York Water Company Reports 2nd Quarter and Six Months Earnings
August 05 2021 - 9:30AM
The York Water Company's (NASDAQ:YORW) President, JT Hand,
announced the Company's financial results for the second quarter
and the first six months of 2021.
President Hand reported that second quarter
operating revenues of $13,801,000 increased $481,000 and net income
of $4,484,000 increased $302,000 compared to the second quarter of
2020. Basic and Diluted Earnings per share of $0.35 for the
three-month period increased $0.03 compared to the same period last
year. Increased revenues were primarily due to growth in the
customer base and higher billing and revenue collection services.
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.
President Hand also reported that the first six
months operating revenues of $26,882,000 increased $685,000 and net
income of $8,189,000 increased $5,000 compared to the first six
months of 2020 which included a non-recurring gain on life
insurance of $515,000 not repeated in 2021. Increased revenues were
primarily due to growth in the customer base and higher billing and
revenue collection services. 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. Basic and Diluted Earnings
per share were $0.63 for the six-month period, the same as the
first six months of last year.
During the first six months of 2021, the Company
invested $16.0 million in construction expenditures for an upgrade
to the enterprise software system as well as various replacements
and improvements to infrastructure. The Company estimates it will
invest an additional $16.5 million in 2021, excluding acquisitions,
for additional main extensions, an elevated water tank, completion
of a wastewater treatment plant, 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.
|
|
|
Period Ended June 30 |
|
In 000's (except per share) |
|
Quarter |
Six Months |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Operating Revenues |
$ |
13,801 |
$ |
13,320 |
$ |
26,882 |
$ |
26,197 |
Net Income |
$ |
4,484 |
$ |
4,182 |
$ |
8,189 |
$ |
8,184 |
Average Number of Common Shares
Outstanding |
|
13,069 |
|
13,022 |
|
13,062 |
|
13,016 |
Basic and Diluted Earnings Per
Common Share |
$ |
0.35 |
$ |
0.32 |
$ |
0.63 |
$ |
0.63 |
Dividends Declared Per Common
Share |
$ |
0.1874 |
$ |
0.1802 |
$ |
0.3748 |
$ |
0.3604 |
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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