic Planning Assistant
(800) 332-5114 (800) 332-5114
ntaylor@artesianwater.com lslayman@artesianwater.com
