York Water Company Reports 3rd Quarter and Nine Months Earnings
November 03 2022 - 8:36AM
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 2022.
President Hand reported that third quarter
operating revenues of $15,811,000 increased $1,308,000 and net
income of $5,681,000 increased $887,000 compared to the third
quarter of 2021. Basic and Diluted Earnings per share of $0.40 for
the three-month period increased $0.04 compared to the same period
last year. Increased revenues were primarily due to
growth in the customer base from the West Manheim Township
wastewater acquisition and the utilization of the Distribution
System Improvement Charge (DSIC). 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.
President Hand also reported that the first nine
months operating revenues of $44,950,000 increased $3,565,000 and
net income of $14,569,000 increased $1,586,000 compared to the
first nine months of 2021. Increased revenues were primarily due to
growth in the customer base from the West Manheim Township
wastewater acquisition and the utilization of the DSIC. 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 of $1.05 for the nine-month
period increased $0.06 compared to the same period last year.
During the first nine months of 2022, the
Company invested $34.1 million in construction expenditures for
routine items, armoring and replacing the spillway of the Lake
Williams dam, and wastewater treatment plant construction as well
as various replacements and improvements to infrastructure. In
addition, the Company invested a combined $2.8 million in the
acquisitions of the water system and the wastewater collection and
treatment system jointly owned by Letterkenny Industrial
Development Authority and Franklin County General Authority and the
water system and the wastewater collection and treatment system of
Country View Manor Community, LLC. The Company estimates it will
invest an additional $11.0 million in 2022, excluding acquisitions,
for armoring and replacing the spillway of the Lake Williams dam,
additional main extensions, 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 |
|
2022 |
2021 |
2022 |
2021 |
Operating Revenues |
$ |
15,811 |
$ |
14,503 |
$ |
44,950 |
$ |
41,385 |
Net Income |
$ |
5,681 |
$ |
4,794 |
$ |
14,569 |
$ |
12,983 |
Average Number of Common Shares
Outstanding |
|
14,255 |
|
13,084 |
|
13,854 |
|
13,070 |
Basic and Diluted Earnings Per
Common Share |
$ |
0.40 |
$ |
0.36 |
$ |
1.05 |
$ |
0.99 |
Dividends Declared Per Common
Share |
$ |
0.1949 |
$ |
0.1874 |
$ |
0.5847 |
$ |
0.5622 |
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.
Contact:
JT Hand, President and CEO
jth@yorkwater.com, 717-718-7554
or
Matthew E. Poff, Chief Financial Officer
matthewp@yorkwater.com, 717-718-7549
Phone: 717-845-3601
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