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.