York Water Company Reports Three Months Earnings and a Water Acquisition
May 05 2015 - 10:11AM
The York Water Company's (Nasdaq:YORW) President, Jeffrey R. Hines,
announced today the Company's financial results for the first
quarter of 2015.
President Hines reported that first quarter
operating revenues of $11,209,000 increased $638,000, and net
income of $2,528,000 increased $417,000 compared to the first
quarter of 2014. Higher revenues were due to an increase in
rates as approved by the Pennsylvania Public Utility Commission
effective February 28, 2014; and growth in both the water and
wastewater customer bases. The increased revenues, along with
reduced interest on debt and lower income taxes, offset higher
expenses primarily for pension, depreciation, maintenance and
contributions. Earnings per share for the three-month period
were $0.04 higher than the same period in 2014.
During the first three months of 2015, the
Company invested $2.9 million in construction expenditures for
upgrades to water treatment facilities, to replace a portion of its
water mains and other routine items. The Company estimates it
will invest an additional $11.2 million in 2015, excluding
acquisitions, for expansion and improvements to its pipes, water
and wastewater treatment facilities, an additional untreated water
pumping station 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.
|
Three Months EndedMarch
31In 000's (except per share) |
|
|
2015 |
|
|
|
2014 |
|
Operating Revenues |
$ |
11,209 |
|
|
$ |
10,571 |
|
Net Income |
$ |
2,528 |
|
|
$ |
2,111 |
|
Average Number of Common
Shares Outstanding |
|
12,836 |
|
|
|
12,991 |
|
Basic Earnings per Common
Share |
$ |
0.20 |
|
|
$ |
0.16 |
|
Dividends Declared Per
Common Share |
$ |
0.1495 |
|
|
$ |
0.1431 |
|
On February 26, 2015, the Company signed an
agreement to purchase the water assets of Margaretta Mobile Home
Park in York County, Pennsylvania. Completion of this
acquisition is contingent upon receiving approval from all required
regulatory authorities. The Company expects to begin serving
approximately 65 new customers through an interconnection with its
current distribution system later in 2015.
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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