We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
York Water Company | NASDAQ:YORW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.15 | 0.41% | 36.90 | 35.50 | 47.01 | 37.07 | 36.625 | 37.07 | 40,992 | 05:00:11 |
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2016 |
OR |
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from __________to____________ |
PENNSYLVANIA
|
23-1242500
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
|
130 EAST MARKET STREET, YORK, PENNSYLVANIA
|
17401
|
(Address of principal executive offices)
|
(Zip Code)
|
|
Large accelerated filer
|
Accelerated filer
|
|
|
Non-accelerated filer
|
Small Reporting Company
|
|
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
|
|
Common stock, No par value
|
12,848,485 Shares outstanding
as of May 3, 2016
|
PART I
|
Financial Information
|
|
|
|
|
|
|
|
PART II
|
Other Information
|
|
|
|
|
|
|
|
|
|
|
|
Mar. 31, 2016
|
Dec. 31, 2015
|
||||||
|
||||||||
ASSETS
|
||||||||
UTILITY PLANT, at original cost
|
$
|
331,212
|
$
|
329,415
|
||||
Plant acquisition adjustments
|
(3,655
|
)
|
(3,724
|
)
|
||||
Accumulated depreciation
|
(65,676
|
)
|
(64,271
|
)
|
||||
Net utility plant
|
261,881
|
261,420
|
||||||
|
||||||||
OTHER PHYSICAL PROPERTY, net of accumulated depreciation of $335 in 2016 and $329 in 2015
|
763
|
769
|
||||||
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
3,217
|
2,879
|
||||||
Accounts receivable, net of reserves of $335 in 2016 and $315 in 2015
|
3,583
|
3,535
|
||||||
Unbilled revenues
|
2,510
|
2,614
|
||||||
Recoverable income taxes
|
429
|
1,049
|
||||||
Materials and supplies inventories, at cost
|
752
|
771
|
||||||
Prepaid expenses
|
1,068
|
729
|
||||||
Total current assets
|
11,559
|
11,577
|
||||||
|
||||||||
OTHER LONG-TERM ASSETS:
|
||||||||
Notes receivable
|
255
|
255
|
||||||
Deferred regulatory assets
|
33,278
|
32,996
|
||||||
Other assets
|
3,482
|
3,516
|
||||||
Total other long-term assets
|
37,015
|
36,767
|
||||||
|
||||||||
Total Assets
|
$
|
311,218
|
$
|
310,533
|
|
Mar. 31, 2016
|
Dec. 31, 2015
|
||||||
|
||||||||
STOCKHOLDERS' EQUITY AND LIABILITIES
|
||||||||
COMMON STOCKHOLDERS' EQUITY:
|
||||||||
Common stock, no par value, authorized 46,500,000 shares, issued and outstanding 12,839,735 shares in 2016 and 12,812,377 shares in 2015
|
$
|
78,050
|
$
|
77,317
|
||||
Retained earnings
|
32,244
|
31,753
|
||||||
Total common stockholders' equity
|
110,294
|
109,070
|
||||||
|
||||||||
PREFERRED STOCK, authorized 500,000 shares, no shares issued
|
-
|
-
|
||||||
|
||||||||
LONG-TERM DEBT, excluding current portion
|
84,543
|
84,518
|
||||||
|
||||||||
COMMITMENTS
|
-
|
-
|
||||||
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of long-term debt
|
44
|
44
|
||||||
Accounts payable
|
1,947
|
1,772
|
||||||
Dividends payable
|
1,723
|
1,708
|
||||||
Accrued compensation and benefits
|
1,172
|
1,174
|
||||||
Accrued interest
|
1,098
|
976
|
||||||
Other accrued expenses
|
559
|
523
|
||||||
Total current liabilities
|
6,543
|
6,197
|
||||||
|
||||||||
DEFERRED CREDITS:
|
||||||||
Customers' advances for construction
|
7,521
|
7,500
|
||||||
Deferred income taxes
|
50,783
|
50,280
|
||||||
Deferred employee benefits
|
9,049
|
11,079
|
||||||
Other deferred credits
|
7,378
|
6,959
|
||||||
Total deferred credits
|
74,731
|
75,818
|
||||||
|
||||||||
Contributions in aid of construction
|
35,107
|
34,930
|
||||||
|
||||||||
Total Stockholders' Equity and Liabilities
|
$
|
311,218
|
$
|
310,533
|
|
Three Months
Ended March 31
|
|||||||
|
2016
|
2015
|
||||||
|
||||||||
OPERATING REVENUES:
|
||||||||
Residential
|
$
|
7,231
|
$
|
7,191
|
||||
Commercial and industrial
|
3,145
|
3,153
|
||||||
Other
|
902
|
865
|
||||||
|
11,278
|
11,209
|
||||||
|
||||||||
OPERATING EXPENSES:
|
||||||||
Operation and maintenance
|
1,893
|
1,963
|
||||||
Administrative and general
|
2,214
|
2,241
|
||||||
Depreciation and amortization
|
1,627
|
1,549
|
||||||
Taxes other than income taxes
|
330
|
322
|
||||||
|
6,064
|
6,075
|
||||||
|
||||||||
Operating income
|
5,214
|
5,134
|
||||||
|
||||||||
OTHER INCOME (EXPENSES):
|
||||||||
Interest on debt
|
(1,305
|
)
|
(1,284
|
)
|
||||
Allowance for funds used during construction
|
53
|
55
|
||||||
Other income (expenses), net
|
(163
|
)
|
(141
|
)
|
||||
|
(1,415
|
)
|
(1,370
|
)
|
||||
|
||||||||
Income before income taxes
|
3,799
|
3,764
|
||||||
|
||||||||
Income taxes
|
1,313
|
1,236
|
||||||
|
||||||||
Net Income
|
$
|
2,486
|
$
|
2,528
|
||||
|
||||||||
Basic Earnings Per Share
|
$
|
0.19
|
$
|
0.20
|
||||
|
||||||||
Cash Dividends Declared Per Share
|
$
|
0.1555
|
$
|
0.1495
|
|
Common
Stock
Shares
|
Common
Stock
Amount
|
Retained
Earnings
|
Total
|
||||||||||||
|
||||||||||||||||
Balance, December 31, 2015
|
12,812,377
|
$
|
77,317
|
$
|
31,753
|
$
|
109,070
|
|||||||||
Net income
|
-
|
-
|
2,486
|
2,486
|
||||||||||||
Dividends
|
-
|
-
|
(1,995
|
)
|
(1,995
|
)
|
||||||||||
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans
|
27,358
|
733
|
-
|
733
|
||||||||||||
Balance, March 31, 2016
|
12,839,735
|
$
|
78,050
|
$
|
32,244
|
$
|
110,294
|
|
Common
Stock
Shares
|
Common
Stock
Amount
|
Retained
Earnings
|
Total
|
||||||||||||
|
||||||||||||||||
Balance, December 31, 2014
|
12,830,521
|
$
|
77,556
|
$
|
27,007
|
$
|
104,563
|
|||||||||
Net income
|
-
|
-
|
2,528
|
2,528
|
||||||||||||
Dividends
|
-
|
-
|
(1,919
|
)
|
(1,919
|
)
|
||||||||||
Issuance of common stock under dividend reinvestment, direct stock and employee stock purchase plans
|
25,183
|
577
|
-
|
577
|
||||||||||||
Balance, March 31, 2015
|
12,855,704
|
$
|
78,133
|
$
|
27,616
|
$
|
105,749
|
|
Three Months
Ended March 31
|
|||||||
|
2016
|
2015
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
2,486
|
$
|
2,528
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
1,627
|
1,549
|
||||||
Increase in deferred income taxes
|
244
|
779
|
||||||
Other
|
91
|
86
|
||||||
Changes in assets and liabilities:
|
||||||||
Increase in accounts receivable and unbilled revenues
|
(23
|
)
|
(16
|
)
|
||||
Decrease in recoverable income taxes
|
620
|
18
|
||||||
Increase in materials and supplies, prepaid expenses, regulatory and other assets
|
(672
|
)
|
(798
|
)
|
||||
Decrease in accounts payable, accrued compensation and benefits,
accrued expenses, deferred employee benefits, and other deferred credits |
(1,171
|
)
|
(1,014
|
)
|
||||
Increase in accrued interest and taxes
|
122
|
100
|
||||||
Net cash provided by operating activities
|
3,324
|
3,232
|
||||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Utility plant additions, including debt portion of allowance for funds used during construction of $30 in 2016 and $31 in 2015
|
(1,921
|
)
|
(2,920
|
)
|
||||
Acquisitions of water systems
|
(5
|
)
|
-
|
|||||
Decrease in notes receivable
|
-
|
6
|
||||||
Net cash used in investing activities
|
(1,926
|
)
|
(2,914
|
)
|
||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Customers' advances for construction and contributions in aid of construction
|
255
|
126
|
||||||
Repayments of customer advances
|
(57
|
)
|
(117
|
)
|
||||
Proceeds of long-term debt issues
|
-
|
2,226
|
||||||
Repayments of long-term debt
|
(11
|
)
|
(2,237
|
)
|
||||
Issuance of common stock
|
733
|
577
|
||||||
Dividends paid
|
(1,980
|
)
|
(1,913
|
)
|
||||
Net cash used in financing activities
|
(1,060
|
)
|
(1,338
|
)
|
||||
|
||||||||
Net change in cash and cash equivalents
|
338
|
(1,020
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
2,879
|
1,488
|
||||||
Cash and cash equivalents at end of period
|
$
|
3,217
|
$
|
468
|
||||
|
||||||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest, net of amounts capitalized
|
$
|
1,118
|
$
|
1,123
|
||||
Income taxes
|
-
|
-
|
||||||
|
||||||||
Supplemental schedule of non-cash investing and financing activities:
|
||||||||
Accounts payable includes $668 in 2016 and $605 in 2015 for the construction of utility plant.
|
1. | Basis of Presentation |
2. | Common Stock and Basic Earnings Per Share |
3. | Reclassifications |
4. | Pensions |
|
Three Months Ended
March 31
|
|||||||
|
2016
|
2015
|
||||||
|
||||||||
Service cost
|
$
|
254
|
$
|
291
|
||||
Interest cost
|
400
|
379
|
||||||
Expected return on plan assets
|
(558
|
)
|
(557
|
)
|
||||
Amortization of actuarial loss
|
140
|
176
|
||||||
Amortization of prior service cost
|
(3
|
)
|
(3
|
)
|
||||
Rate-regulated adjustment
|
342
|
289
|
||||||
Net periodic pension expense
|
$
|
575
|
$
|
575
|
5. |
Debt
|
|
As of
Mar. 31, 2016
|
As of
Dec. 31, 2015
|
||||||
10.17% Senior Notes, Series A, due 2019
|
$
|
6,000
|
$
|
6,000
|
||||
9.60% Senior Notes, Series B, due 2019
|
5,000
|
5,000
|
||||||
1.00% Pennvest Note, due 2019
|
151
|
162
|
||||||
10.05% Senior Notes, Series C, due 2020
|
6,500
|
6,500
|
||||||
8.43% Senior Notes, Series D, due 2022
|
7,500
|
7,500
|
||||||
Variable Rate Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series 2008A, due 2029
|
12,000
|
12,000
|
||||||
4.75% York County Industrial Development Authority Revenue Bonds, Series 2006, due 2036
|
10,500
|
10,500
|
||||||
4.50% Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Refunding Bonds, Series 2014, due 2038
|
14,880
|
14,880
|
||||||
5.00% Monthly Senior Notes, Series 2010A, due 2040
|
15,000
|
15,000
|
||||||
4.00% - 4.50% York County Industrial Development Authority Exempt Facilities Revenue Bonds, Series 2015, due 2029 - 2045
|
10,000
|
10,000
|
||||||
Total long-term debt
|
87,531
|
87,542
|
||||||
Less discount on issuance of long-term debt
|
(235
|
)
|
(237
|
)
|
||||
Less unamortized debt issuance costs
|
(2,709
|
)
|
(2,743
|
)
|
||||
Less current maturities
|
(44
|
)
|
(44
|
)
|
||||
Long-term portion
|
$
|
84,543
|
$
|
84,518
|
6. | Interest Rate Swap Agreement |
7. | Fair Value Measurements |
Description
|
March 31, 2016
|
Fair Value Measurements
at Reporting Date Using
Significant Other Observable Inputs (Level 2)
|
Interest Rate Swap
|
$2,933
|
$2,933
|
Description
|
December 31, 2015
|
Fair Value Measurements
at Reporting Date Using
Significant Other Observable Inputs (Level 2)
|
Interest Rate Swap
|
$2,511
|
$2,511
|
8. | Income Taxes |
9. | Acquisitions |
10. | Long-Term Incentive Plan |
11. | Rate Matters |
12. | Impact of Recent Accounting Pronouncements |
Item 2.
|
Management's Discussion and Analysis of
Financial Condition and Results of Operations
(In thousands of dollars, except per share amounts)
|
·
|
the amount and timing of rate increases and other regulatory matters including the recovery of costs recorded as regulatory assets;
|
·
|
expected profitability and results of operations;
|
·
|
trends;
|
·
|
goals, priorities and plans for, and cost of, growth and expansion;
|
·
|
strategic initiatives;
|
·
|
availability of water supply;
|
·
|
water usage by customers; and
|
·
|
the ability to pay dividends on common stock and the rate of those dividends.
|
·
|
changes in weather, including drought conditions or extended periods of heavy rainfall;
|
·
|
levels of rate relief granted;
|
·
|
the level of commercial and industrial business activity within the Company's service territory;
|
·
|
construction of new housing within the Company's service territory and increases in population;
|
·
|
changes in government policies or regulations, including the tax code;
|
·
|
the ability to obtain permits for expansion projects;
|
·
|
material changes in demand from customers, including the impact of conservation efforts which may impact the demand of customers for water;
|
·
|
changes in economic and business conditions, including interest rates, which are less favorable than expected;
|
·
|
loss of customers;
|
·
|
changes in, or unanticipated, capital requirements;
|
·
|
the impact of acquisitions;
|
·
|
changes in accounting pronouncements;
|
·
|
changes in the Company's credit rating or the market price of its common stock;
|
·
|
the ability to obtain financing; and
|
·
|
other matters set forth in Item 1A, "Risk Factors" of the Company's Annual Report on Form 10-K for the year ended December 31, 2015.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Controls and Procedures
|
THE YORK WATER COMPANY
|
|
/s/Jeffrey R. Hines
|
|
Date: May 3, 2016
|
Jeffrey R. Hines
Principal Executive Officer
|
/s/Kathleen M. Miller
|
|
Date: May 3, 2016
|
Kathleen M. Miller
Principal Financial and Accounting Officer
|
Exhibit No.
|
Description
|
3
|
Amended and Restated Articles of Incorporation. Incorporated herein by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on May 4, 2010.
|
3.1
|
Amended and Restated By-Laws. Incorporated herein by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on January 26, 2012.
|
|
|
|
|
|
|
|
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
1 Year York Water Chart |
1 Month York Water Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions