York Water Company Reports 2nd Quarter and Six Months Earnings and Announces the Acquisition of the East Prospect (York Count...
August 08 2013 - 9:30AM
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 2013.
President Hines reported that second quarter operating revenues
of $10,737,000 increased $385,000 and net income of $2,342,000
increased $138,000 compared to the second quarter of 2012. Earnings
per share of $0.18 for the three-month period increased $0.01
compared to the same period last year.
President Hines also reported that the first six months
operating revenues of $20,806,000 increased $785,000, and net
income of $4,481,000 increased $336,000 compared to the first six
months of 2012. Higher revenues were due to an increase in the
Distribution System Improvement Charge (DSIC), growth in the
customer base, mainly through acquisitions and the addition of
wastewater revenues. The DSIC is a surcharge allowed by the
Pennsylvania Public Utility Commission for the replacement of aging
infrastructure. The higher revenues were partially offset by
higher income taxes and depreciation expense. Earnings per
share of $0.35 for the six-month period increased $0.03 compared to
the same period last year.
During the first six months of 2013, the Company invested $4.1
million in capital projects for routine items as well as various
replacements of infrastructure. The Company estimates it will
invest an additional $7.2 million in 2013, excluding acquisitions,
for expansion and improvements to its pipes, filtration system,
facilities, and dams 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 |
|
2013 |
2012 |
2013 |
2012 |
Operating Revenues |
$10,737 |
$10,352 |
$20,806 |
$20,021 |
Net Income |
$2,342 |
$2,204 |
$4,481 |
$4,145 |
Average Number of Common Shares
Outstanding |
12,915 |
12,832 |
12,926 |
12,817 |
Basic Earnings Per Common Share |
$0.18 |
$0.17 |
$0.35 |
$0.32 |
Dividends Declared Per Common Share |
$0.1383 |
$0.1336 |
$0.2766 |
$0.2672 |
On June 20, 2013, the Company signed an agreement to purchase
the wastewater assets of the East Prospect Borough Authority in
York County, Pennsylvania. Closing of the acquisition is
contingent upon receiving approval from all required regulatory
authorities. Closing is expected in the fourth quarter of 2013
at which time the Company will add approximately 400 wastewater
customers.
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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