The York Water Company Announces 2nd Quarter and Six Months Earnings and An Agreement to Supply Water Service to Cross Keys V...
August 08 2011 - 2:45PM
The York Water Company's (Nasdaq:YORW) President, Jeffrey R. Hines,
announced today the Company's financial results for the second
quarter and the first six months of 2011, and an agreement to
supply water to Cross Keys Village, Adams County, Pennsylvania.
President Hines reported that second quarter operating revenues
of $10,452,000 increased $704,000 and net income of $2,458,000
increased $114,000 compared to the second quarter of 2010. Earnings
per share of $0.19 for the three-month period increased $0.01 over
the same period last year.
President Hines also reported that the first six months
operating revenues of $20,097,000 increased $1,333,000, and net
income of $4,597,000 increased $414,000 compared to the first six
months of 2010. Higher water revenues due to growth in the customer
base and a rate increase effective in November 2010 caused the
majority of the increase in net income. Increased net income was
partially offset by an increase in the allowance for doubtful
accounts, increased retirement and depreciation expenses, and
higher interest on long-term debt. Earnings per share of $0.36
for the six-month period increased $0.03 over the same period last
year.
During the first six months of 2011, the Company invested $4.1
million in capital projects for upgrades to water treatment
facilities and standpipes as well as various replacements of aging
infrastructure. The Company estimates it will invest an additional
$6.6 million in 2011 for expansion and improvements to its pipes,
facilities, and dams to ensure a safe, adequate, and reliable
supply of drinking water for the Company's growing customer
base.
|
Period Ended June
30 |
|
In 000's (except per
share) |
|
Quarter |
Six
Months |
|
2011 |
2010 |
2011 |
2010 |
Operating Revenues |
$ 10,452 |
$ 9,748 |
$ 20,097 |
$ 18,764 |
Net Income |
$ 2,458 |
$ 2,344 |
$ 4,597 |
$ 4,183 |
Average Number of Common Shares
Outstanding |
12,721 |
12,614 |
12,708 |
12,593 |
Basic Earnings Per Common Share |
$ 0.19 |
$ 0.18 |
$ 0.36 |
$ 0.33 |
Dividends Paid Per Common Share |
$ 0.131 |
$ 0.128 |
$ 0.262 |
$ 0.256 |
CROSS KEYS VILLAGE WATER
AGREEMENT
President Hines also announced today that the Company has
entered into an agreement to provide water service to Cross Keys
Village in Adams County, PA. Cross Keys Village is a continuing
care retirement community currently serving more than 1,500 people
on a growing 250-acre campus. President Hines commented: "We
are looking forward to providing Cross Keys Village with 'that good
York water'. After approval by the Pennsylvania Public Utility
Commission, we expect to start service by October 1, 2011." Cross
Keys Village will be one of York's ten largest customers and will
add less than 1% to annual revenue.
The York Water Company logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5589
This news release may contain forward-looking statements
regarding the Company's operational and financial expectations.
These statements are based on currently available information and
are subject to risks, uncertainties, and other events which could
cause the Company's actual results to be materially different from
the results described in this statement. The Company undertakes no
duty to update any forward-looking statement.
CONTACT: Jeffrey R. Hines, President
Kathleen M. Miller, Chief Financial Officer
717-845-3601
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