York Water Company Reports Three Months Earnings
May 07 2014 - 9:30AM
The York Water Company's (Nasdaq:YORW) President, Jeffrey R. Hines,
announced today the Company's financial results for the first
quarter of 2014.
President Hines reported that first quarter operating revenues
of $10,571,000 increased $502,000, and net income of $2,111,000
decreased $28,000 compared to the first quarter of 2013. Higher
revenues were due to an increase in rates effective February 28,
2014, higher per capita consumption and growth in both the water
and wastewater customer bases. The increased revenues were offset
by higher expenses primarily for wages, depreciation,
cold-weather-related distribution system maintenance, pensions and
technology upgrades. Earnings per share for the three-month period
decreased $0.01 compared to the same period of 2013.
During the first three months of 2014, the Company invested $2.0
million in construction expenditures for upgrades to water
treatment facilities, to replace a portion of its infrastructure
and other routine items. In addition, the Company invested $271,000
in the acquisition of the wastewater facilities of the East
Prospect Borough Authority in York County, Pennsylvania. The
Company estimates it will invest an additional $10.5 million in
2014, 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.
|
Three Months
Ended |
|
March 31 |
|
In 000's (except per
share) |
|
|
|
|
2014 |
2013 |
Operating Revenues |
$10,571 |
$10,069 |
Net Income |
$2,111 |
$2,139 |
Average Number of Common Shares
Outstanding |
12,991 |
12,938 |
Basic Earnings per Common Share |
$0.16 |
$0.17 |
Dividends Declared Per Common Share |
$0.1431 |
$0.1383 |
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
717-845-3601
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