Exhibit 99.1
|
NEWS RELEASE
Contact Information:
JT Hand, President & CEO
jth@yorkwater.com
-OR-
Matthew E. Poff, Chief Financial Officer
matthewp@yorkwater.com
717-845-3601
|
130 East Market Street
York, PA 17401
|
FOR IMMEDIATE RELEASE
THE YORK WATER COMPANY REPORTS
3rd QUARTER AND NINE MONTHS EARNINGS
York, Pennsylvania, November
6, 2026: The
York Water Company's (NASDAQ:YORW) President, JT Hand, announced the Company's
financial results for the third quarter and the first nine months of 2026.
President Hand reported
that third quarter operating revenues of $24,333,000 increased $3,972,000, and net
income of $7,809,000 increased $1,608,000 compared to the third quarter of 2025.
Basic and Diluted Earnings per share of
$0.48 for the three-month period increased $0.05 compared to the same period
last year. Increased revenues were primarily
due to increase in rates effective March 1, 2026 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 increased revenue was partially offset by
higher operation and maintenance expenses, depreciation, and income taxes.
President
Hand also reported that the first nine months operating revenues of $67,922,000
increased $9,906,000, and net income of $20,238,000 increased $5,347,000
compared to the first nine months of 2025.
Increased revenues were primarily due to increase in rates effective
March 1, 2026 partially offset by a reset to zero of the DSIC. Growth in the customer base also added to
revenues. The increased revenue was
partially offset by higher operation and maintenance expenses, depreciation,
and income taxes. Basic and Diluted
Earnings per share of $1.30 for the nine-month period increased $0.27 compared
to the same period last year.
During the first nine months of 2026, the Company invested $36.2 million
in capital projects for main
extensions, wastewater treatment plant construction, and an upgrade to the
enterprise software system, as well as various
replacements and improvements to infrastructure and routine items. In addition, the Company invested $470,000 in
the acquisition of two wastewater systems, including the CMV Sewage Co. in York
County and the Pine Run Retirement Community in Adams County. The Company estimates it will invest an
additional $11.8 million in 2026, excluding acquisitions, for additional
main extensions, a continuing upgrade to the enterprise software system, 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.
|
|
Period Ended September 30
|
|
|
In 000's (except per share)
|
|
|
Quarter
|
Nine Months
|
|
|
2026
|
2025
|
2026
|
2025
|
|
Operating Revenues
|
$ 24,333
|
$ 20,361
|
$ 67,922
|
$ 58,016
|
|
Net Income
|
$ 7,809
|
$ 6,201
|
$ 20,238
|
$ 14,891
|
|
Average Number of
Common Shares Outstanding
|
16,219
|
14,412
|
15,520
|
14,397
|
|
Basic and Diluted Earnings
Per Common Share
|
$ 0.48
|
$ 0.43
|
$ 1.30
|
$ 1.03
|
|
Dividends Declared
Per Common Share
|
$ 0.2280
|
$ 0.2192
|
$ 0.6840
|
$ 0.6576
|
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.
###