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York Water Co (YORW) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

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 2016 ANNUAL AND FOURTH QUARTER RESULTS

York, Pennsylvania, March 7, 2017:
  The York Water Company's (NASDAQ:YORW) President, Jeffrey R. Hines, announced today the Company's 2016 earnings.

President Hines reported that annual operating revenues for 2016 increased $495,000, and that net income decreased $643,000 when compared to 2015.  Higher operating revenues were primarily due to growth in the customer base, mainly due to acquisitions; and additionally due to higher billing and collection services income.  Net income declined primarily due to a lower volume of asset improvements eligible for the tax deduction under the IRS tangible property regulations which resulted in higher income taxes.  Higher depreciation expense, and higher retirement expenses added to the decline in net income in 2016.  Basic and Diluted Earnings per share for 2016 were $0.05 lower than 2015 and dividends per share rose by $0.0227 compared to 2015.

During the year, the Company invested $13.2 million in capital projects for further upgrades to water treatment facilities, information and communication technology, and the commencement of construction on an additional water pumping station and force main, as well as for routine items and replacements of infrastructure. During 2016, the Company replaced or relined over 42,000 feet of pipe to improve its distribution system, reduce ongoing expenses, and improve customer service.

President Hines also reported that operating revenues for the fourth quarter of 2016 increased $268,000, but that net income declined by $574,000 compared to the fourth quarter of 2015.  The decrease in fourth quarter net income also resulted from higher income taxes due to a lower volume of asset improvements eligible for a tax deduction and higher retirement expenses.  Basic and Diluted Earnings per share for the fourth quarter of 2016 were $0.04 lower than the fourth quarter of 2015.

President Hines reported that York Water plans to invest approximately $22.8 million in 2017 and $15.6 million in 2018, for completion of a new untreated water pumping station and force main, system expansion, the start of a dam upgrade project, and improvements to its pipes 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 share and per share)
 
   
Quarter
   
Twelve Months
 
   
2016
   
2015
   
2016
   
2015
 
Operating Revenues
 
$
11,885
   
$
11,617
   
$
47,584
   
$
47,089
 
Net Income
 
$
2,942
   
$
3,516
   
$
11,846
   
$
12,489
 
Average Number of Common Shares Outstanding
   
12,863
     
12,794
     
12,846
     
12,832
 
Basic and Diluted Earnings Per Common Share
 
$
0.23
   
$
0.27
   
$
0.92
   
$
0.97
 
Dividends Declared Per Common Share
 
$
0.1602
   
$
0.1555
   
$
0.6267
   
$
0.6040
 

In January 2017, the Company closed on its acquisition of the water assets of Stockham's Village, and in February 2017, the Company closed on its acquisition of the wastewater assets of West York Borough.  The water acquisition added approximately 80 customers, and the wastewater acquisition added approximately 1,700 customers, representing more than 2,200 units and making this the largest acquisition in the Company's history.

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, 2017 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)
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, Long-term Debt (details)
Long-term Debt And Short-term Borrowings, Payments Due By Year (details)
Long-term Debt And Short-term Borrowings, Short-term Borrowings (details)
Long-term Debt And Short-term Borrowings, Variable Rate Long-term Debt (details)
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)
Stock Based Compensation
Stock Based Compensation (details)
Stock Based Compensation (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: 0000108985-17-000024
Submitted to the SEC: Tue Mar 07 2017 11:03:26 AM EST
Accepted by the SEC: Tue Mar 07 2017
Period: Saturday, December 31, 2016
Industry: Water Supply

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