updated 5/6/2011 9:47:41 AM ET 2011-05-06T13:47:41

YORK, Pa., May 6, 2011 (GLOBE NEWSWIRE) -- The York Water Company's (Nasdaq:YORW) President, Jeffrey R. Hines, announced today the Company's financial results for the first quarter of 2011.

President Hines reported that first quarter operating revenues of $9,645,000 increased $629,000, and net income of $2,139,000 increased $300,000 compared to the first quarter of 2010. Higher water revenues due to the rate increase effective November 4, 2010 and growth in the customer base were the main reasons for the increase in revenues. Increased net income was partially offset by higher operating expenses, primarily for retirement and depreciation. Earnings per share for the three-month period increased $0.02 over the same period last year.

During the first three months of 2011, the Company invested $2.1 million in capital projects for upgrades to water treatment facilities as well as various replacements of aging infrastructure. The Company estimates it will invest an additional $10.7 million in 2011 for expansion and improvements to its infrastructure to ensure a safe, adequate, and reliable supply of drinking water for the Company's growing customer base.

On April 25, 2011, the Board of Directors declared the Company's 562nd dividend. 2011 marks the Company's 196th consecutive year of dividend payments. The dividend is payable on July 15, 2011 to shareholders of record as of June 30, 2011.

  Three Months Ended  
  March 31  
  In 000's (except per share)  
  2011 2010
Operating Revenues $9,645 $9,016
Net Income $2,139 $1,839
Average Number of Common Shares Outstanding 12,696 12,571
Basic Earnings per Common Share $0.17 $0.15
Dividends Paid per Common Share $0.131 $0.128

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.

The York Water Company logo is available athttp:// www.globenewswire.com/newsroom/prs/?pkgid=5589

CONTACT: Jeffrey R. Hines, President
         Kathleen M. Miller, Chief Financial Officer
         717-845-3601

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 2.79%
$30K home equity loan FICO 5.78%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.57%
13.57%
Cash Back Cards 17.91%
17.91%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com