The York Water Company Reports 2021 Annual and Fourth Quarter Results
March 08 2022 - 9:30AM
The York Water Company's (NASDAQ:YORW) President and CEO, JT Hand,
announced the Company's 2021 financial results.
President Hand reported that 2021 operating
revenues of $55,119,000 increased $1,267,000 and net income of
$16,984,000 increased $386,000 compared to 2020 which included a
non-recurring gain on life insurance of $515,000 not repeated in
2021. Basic and Diluted Earnings per share of $1.30 for 2021
increased $0.03 compared to 2020. Dividends per share rose 4%
compared to 2020. Increased revenues were primarily due to the
utilization of the Distribution System Improvement Charge (DSIC)
and growth in the customer base. 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. Income taxes decreased due
to higher deductions from the IRS tangible property
regulations.
During the year, the Company invested $34.4
million in capital projects for routine items, an upgrade to the
enterprise software system, and an elevated water tank, as well as
various replacements and improvements to infrastructure. In
addition, the Company invested $12.0 million in the acquisition of
the West Manheim Township wastewater collection system, adding
approximately 1,800 new wastewater customers. During 2021, the
Company replaced approximately 61,000 feet of pipe to improve its
distribution system, reduce ongoing expenses, and improve customer
service.
President Hand also reported that for the fourth
quarter of 2021 operating revenues increased $336,000 and net
income increased $291,000 compared to the fourth quarter of 2020.
Basic and Diluted Earnings per share of $0.31 for the fourth
quarter of 2021 increased $0.03 compared to the same period last
year. Increased revenues were primarily due to the utilization of
the DSIC and growth in the customer base. The increased revenue was
partially offset by higher operation and maintenance expenses and
depreciation.
President Hand reported that York Water plans to
invest approximately $44 million in 2022 and $50 million in 2023,
excluding acquisitions, for additional main extensions, dam
improvements, an elevated water tank, water treatment plant
construction, and 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 December 31 |
|
In 000's (except per share) |
|
Quarter |
Twelve Months |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
Operating Revenues |
$ |
13,734 |
|
$ |
13,398 |
|
$ |
55,119 |
|
$ |
53,852 |
Net
Income |
$ |
4,001 |
|
$ |
3,710 |
|
$ |
16,984 |
|
$ |
16,598 |
Average
Number of Common Shares Outstanding |
|
13,096 |
|
|
13,044 |
|
|
13,076 |
|
|
13,034 |
Basic
and Diluted Earnings Per Common Share |
$ |
0.31 |
|
$ |
0.28 |
|
$ |
1.30 |
|
$ |
1.27 |
Dividends Declared Per Common Share |
$ |
0.1949 |
|
$ |
0.1874 |
|
$ |
0.7571 |
|
$ |
0.7280 |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
York Water (NASDAQ:YORW)
Historical Stock Chart
From Aug 2024 to Sep 2024
York Water (NASDAQ:YORW)
Historical Stock Chart
From Sep 2023 to Sep 2024