YORK, Pa., May 8, 2013 (GLOBE NEWSWIRE) -- The York Water Company's (YORW) President, Jeffrey R. Hines, announced today the Company's financial results for the first quarter of 2013.
President Hines reported that first quarter operating revenues of $10,069,000 increased $400,000, and net income of $2,139,000 increased $198,000 compared to the first quarter of 2012. Higher revenues were due to an increase in the Distribution System Improvement Charge (DSIC) and growth in the customer base, mainly through acquisitions. The DSIC is a surcharge allowed by the Pennsylvania Public Utility Commission for the replacement of aging infrastructure. The higher revenues were partially offset by higher income taxes and depreciation expense. Earnings per share for the three-month period increased $0.02 compared to the same period last year.
During the first three months of 2013, the Company invested $2.4 million in construction expenditures for routine items as well as various replacements of infrastructure. In addition, the Company invested $27,000 as it closed on the previously announced acquisition of the water system of the Windy Brae Mobile Home Park in York County, Pennsylvania. The Company estimates it will invest an additional $11.7 million in 2013, excluding acquisitions, for expansion and improvements to its pipes, filtration system, facilities, and dams 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.
|Three Months Ended|
|In 000's (except per share)|
|Average Number of Common Shares Outstanding||12,938||12,802|
|Basic Earnings per Common Share||$0.17||$0.15|
|Dividends Paid Per Common Share||$0.1383||$0.1336|
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.
Jeffrey R. Hines, President
Kathleen M. Miller, Chief Financial Officer