|
||||||||
UNITED STATES
|
||||||||
SECURITIES AND EXCHANGE COMMISSION
|
||||||||
Washington, D.C. 20549
|
||||||||
FORM 10-Q
|
||||||||
(Mark One)
|
||||||||
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|||||||
For the quarterly period ended September 30, 2012
|
||||||||
OR
|
||||||||
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|||||||
For the transition period from __________to____________
|
||||||||
Commission file number 001-34245
|
||||||||
THE YORK WATER COMPANY
|
||||||||
(Exact name of registrant as specified in its charter)
|
||||||||
PENNSYLVANIA
|
23-1242500
|
|||||||
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|||||||
130 EAST MARKET STREET, YORK, PENNSYLVANIA
|
17401
|
|||||||
(Address of principal executive offices)
|
(Zip Code)
|
|||||||
Registrant's telephone number, including area code (717) 845-3601
|
||||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
||||||||
ý YES
|
¨NO
|
|||||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
|
||||||||
ý YES
|
¨NO
|
|||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (check one):
|
||||||||
Large accelerated filer ¨
|
Accelerated filer ý
|
|||||||
Non-accelerated filer ¨
|
Small Reporting Company ¨
|
|||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
||||||||
¨ YES
|
ýNO
|
|||||||
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
|
||||||||
Common stock, No par value
|
12,891,401 Shares outstanding
as of November 6, 2012
|
PART I
|
Financial Information
|
|
PART II
|
Other Information
|
|
PART I - FINANCIAL INFORMATION
|
||||||||
Item 1. Financial Statements
|
||||||||
Balance Sheets (Unaudited)
|
||||||||
(In thousands of dollars, except per share amounts)
|
||||||||
Sept. 30, 2012
|
Dec. 31, 2011
|
|||||||
ASSETS
|
||||||||
UTILITY PLANT, at original cost
|
$ | 290,505 | $ | 281,002 | ||||
Plant acquisition adjustments
|
(2,620 | ) | (2,658 | ) | ||||
Accumulated depreciation
|
(49,354 | ) | (46,067 | ) | ||||
Net utility plant
|
238,531 | 232,277 | ||||||
OTHER PHYSICAL PROPERTY:
|
||||||||
Net of accumulated depreciation of $214 in 2012
|
||||||||
and $203 in 2011
|
694 | 702 | ||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
3,725 | 4,006 | ||||||
Accounts receivable, net of reserves of $333 in 2012
|
||||||||
and $334 in 2011
|
3,941 | 3,705 | ||||||
Unbilled revenues
|
2,262 | 2,258 | ||||||
Recoverable income taxes
|
- | 197 | ||||||
Materials and supplies inventories, at cost
|
820 | 692 | ||||||
Prepaid expenses
|
597 | 303 | ||||||
Deferred income taxes
|
228 | 228 | ||||||
Total current assets
|
11,573 | 11,389 | ||||||
OTHER LONG-TERM ASSETS:
|
||||||||
Deferred debt expense
|
2,317 | 2,396 | ||||||
Notes receivable
|
344 | 368 | ||||||
Deferred regulatory assets
|
23,197 | 23,114 | ||||||
Restricted cash-compensating balance
|
500 | 500 | ||||||
Other assets
|
3,564 | 3,473 | ||||||
Total other long-term assets
|
29,922 | 29,851 | ||||||
Total Assets
|
$ | 280,720 | $ | 274,219 | ||||
The accompanying notes are an integral part of these statements.
|
THE YORK WATER COMPANY
|
||||||||
Balance Sheets (Unaudited)
|
||||||||
(In thousands of dollars, except per share amounts)
|
||||||||
Sept. 30, 2012
|
Dec. 31, 2011
|
|||||||
STOCKHOLDERS' EQUITY AND LIABILITIES
|
||||||||
COMMON STOCKHOLDERS' EQUITY:
|
||||||||
Common stock, no par value, authorized 46,500,000 shares,
|
$ | 78,747 | $ | 77,113 | ||||
issued and outstanding 12,886,282 shares in 2012
|
||||||||
and 12,791,671 shares in 2011
|
||||||||
Retained earnings
|
19,912 | 18,152 | ||||||
Total common stockholders' equity
|
98,659 | 95,265 | ||||||
PREFERRED STOCK, authorized 500,000 shares, no shares issued
|
- | - | ||||||
LONG-TERM DEBT, excluding current portion
|
84,943 | 84,975 | ||||||
COMMITMENTS
|
- | - | ||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of long-term debt
|
42 | 42 | ||||||
Accounts payable
|
1,604 | 1,110 | ||||||
Dividends payable
|
1,442 | 1,481 | ||||||
Accrued compensation and benefits
|
996 | 1,012 | ||||||
Accrued income taxes
|
330 | - | ||||||
Accrued interest
|
1,548 | 1,065 | ||||||
Other accrued expenses
|
506 | 573 | ||||||
Total current liabilities
|
6,468 | 5,283 | ||||||
DEFERRED CREDITS:
|
||||||||
Customers' advances for construction
|
14,061 | 13,761 | ||||||
Deferred income taxes
|
31,671 | 29,809 | ||||||
Deferred employee benefits
|
14,313 | 14,660 | ||||||
Other deferred credits
|
3,628 | 3,489 | ||||||
Total deferred credits
|
63,673 | 61,719 | ||||||
Contributions in aid of construction
|
26,977 | 26,977 | ||||||
Total Stockholders' Equity and Liabilities
|
$ | 280,720 | $ | 274,219 | ||||
The accompanying notes are an integral part of these statements.
|
THE YORK WATER COMPANY
|
||||||||||||||||
Statements of Income (Unaudited)
|
||||||||||||||||
(In thousands of dollars, except per share amounts)
|
||||||||||||||||
Three Months
|
Nine Months
|
|||||||||||||||
Ended September 30
|
Ended September 30
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
OPERATING REVENUES:
|
||||||||||||||||
Residential
|
$ | 6,896 | $ | 6,564 | $ | 19,558 | $ | 19,320 | ||||||||
Commercial and industrial
|
3,312 | 3,148 | 9,085 | 8,925 | ||||||||||||
Other
|
817 | 739 | 2,403 | 2,303 | ||||||||||||
11,025 | 10,451 | 31,046 | 30,548 | |||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Operation and maintenance
|
1,922 | 1,881 | 5,541 | 5,370 | ||||||||||||
Administrative and general
|
1,726 | 1,753 | 5,488 | 5,561 | ||||||||||||
Depreciation and amortization
|
1,292 | 1,221 | 3,855 | 3,667 | ||||||||||||
Taxes other than income taxes
|
304 | 317 | 902 | 923 | ||||||||||||
5,244 | 5,172 | 15,786 | 15,521 | |||||||||||||
Operating income
|
5,781 | 5,279 | 15,260 | 15,027 | ||||||||||||
OTHER INCOME (EXPENSES):
|
||||||||||||||||
Interest on debt
|
(1,312 | ) | (1,313 | ) | (3,935 | ) | (3,943 | ) | ||||||||
Allowance for funds used during construction
|
29 | 30 | 71 | 80 | ||||||||||||
Other income (expenses), net
|
(42 | ) | (280 | ) | (278 | ) | (396 | ) | ||||||||
(1,325 | ) | (1,563 | ) | (4,142 | ) | (4,259 | ) | |||||||||
Income before income taxes
|
4,456 | 3,716 | 11,118 | 10,768 | ||||||||||||
Income taxes
|
1,696 | 1,352 | 4,213 | 3,807 | ||||||||||||
Net Income
|
$ | 2,760 | $ | 2,364 | $ | 6,905 | $ | 6,961 | ||||||||
Basic Earnings Per Share
|
$ | 0.22 | $ | 0.19 | $ | 0.54 | $ | 0.55 | ||||||||
Cash Dividends Declared Per Share
|
$ | 0.1336 | $ | 0.1310 | $ | 0.4008 | $ | 0.3930 | ||||||||
The accompanying notes are an integral part of these statements.
|
THE YORK WATER COMPANY
|
||||||||||||||||
Statements of Common Stockholders' Equity (Unaudited)
|
||||||||||||||||
(In thousands of dollars, except per share amounts)
|
||||||||||||||||
For the Periods Ended September 30, 2012 and 2011
|
||||||||||||||||
Common
|
Common
|
|||||||||||||||
Stock
|
Stock
|
Retained
|
||||||||||||||
Shares
|
Amount
|
Earnings
|
Total
|
|||||||||||||
Balance, December 31, 2011
|
12,791,671 | $ | 77,113 | $ | 18,152 | $ | 95,265 | |||||||||
Net income
|
- | - | 6,905 | 6,905 | ||||||||||||
Dividends ($.4008 per share)
|
- | - | (5,145 | ) | (5,145 | ) | ||||||||||
Issuance of common stock under
|
||||||||||||||||
dividend reinvestment, direct stock and
|
||||||||||||||||
employee stock purchase plans
|
94,611 | 1,634 | - | 1,634 | ||||||||||||
Balance, September 30, 2012
|
12,886,282 | $ | 78,747 | $ | 19,912 | $ | 98,659 |
Common
|
Common
|
|||||||||||||||
Stock
|
Stock
|
Retained
|
||||||||||||||
Shares
|
Amount
|
Earnings
|
Total
|
|||||||||||||
Balance, December 31, 2010
|
12,692,054 | $ | 75,481 | $ | 15,776 | $ | 91,257 | |||||||||
Net income
|
- | - | 6,961 | 6,961 | ||||||||||||
Dividends ($.3930 per share)
|
- | - | (5,001 | ) | (5,001 | ) | ||||||||||
Issuance of common stock under
|
||||||||||||||||
dividend reinvestment, direct stock and
|
||||||||||||||||
employee stock purchase plans
|
75,729 | 1,232 | - | 1,232 | ||||||||||||
Balance, September 30, 2011
|
12,767,783 | $ | 76,713 | $ | 17,736 | $ | 94,449 | |||||||||
The accompanying notes are an integral part of these statements.
|
Statements of Cash Flows (Unaudited)
|
||||||||
(In thousands of dollars, except per share amounts)
|
||||||||
Nine Months
|
||||||||
Ended September 30
|
||||||||
2012
|
2011
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$ | 6,905 | $ | 6,961 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
3,855 | 3,667 | ||||||
Increase in deferred income taxes
|
1,689 | 2,865 | ||||||
Other
|
162 | 314 | ||||||
Changes in assets and liabilities:
|
||||||||
Increase in accounts receivable and unbilled revenues
|
(469 | ) | (20 | ) | ||||
(Increase) decrease in recoverable income taxes
|
197 | (268 | ) | |||||
Increase in materials and supplies, prepaid expenses, regulatory and other assets
|
(760 | ) | (955 | ) | ||||
Increase (decrease) in accounts payable, accrued compensation and benefits,
|
||||||||
accrued expenses, deferred employee benefits, and other deferred credits
|
(198 | ) | 577 | |||||
Increase in accrued interest and taxes
|
813 | 154 | ||||||
Net cash provided by operating activities
|
12,194 | 13,295 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Utility plant additions, including debt portion of allowance for funds used during
|
||||||||
construction of $40 in 2012 and $45 in 2011
|
(8,785 | ) | (6,794 | ) | ||||
Acquisitions of water and wastewater systems
|
(463 | ) | - | |||||
Decrease in notes receivable
|
24 | 33 | ||||||
Net cash used in investing activities
|
(9,224 | ) | (6,761 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Customers' advances for construction and contributions in aid of construction
|
565 | 90 | ||||||
Repayments of customer advances
|
(234 | ) | (234 | ) | ||||
Repayments of long-term debt
|
(32 | ) | (95 | ) | ||||
Issuance of common stock
|
1,634 | 1,232 | ||||||
Dividends paid
|
(5,184 | ) | (4,993 | ) | ||||
Net cash used in financing activities
|
(3,251 | ) | (4,000 | ) | ||||
Net change in cash and cash equivalents
|
(281 | ) | 2,534 | |||||
Cash and cash equivalents at beginning of period
|
4,006 | 1,327 | ||||||
Cash and cash equivalents at end of period
|
$ | 3,725 | $ | 3,861 | ||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest, net of amounts capitalized
|
$ | 3,416 | $ | 3,745 | ||||
Income taxes
|
1,661 | 838 | ||||||
Supplemental schedule of non-cash investing and financing activities:
|
||||||||
Accounts payable includes $1,043 in 2012 and $606 in 2011 for the construction of utility plant.
|
||||||||
The accompanying notes are an integral part of these statements.
|
1.
|
Basis of Presentation
|
2.
|
Basic Earnings Per Share
|
3.
|
Commitments
|
4.
|
Pensions
|
Components of Net Periodic Pension Cost
|
|||||||
Three Months Ended
September 30
|
Nine Months Ended
September 30
|
||||||
2012
|
2011
|
2012
|
2011
|
||||
Service cost
|
$ 263
|
$ 233
|
$ 788
|
$ 698
|
|||
Interest cost
|
322
|
347
|
966
|
1,042
|
|||
Expected return on plan assets
|
(361)
|
(333)
|
(1,082)
|
(1,000)
|
|||
Plan amendments
|
-
|
23
|
-
|
69
|
|||
Amortization of actuarial loss
|
161
|
78
|
481
|
234
|
|||
Amortization of prior service cost
|
4
|
4
|
13
|
13
|
|||
Rate-regulated adjustment
|
9
|
46
|
28
|
138
|
|||
Net periodic pension expense
|
$ 398
|
$ 398
|
$ 1,194
|
$ 1,194
|
5.
|
Interest Rate Swap Agreement
|
6.
|
Fair Value Measurements
|
Fair Value Measurements
at Reporting Date Using
|
||
Description
|
September 30, 2012
|
Significant Other Observable Inputs (Level 2)
|
Interest Rate Swap
|
$3,002
|
$3,002
|
Fair Value Measurements
at Reporting Date Using
|
||
Description
|
December 31, 2011
|
Significant Other Observable Inputs (Level 2)
|
Interest Rate Swap
|
$2,842
|
$2,842
|
7.
|
Debt
|
As of
Sept. 30, 2012
|
As of
Dec. 31, 2011
|
||||
4.05% Pennsylvania Economic Development Financing Authority
|
|||||
Exempt Facilities Revenue Bonds, Series A, due 2016
|
$ 2,350
|
$ 2,350
|
|||
5.00% Pennsylvania Economic Development Financing Authority
|
|||||
Exempt Facilities Revenue Bonds, Series A, due 2016
|
4,950
|
4,950
|
|||
10.17% Senior Notes, Series A, due 2019
|
6,000
|
6,000
|
|||
9.60% Senior Notes, Series B, due 2019
|
5,000
|
5,000
|
|||
1.00% Pennvest Loan, due 2019
|
300
|
332
|
|||
10.05% Senior Notes, Series C, due 2020
|
6,500
|
6,500
|
|||
8.43% Senior Notes, Series D, due 2022
|
7,500
|
7,500
|
|||
Variable Rate Pennsylvania Economic Development Financing Authority
|
|||||
Exempt Facilities Revenue Bonds, Series 2008A, due 2029
|
12,000
|
12,000
|
|||
4.75% Industrial Development Authority Revenue
|
|||||
Bonds, Series 2006, due 2036
|
10,500
|
10,500
|
|||
6.00% Pennsylvania Economic Development Financing Authority
|
|||||
Exempt Facilities Revenue Bonds, Series 2008B, due 2038
|
14,885
|
14,885
|
|||
5.00% Monthly Senior Notes, Series 2010A, due 2040
|
15,000
|
15,000
|
|||
Total long-term debt
|
84,985
|
85,017
|
|||
Less current maturities
|
(42)
|
(42)
|
|||
Long-term portion
|
$ 84,943
|
$ 84,975
|
8.
|
Acquisitions
|
9.
|
Rate Matters
|
Financial Condition and Results of Operations
(In thousands of dollars, except per share amounts)
|
·
|
statements regarding the amount and timing of rate increases and other regulatory matters including the recovery of costs recorded as regulatory assets;
|
·
|
expected profitability and results of operations;
|
·
|
statements as to trends;
|
·
|
goals, priorities and plans for, and cost of, growth and expansion;
|
·
|
strategic initiatives;
|
·
|
availability of water supply;
|
·
|
water usage by customers; and
|
·
|
ability to pay dividends on common stock and the rate of those dividends.
|
·
|
changes in weather, including drought conditions or extended periods of heavy rainfall;
|
·
|
levels of rate relief granted;
|
·
|
the level of commercial and industrial business activity within the Company's service territory;
|
·
|
construction of new housing within the Company's service territory and increases in population;
|
·
|
changes in government policies or regulations, including the tax code;
|
·
|
the ability to obtain permits for expansion projects;
|
·
|
material changes in demand from customers, including the impact of conservation efforts which may impact the demand of customers for water;
|
·
|
changes in economic and business conditions, including interest rates, which are less favorable than expected;
|
·
|
changes in, or unanticipated, capital requirements;
|
·
|
changes in accounting pronouncements;
|
·
|
changes in the Company’s credit rating or the market price of its common stock;
|
·
|
the ability to obtain financing; and
|
·
|
other matters set forth in Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Controls and Procedures
|
Item 6.
|
Exhibits
|
|
Exhibit No.
|
Description
|
|
3
|
Amended and Restated Articles of Incorporation. Incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 4, 2010.
|
|
3.1
|
Amended and Restated By-Laws. Incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 26, 2012.
|
|
|
||
|
||
|
||
|
||
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
THE YORK WATER COMPANY
|
|||
Date: November 7, 2012
|
By:
|
/s/Jeffrey R. Hines | |
Jeffrey R. Hines
|
|||
Principal Executive Officer
|
|||
Date: November 7, 2012
|
By:
|
/s/Kathleen M. Miller | |
Kathleen M. Miller
|
|||
Principal Financial and Accounting Officer
|
|||
Exhibit No.
|
Description
|
3
|
Amended and Restated Articles of Incorporation. Incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 4, 2010.
|
3.1
|
Amended and Restated By-Laws. Incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 26, 2012.
|
|
|
|
|
|
|
|
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
I, Jeffrey R. Hines, certify that:
|
||
1.
|
I have reviewed this quarterly report on Form 10-Q of The York Water Company;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: November 7, 2012
|
By:
|
/s/Jeffrey R. Hines | |
Jeffrey R. Hines
|
|||
President and CEO
|
|||
I, Kathleen M. Miller, certify that:
|
||
1.
|
I have reviewed this quarterly report on Form 10-Q of The York Water Company;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):
|
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date: November 7, 2012
|
By:
|
/s/Kathleen M. Miller | |
Kathleen M. Miller
|
|||
Chief Financial Officer
|
|||
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a)); and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
THE YORK WATER COMPANY
|
|||
Date: November 7, 2012
|
By:
|
/s/Jeffrey R. Hines | |
Jeffrey R. Hines
|
|||
Chief Executive Officer
|
|||
(1)
|
The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a)); and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
THE YORK WATER COMPANY
|
|||
Date: November 7, 2012
|
By:
|
/s/Kathleen M. Miller | |
Kathleen M. Miller
|
|||
Chief Financial Officer
|
|||
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Basis of Presentation
|
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2012
|
|||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Basis of Presentation |
The interim financial statements are unaudited but, in the opinion of management, reflect all adjustments, consisting of only normal recurring accruals, necessary for a fair presentation of results for such periods. Because the financial statements cover an interim period, they do not include all disclosures and notes normally provided in annual financial statements, and therefore, should be read in conjunction with the financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2011. Operating results for the three and nine month periods ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. |