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    The York Water Company Reports Three Months Earnings

    5/4/21 9:30:00 AM ET
    $YORW
    Water Supply
    Utilities
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    YORK, Pa., May 04, 2021 (GLOBE NEWSWIRE) -- The York Water Company's (NASDAQ:YORW) President, JT Hand, announced the Company's financial results for the first quarter of 2021.

    President Hand reported that first quarter operating revenues of $13,081,000 increased $204,000, but net income of $3,705,000 decreased $297,000 compared to the first quarter of 2020 primarily due to a non-recurring gain on life insurance of $515,000 in the first quarter of 2020 not repeated in 2021. Basic and Diluted Earnings per share of $0.28 for the three-month period decreased $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. Per capita consumption decreased slightly, but residential demand increased. The increased income was 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 2021, the Company invested $7.4 million in construction expenditures for various replacements and improvements to infrastructure. The Company estimates it will invest an additional $26.1 million in 2021, excluding acquisitions, for additional main extensions, an elevated water tank, an upgrade to the enterprise software system, 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.

      Three Months Ended

    March 31

    In 000's (except per share)

     
       2021  2020 
     Operating Revenues$13,081 $12,877 
     Net Income$3,705 $4,002 
     Average Number of Common Shares Outstanding 13,056  13,010 
     Basic and Diluted Earnings per Common Share$0.28 $0.31 
     Dividends Declared Per Common Share$0.1874 $0.1802 
            

    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        
    [email protected], 717-718-7554
    or 
    Matthew E. Poff, Chief Financial Officer 
    [email protected], 717-718-7549
    
    Phone:717-845-3601

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