York Water Company Reports Three Months Earnings
May 03 2016 - 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 2016.
President Hines reported that first quarter
operating revenues of $11,278,000 increased $69,000, and net income
of $2,486,000 decreased $42,000 compared to the first quarter of
2015. Higher revenues were due to growth in both the water
and wastewater customer bases, and higher revenue from sewer
billing and collection services. The increased revenues, along with
reduced operation and maintenance expenses, were offset by higher
expenses for depreciation and income taxes. Earnings per
share for the three-month period were $0.01 lower than the same
period in 2015.
During the first three months of 2016, the
Company invested $1.9 million in construction expenditures for
upgrades to water treatment facilities, information technology
upgrades, to replace a portion of its water mains and other routine
items. The Company estimates it will invest an additional
$15.3 million in 2016, excluding acquisitions, for expansion and
improvements to its pipes, water and wastewater treatment
facilities, an additional untreated water pumping station 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.
| |
Three Months EndedMarch
31In 000's (except per share) |
| |
|
2016 |
|
|
|
2015 |
|
| Operating Revenues |
$ |
11,278 |
|
|
$ |
11,209 |
|
| Net Income |
$ |
2,486 |
|
|
$ |
2,528 |
|
| Average Number of Common
Shares Outstanding |
|
12,821 |
|
|
|
12,836 |
|
| Basic Earnings per Common
Share |
$ |
0.19 |
|
|
$ |
0.20 |
|
| Dividends Declared Per
Common Share |
$ |
0.1555 |
|
|
$ |
0.1495 |
|
| |
|
|
|
|
|
|
|
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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