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 7, 2007: The York Water Company's (NASDAQ:YORW) President, Jeffrey S. Osman, announced today the Company's financial results for the first quarter of 2007.
President Osman reported that operating revenues of $7,385,000 increased 11.7% over the first quarter of 2006 due to growth in the customer base of approximately 2,200 and a 9.2% rate increase granted by the Pennsylvania Public Utility Commission, which was effective September 15, 2006.
First quarter earnings of $1,326,000 increased 5.3% compared to first quarter 2006. The increase in net income is attributed to the increase in revenues.
During the first quarter of 2007, the Company incurred $3.3 million on construction projects and the acquisition of the Abbottstown Borough water system. The majority of the construction expenditures were for distribution system expansion and improvements.
| | Three Months Ended March 31 In 000's (except per share) |
| | 2007 | | 2006 |
| Water Operating Revenues | $7,385 | | $6,614 |
| Net Income from Water Operations | $1,326 | | $1,259 |
| Average Number of Common Shares Outstanding | 11,204 | | 10,403 |
| Basic Earnings per Common Share | $0.12 | | $ 0.12 |
| Dividends Paid Per Common Share | $0.118 | | $0.112 |
Share and per share amounts in the above table have been restated to reflect the September 2006 three-for-two stock split.
