The York Water Company Reports Three Months Earnings
May 04 2021 - 9:30AM
The York Water Company's (NASDAQ:YORW) President, JT Hand,
announced the Company's financial results for the first quarter of
2021.
President Hand reported that first quarter
operating revenues of $13,081,000 increased $204,000, but net
income of $3,705,000 decreased $297,000 compared to the first
quarter of 2020 primarily due to a non-recurring gain on life
insurance of $515,000 in the first quarter of 2020 not repeated in
2021. Basic and Diluted Earnings per share of $0.28 for the
three-month period decreased $0.03 compared to the same period last
year. Increased revenues were primarily due to growth
in the customer base and higher billing and revenue collection
services. Per capita consumption decreased slightly, but
residential demand increased. The increased income was offset by
higher operation and maintenance expenses and depreciation. Income
taxes decreased due to higher deductions from the IRS tangible
property regulations.
During the first three months of 2021, the
Company invested $7.4 million in construction expenditures for
various replacements and improvements to infrastructure. The
Company estimates it will invest an additional $26.1 million in
2021, excluding acquisitions, for additional main extensions, an
elevated water tank, an upgrade to the enterprise software system,
completion of a wastewater treatment plant, and routine
improvements to its pipes, service lines, and other facilities 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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|
|
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2021 |
|
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2020 |
|
|
|
Operating Revenues |
$ |
13,081 |
|
$ |
12,877 |
|
|
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Net
Income |
$ |
3,705 |
|
$ |
4,002 |
|
|
|
Average
Number of Common Shares Outstanding |
|
13,056 |
|
|
13,010 |
|
|
|
Basic
and Diluted Earnings per Common Share |
$ |
0.28 |
|
$ |
0.31 |
|
|
|
Dividends Declared Per Common Share |
$ |
0.1874 |
|
$ |
0.1802 |
|
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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:
JT Hand, President and CEO
jth@yorkwater.com, 717-718-7554
or
Matthew E. Poff, Chief Financial Officer
matthewp@yorkwater.com, 717-718-7549
Phone:717-845-3601
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