York Water Company Reports Three Months Earnings
May 02 2017 - 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 2017.
President Hines reported that first quarter
operating revenues of $11,290,000 increased $12,000, and net income
of $2,581,000 increased $95,000 compared to the first quarter of
2016. Increased revenues were due to growth in the number of
both water and wastewater customers due primarily to recent
acquisitions. A decrease in per capita consumption reduced
the impact of the new customers. Having a larger impact on
net income than increased revenue, lower income taxes due to higher
maintenance and repair deductions offset increased operating
expenses. Earnings per share for the three-month period were
$0.01 higher than the same period in 2016.
During the first three months of 2017, the
Company invested $6.4 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 $511,000 in the acquisition of water
and wastewater systems. The Company estimates it will invest
an additional $16.4 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.
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Three Months EndedMarch
31In 000's (except per share) |
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2017 |
|
2016 |
| Operating Revenues |
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$11,290 |
|
$11,278 |
| Net Income |
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$2,581 |
|
$2,486 |
| Average Number of
Common Shares Outstanding |
|
12,852 |
|
12,821 |
| Basic and Diluted
Earnings per Common Share |
|
$0.20 |
|
$0.19 |
| Dividends Declared Per
Common Share |
|
$0.1602 |
|
$0.1555 |
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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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