SOURCE: The York Water Company

November 08, 2006 15:35 ET

York Water Company Reports Improved Nine-Month Earnings

YORK, PA -- (MARKET WIRE) -- November 8, 2006 -- The York Water Company's (NASDAQ: YORW) President, Jeffrey S. Osman, announced today the Company's financial results for the third quarter and the first nine months of 2006.

President Osman reported that the first nine months' operating revenues of $21,295,000 increased 5.8% over the first nine months of 2005, and that the first nine months' net income of $4,464,000 increased 0.5% compared to the first nine months of 2005. President Osman also reported that third quarter operating revenues of $7,665,000 increased 6.4% over the third quarter of 2005, and that net income of $1,739,000 increased 0.2% compared to the third quarter of 2005. The increase in revenue is attributed to an increase in the customer base of approximately 2,400. Higher operating expenses slowed growth in net income for the periods.

During the first nine months of 2006, the Company incurred $16.7 million on construction projects, including an automated meter reading system, a company-wide computer system and additionally to expand and improve its service territory.

                                       Period Ended September 30
                                       In 000's (except per share)
                                    Quarter                Nine Months
                             ----------------------  ----------------------
                                2006        2005        2006        2005
                             ----------  ----------  ----------  ----------
Water Operating Revenues     $    7,665  $    7,207  $   21,295  $   20,135
Net Income                   $    1,739  $    1,735  $    4,464  $    4,443
Average Number of Common
 Shares Outstanding              10,432      10,369      10,417      10,351
Basic Earnings Per Common
 Share                       $     0.17  $     0.17  $     0.43  $     0.43
Dividends Paid Per Common
 Share                       $    0.112  $    0.104  $    0.336  $    0.312

Contact Information

  • Contact:
    Jeffrey S. Osman
    President

    Kathleen M. Miller
    Chief Financial Officer

    Phone: 717-845-3601