EXHIBIT 99.1
News Release | ||||
The York Water Company | ||||
130 East Market Street | ||||
Contact: | Jeffrey S. Osman, President | York, PA 17401 | ||
or | ||||
Kathleen M. Miller, Chief Financial Officer | ||||
Phone: | 717-845-3601 | FOR IMMEDIATE RELEASE | ||
YORK WATER COMPANY
REPORTS IMPROVED NINE-MONTH EARNINGS
York, Pennsylvania, November 8, 2006: The York Water Company’s (Nasdaq: YORW) President, Jeffrey S. Osman, announced today the Company’s financial results for the third quarter and the first nine months of 2006.
President Osman reported that the first nine months' operating revenues of $21,295,000 increased 5.8% over the first nine months of 2005, and that the first nine months' net income of $4,464,000 increased 0.5% compared to the first nine months of 2005. President Osman also reported that third quarter operating revenues of $7,665,000 increased 6.4% over the third quarter of 2005, and that net income of $1,739,000 increased 0.2% compared to the third quarter of 2005. The increase in revenue is attributed to an increase in the customer base of approximately 2,400. Higher operating expenses slowed growth in net income for the periods.
During the first nine months of 2006, the Company incurred $16.7 million on construction projects, including an automated meter reading system, a company-wide computer system and additionally to expand and improve its service territory.
Period Ended September 30 | ||||
In 000's (except per share) | ||||
Quarter | Nine Months | |||
2006 | 2005 | 2006 | 2005 | |
Water Operating Revenues | $7,665 | $7,207 | $21,295 | $20,135 |
Net Income | $1,739 | $1,735 | $ 4,464 | $ 4,443 |
Average Number of Common Shares Outstanding | 10,432 | 10,369 | 10,417 | 10,351 |
Basic Earnings Per Common Share | $ 0.17 | $ 0.17 | $ 0.43 | $ 0.43 |
Dividends Paid Per Common Share | $0.112 | $0.104 | $ 0.336 | $ 0.312 |