The York Water Company Announces Nine Month and Third Quarter Earnings
November 07 2011 - 2:59PM
The York Water Company's (Nasdaq:YORW) President, Jeffrey R. Hines,
announced today the Company's financial results for the first nine
months and the third quarter of 2011.
President Hines reported that the first nine months operating
revenues of $30,548,000 increased $1,297,000, and net income of
$6,961,000 increased $108,000 compared to the first nine 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 increased retirement and depreciation expenses, an
increase in the allowance for doubtful accounts, and higher
interest on long-term debt. Earnings per share of $0.55 for the
nine-month period increased $0.01 over the same period last
year.
President Hines also reported that third quarter operating
revenues of $10,451,000 decreased $36,000 compared to the third
quarter of 2010. The decrease resulted from a significant
reduction in water usage due to heavy rainfall in the Company's
service area. September's record rainfall of 15.09" was about 0.5"
greater than the previous record of 14.61" set in 1975 and four
times more than the average September rainfall of 3.62". York
Water has been maintaining rainfall records since 1888. Net income
of $2,364,000 decreased $306,000 compared to the third quarter of
2010. The decrease was due to lower revenues, increased
depreciation and pension expenses, higher interest on long-term
debt and unrealized losses due to mark to market accounting for
certain retirement assets. Earnings per share of $0.19 for the
three-month period decreased $0.02 compared to the same period last
year.
During the first nine months of 2011, the Company invested $6.8
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
$2.9 million in 2011 for expansion and improvements to its pipes,
facilities, and damsto ensure a safe, adequate, and reliable supply
of drinking water for the Company's growing customer
base.
|
Period Ended September
30 |
|
In 000's (except per
share) |
|
Quarter |
Nine
Months |
|
2011 |
2010 |
2011 |
2010 |
Operating Revenues |
$ 10,451 |
$ 10,487 |
$ 30,548 |
$ 29,251 |
Net Income |
$ 2,364 |
$ 2,670 |
$ 6,961 |
$ 6,853 |
Average Number of Common Shares
Outstanding |
12,748 |
12,648 |
12,722 |
12,611 |
Basic Earnings Per Common
Share |
$ 0.19 |
$ 0.21 |
$ 0.55 |
$ 0.54 |
Dividends Paid Per Common
Share |
$ 0.131 |
$ 0.128 |
$ 0.393 |
$ 0.384 |
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
Phone: 717-845-3601
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