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York Water Co (YORW) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 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 3rd QUARTER AND NINE MONTHS EARNINGS

York, Pennsylvania, November 5, 2021:
  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 2021.

President Hand reported that third quarter operating revenues of $14,503,000 increased $246,000 and net income of $4,794,000 increased $90,000 compared to the third quarter of 2020.  Increased revenues were primarily due to the utilization of the Distribution System Improvement Charge (DSIC) and growth in the customer base.  The DSIC is a Pennsylvania Public Utility Commission allowed charge that water utilities collect from customers for the replacement of aging infrastructure.  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 $0.36 for the three-month period, the same as the third quarter of last year.

President Hand also reported that the first nine months operating revenues of $41,385,000 increased $931,000 and net income of $12,983,000 increased $95,000 compared to the first nine 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 the utilization of the DSIC and growth in the customer base.  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 $0.99 for the nine-month period, the same as the first nine months of last year.

During the first nine months of 2021, the Company invested $27.4 million in 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 $7.6 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 September 30
 
   
In 000's (except per share)
 
   
Quarter
   
Nine Months
 
   
2021
   
2020
   
2021
   
2020
 
Operating Revenues
 
$
14,503
   
$
14,257
   
$
41,385
   
$
40,454
 
Net Income
 
$
4,794
   
$
4,704
   
$
12,983
   
$
12,888
 
Average Number of Common Shares Outstanding
   
13,084
     
13,032
     
13,070
     
13,021
 
Basic and Diluted Earnings Per Common Share
 
$
0.36
   
$
0.36
   
$
0.99
   
$
0.99
 
Dividends Declared Per Common Share
 
$
0.1874
   
$
0.1802
   
$
0.5622
   
$
0.5406
 

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 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: 0000108985-21-000120
Submitted to the SEC: Fri Nov 05 2021 10:03:54 AM EST
Accepted by the SEC: Fri Nov 05 2021
Period: Thursday, September 30, 2021
Industry: Water Supply

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