York Water Co 8-K, filed May 5, 2020
York Water Co (YORW)
8-K
2020-05-05
For: 2020-05-05
View Original
Added on
July 04, 2026
About this 8-K
York Water Co filed this 8-K on May 5, 2020.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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: May 5, 2020
(Date of earliest event reported)
THE YORK WATER COMPANY
(Exact name of registrant as specified in its charter)
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PENNSYLVANIA
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001-34245
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23-1242500
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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130 EAST MARKET STREET, YORK, PENNSYLVANIA
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17401
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code (717)
845-3601
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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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):
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◻
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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. ◻
Securities registered pursuant to Section 12(g) of the Act:
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COMMON STOCK, NO PAR VALUE
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YORW
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The NASDAQ Global Select Market
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(Title of Class)
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(Trading Symbol)
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(Name of Each Exchange on Which Registered)
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THE YORK WATER COMPANY
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Item 2.02
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Results of Operations and Financial Condition.
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On May 5, 2020, The York Water Company issued a press release announcing its first quarter 2020 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.
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Item 9.01
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Financial Statements and Exhibits.
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(c) Exhibits.
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Exhibit No.
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Description of Exhibit
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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.
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THE YORK WATER COMPANY
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/s/ Matthew E. Poff
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Date: May 5, 2020
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Matthew E. Poff
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Chief Financial Officer
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EXHIBIT 99.1
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News Release
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The York Water Company
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130 East Market Street
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Contact:
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JT Hand, President and CEO
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York, PA 17401
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or
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jth@yorkwater.com, 717-718-7554
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Matthew E. Poff, Chief Financial Officer
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matthewp@yorkwater.com, 717-718-7549
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Phone:
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717-845-3601
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FOR IMMEDIATE RELEASE
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THE YORK WATER COMPANY REPORTS THREE MONTHS EARNINGS
York, Pennsylvania, May 5, 2020: The York Water
Company's (NASDAQ:YORW) President, JT Hand, announced the Company's financial results for the first quarter of 2020.
President Hand reported that first quarter operating revenues of $12,877,000 increased $1,046,000, and net income of $4,002,000 increased $1,189,000
compared to the first quarter of 2019. Basic and Diluted Earnings per share of $0.31 for the three-month period increased $0.09 compared to the same period last year. Increased revenues were primarily due to an increase in rates effective March 1,
2019 partially offset by a reset to zero of the Distribution System Improvement Charge (DSIC). DSIC is a Pennsylvania Public Utility Commission (PPUC) allowed charge that water utilities collect from customers for the replacement of aging
infrastructure. Growth in the customer base also added to revenues. A decrease in per capita consumption reduced the impact of the new customers. The Company also recognized a non-recurring gain on life insurance. The increased income was
partially offset by higher operation and maintenance expenses and depreciation. Income taxes decreased due to higher deductions from the IRS tangible property regulations.
During the first three months of 2020, the Company invested $3.9 million in construction expenditures for various replacements and improvements to
infrastructure. In April 2020, the Company invested $882,000 in the acquisition of the Felton Borough wastewater collection and treatment system, adding approximately 130 wastewater customers. The Company estimates it will invest an additional
$20.3 million in 2020, excluding acquisitions, for additional main extensions, improvements to a raw water pumping station, expansion of a wastewater treatment plant, and routine improvements to its pipes, service lines, and other facilities to
ensure a safe, adequate, and reliable supply of drinking water and to maintain proper handling and disposal of wastewater for the Company’s growing customer base.
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Three Months Ended
March 31
In 000's (except per share)
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2020
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2019
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Operating Revenues
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$
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12,877
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$
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11,831
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Net Income
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$
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4,002
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$
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2,813
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Average Number of Common Shares Outstanding
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13,010
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12,942
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Basic and Diluted Earnings per Common Share
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$
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0.31
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$
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0.22
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Dividends Declared Per Common Share
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$
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0.1802
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$
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0.1733
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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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