8-K

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: March 10, 2020

(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)

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))

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:

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

THE YORK WATER COMPANY

Item 2.02 Results of Operations and Financial Condition.

On March 10, 2020, The York Water Company issued a press release announcing its fourth quarter and annual 2019 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
99.1	Press Release, March 10, 2020, issued by the York Water Company

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: March 10, 2020	Matthew E. Poff
	Chief Financial Officer

EX-99.1

EXHIBIT 99.1

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

THE YORK WATER COMPANY REPORTS 2019 ANNUAL AND FOURTH QUARTER RESULTS

York, Pennsylvania, March 10, 2020:  The York Water Company's (NASDAQ:YORW) President and CEO, JT Hand, announced the Company's 2019 earnings.

President Hand reported that 2019 operating revenues of $51,578,000 increased $3,141,000 and net income of $14,402,000 increased $1,026,000 compared to 2018.  Basic and Diluted Earnings per share of $1.11 for 2019 increased $0.07 compared to 2018.  Dividends per share rose 4% compared to 2018.  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).  The 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 water and wastewater customer base also added to revenues.  The increased revenue was partially offset by higher operation and maintenance expenses, depreciation, and retirement expenses.  Income taxes decreased due to higher deductions from the IRS tangible property regulations.

During the year, the Company invested $18.4 million in capital projects for dam improvements as well as various replacements and improvements to infrastructure.  In addition, the Company invested $2.1 million in the acquisition of a wastewater system.  During 2019, the Company replaced or relined approximately 50,000 feet of pipe to improve its distribution system, reduce ongoing expenses, and improve customer service.

President Hand also reported that for the fourth quarter of 2019 operating revenues increased $950,000, but net income decreased $288,000 compared to the fourth quarter of 2018.  Basic and Diluted Earnings per share of $0.26 for the fourth quarter of 2019 decreased $0.03 compared to the same period last year.  Increased revenues resulted primarily from the March 1, 2019 rate increase and growth in the water customer base partially offset by lower DSIC after its reset to zero.  Income taxes decreased due to higher deductions from the IRS tangible property regulations.  The increased revenue and lower income taxes were offset by higher operation and maintenance expenses, depreciation, and retirement expenses.

President Hand reported that York Water plans to invest approximately $29.5 million in 2020 and $27.0 million in 2021, excluding acquisitions, for spillway improvements and the armoring of one of the dams, improvements to an untreated water pumping station, expansion of a wastewater treatment plant, system expansion, and 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 December 31
	In 000's (except per share)
	Quarter				Twelve Months
	2019		2018		2019		2018
Operating Revenues	$	13,019	$	12,069	$	51,578	$	48,437
Net Income	$	3,389	$	3,677	$	14,402	$	13,376
Average Number of Common Shares Outstanding		12,989		12,929		12,964		12,904
Basic and Diluted Earnings Per Common Share	$	0.26	$	0.29	$	1.11	$	1.04
Dividends Declared Per Common Share	$	0.1802	$	0.1733	$	0.7001	$	0.6731

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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