York Water Company Reports 2nd Quarter and Six Months Earnings
August 04 2022 - 9:30AM
The York Water Company's (NASDAQ:YORW) President, JT Hand,
announced the Company's financial results for the second quarter
and the first six months of 2022.
President Hand reported that second quarter
operating revenues of $14,899,000 increased $1,098,000 and net
income of $5,029,000 increased $545,000 compared to the second
quarter of 2021. Basic and Diluted Earnings per share of $0.36 for
the three-month period increased $0.01 compared to the same period
last year. Increased revenues were primarily due to
growth in the customer base from the West Manheim Township
wastewater acquisition and the utilization of the Distribution
System Improvement Charge (DSIC). The DSIC is a Pennsylvania Public
Utility Commission allowed charge that water utilities collect from
customers for the replacement of aging infrastructure.
The increased revenue was partially offset by higher operation and
maintenance expenses and depreciation.
President Hand also reported that the first six
months operating revenues of $29,139,000 increased $2,257,000 and
net income of $8,888,000 increased $699,000 compared to the first
six months of 2021. Increased revenues were primarily due to growth
in the customer base from the West Manheim Township wastewater
acquisition and the utilization of the DSIC. The increased revenue
was partially offset by higher operation and maintenance expenses
and depreciation. Income taxes decreased due to higher deductions
from the IRS tangible property regulations. Basic and Diluted
Earnings per share of $0.65 for the six-month period increased
$0.02 compared to the same period last year.
During the first six months of 2022, the Company
invested $19.0 million in construction expenditures for routine
items, armoring and replacing the spillway of the Lake Williams
dam, and wastewater treatment plant construction as well as various
replacements and improvements to infrastructure. The Company
estimates it will invest an additional $26.0 million in 2022,
excluding acquisitions, for armoring and replacing the spillway of
the Lake Williams dam, additional main extensions, 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.
|
Period Ended June 30 |
|
In 000's (except per share) |
|
Quarter |
Six Months |
|
2022 |
2021 |
2021 |
2021 |
Operating Revenues |
$ |
14,899 |
$ |
13,801 |
$ |
29,139 |
$ |
26,882 |
Net Income |
$ |
5,029 |
$ |
4,484 |
$ |
8,888 |
$ |
8,189 |
Average Number of Common
Shares Outstanding |
|
14,189 |
|
13,069 |
|
13,650 |
|
13,062 |
Basic and Diluted Earnings Per
Common Share |
$ |
0.36 |
$ |
0.35 |
$ |
0.65 |
$ |
0.63 |
Dividends Declared Per Common
Share |
$ |
0.1949 |
$ |
0.1874 |
$ |
0.3898 |
$ |
0.3748 |
|
|
|
|
|
|
|
|
|
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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