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York Water Co (YORW) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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
 
 
 
Matthew E. Poff, Chief Financial Officer
 
     matthewp@yorkwater.com
Phone:
717-845-3601
   FOR IMMEDIATE RELEASE
     

THE YORK WATER COMPANY REPORTS 2017 ANNUAL AND FOURTH QUARTER RESULTS


York, Pennsylvania, March 6, 2018:
  The York Water Company's (NASDAQ:YORW) President, Jeffrey R. Hines, announced today the Company's 2017 earnings.

President Hines reported that annual operating revenues for 2017 increased $1,005,000, and that net income increased $1,128,000 when compared to 2016.  Higher operating revenues were primarily due to utilization of the Distribution System Improvement Charge (DSIC).  DSIC is a Pennsylvania Public Utility Commission allowed charge that water utilities collect from customers for the replacement of aging infrastructure.  Net income increased primarily due to lower income taxes from a higher volume of asset improvements eligible for the tax deduction under the IRS tangible property regulations and an increased allowance for funds used during construction (AFUDC).  AFUDC is the cost of debt and equity funds used to finance plant construction. The increased income was partially offset by higher operations and maintenance expenses and depreciation.  Basic and Diluted Earnings per share for 2017 were $0.09 higher than 2016 and dividends per share rose by $0.0205 compared to 2016.

During the year, the Company invested $24.6 million in capital projects for an additional untreated water pumping station and force main, as well as various replacements and improvements to infrastructure including company-owned lead service lines.  During 2017, the Company replaced or relined approximately 42,500 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 2017 increased $468,000 and that net income increased by $585,000 compared to the fourth quarter of 2016.  The increase in fourth quarter net income also resulted from higher revenue from the utilization of the DSIC, lower income taxes due to a higher volume of asset improvements eligible for a tax deduction and increased AFUDC.  Basic and Diluted Earnings per share for the fourth quarter of 2017 were $0.04 higher than the fourth quarter of 2016.

President Hines reported that York Water plans to invest approximately $22.6 million in 2018 and $19.8 million in 2019 for spillway improvements and the armoring of one of the dams, replacing a water storage tank, expansion of a wastewater treatment plant, system expansion, 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 share and per share)
 
   
Quarter
   
Twelve Months
 
   
2017
   
2016
   
2017
   
2016
 
Operating Revenues
 
$
12,353
   
$
11,885
   
$
48,589
   
$
47,584
 
Net Income
 
$
3,527
   
$
2,942
   
$
12,974
   
$
11,846
 
Average Number of Common Shares Outstanding
   
12,860
     
12,863
     
12,849
     
12,846
 
Basic and Diluted Earnings Per Common Share
 
$
0.27
   
$
0.23
   
$
1.01
   
$
0.92
 
Dividends Declared Per Common Share
 
$
0.1666
   
$
0.1602
   
$
0.6472
   
$
0.6267
 

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 6, 2018 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 (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 Agreements (details)
Significant Accounting Policies, Regulatory Assets And Liabilities (details)
Significant Accounting Policies, Utility Plant And Depreciation (details)
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: 0000108985-18-000032
Submitted to the SEC: Tue Mar 06 2018 2:24:32 PM EST
Accepted by the SEC: Tue Mar 06 2018
Period: Sunday, December 31, 2017
Industry: Water Supply

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