Last10K.com

York Water Co (YORW) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

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 STRONG 2015 RESULTS

York, Pennsylvania, March 8, 2016:
  The York Water Company's (NASDAQ:YORW) President, Jeffrey R. Hines, announced today the Company's 2015 and fourth quarter earnings.

President Hines reported that annual operating revenues for 2015 increased $1,189,000, and that net income increased $1,005,000 when compared to 2014.  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 an emergency interconnection with a neighboring municipality to provide water.  The higher revenues combined with lower retirement expenses offset higher operating expenses and a reduction in income due to a prior year land sale.  Earnings per share for 2015 were $0.08 higher than 2014 and dividends per share rose by $0.025 compared to 2014.

During the year, the Company invested $13.8 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 2015, the Company replaced or relined over 42,000 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 acquisitions in 2015.

President Hines also reported that operating revenues for the fourth quarter of 2015 increased $118,000, but that net income declined by $35,000 compared to the fourth quarter of 2014.  The decrease in net income resulted from an adjustment in the fourth quarter of 2014 of $1,342,000 to record the full-year 2014 impact of the IRS tangible property regulations.  This caused a significant reduction in income tax expense during the fourth quarter of 2014.  In 2015, the impact of the IRS tangible property regulations was recorded as earned throughout the year.  Earnings per share for the fourth quarter of 2015 were $0.01 lower than the fourth quarter of 2014, also due to the 2014 adjustment.

President Hines reported that York Water plans to invest approximately $20.1 million in 2016 and $13.1 million in 2017, 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
 
   
2015
 
2014
 
2015
 
2014
 
Operating Revenues
 
$
11,617
   
$
11,499
   
$
47,089
   
$
45,900
 
Net Income
 
$
3,516
   
$
3,551
   
$
12,489
   
$
11,484
 
Average Number of Common Shares Outstanding
   
12,794
     
12,812
     
12,832
     
12,880
 
Basic Earnings Per Common Share
 
$
0.27
   
$
0.28
   
$
0.97
   
$
0.89
 
Dividends Declared Per Common Share
 
$
0.1555
   
$
0.1495
   
$
0.6040
   
$
0.5788
 

In 2016, the Company expects to close on and begin operating its previously announced wastewater system acquisitions of SYC and West York Borough, and water system acquisitions including Crestview and Westwood.  In total, these system acquisitions are expected to add approximately 2,050 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 8, 2016 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.

View differences made from one year to another to evaluate York Water Co's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by York Water Co.

Continue

Assess how York Water Co's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

York Water Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2016 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

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 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 (tables)
Employee Benefit Plans, Changes In Benefit Obligation And Plan Assets (details)
Employee Benefit Plans, Defined Contribution Plan, Deferred Compensation And Other (details)
Employee Benefit Plans, Fair Value Of Pension Plan Assets (details)
Employee Benefit Plans, Regulatory Assets Through Assumptions (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 (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 Matters
Rate Matters (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: 0000108985-16-000127
Submitted to the SEC: Tue Mar 08 2016 10:30:51 AM EST
Accepted by the SEC: Tue Mar 08 2016
Period: Thursday, December 31, 2015
Industry: Water Supply

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/yorw/0000108985-16-000127.htm