EXHIBIT 99.1
News Release | The York Water Company 130 East Market Street York, PA 17401 |
| Contact: | Jeffrey S. Osman, President | | | |
| or | Kathleen M. Miller, Chief Financial Officer |
| | |
| Phone: | 717-845-3601 | FOR IMMEDIATE RELEASE |
| | | |
YORK WATER COMPANY ANNOUNCES THREE MONTH EARNINGS
York, Pennsylvania, May 5, 2005:The York Water Company's (NASDAQ:YORW) President, Jeffrey S. Osman, announced today the Company's financial results for the first quarter of 2005.
President Osman reported that the operating revenues of $6,234,000 increased 16.2% over the first quarter of 2004 due to an increase in customer base and the rate increase effective November, 2004.
First quarter earnings of $1,230,000 decreased 22.9% compared to first quarter 2004 when the Company had a non-recurring after-tax gain on the sale of land of $441,000. Without the prior year land sale, first quarter 2005 net income increased by 8.3% compared to the first quarter of 2004. The increase in net income is attributed to the increase in revenues.
During the first quarter of 2005, the Company incurred $2.7 million on construction projects, partially for the Susquehanna River Pipeline Project, and additionally to expand its service territory. The Susquehanna River Pipeline Project is essentially complete with a public open house scheduled for May 14, 2005 between the hours of 9:00 am and 2:00 pm.
| | Three Months Ended March 31 In 000's (except per share) |
| | 2005 | | 2004 |
| Water Operating Revenues | $6,234 | | $5,363 |
| Net Income from Water Operations | 1,230 | | 1,136 |
| Net Income Including Gain from Land Sale | 1,230 | | 1,577 |
| Average Number of Common Shares Outstanding | 6,889 | | 6,421 |
| Basic Earnings per Common Share | $ 0.18 | | $ 0.25 |
| Dividends Paid per Common Share | $0.156 | | $0.145 |
