UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report: August 2, 2024
(Date of earliest event reported)
THE YORK WATER COMPANY
(Exact name of registrant as specified in its charter)
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Pennsylvania
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001-34245
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23-1242500
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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130 East Market Street, York, Pennsylvania
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17401-1219
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code (717) 845-3601
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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COMMON STOCK, NO PAR VALUE
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YORW
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The Nasdaq Global Select Market
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(Title of Class)
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(Trading Symbol)
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(Name of Each Exchange on Which Registered)
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this
chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section
13(a) of the Exchange Act. ◻
THE YORK WATER COMPANY
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Item 2.02
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Results of Operations and Financial Condition.
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On August 2, 2024, The York Water Company issued a press release announcing its second quarter and first six months 2024 financial results. The
press release is being furnished with this Current Report on Form 8-K Exhibit 99.1 and is hereby incorporated herein by reference. This report (including the exhibit) shall not be deemed to be “filed” for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any filing made by the Registrant pursuant to the Securities Act of 1933, as amended, other than to the extent that such filing incorporates by
reference any or all of such information by express reference thereto.
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Item 9.01
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Financial Statements and Exhibits.
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(c) Exhibits.
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Exhibit No.
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Description of Exhibit
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THE YORK WATER COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
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THE YORK WATER COMPANY
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/s/ Matthew E. Poff |
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Matthew E. Poff
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Chief Financial Officer
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EXHIBIT 99.1
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NEWS RELEASE
Contact Information:
JT Hand, President & CEO
jth@yorkwater.com
-OR-
Matthew E. Poff, Chief Financial Officer
matthewp@yorkwater.com
717-845-3601
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130 East Market Street
York, PA 17401
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FOR IMMEDIATE RELEASE
YORK WATER COMPANY REPORTS 2nd QUARTER AND SIX MONTHS EARNINGS
York, Pennsylvania, August 2, 2024: The York Water
Company's (NASDAQ:YORW) President, JT Hand, announced the Company's financial results for the second quarter and the first six months of 2024.
President Hand reported that second quarter operating revenues of $18,750,000 decreased $17,000 and net income of $4,993,000 decreased $1,531,000 compared
to the second quarter of 2023. Basic and Diluted Earnings per share of $0.35 for the three-month period decreased $0.10 compared to the same period last year. The decrease in net income was primarily attributable to higher operation and maintenance
expenses and depreciation, higher interest on debt, and lower allowance for funds used during construction (AFUDC) which were partially offset by lower pension costs. AFUDC is the cost of debt and equity funds used to finance plant construction.
President Hand also reported that the first six months operating revenues of $36,378,000 increased $2,210,000, but net income of $9,320,000 decreased
$857,000 compared to the first six months of 2023. Increased revenues were primarily due to an increase in rates effective March 1, 2023 partially offset by a reset to zero of the Distribution System Improvement Charge (DSIC). The DSIC is a
Pennsylvania Public Utility Commission allowed charge that water utilities collect from customers for the replacement of aging infrastructure. Growth in the customer base also added to revenues. The Company incurred lower pension costs. The
increased revenue and lower pension costs were more than offset by higher operation and maintenance expenses and depreciation, and higher interest on debt. Basic and Diluted Earnings per share of $0.65 for the six-month period decreased $0.06
compared to the same period last year.
During the first six months of 2024, the Company invested $20.9 million in capital projects for armoring and replacing the spillway of the Lake Williams
dam, wastewater treatment plant construction, as well as various replacements and improvements to infrastructure and routine items. The Company estimates it will invest an additional $21.3 million in 2024, excluding acquisitions, for armoring and
replacing the spillway of the Lake Williams dam, additional main extensions, wastewater treatment plant construction, and routine improvements to its pipes, service lines, and other facilities to ensure a safe, adequate, and reliable supply of
drinking water and to maintain proper handling and disposal of wastewater for the Company’s growing customer base.
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Period Ended June 30
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In 000's (except per share)
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Quarter
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Six Months
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2024
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2023
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2024
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2023
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Operating Revenues
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$
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18,750
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$
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18,767
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$
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36,378
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$
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34,168
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Net Income
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$
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4,993
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$
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6,524
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$
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9,320
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$
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10,177
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Average Number of Common Shares Outstanding
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14,341
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14,289
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14,333
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14,282
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Basic and Diluted Earnings Per Common Share
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$
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0.35
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$
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0.45
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$
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0.65
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$
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0.71
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Dividends Declared Per Common Share
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$
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0.2108
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$
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0.2027
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$
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0.4216
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$
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0.4054
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This news release may contain forward-looking statements regarding the Company’s operational and financial expectations. These statements are based on
currently available information and are subject to risks, uncertainties, and other events which could cause the Company’s actual results to be materially different from the results described in this statement. The Company undertakes no duty to update
any forward-looking statement.
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