The York Water Company Announces Second Quarter And Six Month Earnings
YORK, Pa., Aug. 6, 2010 (GLOBE NEWSWIRE) -- The York Water Company's (Nasdaq:YORW) President, Jeffrey R. Hines, announced today the Company's financial results for the second quarter and the first six months of 2010.
President Hines reported that second quarter operating revenues of $9,748,000 increased $538,000 and net income of $2,344,000 increased $431,000 compared to the second quarter of 2009. Earnings per share of $0.18 for the three-month period increased $0.01 over the same period last year.
President Hines also reported that the first six months operating revenues of $18,764,000 increased $780,000, and net income of $4,183,000 increased $773,000 compared to the first six months of 2009. Higher water revenues due to growth in the customer base, an increase in the Distribution System Improvement Charge (DSIC), and lower expenses, caused the majority of the increase in net income. DSIC is a Pennsylvania Public Utility Commission allowed charge that water utilities collect from customers for the replacement of aging infrastructure.Lower interest expense due to a reduction in rates and outstanding debt, reduced retirement costs, and higher capitalized expenses made up most of the reduction in expenses compared to the first six months of 2009. 2009 operating expenses included a one-time vacation accrual adjustment that resulted in a reduction in net income of $152,000 compared to 2010. Earnings per share of $0.33 for the six-month period increased $0.03 over the same period last year. During the first six months of 2010, the Company invested $3.6 million in construction projects. The majority of the construction expenditures were for upgrades and additions to current facilities as well as replacements of aging infrastructure. The Company plans to continue to invest in infrastructure at a rate necessary to ensure a safe, adequate and reliable supply of drinking water.
|Period Ended June 30|
|In 000's (except per share)|
|Operating Revenues||$ 9,748||$ 9,210||$ 18,764||$ 17,984|
|Net Income||$ 2,344||$ 1,913||$ 4,183||$ 3,410|
|Average Number of Common Shares Outstanding||12,614||11,411||12,593||11,393|
|Basic Earnings Per Common Share||$ 0.18||$ 0.17||$ 0.33||$ 0.30|
|Dividends Paid Per Common Share||$ 0.128||$ 0.126||$ 0.256||$ 0.252|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV