EXHIBIT 99.1
News Release | ||||
The York Water Company | ||||
130 East Market Street | ||||
York, PA 17401 | ||||
Contact: | Jeffrey S. Osman, President and CEO | |||
or | Kathleen M. Miller, Chief Financial Officer | |||
Phone: | 717-845-3601 | FOR IMMEDIATE RELEASE | ||
YORK WATER COMPANY ANNOUNCES THREE MONTH EARNINGS
York, Pennsylvania, May 8, 2006: The York Water Company's (NASDAQ:YORW) President, Jeffrey S. Osman, announced today the Company's financial results for the first quarter of 2006.
President Osman reported that operating revenues of $6,614,000 increased 6.1% over the first quarter of 2005 due to growth in the customer base of approximately 2,500.
First quarter earnings of $1,259,000 increased 2.4% compared to first quarter 2005. The increase in net income is attributed to the increase in revenues.
During the first quarter of 2006, the Company incurred $3.5 million on construction projects. Approximately 45% of the construction expenditures were for an automated meter reading system and an enterprise software system. The remainder was for routine distribution system expansion and improvements.
Three Months Ended March 31 In 000's (except per share) | |||
2006 | 2005 | ||
Water Operating Revenues | $6,614 | $6,234 | |
Net Income from Water Operations | $1,259 | $1,230 | |
Average Number of Common Shares Outstanding | 6,935 | 6,889 | |
Basic Earnings per Common Share | $ 0.18 | $ 0.18 | |
Dividends Paid Per Common Share | $0.168 | $0.156 |
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