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York Water Co (YORW) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

York Water Co

CIK: 108985 Ticker: YORW


EXHIBIT 99.1

News Release
 
 
   The York Water Company
   
   130 East Market Street
Contact:
JT Hand, President and CEO
   York, PA  17401
 
     jth@yorkwater.com, 717-718-7554
 
 
or
Matthew E. Poff, Chief Financial Officer
 
     matthewp@yorkwater.com, 717-718-7549
Phone:
717-845-3601
   FOR IMMEDIATE RELEASE
     

THE YORK WATER COMPANY REPORTS 2019 ANNUAL AND FOURTH QUARTER RESULTS

York, Pennsylvania, March 10, 2020:
  The York Water Company's (NASDAQ:YORW) President and CEO, JT Hand, announced the Company's 2019 earnings.

President Hand reported that 2019 operating revenues of $51,578,000 increased $3,141,000 and net income of $14,402,000 increased $1,026,000 compared to 2018.  Basic and Diluted Earnings per share of $1.11 for 2019 increased $0.07 compared to 2018.  Dividends per share rose 4% compared to 2018.  Increased revenues were primarily due to an increase in rates effective March 1, 2019 partially offset by a reset to zero of the Distribution System Improvement Charge (DSIC).  The DSIC is a Pennsylvania Public Utility Commission (PPUC) allowed charge that water utilities collect from customers for the replacement of aging infrastructure.  Growth in the water and wastewater customer base also added to revenues.  The increased revenue was partially offset by higher operation and maintenance expenses, depreciation, and retirement expenses.  Income taxes decreased due to higher deductions from the IRS tangible property regulations.

During the year, the Company invested $18.4 million in capital projects for dam improvements as well as various replacements and improvements to infrastructure.  In addition, the Company invested $2.1 million in the acquisition of a wastewater system.  During 2019, the Company replaced or relined approximately 50,000 feet of pipe to improve its distribution system, reduce ongoing expenses, and improve customer service.

President Hand also reported that for the fourth quarter of 2019 operating revenues increased $950,000, but net income decreased $288,000 compared to the fourth quarter of 2018.  Basic and Diluted Earnings per share of $0.26 for the fourth quarter of 2019 decreased $0.03 compared to the same period last year.  Increased revenues resulted primarily from the March 1, 2019 rate increase and growth in the water customer base partially offset by lower DSIC after its reset to zero.  Income taxes decreased due to higher deductions from the IRS tangible property regulations.  The increased revenue and lower income taxes were offset by higher operation and maintenance expenses, depreciation, and retirement expenses.

President Hand reported that York Water plans to invest approximately $29.5 million in 2020 and $27.0 million in 2021, excluding acquisitions, for spillway improvements and the armoring of one of the dams, improvements to an untreated water pumping station, 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 per share)
 
   
Quarter
   
Twelve Months
 
   
2019
   
2018
   
2019
   
2018
 
Operating Revenues
 
$
13,019
   
$
12,069
   
$
51,578
   
$
48,437
 
Net Income
 
$
3,389
   
$
3,677
   
$
14,402
   
$
13,376
 
Average Number of Common Shares Outstanding
   
12,989
     
12,929
     
12,964
     
12,904
 
Basic and Diluted Earnings Per Common Share
 
$
0.26
   
$
0.29
   
$
1.11
   
$
1.04
 
Dividends Declared Per Common Share
 
$
0.1802
   
$
0.1733
   
$
0.7001
   
$
0.6731
 

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, 2020 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 Common Stockholders' Equity (Parenthetical)
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, Income Taxes (Details)
Significant Accounting Policies, Interest Rate Swap Agreement (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: 0000108985-20-000027
Submitted to the SEC: Tue Mar 10 2020 2:15:34 PM EST
Accepted by the SEC: Tue Mar 10 2020
Period: Tuesday, December 31, 2019
Industry: Water Supply

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