0000108985-12-000088.txt : 20121107 0000108985-12-000088.hdr.sgml : 20121107 20121107084018 ACCESSION NUMBER: 0000108985-12-000088 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20121107 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121107 DATE AS OF CHANGE: 20121107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: YORK WATER CO CENTRAL INDEX KEY: 0000108985 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] IRS NUMBER: 231242500 STATE OF INCORPORATION: PA FISCAL YEAR END: 0123 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34245 FILM NUMBER: 121184842 BUSINESS ADDRESS: STREET 1: 130 E MARKET ST CITY: YORK STATE: PA ZIP: 17401-1219 BUSINESS PHONE: 7178453601 MAIL ADDRESS: STREET 1: 130 EAST MARKET STREET CITY: YORK STATE: PA ZIP: 17401-1219 8-K 1 form8k110712.htm THE YORK WATER COMPANY 8K 11-07-12 form8k110712.htm  


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934


Date of Report: November 7, 2012
(Date of earliest event reported)

The York Water Company

THE YORK WATER COMPANY
(Exact name of registrant as specified in its charter)


PENNSYLVANIA
001-34245
23-1242500
(State or other jurisdiction
(Commission
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
 
130 EAST MARKET STREET
YORK, PENNSYLVANIA
 
17401
(Address of principal executive offices)
(Zip Code)

(717) 845-3601
(Registrant's telephone number, including area code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 

 
THE YORK WATER COMPANY


Item 2.02
Results of Operations and Financial Condition.


On November 7, 2012, York Water Company issued a press release announcing its financial results for the third quarter and the first nine months of 2012.  The press release is being furnished with this Current Report on Form 8-K Exhibit 99.1 and is hereby incorporated herein by reference.  This report (including the exhibit) shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any filing made by the Registrant pursuant to the Securities Act of 1933, as amended, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.


Item 9.01
Financial Statements and Exhibits.
   
(c) Exhibits.
 
   
Exhibit No.
Description of Exhibit
   


 
 

 

THE YORK WATER COMPANY


SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



 
THE YORK WATER COMPANY
   
   
 
/s/Kathleen M. Miller
Date: November 7, 2012
Kathleen M. Miller
 
Chief Financial Officer


EX-99.1 2 exhibit99_1-110712.htm YWC PRESS RELEASE 11-07-12 exhibit99_1-110712.htm
 

EXHIBIT 99.1
 
News Release
 
 
The York Water Company
   
130 East Market Street
Contact:
Jeffrey R. Hines, President
York, PA  17401
Or
jeffh@yorkwater.com
 
 
 
Kathleen M. Miller, Chief Financial Officer
 
kathym@yorkwater.com
Phone:
717-845-3601
FOR IMMEDIATE RELEASE
     

YORK WATER COMPANY REPORTS 3rd QUARTER AND NINE MONTHS EARNINGS
AND CLOSING ON TWO WATER ACQUISITIONS

York, Pennsylvania, November 7, 2012:  The York Water Company's (NASDAQ:YORW) President, Jeffrey R. Hines, announced today the Company's financial results for the third quarter and the first nine months of 2012.

President Hines reported that third quarter operating revenues of $11,025,000 increased $574,000 and net income of $2,760,000 increased $396,000 compared to the third quarter of 2011.  Earnings per share of $0.22 for the three-month period increased $0.03 compared to the same period last year.

President Hines also reported that the first nine months operating revenues of $31,046,000 increased $498,000, and net income of $6,905,000 decreased $56,000 compared to the first nine months of 2011.  Higher revenues were due to an increase in the Distribution System Improvement Charge (DSIC) and growth in the customer base.  Expense reductions, including a lower provision for doubtful accounts, reduced power costs and lower life insurance expenses, were offset by higher income taxes and increased expenses for depreciation, distribution system maintenance,   wages and benefits.  The DSIC is a surcharge allowed by the Pennsylvania Public Utility Commission for the replacement of aging infrastructure. Earnings per share of $0.54 for the nine-month period decreased $0.01 compared to the same period last year.

During the first nine months of 2012, the Company invested $8.8 million in capital projects for upgrades to its water treatment and enterprise software systems, as well as various scheduled replacements of aging infrastructure. In addition, the Company invested $463,000 in the acquisitions of water and wastewater systems during the first nine months of 2012.  The Company estimates it will invest an additional $2.8 million in 2012 for acquisitions, expansion and improvements to its systems and infrastructure to continue providing excellent customer service, ensuring 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
 
2012
2011
2012
2011
Operating Revenues
$ 11,025
$ 10,451
$ 31,046
$ 30,548
Net Income
$   2,760
$   2,364
$   6,905
$   6,961
Average Number of Common Shares Outstanding
12,861
12,748
12,832
12,722
Basic Earnings Per Common Share
$     0.22
$     0.19
$     0.54
$     0.55
Dividends Paid Per Common Share
$ 0.1336
$ 0.1310
$ 0.4008
$ 0.3930

On August 16, 2012, the Company completed the acquisition and began operating the water system of York Starview, LP in York County, Pennsylvania.  The acquisition resulted in the addition of approximately 240 new water customers with purchase price and acquisition costs to date of approximately $133,000.

On October 12, 2012, the Company completed the acquisition of the water system of Section A Water Corporation in Adams County, Pennsylvania.  The Company began operating the existing system as a satellite location on October 15, 2012.  The acquisition resulted in the addition of approximately 100 new water customers at a purchase price of approximately $135,000.  One additional water acquisition is expected to close during the first quarter of 2013.

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.

###

 
 

 

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