York Water Company Reports 2nd Quarter and Six Months Earnings
August 03 2016 - 09:24AM
The York Water Company's (NASDAQ:YORW) President, Jeffrey R. Hines,
announced today the Company's financial results for the second
quarter and the first six months of 2016.
President Hines reported that second quarter
operating revenues of $11,820,000 decreased $75,000 and net income
of $2,847,000 decreased $78,000 compared to the second quarter of
2015. Earnings per share of $0.23 for the three-month period
increased $0.01 compared to the same period last year due to a
reduction in the number of shares outstanding.
President Hines also reported that the first six
months operating revenues of $23,098,000 decreased $6,000, and net
income of $5,333,000 decreased $120,000 compared to the first six
months of 2015 as an increase of over 1,000 new customers was
offset by decreased per capita consumption. Lower operating
expenses, primarily due to lower health insurance costs, higher
capitalized overhead and reduced water treatment chemical usage,
were offset by higher income taxes due to reduced maintenance and
repair tax deductions. Earnings per share for the six-month
period were $0.42 for both 2016 and 2015.
During the first six months of 2016, the Company
invested $5 million in construction expenditures for further
upgrades to water treatment facilities and information technology,
as well as various replacements of infrastructure and other routine
items. In addition, the Company invested $29,000 in the
acquisition of water facilities. The Company estimates it
will invest an additional $12 million in 2016, excluding
acquisitions, for expansion and improvements to its pipes, water
and wastewater treatment facilities, an additional untreated water
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.
|
|
Period Ended June 30 |
|
|
In 000's (except per share) |
|
|
Quarter |
Six Months |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Operating Revenues |
|
$ |
11,820 |
|
$ |
11,895 |
|
$ |
23,098 |
|
$ |
23,104 |
|
Net Income |
|
$ |
2,847 |
|
$ |
2,925 |
|
$ |
5,333 |
|
$ |
5,453 |
|
Average Number of Common
Shares Outstanding |
|
|
12,850 |
|
|
12,862 |
|
|
12,835 |
|
|
12,849 |
|
Basic Earnings Per Common
Share |
|
$ |
0.23 |
|
$ |
0.22 |
|
$ |
0.42 |
|
$ |
0.42 |
|
Dividends Declared Per
Common Share |
|
$ |
0.1555 |
|
$ |
0.1495 |
|
$ |
0.3110 |
|
$ |
0.2990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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