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 |
###
