0000108985-24-000015.txt : 20240305 0000108985-24-000015.hdr.sgml : 20240305 20240305094457 ACCESSION NUMBER: 0000108985-24-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20240305 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240305 DATE AS OF CHANGE: 20240305 FILER: COMPANY DATA: COMPANY CONFORMED NAME: YORK WATER CO CENTRAL INDEX KEY: 0000108985 STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY [4941] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 231242500 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34245 FILM NUMBER: 24718540 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 form8k-030524.htm THE YORK WATER COMPANY 8-K 03-05-24


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 5, 2024
(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 March 5, 2024, The York Water Company issued a press release announcing its fourth quarter and annual 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: March 5, 2024
Matthew E. Poff
 
Chief Financial Officer


EX-99.1 2 exhibit99_1-030524.htm YWC PRESS RELEASE 03-05-24
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 2023 ANNUAL AND FOURTH QUARTER RESULTS

York, Pennsylvania, March 5, 2024:  The York Water Company's (NASDAQ:YORW) President and CEO, JT Hand, announced the Company's 2023 financial results.

President Hand reported that 2023 operating revenues of $71,031,000 increased $10,970,000 and net income of $23,757,000 increased $4,177,000 compared to 2022.  Basic and Diluted Earnings per share of $1.66 for 2023 increased $0.26 compared to 2022.  Dividends per share rose 4% compared to 2022.  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.  Income taxes increased due to higher taxable income partially offset by higher deductions from the IRS tangible property regulations.

During the year, the Company invested $64.6 million in construction expenditures 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.  During 2023, the Company replaced approximately 50,200 feet of pipe to improve its distribution system, reduce ongoing expenses, and improve customer service.  In addition, the Company invested a combined $625,000 in the acquisition of a water and wastewater system.

President Hand also reported that for the fourth quarter of 2023 operating revenues increased $2,985,000 and net income increased $1,001,000 compared to the fourth quarter of 2022.  Basic and Diluted Earnings per share of $0.42 for the fourth quarter of 2023 increased $0.07 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 DSIC.  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 reported that York Water plans to invest approximately $42.2 million in 2024 and $46.1 million in 2025, excluding acquisitions, for additional main extensions, completion of armoring and replacing the spillway of the Lake Williams dam, wastewater treatment plant construction, an upgrade to the enterprise software system, 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
 
2023
2022
2023
2022
Operating Revenues
$ 18,096
$ 15,111
$ 71,031
$ 60,061
Net Income
$   6,012
$   5,011
$ 23,757
$ 19,580
Average Number of Common Shares Outstanding
14,314
14,266
14,295
13,958
Basic and Diluted Earnings Per Common Share
$     0.42
$     0.35
$     1.66
$     1.40
Dividends Declared Per Common Share
$ 0.2108
$ 0.2027
$ 0.8189
$ 0.7874

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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Document and Entity Information
Mar. 05, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Mar. 05, 2024
Entity Registrant Name YORK WATER CO
Entity Incorporation, State or Country Code PA
Entity File Number 001-34245
Entity Tax Identification Number 23-1242500
Entity Address, Address Line One 130 East Market Street
Entity Address, City or Town York
Entity Address, State or Province PA
Entity Address, Postal Zip Code 17401
City Area Code 717
Local Phone Number 845-3601
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000108985
Title of 12(b) Security COMMON STOCK, NO PAR VALUE
Trading Symbol YORW
Security Exchange Name NASDAQ
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