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York Water Co (YORW) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

York Water Co

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CIK: 108985 Ticker: YORW
EXHIBIT 99.1

News Release
  
 
   The York Water Company
   
   130 East Market Street
Contact:
JT Hand, President and CEO
   York, PA  17401
 
     jth@yorkwater.com, 717-718-7554
  
 
or
Matthew E. Poff, Chief Financial Officer
 
     matthewp@yorkwater.com, 717-718-7549
Phone:
717-845-3601
   FOR IMMEDIATE RELEASE
     

THE YORK WATER COMPANY REPORTS 2022 ANNUAL AND FOURTH QUARTER RESULTS

York, Pennsylvania, March 7, 2023:
  The York Water Company's (NASDAQ:YORW) President and CEO, JT Hand, announced the Company's 2022 financial results.

President Hand reported that 2022 operating revenues of $60,061,000 increased $4,942,000 and net income of $19,580,000 increased $2,596,000 compared to 2021.  Basic and Diluted Earnings per share of $1.40 for 2022 increased $0.10 compared to 2021.  Dividends per share rose 4% compared to 2021.  Increased revenues were primarily due to growth in the customer base from acquisitions 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 year, the Company invested $50.5 million in construction expenditures for armoring and replacing the spillway of the Lake Williams dam, wastewater treatment plant construction, routine items, as well as various replacements and improvements to infrastructure.  During 2022, the Company replaced approximately 61,000 feet of pipe to improve its distribution system, reduce ongoing expenses, and improve customer service.  In addition, the Company invested a combined $3.4 million in the acquisition of multiple water and wastewater systems.

President Hand also reported that for the fourth quarter of 2022 operating revenues increased $1,377,000 and net income increased $1,010,000 compared to the fourth quarter of 2021.  Basic and Diluted Earnings per share of $0.35 for the fourth quarter of 2022 increased $0.04 compared to the same period last year.  Increased revenues were primarily due to growth in the customer base from acquisitions and the utilization of the DSIC.  The increased revenue was partially offset by higher operation and maintenance expenses and depreciation.

President Hand reported that York Water plans to invest approximately $60.6 million in 2023 and $47.1 million in 2024, excluding acquisitions, for additional main extensions, armoring and replacing the spillway of the Lake Williams dam, wastewater treatment plant construction, water treatment plant upgrades, 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
  
   
2022
    
2021
    
2022
    
2021
  
Operating Revenues
  
$
15,111
    
$
13,734
    
$
60,061
    
$
55,119
  
Net Income
  
$
5,011
    
$
4,001
    
$
19,580
    
$
16,984
  
Average Number of Common Shares Outstanding
    
14,266
      
13,096
      
13,958
      
13,076
  
Basic and Diluted Earnings Per Common Share
  
$
0.35
    
$
0.31
    
$
1.40
    
$
1.30
  
Dividends Declared Per Common Share
  
$
0.2027
    
$
0.1949
    
$
0.7874
    
$
0.7571
  

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.

###
The following information was filed by York Water Co (YORW) on Tuesday, March 7, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside York Water Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Balance Sheets
Balance Sheets (Parenthetical)
Statements Of Cash Flows
Statements Of Cash Flows (Parenthetical)
Statements Of Common Stockholders' Equity
Statements Of Common Stockholders' Equity (Parenthetical)
Statements Of Income
Accounts Receivable And Contract Assets
Accounts Receivable And Contract Assets (Details)
Accounts Receivable And Contract Assets (Tables)
Acquisitions
Acquisitions (Details)
Commitments
Commitments (Details)
Common Stock And Earnings Per Share
Common Stock And Earnings Per Share (Details)
Common Stock And Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans, Benefit Payments Expected To Be Paid (Details)
Employee Benefit Plans, Changes In Benefit Obligation And Plan Assets (Details)
Employee Benefit Plans, Components Of Net Periodic Benefit Cost (Details)
Employee Benefit Plans, Defined Contribution Plan, Deferred Compensation And Other (Details)
Employee Benefit Plans, Fair Values Of Pension Plan Assets (Details)
Employee Benefit Plans, Projected Benefit Obligation, Accumulated Benefit Obligation And Fair Value Of Plan Assets (Details)
Employee Benefit Plans, Weighted-Average Assumptions Used (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments (Tables)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Long-Term Debt And Short-Term Borrowings
Long-Term Debt And Short-Term Borrowings (Tables)
Long-Term Debt And Short-Term Borrowings, Debt Covenants And Restrictions (Details)
Long-Term Debt And Short-Term Borrowings, Fixed Rate Long-Term Debt (Details)
Long-Term Debt And Short-Term Borrowings, Interest Rate Swap Agreement (Details)
Long-Term Debt And Short-Term Borrowings, Line Of Credit Borrowings (Details)
Long-Term Debt And Short-Term Borrowings, Long-Term Debt (Details)
Long-Term Debt And Short-Term Borrowings, Payments Due By Year (Details)
Long-Term Debt And Short-Term Borrowings, Variable Rate Long-Term Debt (Details)
Note Receivable And Customers' Advances For Construction
Note Receivable And Customers' Advances For Construction (Details)
Note Receivable And Customers' Advances For Construction (Tables)
Rate Matters
Rate Matters (Details)
Revenue
Revenue (Details)
Revenue (Policies)
Revenue (Tables)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Significant Accounting Policies, Allowance For Funds Used During Construction (Details)
Significant Accounting Policies, Income Taxes (Details)
Significant Accounting Policies, Interest Rate Swap Agreement (Details)
Significant Accounting Policies, Regulatory Assets And Liabilities (Details)
Significant Accounting Policies, Restricted Cash (Details)
Significant Accounting Policies, Utility Plant And Depreciation (Details)
Stock-Based Compensation
Stock-Based Compensation (Details)
Stock-Based Compensation (Tables)
Subsequent Event
Subsequent Event (Details)
Taxes Other Than Income Taxes
Taxes Other Than Income Taxes (Details)
Taxes Other Than Income Taxes (Tables)
Ticker: YORW
CIK: 108985
Form Type: 10-K Annual Report
Accession Number: 0000108985-23-000016
Submitted to the SEC: Tue Mar 07 2023 11:39:13 AM EST
Accepted by the SEC: Tue Mar 07 2023
Period: Saturday, December 31, 2022
Industry: Water Supply

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