York Water Company Reports Three Months Earnings
May 08 2013 - 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 2013.
President Hines reported that first quarter operating revenues
of $10,069,000 increased $400,000, and net income of $2,139,000
increased $198,000 compared to the first quarter of 2012. Higher
revenues were due to an increase in the Distribution System
Improvement Charge (DSIC) and growth in the customer base, mainly
through acquisitions. 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 for
the three-month period increased $0.02 compared to the same period
last year.
During the first three months of 2013, the Company invested $2.4
million in construction expenditures for routine items as well as
various replacements of infrastructure. In addition, the Company
invested $27,000 as it closed on the previously announced
acquisition of the water system of the Windy Brae Mobile Home Park
in York County, Pennsylvania. The Company estimates it will
invest an additional $11.7 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.
|
Three Months
Ended |
|
March 31 |
|
In 000's (except per
share) |
|
|
|
|
2013 |
2012 |
Operating Revenues |
$10,069 |
$9,669 |
Net Income |
$2,139 |
$1,941 |
Average Number of Common Shares
Outstanding |
12,938 |
12,802 |
Basic Earnings per Common Share |
$0.17 |
$0.15 |
Dividends Paid Per Common Share |
$0.1383 |
$0.1336 |
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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