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: May 7, 2019
(Date of earliest event reported)


THE YORK WATER COMPANY
(Exact name of registrant as specified in its charter)

PENNSYLVANIA
001-34245
23-1242500
(State or other jurisdiction
(Commission
(I.R.S. Employer
of incorporation)
File Number)
Identification No.)
 
130 EAST MARKET STREET, YORK, PENNSYLVANIA
17401
(Address of principal executive offices)
(Zip Code)

Registrant's telephone number, including area code (717) 845-3601

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

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):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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


Item 2.02
Results of Operations and Financial Condition.


On May 7, 2019, The York Water Company issued a press release announcing its first quarter 2019 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.


Item 9.01
Financial Statements and Exhibits.
   
(c) Exhibits.
 
   
Exhibit No.
Description of Exhibit
   

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.



 
THE YORK WATER COMPANY
   
   
  /s/ Matthew E. Poff
Date: May 7, 2019
Matthew E. Poff
 
Chief Financial Officer



Exhibit 99.1

News Release
 
 
   The York Water Company
   
   130 East Market Street
Contact:
Jeffrey R. Hines, President
   York, PA  17401
or
      jeffh@yorkwater.com , 717-718-2953
 
 
 
Matthew E. Poff, Chief Financial Officer
 
      matthewp@yorkwater.com , 717-718-7549
Phone:
717-845-3601
   FOR IMMEDIATE RELEASE
     

THE YORK WATER COMPANY REPORTS THREE MONTHS EARNINGS


York, Pennsylvania, May 7, 2019:   The York Water Company's (NASDAQ:YORW) President, Jeffrey R. Hines, announced today the Company's financial results for the first quarter of 2019.

President Hines reported that first quarter operating revenues of $11,831,000 increased $187,000, and net income of $2,813,000 increased $219,000 compared to the first quarter of 2018.  Basic and Diluted Earnings per share of $0.22 for the three-month period increased $0.02 compared to the same period last year.  Increased revenues were primarily due to an increase in rates effective March 1, 2019 partially offset by a reset to zero of the Distribution System Improvement Charge (DSIC).  DSIC is a Pennsylvania Public Utility Commission (PPUC) allowed charge that water utilities collect from customers for the replacement of aging infrastructure.  Growth in the water customer base also added to revenues.  A decrease in per capita consumption reduced the impact of the new customers.  The increased income was partially offset by higher operation and maintenance expenses and depreciation.  Income taxes decreased due to higher deductions from the IRS tangible property regulations and lower state income taxes.

During the first three months of 2019, the Company invested $3.3 million in construction expenditures for various replacements and improvements to infrastructure.  The Company estimates it will invest an additional $17.0 million in 2019, excluding acquisitions, for additional main extensions, dam improvements, expansion of a wastewater treatment plant, 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.


   
Three Months Ended
March 31
In 000's (except per share )
 
   
2019
   
2018
 
Operating Revenues
 
$
11,831
   
$
11,644
 
Net Income
 
$
2,813
   
$
2,594
 
Average Number of Common Shares Outstanding
   
12,942
     
12,877
 
Basic and Diluted Earnings per Common Share
 
$
0.22
   
$
0.20
 
Dividends Declared Per Common Share
 
$
0.1733
   
$
0.1666
 



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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