employee communications1
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Employee CommunicationsEmployee Communications
7spring 20096 Carpenter ConneCtions
Company Update
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 identify the best ideas that R&D can develop or expand upon.”
InVESTInG In THE FUTURE
Key to the effort is the continued investment that Carpenter Technology is making in its Research and Development area. Chairman, President and CEO Anne Stevens says that despite the challenging economy, funding research initiatives is a necessity for the Company if it is to control its destiny and ensure its future. “We must make the necessary investments that will enable us to meet the increasingly demanding requirements of our customers,” she notes.
In FY2008, Carpenter Technology increased its capital spending for research efforts over the previous year and in FY2009, the Company
Company Update
Carpenter technology Is searching Worldwide for the talent and Ideas that Will Yield the Company’s next great Products
InvestIng In Ideas
“In five years, we want to be known as the partner of choice in our field. We want our
customers to come to us and say, ‘We have a problem. You are the best. Please solve it.’”
—tim Armstrong, vice President
Research and Development
technician iii Mike natale prepares to test a solar Manufacturing vacuum heat treating furnace to ensure that it meets operational specifications.
Continued on page 8.
these gauges are part of the closed-loop water system that cools the solar furnace.
Employee Communications
Make a Difference! Join Our Volunteer Team.
Get Involved. Volunteer Today.
See the Carpenter Intranet or your manager for more information!
CARPENTERTECHNOLOGY CARES
Employee Communications
Welcome
Contact Us:
To find out more about Conectiv Energy,
including what we do in the community
and for the environment, please visit us
on the Web at www.conectiv.com.
Conectiv Energy
Corporate Offices
P.O. Box 6066
Newark, DE 19714-6066
to Conectiv Energy
“Working at Conectiv Energy
has been a great learning
experience for me. Everyone
has a positive outlook and the
people are the best.”
—Senior Risk Analyst
“At Conectiv Energy, you
get the family atmosphere
of a small company with the
benefits of working at a large
company.”
—Environmental Consultant IV
“My experience working at
Conectiv Energy has been one
of growth and knowledge. It
has been challenging, yet very
rewarding. The best part is
the many different people and
personalities I get to work with
every day.”
—Storekeeper
Printed on recycled paper.
Our Vision To competitively grow the value of our power generation and related assets
Our Mission We have set our course for the future. The mission of Conectiv Energy summarizes our company’s goals, strategies and values that focus on innovation and growth in the areas of energy and fuel:
n To focus on employee safety, environmental protection and our community responsibilities
n To empower a culture committed to ethical behavior in highly skilled, motivated and diverse teams
n To outperform the competition by optimizing operations, maintenance and marketing
Our ValuesConectiv Energy has a strong values-based culture, and our company is driven by those values. We communicate clear objectives and expectations and foster an environment where individuals and teams can work, learn, develop and contribute knowing their values and behaviors are aligned with the business.
Conectiv Energy’s core values are:
Safety – We make safety the most important part of everything we do.
Accountability – We accept responsibility for our actions and behaviors.
Integrity – We intentionally do the right thing.
Diversity – We treat everyone with dignity and respect.
Excellence – We strive to be the best.
[NOTE: Picture – Possibly graphic from website of trading board][NOTE: Flap with Business Card Slot: Sample]
We are proud to be Conectiv Energy.
Conectiv Energy is a competitive wholesale energy trading and generation company operating in the PJM, New York and New England power pools. We manage power plants in the Mid-Atlantic states and buy and sell fuel and energy in the wholesale marketplace. Conectiv Energy is an asset-backed merchant energy business that uses risk management tools, regional expertise and intellectual capital to optimize the value of our assets. Our success is made possible by the people of our company.
Headquartered in Newark, Delaware, we are a wholly owned subsidiary of Pepco Holdings, Inc. (PHI). We enjoy the benefits of being part of a larger organization, while being able to focus on the people and ideas that make us strive to be the best.
About Our Business
Employee Communications
Employee Communications
Web Design and Development
Web Design and Development
Web Design and Development
Web Design and Devel-opment
Web Design and Development
Web Design and Development
Corporate Communications
664 Churchmans Road
Newark, DE 19702
302-453-6900
800-332-5114
www.artesianwater.com
Financial ResultsOver the last five years, we have increased our 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 the annual dividend to $0.7136 per share. Our revenues grew to a company record of $56.2 million in 2008, a 7% gain from 2007 revenues of $52.5 million. Driven by the gain in revenues, we increased net income by $155,000 to $6.4 million in 2008, an increase of 2.5% from $6.3 million in 2007.
Strengthsn 104-year record of exemplary operational and
financial performance
n Service area is located in two of the fastest growing areas of the United States.
n Infrastructure investments have already been made to support continued growth.
n Non-utility business is expanding rapidly. (Non-utility revenue increased $1.7 million in 2008, a 72% gain from 2007.)
n We have a talented, experienced and dedicated management and professional team.
Sustainable Growth We are expanding our business in Cecil County, Maryland, and southern Delaware and transforming from primarily a water services provider to a total water resource management company. Some expected growth will undoubtedly occur more slowly than previously projected because of turmoil in the housing and credit markets. But one area that should grow quickly is Cecil County, Maryland, where we have secured significant water and wastewater franchises in the county’s growth corridor. Cecil 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.
Laura Slayman, Investor Relations/Strategic Planning Assistant (800) 332-5114 [email protected]
Artesian Resources Corporation | P.O. Box 15004 | Wilmington, Delaware 19850
About Artesian ResourcesArtesian Resources Corporation
operates as the holding company
of eight wholly-owned subsidiaries.
Artesian Water Company, the
principal subsidiary, is the oldest
and largest investor-owned public
water utility on the Delmarva
Peninsula, and has been providing
water service in the state of
Delaware since 1905. Although
our Delaware water business
remains our largest business
line, accounting for 90% of our
revenues, we have expanded our
capabilities and our service area.
We now provide wastewater
service in Delaware and provide
water and wastewater service
in Cecil County, Maryland, and
Pennsylvania.
The Company is listed on NASDAQ
Global Market and trades under the
symbol ARTNA.
Nicholle R. Taylor, Vice President (800) 332-5114 [email protected]
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
F I N A N C I A L H I G H L I G H T S
1999
2000
2001
2002
2003
2004
2005
2006
$.48
*
$.49
*
$.50
* $.52
* $.54
*
$.57
*
$.60
$.64
2007
2008
$.69
$.71
Annualized Dividend*Restated for the stock split effective May 30, 2006
Employee Communications
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Corporate Communications
Corporate Communications
Corporate Communications
Corporate Communications
Corporate Identity
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