0000108985-14-000084.txt : 20140806 0000108985-14-000084.hdr.sgml : 20140806 20140806103227 ACCESSION NUMBER: 0000108985-14-000084 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20140806 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140806 DATE AS OF CHANGE: 20140806 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: 141018536 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 form8k080614.htm THE YORK WATER COMPANY 8K 08-06-14  

 
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: August 6, 2014
(Date of earliest event reported)


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 August 6, 2014, The York Water Company issued a press release announcing its second quarter and first six months of 2014 financial results.  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: August 6, 2014
Kathleen M. Miller
 
Chief Financial Officer



EX-99.1 2 exhibit99_1-080614.htm YWC PRESS RELEASE 08-06-14  

EXHIBIT 99.1

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

YORK WATER COMPANY REPORTS 2nd QUARTER AND SIX MONTHS EARNINGS
AND A WATER ACQUISITION

York, Pennsylvania, August 6, 2014:  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 2014.

President Hines reported that second quarter operating revenues of $11,768,000 increased $1,031,000 and net income of $2,757,000 increased $415,000 compared to the second quarter of 2013.  Earnings per share of $0.22 for the three-month period increased $0.04 compared to the same period last year.

President Hines also reported that the first six months operating revenues of $22,339,000 increased $1,533,000, and net income of $4,868,000 increased $387,000 compared to the first six months of 2013.  Higher revenues were due to an increase in rates effective February 28, 2014, and growth in both the water and wastewater customer bases primarily due to acquisitions. The increased revenues were partially offset by higher expenses primarily for wages, pension and cold-weather-related distribution system maintenance.  Earnings per share of $0.38 for the six-month period increased $0.03 compared to the same period last year.

During the first six months of 2014, the Company invested $5.1 million in construction expenditures for expansion of its service territory, upgrades to water treatment facilities, replacement of a portion of its infrastructure and other routine items.  In addition, the Company invested $313,000 in the acquisition of water and wastewater facilities.  The Company estimates it will invest an additional $5.0 million in 2014, excluding acquisitions, for improvements to its pipes, filtration system, facilities, and dams 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 June 30
 
In 000's (except per share)
 
Quarter
Six Months
 
2014
2013
2014
2013
Operating Revenues
$ 11,768
$ 10,737
$ 22,339
$ 20,806
Net Income
$   2,757
$   2,342
$   4,868
$   4,481
Average Number of Common Shares Outstanding
12,895
12,915
12,943
12,926
Basic Earnings Per Common Share
$     0.22
$     0.18
$     0.38
$     0.35
Dividends Declared Per Common Share
$ 0.1431
$ 0.1383
$ 0.2862
$ 0.2766

On May 21, 2014, the Company signed an agreement to purchase the water assets of Paradise Homes Community   in York County, Pennsylvania.  Completion of this acquisition is contingent upon receiving approval from all required regulatory authorities.  The Company expects to begin serving approximately 90 new customers through an interconnection with its current distribution system in the fourth quarter of 2014.

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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