York Water Company Reports 2nd Quarter and Six Months Earnings
August 03 2017 - 12:41PM
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 2017.
President Hines reported that second quarter
operating revenues of $12,254,000 increased $434,000 and net income
of $2,935,000 increased $88,000 compared to the second quarter of
2016. Earnings per share for the second quarter were $0.23 in
both 2017 and 2016.
President Hines also reported that the first six
months operating revenues of $23,544,000 increased $446,000, and
net income of $5,516,000 increased $183,000 compared to the first
six months of 2016. Higher revenues due to recent
acquisitions and an increase in the Distribution System Improvement
Charge (DSIC), lower income taxes due to higher maintenance and
repair deductions, and an increased allowance for funds used during
construction were the primary reasons for the increased
income. DSIC is a Pennsylvania Public Utility Commission
allowed charge that water utilities collect from customers for the
replacement of aging infrastructure. The increased income was
partially offset by higher operations expenses, health insurance
costs and depreciation. Earnings per share of $0.43 for the
six-month period increased $0.01 compared to the same period last
year.
During the first six months of 2017, the Company
invested $13.9 million in construction expenditures for an
additional raw water pumping station and force main, as well as
various replacements and improvements to infrastructure. In
addition, the Company invested $472,000 in the acquisition of water
and wastewater systems. The Company estimates it will invest
an additional $9.0 million in 2017, excluding acquisitions, for
expansion and improvements to its pipes, completion of the
additional pumping station and force main, and various replacements
and upgrades to other infrastructure to ensure a safe, adequate,
and reliable supply of drinking water and to maintain proper
handling and disposal of wastewater for the Company’s growing
customer base.
|
|
Period Ended June 30 |
|
|
In 000's (except per share) |
|
|
Quarter |
Six Months |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
Operating Revenues |
|
$ |
12,254 |
|
$ |
11,820 |
|
$ |
23,544 |
|
$ |
23,098 |
Net Income |
|
$ |
2,935 |
|
$ |
2,847 |
|
$ |
5,516 |
|
$ |
5,333 |
Average Number of
Common Shares Outstanding |
|
|
12,840 |
|
|
12,850 |
|
|
12,845 |
|
|
12,835 |
Basic and Diluted
Earnings Per Common Share |
|
$ |
0.23 |
|
$ |
0.23 |
|
$ |
0.43 |
|
$ |
0.42 |
Dividends Declared Per
Common Share |
|
$ |
0.1602 |
|
$ |
0.1555 |
|
$ |
0.3204 |
|
$ |
0.3110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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
jeffh@yorkwater.com
or
Kathleen M. Miller, Chief Financial Officer
kathym@yorkwater.com
Phone: 717-845-3601
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