The York Water Company Reports Three Months Earnings
May 03 2022 - 9:30AM
The York Water Company's (NASDAQ:YORW) President, JT Hand,
announced the Company's financial results for the first quarter of
2022.
President Hand reported that first quarter
operating revenues of $14,240,000 increased $1,159,000 and net
income of $3,859,000 increased $154,000 compared to the first
quarter of 2021. Basic and Diluted Earnings per share of $0.29 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. Income taxes decreased due
to higher deductions from the IRS tangible property
regulations.
During the first three months of 2022, the Company
invested $7.5 million in capital projects for routine items and
wastewater treatment plant construction as well as various
replacements and improvements to infrastructure. The Company
estimates it will invest an additional $35.3 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.
|
Three Months EndedMarch
31In 000's (except per share) |
|
2022 |
|
2021 |
Operating Revenues |
$14,240 |
|
$13,081 |
Net Income |
$3,859 |
|
$3,705 |
Average Number of Common Shares
Outstanding |
13,106 |
|
13,056 |
Basic and Diluted Earnings per
Common Share |
$0.29 |
|
$0.28 |
Dividends Declared Per Common
Share |
$0.1949 |
|
$0.1874 |
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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