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York Water Co (YORW) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

York Water Co

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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, 717-718-2953
  
 
 
Matthew E. Poff, Chief Financial Officer
 
     matthewp@yorkwater.com, 717-718-7549
Phone:
717-845-3601
   FOR IMMEDIATE RELEASE
     

THE YORK WATER COMPANY REPORTS 2018 ANNUAL AND FOURTH QUARTER RESULTS


York, Pennsylvania, March 12, 2019:
  The York Water Company’s (NASDAQ:YORW) President, Jeffrey R. Hines, announced today the Company’s 2018 earnings.

President Hines reported that net income increased $402,000 when compared to 2017 despite a decline in operating revenue for 2018 of $152,000.  Basic and Diluted Earnings per share for 2018 were 3% higher than 2017 and dividends per share rose by 4% compared to 2017.  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 higher revenues due to the utilization of the Distribution System Improvement Charge (DSIC).  DSIC is a Pennsylvania Public Utility Commission (PPUC) allowed charge that water utilities collect from customers for the replacement of aging infrastructure.  The increased income was partially offset by higher operation and maintenance expenses and depreciation and lower allowance for funds used during construction (AFUDC).  AFUDC is the cost of debt and equity funds used to finance plant construction.  The impact of the tax rate reduction from the Tax Cuts and Jobs Act of 2017 was offset by reduced revenue from the PPUC rate order requiring the Company to reflect the benefit in customers’ rates.

During the year, the Company invested $16.9 million in capital projects for completion of an additional untreated water pumping station as well as various replacements and improvements to infrastructure including company-owned lead service lines.  During 2018, the Company replaced or relined approximately 50,000 feet of pipe to improve its distribution system, reduce ongoing expenses, and improve customer service.

President Hines also reported that net income for the fourth quarter of 2018 increased $150,000 when compared to the fourth quarter of 2017 despite a decline in operating revenue of $284,000.  Basic and Diluted Earnings per share for the fourth quarter of 2018 were $0.02 higher than the fourth quarter of 2017.  Increased earnings resulted primarily from lower income taxes due to higher maintenance and repair deductions and higher revenues due to the utilization of the DSIC.  The increased income was partially offset by higher operation and maintenance expenses and depreciation and lower AFUDC.  Lower income taxes from the reduction in the tax rate were offset by lower revenue from its return as part of the rate order.

President Hines reported that York Water plans to invest approximately $21.5 million in 2019 and $21.2 million in 2020 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
  
   
2018
    
2017
    
2018
    
2017
  
Operating Revenues
  
$
12,069
    
$
12,353
    
$
48,437
    
$
48,589
  
Net Income
  
$
3,677
    
$
3,527
    
$
13,376
    
$
12,974
  
Average Number of Common Shares Outstanding
    
12,929
      
12,860
      
12,904
      
12,849
  
Basic and Diluted Earnings Per Common Share
  
$
0.29
    
$
0.27
    
$
1.04
    
$
1.01
  
Dividends Declared Per Common Share
  
$
0.1733
    
$
0.1666
    
$
0.6731
    
$
0.6472
  


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 12, 2019 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 York Water Co's 10-K Annual Report:

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
Accounts Receivable And Contract Assets
Accounts Receivable And Contract Assets (Details)
Accounts Receivable And Contract Assets (Tables)
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, Line Of Credit Borrowings (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, Variable Rate Long-Term Debt (Details)
Note Receivable And Customers' Advances For Construction
Note Receivable And Customers' Advances For Construction (Details)
Note Receivable And Customers' Advances For Construction (Tables)
Rate Matters
Rate Matters (Details)
Revenue
Revenue (Details)
Revenue (Policies)
Revenue (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, Impact Of Recent Accounting Pronouncements (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)
Subsequent Event
Subsequent Event (Details)
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: 0000108985-19-000026
Submitted to the SEC: Tue Mar 12 2019 7:31:28 AM EST
Accepted by the SEC: Tue Mar 12 2019
Period: Monday, December 31, 2018
Industry: Water Supply

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