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
REPORTS IMPROVED SIX MONTH EARNINGS
York, Pennsylvania, August 4, 2005: The York Water Company’s (Nasdaq: YORW) President, Jeffrey S. Osman, announced today the Company’s financial results for the second quarter and the first six months of 2005.
President Osman reported that quarterly operating revenues of $6,694,000 increased 21.8% over the second quarter of 2004, and that quarterly net income of $1,478,000 increased 40.8% compared to the second quarter of 2004. Second quarter 2004 net income was reduced by approximately $93,000 due to a non-recurring employee termination settlement. President Osman also reported that the first six months’ operating revenues of $12,929,000 increased 19.0% over the first six months of 2004, and that net income of $2,708,000 increased 3.1% compared to the first six months of 2004. The increase in revenue and net income is attributed to the rate increase effective November 2004 and an increase in customer base. 2004 included an after-tax gain of $441,000 on the sale of land.
During the first half of 2005, the Company incurred $5.9 million on construction projects, including the Susquehanna River Pipeline, an automated meter reading system, enterprise software and additionally to expand its service territory.
| | Period Ended June 30 |
| | In 000's (except per share) |
| | Quarter | Six Months |
| | 2005 | 2004 | 2005 | 2004 |
| Water Operating Revenues | $6,694 | $5,498 | $12,929 | $10,861 |
| Net Income | $1,478 | $1,050 | $2,708 | $2,627 |
| Average Number of Common Shares Outstanding | 6,901 | 6,432 | 6,895 | 6,427 |
| Basic Earnings Per Common Share | $0.210 | $0.160 | $0.390 | $0.410 |
| Dividends Paid Per Common Share | $0.156 | $0.145 | $0.312 | $0.290 |
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