Last10K.com

York Water Co (YORW) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

York Water Co

HISTORY TOOLS
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 2020 ANNUAL AND FOURTH QUARTER RESULTS

York, Pennsylvania, March 9, 2021:
  The York Water Company's (NASDAQ:YORW) President and CEO, JT Hand, announced the Company's 2020 financial results.

President Hand reported that 2020 operating revenues of $53,852,000 increased $2,274,000 and net income of $16,598,000 increased $2,196,000 compared to 2019.  Basic and Diluted Earnings per share of $1.27 for 2020 increased $0.16 compared to 2019.  Dividends per share rose 4% compared to 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 and depreciation.  Interest expense decreased due to lower interest rates.  Income taxes decreased due to higher deductions from the IRS tangible property regulations.

During the year, the Company invested $32.1 million in capital projects for replacement of a standpipe, reimbursement for the Amblebrook development water and wastewater infrastructure, improvements to a raw water pumping station, expansion of a wastewater treatment plant as well as various replacements and improvements to infrastructure.  In addition, the Company invested $1.2 million in the acquisition of two wastewater systems.  During 2020, the Company replaced approximately 56,000 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 2020 operating revenues increased $379,000 and net income increased $321,000 compared to the fourth quarter of 2019.  Basic and Diluted Earnings per share of $0.28 for the fourth quarter of 2020 increased $0.02 compared to the same period last year.  Increased revenues resulted primarily from higher per capita residential consumption and growth in the customer base.  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 and depreciation.

President Hand reported that York Water plans to invest approximately $36 million in 2021 and $40 million in 2022, excluding acquisitions, for additional main extensions, dam improvements, an elevated water tank, an upgrade to the enterprise software system, completion of a wastewater treatment plant, 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
  
   
2020
    
2019
    
2020
    
2019
  
Operating Revenues
  
$
13,398
    
$
13,019
    
$
53,852
    
$
51,578
  
Net Income
  
$
3,710
    
$
3,389
    
$
16,598
    
$
14,402
  
Average Number of Common Shares Outstanding
    
13,044
      
12,989
      
13,034
      
12,964
  
Basic and Diluted Earnings Per Common Share
  
$
0.28
    
$
0.26
    
$
1.27
    
$
1.11
  
Dividends Declared Per Common Share
  
$
0.1874
    
$
0.1802
    
$
0.7280
    
$
0.7001
  

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 9, 2021 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.

View differences made from one year to another to evaluate York Water Co's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by York Water Co.

Continue

Assess how York Water Co's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

York Water Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
M & A
Other
Filter Subcategory:
All
Income
Expense
Cash Flow
Product
Dividend
Earnings
Other
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, Restricted Cash (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: 0000108985-21-000022
Submitted to the SEC: Tue Mar 09 2021 11:59:49 AM EST
Accepted by the SEC: Tue Mar 09 2021
Period: Thursday, December 31, 2020
Industry: Water Supply

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/yorw/0000108985-21-000022.htm