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 3, 2023
(Date of earliest event reported)

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

graphic

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)

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

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))

Securities registered pursuant to Section 12(b) of the Act:

COMMON STOCK, NO PAR VALUE
YORW
The Nasdaq Global Select Market
(Title of Class)
(Trading Symbol)
(Name of Each Exchange on Which Registered)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).  Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ◻


THE YORK WATER COMPANY


Item 2.02
Results of Operations and Financial Condition.

On November 3, 2023, The York Water Company issued a press release announcing its third quarter and first nine months 2023 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/ Matthew E. Poff
Date: November 3, 2023
Matthew E. Poff
 
Chief Financial Officer


EXHIBIT 99.1

News Release
  
 
   The York Water Company
   
   130 East Market Street
Contact:
JT Hand, President and CEO
   York, PA  17401
or
     [email protected], 717-718-7554
  
 
 
Matthew E. Poff, Chief Financial Officer
 
     [email protected], 717-718-7549
Phone:
717-845-3601
   FOR IMMEDIATE RELEASE
     

YORK WATER COMPANY REPORTS 3rd QUARTER AND NINE MONTHS EARNINGS

York, Pennsylvania, November 3, 2023:  The York Water Company's (NASDAQ:YORW) President, JT Hand, announced the Company's financial results for the third quarter and the first nine months of 2023.

President Hand reported that third quarter operating revenues of $18,767,000 increased $2,956,000 and net income of $7,568,000 increased $1,887,000 compared to the third quarter of 2022.  Basic and Diluted Earnings per share of $0.53 for the three-month period increased $0.13 compared to the same period last year.  Increased revenues were primarily due to an increase in rates effective March 1, 2023 partially offset by a reset to zero of the Distribution System Improvement Charge (DSIC).  The DSIC is a Pennsylvania Public Utility Commission allowed charge that water utilities collect from customers for the replacement of aging infrastructure.  Growth in the customer base also added to revenues.  The increased revenue was partially offset by higher operation and maintenance expenses and depreciation.

President Hand also reported that the first nine months operating revenues of $52,935,000 increased $7,985,000 and net income of $17,745,000 increased $3,176,000 compared to the first nine months of 2022.  Increased revenues were primarily due to an increase in rates effective March 1, 2023 partially offset by a reset to zero of the DSIC.  Growth in the customer base also added to revenues.  The increased revenue was partially offset by higher operation and maintenance expenses and depreciation.  Income taxes increased due to higher taxable income partially offset by higher deductions from the IRS tangible property regulations.  Basic and Diluted Earnings per share of $1.24 for the nine-month period increased $0.19 compared to the same period last year.

During the first nine months of 2023, the Company invested $46.3 million in capital projects for armoring and replacing the spillway of the Lake Williams dam, wastewater treatment plant construction, and routine items, as well as various replacements and improvements to infrastructure.  In October 2023, the Company invested $566,000 in the acquisition of the Conewago Industrial Park Water and Sewer Company water assets and wastewater collection and treatment assets.  With this acquisition in Lancaster County, the Company now serves 55 municipalities within four counties in south-central Pennsylvania.  The Company estimates it will invest an additional $16 million in 2023, excluding acquisitions, for armoring and replacing the spillway of the Lake Williams dam, additional main extensions, wastewater treatment plant construction, and routine improvements to its pipes, service lines, and other facilities 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 September 30
  
   
In 000's (except per share)
  
   
Quarter
    
Nine Months
  
   
2023
    
2022
    
2023
    
2022
  
Operating Revenues
  
$
18,767
    
$
15,811
    
$
52,935
    
$
44,950
  
Net Income
  
$
7,568
    
$
5,681
    
$
17,745
    
$
14,569
  
Average Number of Common Shares Outstanding
    
14,301
      
14,255
      
14,289
      
13,854
  
Basic and Diluted Earnings Per Common Share
  
$
0.53
    
$
0.40
    
$
1.24
    
$
1.05
  
Dividends Declared Per Common Share
  
$
0.2027
    
$
0.1949
    
$
0.6081
    
$
0.5847
  

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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