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York Water Co (YORW) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

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
     

YORK WATER COMPANY REPORTS 3rd QUARTER AND NINE MONTHS EARNINGS

York, Pennsylvania, November 6, 2020:
  The York Water Company's (NASDAQ:YORW) President, JT Hand, announced the Company's financial results for the third quarter and the first nine months of 2020.

President Hand reported that third quarter operating revenues of $14,257,000 increased $577,000 and net income of $4,704,000 increased $221,000 compared to the third quarter of 2019.  Earnings per share of $0.36 for the three-month period increased $0.01 compared to the same period last year.  Increased revenues were primarily due to higher per capita residential consumption and growth in the customer base.  The increased revenue was partially offset by higher operation and maintenance expenses, depreciation, and income taxes due to lower deductions from the IRS tangible property regulations.  Interest expense decreased due to lower interest rates.

President Hand also reported that the first nine months operating revenues of $40,454,000 increased $1,895,000 and net income of $12,888,000 increased $1,875,000 compared to the first nine months of 2019.  Increased revenues resulted primarily from the March 1, 2019 rate increase, higher per capita residential consumption, and growth in the customer base partially offset by lower Distribution System Improvement Charge (DSIC) after its reset to zero.  DSIC is a Pennsylvania Public Utility Commission (PPUC) allowed charge that water utilities collect from customers for the replacement of aging infrastructure.  The Company also recognized a non-recurring gain on life insurance.  The increased income was partially offset by higher operation and maintenance expenses, depreciation, and income taxes due to higher taxable income partially offset by higher deductions from the IRS tangible property regulations.  Interest expense decreased due to lower interest rates.  Earnings per share of $0.99 for the nine-month period increased $0.14 compared to the same period last year.

During the first nine months of 2020, the Company invested $16.0 million in construction expenditures for replacement of a standpipe as well as various replacements and improvements to infrastructure.  In addition, the Company invested $1,158,000 in the acquisition of two wastewater systems.  The Company estimates it will invest an additional $12.2 million in 2020, excluding acquisitions, for reimbursement for the Amblebrook development water and wastewater infrastructure, additional main extensions, improvements to a raw water pumping station, expansion of a wastewater treatment plant, and routine 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 September 30
 
   
In 000's (except per share)
 
   
Quarter
   
Nine Months
 
   
2020
   
2019
   
2020
   
2019
 
Operating Revenues
 
$
14,257
   
$
13,680
   
$
40,454
   
$
38,559
 
Net Income
 
$
4,704
   
$
4,483
   
$
12,888
   
$
11,013
 
Average Number of Common Shares Outstanding
   
13,032
     
12,969
     
13,021
     
12,956
 
Basic and Diluted Earnings Per Common Share
 
$
0.36
   
$
0.35
   
$
0.99
   
$
0.85
 
Dividends Declared Per Common Share
 
$
0.1802
   
$
0.1733
   
$
0.5406
   
$
0.5199
 

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 Friday, November 6, 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-Q Quarterly 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-Q Quarterly Report:
Ticker: YORW
CIK: 108985
Form Type: 10-Q Quarterly Report
Accession Number: 0000108985-20-000126
Submitted to the SEC: Fri Nov 06 2020 10:12:22 AM EST
Accepted by the SEC: Fri Nov 06 2020
Period: Wednesday, September 30, 2020
Industry: Water Supply

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