Form 8-K - Current report

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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)

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		17401-1219
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code [phone]

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))

Securities registered pursuant to Section 12(b) of the Act:

COMMON STOCK, NO PAR VALUE	YORW	The Nasdaq Global Select Market
(Title of Class)	(Trading Symbol)	(Name of Each Exchange on Which Registered)

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.  ◻

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THE YORK WATER COMPANY

Item 2.02

Results of Operations and Financial Condition.

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.

Item 9.01	Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No.	Description of Exhibit
99.1	Press Release, August 2,2024, issued by the York Water Company

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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.

	THE YORK WATER COMPANY
	/s/ Matthew E. Poff
Date: August 2, 2024	Matthew E. Poff
	Chief Financial Officer

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EXHIBIT 99.1

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NEWS RELEASE   Contact Information: JT Hand, President & CEO [e-mail] -OR- Matthew E. Poff, Chief Financial Officer [e-mail]   717-845-3601

130 East Market Street York, PA 17401

FOR IMMEDIATE RELEASE

YORK WATER COMPANY REPORTS 2^nd 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.

		Period Ended June 30
		In 000's (except per share)
		Quarter								Six Months
		2024				2023				2024				2023
Operating Revenues		$	18,750			$	18,767			$	36,378			$	34,168
Net Income		$	4,993			$	6,524			$	9,320			$	10,177
Average Number of Common Shares Outstanding			14,341				14,289				14,333				14,282
Basic and Diluted Earnings Per Common Share		$	0.35			$	0.45			$	0.65			$	0.71
Dividends Declared Per Common Share		$	0.2108			$	0.2027			$	0.4216			$	0.4054

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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Document and Entity Information	Aug. 02, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 02, 2024
Entity File Number	001-34245
Entity Registrant Name	YORK WATER CO
Entity Central Index Key	0000108985
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-1242500
Entity Address, Address Line One	130 East Market Street
Entity Address, City or Town	York
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17401-1219
City Area Code	717
Local Phone Number	845-3601
Title of 12(b) Security	COMMON STOCK, NO PAR VALUE
Trading Symbol	YORW
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

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