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York Water Co (YORW) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

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 2nd QUARTER AND SIX MONTHS EARNINGS

York, Pennsylvania, August 5, 2021:
  The York Water Company's (NASDAQ:YORW) President, JT Hand, announced the Company's financial results for the second quarter and the first six months of 2021.

President Hand reported that second quarter operating revenues of $13,801,000 increased $481,000 and net income of $4,484,000 increased $302,000 compared to the second quarter of 2020.  Basic and Diluted Earnings per share of $0.35 for the three-month period increased $0.03 compared to the same period last year.  Increased revenues were primarily due to growth in the customer base and higher billing and revenue collection services.  The increased revenue was partially offset by higher operation and maintenance expenses and depreciation.  Income taxes decreased due to higher deductions from the IRS tangible property regulations.

President Hand also reported that the first six months operating revenues of $26,882,000 increased $685,000 and net income of $8,189,000 increased $5,000 compared to the first six months of 2020 which included a non-recurring gain on life insurance of $515,000 not repeated in 2021.  Increased revenues were primarily due to growth in the customer base and higher billing and revenue collection services.  The increased revenue was partially offset by higher operation and maintenance expenses and depreciation.  Income taxes decreased due to higher deductions from the IRS tangible property regulations.  Basic and Diluted Earnings per share were $0.63 for the six-month period, the same as the first six months of last year.

During the first six months of 2021, the Company invested $16.0 million in construction expenditures for an upgrade to the enterprise software system as well as various replacements and improvements to infrastructure.  The Company estimates it will invest an additional $16.5 million in 2021, excluding acquisitions, for additional main extensions, an elevated water tank, completion 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 June 30
 
   
In 000's (except per share)
 
   
Quarter
   
Six Months
 
   
2021
   
2020
   
2021
   
2020
 
Operating Revenues
 
$
13,801
   
$
13,320
   
$
26,882
   
$
26,197
 
Net Income
 
$
4,484
   
$
4,182
   
$
8,189
   
$
8,184
 
Average Number of Common Shares Outstanding
   
13,069
     
13,022
     
13,062
     
13,016
 
Basic and Diluted Earnings Per Common Share
 
$
0.35
   
$
0.32
   
$
0.63
   
$
0.63
 
Dividends Declared Per Common Share
 
$
0.1874
   
$
0.1802
   
$
0.3748
   
$
0.3604
 

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 Thursday, August 5, 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-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: 0000108985-21-000095
Submitted to the SEC: Thu Aug 05 2021 10:46:54 AM EST
Accepted by the SEC: Thu Aug 05 2021
Period: Wednesday, June 30, 2021
Industry: Water Supply

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