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York Water Co (YORW) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

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
     

THE YORK WATER COMPANY REPORTS IMPROVED 2014 RESULTS

York, Pennsylvania, March 10, 2015:
  The York Water Company's (NASDAQ:YORW) President, Jeffrey R. Hines, announced today the Company's fourth quarter and 2014 earnings.

President Hines reported that operating revenues for the fourth quarter of 2014 increased $834,000 and net income increased $913,000 over the fourth quarter of 2013.  Higher operating revenues and lower income tax expense offset higher retirement expenses and increased health insurance expenses resulting in higher net income for the fourth quarter of 2014.  A fourth quarter adjustment of $1,342,000 to record the 2014 impact of the IRS tangible property regulations caused a significant reduction in income tax expense despite the increase in revenue.  Earnings per share for the fourth quarter of 2014 were $0.07 higher than the fourth quarter of 2013.

President Hines also reported that annual operating revenues for 2014 increased $3,517,000, and that net income increased $1,830,000 when compared to 2013.  Higher operating revenues were primarily due to:  increased water and wastewater rates, as approved by the Pennsylvania Public Utility Commission effective February 28, 2014; growth in the customer base, mainly due to acquisitions; and lower income taxes due to the implementation of the IRS tangible property regulations.  The higher revenues offset increased wages, retirement, and other expenses resulting in significantly higher net income compared to 2013.  Earnings per share for 2014 were $0.14 higher than 2013 and dividends per share rose by $0.02 compared to 2013.

During the year, the Company invested $14.1 million in capital projects for upgrades to its water treatment system, new water mains, routine items, and to replace a portion of its infrastructure. During 2014, the Company replaced or relined over 41,000 feet of pipe to improve its distribution system, reduce ongoing expenses, and improve customer service.  In addition to these capital projects, the Company invested $0.4 million in water and wastewater acquisitions in 2014.

President Hines reported that York Water plans to invest approximately $14.1 million in 2015 and $15.8 million in 2016, both exclusive of acquisitions which have not yet been approved, for design and construction of a new untreated water pumping station and force main, 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
 
2014
2013
2014
2013
Operating Revenues
$11,499
$10,665
$45,900
$42,383
Net Income
$3,551
$2,638
$11,484
$9,654
Average Number of Common Shares Outstanding
12,812
12,948
12,880
12,928
Basic Earnings Per Common Share
$0.28
$0.21
$0.89
$0.75
Dividends Declared Per Common Share
$0.1495
$0.1431
$0.5788
$0.5580
 
The Company expects to close on and begin operating its previously announced wastewater system acquisition of SYC, and water system acquisitions including Paradise, The Meadows, and Newberry Farms in 2015.  In total, these system acquisitions are expected to add approximately 350 new customers.

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 10, 2015 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: 0000108985-15-000022
Submitted to the SEC: Tue Mar 10 2015 11:16:09 AM EST
Accepted by the SEC: Tue Mar 10 2015
Period: Wednesday, December 31, 2014
Industry: Water Supply

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