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York Water Co (YORW) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

York Water Co

CIK: 108985 Ticker: YORW
EXHIBIT 99.1
News Release
 
 
   The York Water Company
 
 
   130 East Market Street
Contact:
Jeffrey R. Hines, President
   York, PA  17401
or
     jeffh@yorkwater.com
 
 
 
Kathleen M. Miller, Chief Financial Officer
 
     kathym@yorkwater.com
Phone:
717-845-3601
   FOR IMMEDIATE RELEASE
 
 
 

YORK WATER COMPANY REPORTS 2013 RESULTS AND WATER ACQUISITIONS

York, Pennsylvania, March 11, 2014:
 The York Water Company's (NASDAQ:YORW) President, Jeffrey R. Hines, announced today the Company's fourth quarter and 2013 earnings.

President Hines reported that operating revenues for the fourth quarter of 2013 increased $264,000 and net income increased $240,000 over the fourth quarter of 2012.  Higher operating revenues and lower retirement expenses offset higher income taxes and increased depreciation and power expenses, resulting in higher net income for the fourth quarter of 2013.  Earnings per share for the fourth quarter of 2013 were $0.03 higher than the fourth quarter of 2012.

President Hines also reported that annual operating revenues for 2013 increased $936,000, and that net income increased $351,000 when compared to 2012.  Higher operating revenues were due to an increase in the Distribution System Improvement Charge (a Pennsylvania Public Utility Commission approved mechanism for replacement of aging infrastructure), full-year wastewater revenue, and growth in the customer base, mainly due to prior year acquisitions.  Higher revenues and lower retirement expenses due to an increase in the discount rate were partially offset by increased depreciation and power expenses, resulting in higher net income compared to 2012.  Earnings per share for 2013 were $0.03 higher than 2012 and dividends per share rose by almost $0.02 compared to 2012.

During the year, the Company invested $9.9 million in capital projects for routine items, upgrades to its water treatment system, and to replace a portion of its infrastructure. During 2013, the Company replaced or relined over 41,000 feet of pipe to improve its distribution system, reduce ongoing expenses, and improve customer service.  President Hines reported that York Water plans to invest approximately $12.5 million in 2014 and $16.9 million in 2015, for expansion and improvements to its pipes, filtration system, facilities, and dams 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 share and per share)
 
Quarter
Twelve Months
 
2013
2012
2013
2012
Operating Revenues
$10,665
$10,401
$42,383
$41,447
Net Income
$2,638
$2,398
$9,654
$9,303
Average Number of Common Shares Outstanding
12,948
12,893
12,928
12,847
Basic Earnings Per Common Share
$0.21
$0.18
$0.75
$0.72
Dividends Declared Per Common Share
$0.1431
$0.1383
$0.5580
$0.5391

On January 6, 2014 and January 10, 2014, the Company signed agreements to purchase the water assets of Forest Lakes Water Association in York County, Pennsylvania, and Lincoln Estates Mobile Home Park and Lincoln Development Co. in Adams County, Pennsylvania, respectively.  Completion of both acquisitions is contingent upon receiving approval from all required regulatory authorities.  The Company expects to begin serving approximately 270 new customers in the second quarter of 2014.

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 11, 2014 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 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 Income
Acquisitions
Acquisitions (details)
Commitments
Commitments (details)
Common Stock And Earnings Per Share
Common Stock And Earnings Per Share (details)
Employee Benefit Plans
Employee Benefit Plans (details)
Employee Benefit Plans (tables)
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 (details)
Long-term Debt And Short-term Borrowings (tables)
Notes Receivable And Customers' Advances For Construction
Notes Receivable And Customers' Advances For Construction (details)
Notes Receivable And Customers' Advances For Construction (tables)
Rate Increases
Rate Increases (details)
Selected Quarterly Financial Data (unaudited)
Selected Quarterly Financial Data (unaudited) (details)
Selected Quarterly Financial Data (unaudited) (tables)
Significant Accounting Policies
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
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: 0000108985-14-000027
Submitted to the SEC: Tue Mar 11 2014 10:35:03 AM EST
Accepted by the SEC: Tue Mar 11 2014
Period: Tuesday, December 31, 2013
Industry: Water Supply

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