York Water Co. reports good Q4, 2013
York Water Co. reported good news in its fourth quarter and 2013 earnings on Tuesday.
The company showed operating revenues for the fourth quarter increased $264,000 and net income increased $240,000 over the fourth quarter of 2012, President Jeffrey R. Hines said in a news release. Also, annual operating revenues for 2013 increased $936,000, and net income increased $351,000 when compared to 2012.
Higher operating revenues and lower retirement expenses offset higher income taxes and increased depreciation and power expenses, resulting in higher net income for the fourth quarter. Earnings per share for the quarter were 3 cents higher than the year-ago quarter, according to the release.
Higher operating revenues were due to an increase in the Distribution System Improvement Charge approved by the state Public Utility Commission; revenue from its wastewater business acquired in 2012, and growth in the customer base, mainly from 2012 acquisitions, according to the release. Earnings per share for 2013 were 3 cents higher than 2012 and dividends per share rose by almost 2 cents compared to 2012.
On Jan. 6 and Jan. 10, the company signed agreements to buy the water assets of Forest Lakes Water Association in York County and Lincoln Estates Mobile Home Park and Lincoln Development Co. in Adams County. Completion of both acquisitions is contingent upon receiving approval from all required regulatory authorities, according to the release. The company expects to begin serving approximately 270 new customers in the second quarter this year.