York Water Company Reports 3rd Quarter and Nine Months Earnings
November 06 2015 - 9:30AM
The York Water Company's (NASDAQ:YORW) President, Jeffrey R. Hines,
announced today the Company's financial results for the third
quarter and the first nine months of 2015.
President Hines reported that third quarter
operating revenues of $12,368,000 increased $306,000 and net income
of $3,520,000 increased $455,000 compared to the third quarter of
2014. Earnings per share of $0.28 for the three-month period
increased $0.05 compared to the same period last year. Higher
revenues, lower income taxes and controlled expenses caused the
increase in net income.
President Hines also reported that the first
nine months operating revenues of $35,472,000 increased $1,071,000,
and net income of $8,973,000 increased $1,040,000 compared to the
first nine months of 2014. Higher revenues were due to an
increase in rates as approved by the Pennsylvania Public Utility
Commission effective February 28, 2014, an interconnection with a
neighboring municipality to provide water due to an emergency
event, and increases in the number of water and wastewater
customers. The increased revenues, along with lower income taxes
resulting from increased deductions of tangible property
expenditures, offset higher operating expenses primarily for
depreciation, chemicals, pension, and maintenance. Earnings per
share for the nine-month period were $0.09 higher than the same
period in 2014.
During the first nine months of 2015, the
Company invested $10.3 million in construction expenditures for
expansion of its service territory, upgrades to water treatment
facilities, replacement and improvement of a portion of its
infrastructure and other routine items. In addition, the
Company invested $94,000 in the acquisition of water facilities.
The Company estimates it will invest an additional $2.5
million in 2015, excluding acquisitions, for 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 September 30 |
|
In 000's (except per share) |
|
Quarter |
Nine Months |
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Operating Revenues |
$ |
12,368 |
|
$ |
12,062 |
|
$ |
35,472 |
|
$ |
34,401 |
|
Net Income |
$ |
3,520 |
|
$ |
3,065 |
|
$ |
8,973 |
|
$ |
7,933 |
|
Average Number of Common
Shares Outstanding |
|
12,835 |
|
|
12,824 |
|
|
12,844 |
|
|
12,903 |
|
Basic Earnings Per Common
Share |
$ |
0.28 |
|
$ |
0.23 |
|
$ |
0.70 |
|
$ |
0.61 |
|
Dividends Declared Per
Common Share |
$ |
0.1495 |
|
$ |
0.1431 |
|
$ |
0.4485 |
|
$ |
0.4293 |
|
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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