York Water Company Announces Three Months Earnings
May 06 2011 - 9:34AM
The York Water Company's (Nasdaq:YORW) President, Jeffrey R. Hines,
announced today the Company's financial results for the first
quarter of 2011.
President Hines reported that first quarter operating revenues
of $9,645,000 increased $629,000, and net income of $2,139,000
increased $300,000 compared to the first quarter of 2010. Higher
water revenues due to the rate increase effective November 4, 2010
and growth in the customer base were the main reasons for the
increase in revenues. Increased net income was partially offset by
higher operating expenses, primarily for retirement and
depreciation. Earnings per share for the three-month period
increased $0.02 over the same period last year.
During the first three months of 2011, the Company invested $2.1
million in capital projects for upgrades to water treatment
facilities as well as various replacements of aging infrastructure.
The Company estimates it will invest an additional $10.7 million in
2011 for expansion and improvements to its infrastructure to ensure
a safe, adequate, and reliable supply of drinking water for the
Company's growing customer base.
On April 25, 2011, the Board of Directors declared the Company's
562nd dividend. 2011 marks the Company's 196th consecutive
year of dividend payments. The dividend is payable on July 15,
2011 to shareholders of record as of June 30, 2011.
|
Three Months
Ended |
|
|
March 31 |
|
|
In 000's (except per
share) |
|
|
2011 |
2010 |
Operating Revenues |
$9,645 |
$9,016 |
Net Income |
$2,139 |
$1,839 |
Average Number of Common Shares
Outstanding |
12,696 |
12,571 |
Basic Earnings per Common Share |
$0.17 |
$0.15 |
Dividends Paid per Common Share |
$0.131 |
$0.128 |
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.
The York Water Company logo is available
athttp://www.globenewswire.com/newsroom/prs/?pkgid=5589
CONTACT: Jeffrey R. Hines, President
Kathleen M. Miller, Chief Financial Officer
717-845-3601
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