The York Water Company Reports 3rd Quarter and Nine Months Earnings and Announces the Acquisition of the SYC Wastewater Syste...
November 08 2013 - 9:31AM
The York Water Company's (Nasdaq:YORW) President, Jeffrey R. Hines,
announced today the Company's financial results for the third
quarter and the first nine months of 2013.
President Hines reported that third quarter operating revenues
of $10,912,000 decreased $113,000 and net income of $2,535,000
decreased $225,000 compared to the third quarter of 2012. Earnings
per share of $0.19 for the three-month period decreased $0.03
compared to the same period last year. Lower revenue due to
decreased per capita consumption, and increased expenses including
depreciation, health insurance and power costs, caused the
decrease.
President Hines also reported that the first nine months
operating revenues of $31,718,000 increased $672,000, and net
income of $7,016,000 increased $111,000 compared to the first nine
months of 2012. Higher revenues were due to an increase in the
Distribution System Improvement Charge (a Pennsylvania Public
Utility Commission approved mechanism for replacement of aging
infrastructure), growth in the customer base, mainly through
acquisitions and the addition of wastewater revenues. The higher
revenues were partially offset by higher depreciation
expense. 2013 earnings per share of $0.54 for the nine-month
period were the same as 2012.
During the first nine months of 2013, the Company invested $6.6
million in capital projects for routine items as well as various
replacements of infrastructure. The Company estimates it will
invest an additional $3.3 million in the fourth quarter of 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.
|
Period Ended September
30 |
|
In 000's (except per
share) |
|
Quarter |
Nine
Months |
|
2013 |
2012 |
2013 |
2012 |
Operating Revenues |
$10,912 |
$11,025 |
$31,718 |
$31,046 |
Net Income |
$2,535 |
$2,760 |
$7,016 |
$6,905 |
Average Number of Common Shares
Outstanding |
12,912 |
12,861 |
12,921 |
12,832 |
Basic Earnings Per Common
Share |
$0.19 |
$0.22 |
$0.54 |
$0.54 |
Dividends Declared Per Common
Share |
$0.1383 |
$0.1336 |
$0.4149 |
$0.4008 |
On October 8, 2013, the Company signed its second wastewater
acquisition agreement of 2013, to purchase the wastewater assets of
SYC WWTP, L.P. in Shrewsbury and Springfield Townships, York
County, Pennsylvania. Completion of the acquisition is
contingent upon receiving approval from all required regulatory
authorities. Closing is expected in the first quarter of 2014
at which time the Company will add approximately 30 commercial and
industrial wastewater customers. The two new agreements signed
in 2013 more than triple the size of the Company's wastewater
business.
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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