york water co (YORW) Snapshot

The York Water Company announced earnings results for the first quarter ended March 31, 2013. The company reported that first quarter operating revenues of $10,069,000 increased $400,000, and net income of $2,139,000 increased $198,000 compared to the first quarter of 2012. Higher revenues were due to an increase in the Distribution System Improvement Charge (DSIC) and growth in the customer base, mainly through acquisitions. The DSIC is a surcharge allowed by the Pennsylvania Public Utility Commission for the replacement of aging infrastructure. The higher revenues were partially offset by higher income taxes and depreciation expense. Earnings per share for the three-month period increased $0.02 compared to the same period last year. During the first three months of 2013, the company invested $2.4 million in construction expenditures for routine items as well as various replacements of infrastructure. In addition, the company invested $27,000 as it closed on the previously announced acquisition of the water system of the Windy Brae Mobile Home Park in York County, Pennsylvania. Basic earnings per common share were $0.17 against $0.15 a year ago. The York Water Company announced that the company estimates it will invest an additional $11.7 million in 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.

The York Water Company, Annual General Meeting, May 06, 2013., at 13:00 US Eastern Standard Time. Location: The Strand-Capitol Performing Arts Center. Agenda: To elect three Directors to three-year terms of office; to ratify the appointment of ParenteBeard LLC as the independent registered public accounting firm for the fiscal year ending December 31, 2013; and to transact such other business as may properly come before the meeting.

The York Water Company reported earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported operating revenues were $10,401,000 compared to $10,081,000 for the same period a year ago. Net income was $2,398,000 compared to $2,123,000 for the same period a year ago. Basic earnings per share were $0.18 compared to $0.16 for the same period last year. Higher operating revenues and lower maintenance expenses offset higher income taxes and increased depreciation resulting in higher net income for the fourth quarter of 2012. For the year, the company reported operating revenues were $41,447,000 compared to $40,629,000 for the same period a year ago. Net income was $9,303,000 compared to $9,084,000 for the same period a year ago. Basic earnings per share were $0.72 compared to $0.71 for the same period last year. Higher revenues were due to an increase in the Distribution System Improvement Charge (DSIC) and growth in the customer base, mainly through acquisitions. The DSIC is a surcharge allowed by the Pennsylvania Public Utility Commission for the replacement of aging infrastructure. In addition to the increased revenue, lower expenses for power, the provision for doubtful accounts, tank remediation and insurance contributed to higher 2012 net income. During the year, the Company invested $11.5 million in capital projects for upgrades to its water treatment and enterprise software systems, as well as various scheduled replacements of infrastructure. The company announced plans to invest approximately $14.1 million in 2013 and $14.0 million in 2014, excluding acquisitions, for expansion and improvements to its pipes, 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.