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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 | 40.00 | 37.07 | 36.625 | 37.07 | 40,992 | 01:00:00 |
ý |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended
September
30, 2017
|
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
ý
|
Non-accelerated filer
☐
|
|
(Do not check if a smaller reporting company)
|
|||
Small Reporting company
☐
|
Emerging growth 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
|
12,860,400 Shares outstanding
as of November 2, 2017
|
|
Sept. 30, 2017
|
Dec. 31, 2016
|
||||||
|
||||||||
ASSETS
|
||||||||
UTILITY PLANT, at original cost
|
$
|
364,053
|
$
|
343,412
|
||||
Plant acquisition adjustments
|
(3,249
|
)
|
(3,667
|
)
|
||||
Accumulated depreciation
|
(73,194
|
)
|
(68,838
|
)
|
||||
Net utility plant
|
287,610
|
270,907
|
||||||
|
||||||||
OTHER PHYSICAL PROPERTY, net of accumulated depreciation
of $373 in 2017 and $353 in 2016
|
750
|
745
|
||||||
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
2
|
4,209
|
||||||
Accounts receivable, net of reserves of $322 in 2017
and $305 in 2016
|
4,377
|
4,296
|
||||||
Unbilled revenues
|
2,425
|
2,429
|
||||||
Recoverable income taxes
|
-
|
282
|
||||||
Materials and supplies inventories, at cost
|
881
|
746
|
||||||
Prepaid expenses
|
909
|
658
|
||||||
Total current assets
|
8,594
|
12,620
|
||||||
|
||||||||
OTHER LONG-TERM ASSETS:
|
||||||||
Notes receivable
|
255
|
255
|
||||||
Deferred regulatory assets
|
34,386
|
33,027
|
||||||
Other assets
|
3,184
|
2,940
|
||||||
Total other long-term assets
|
37,825
|
36,222
|
||||||
|
||||||||
Total Assets
|
$
|
334,779
|
$
|
320,494
|
|
Sept. 30, 2017
|
Dec. 31, 2016
|
||||||
|
||||||||
STOCKHOLDERS' EQUITY AND LIABILITIES
|
||||||||
COMMON STOCKHOLDERS' EQUITY:
|
||||||||
Common stock, no par value, authorized 46,500,000 shares,
shares issued 12,859,432 in 2017 and 12,852,295 in 2016,
shares outstanding 12,859,432 in 2017 and 12,852,295 in 2016
|
$
|
78,753
|
$
|
78,513
|
||||
Retained earnings
|
38,820
|
35,548
|
||||||
Total common stockholders' equity
|
117,573
|
114,061
|
||||||
|
||||||||
PREFERRED STOCK, authorized 500,000 shares, no shares issued
|
-
|
-
|
||||||
|
||||||||
LONG-TERM DEBT, excluding current portion
|
88,930
|
84,609
|
||||||
|
||||||||
COMMITMENTS
|
-
|
-
|
||||||
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Short-term borrowings
|
1,000
|
-
|
||||||
Current portion of long-term debt
|
44
|
44
|
||||||
Accounts payable
|
3,992
|
3,669
|
||||||
Dividends payable
|
1,810
|
1,803
|
||||||
Accrued compensation and benefits
|
1,133
|
1,233
|
||||||
Accrued income taxes
|
184
|
-
|
||||||
Accrued interest
|
1,432
|
921
|
||||||
Other accrued expenses
|
483
|
514
|
||||||
Total current liabilities
|
10,078
|
8,184
|
||||||
|
||||||||
DEFERRED CREDITS:
|
||||||||
Customers' advances for construction
|
7,950
|
7,102
|
||||||
Deferred income taxes
|
58,809
|
54,169
|
||||||
Deferred employee benefits
|
7,967
|
8,990
|
||||||
Other deferred credits
|
6,639
|
6,725
|
||||||
Total deferred credits
|
81,365
|
76,986
|
||||||
|
||||||||
Contributions in aid of construction
|
36,833
|
36,654
|
||||||
|
||||||||
Total Stockholders' Equity and Liabilities
|
$
|
334,779
|
$
|
320,494
|
|
Three Months
Ended September 30
|
Nine Months
Ended September 30
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
|
||||||||||||||||
OPERATING REVENUES:
|
||||||||||||||||
Residential
|
$
|
8,102
|
$
|
7,911
|
$
|
23,247
|
$
|
22,633
|
||||||||
Commercial and industrial
|
3,673
|
3,777
|
10,262
|
10,357
|
||||||||||||
Other
|
917
|
913
|
2,727
|
2,709
|
||||||||||||
|
12,692
|
12,601
|
36,236
|
35,699
|
||||||||||||
|
||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||
Operation and maintenance
|
2,362
|
2,098
|
6,650
|
6,019
|
||||||||||||
Administrative and general
|
2,236
|
2,217
|
7,118
|
6,705
|
||||||||||||
Depreciation and amortization
|
1,697
|
1,614
|
5,064
|
4,796
|
||||||||||||
Taxes other than income taxes
|
250
|
258
|
871
|
856
|
||||||||||||
|
6,545
|
6,187
|
19,703
|
18,376
|
||||||||||||
|
||||||||||||||||
Operating income
|
6,147
|
6,414
|
16,533
|
17,323
|
||||||||||||
|
||||||||||||||||
OTHER INCOME (EXPENSES):
|
||||||||||||||||
Interest on debt
|
(1,346
|
)
|
(1,320
|
)
|
(3,988
|
)
|
(3,941
|
)
|
||||||||
Allowance for funds used during construction
|
311
|
51
|
630
|
151
|
||||||||||||
Other income (expenses), net
|
(73
|
)
|
(196
|
)
|
(293
|
)
|
(458
|
)
|
||||||||
|
(1,108
|
)
|
(1,465
|
)
|
(3,651
|
)
|
(4,248
|
)
|
||||||||
|
||||||||||||||||
Income before income taxes
|
5,039
|
4,949
|
12,882
|
13,075
|
||||||||||||
|
||||||||||||||||
Income taxes
|
1,108
|
1,378
|
3,435
|
4,171
|
||||||||||||
|
||||||||||||||||
Net Income
|
$
|
3,931
|
$
|
3,571
|
$
|
9,447
|
$
|
8,904
|
||||||||
|
||||||||||||||||
Basic Earnings Per Share
|
$
|
0.31
|
$
|
0.27
|
$
|
0.74
|
$
|
0.69
|
||||||||
|
||||||||||||||||
Diluted Earnings Per Share
|
$
|
0.31
|
$
|
0.27
|
$
|
0.74
|
$
|
0.69
|
||||||||
Cash Dividends Declared Per Share
|
$
|
0.1602
|
$
|
0.1555
|
$
|
0.4806
|
$
|
0.4665
|
|
Common
Stock
Shares
|
Common
Stock
Amount
|
Retained
Earnings
|
Total
|
||||||||||||
|
||||||||||||||||
Balance, December 31, 2016
|
12,852,295
|
$
|
78,513
|
$
|
35,548
|
$
|
114,061
|
|||||||||
Net income
|
-
|
-
|
9,447
|
9,447
|
||||||||||||
Dividends
|
-
|
-
|
(6,175
|
)
|
(6,175
|
)
|
||||||||||
Retirement of common stock
|
(37,229
|
)
|
(1,263
|
)
|
-
|
(1,263
|
)
|
|||||||||
Issuance of common stock under
dividend reinvestment, direct stock and
employee stock purchase plans
|
42,861
|
1,462
|
-
|
1,462
|
||||||||||||
Stock-based compensation
|
1,505
|
41
|
-
|
41
|
||||||||||||
Balance, September 30, 2017
|
12,859,432
|
$
|
78,753
|
$
|
38,820
|
$
|
117,573
|
|
Common
Stock
Shares
|
Common
Stock
Amount
|
Retained
Earnings
|
Total
|
||||||||||||
|
||||||||||||||||
Balance, December 31, 2015
|
12,812,377
|
$
|
77,317
|
$
|
31,753
|
$
|
109,070
|
|||||||||
Net income
|
-
|
-
|
8,904
|
8,904
|
||||||||||||
Dividends
|
-
|
-
|
(5,994
|
)
|
(5,994
|
)
|
||||||||||
Retirement of Common Stock
|
(16,849
|
)
|
(474
|
)
|
-
|
(474
|
)
|
|||||||||
Issuance of common stock under
dividend reinvestment, direct stock and
employee stock purchase plans
|
74,168
|
2,113
|
-
|
2,113
|
||||||||||||
Balance, September 30, 2016
|
12,869,696
|
$
|
78,956
|
$
|
34,663
|
$
|
113,619
|
|
Nine Months
Ended September 30
|
|||||||
|
2017
|
2016
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
9,447
|
$
|
8,904
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
5,064
|
4,796
|
||||||
Stock-based compensation
|
41
|
-
|
||||||
Increase in deferred income taxes
|
2,102
|
1,050
|
||||||
Other
|
59
|
245
|
||||||
Changes in assets and liabilities:
|
||||||||
Increase in accounts receivable and unbilled revenues
|
(306
|
)
|
(830
|
)
|
||||
Decrease in recoverable income taxes
|
282
|
973
|
||||||
Increase in materials and supplies, prepaid expenses, regulatory and other assets
|
(4,642
|
)
|
(2,343
|
)
|
||||
Increase in accounts payable, accrued compensation and benefits,
accrued expenses, deferred employee benefits, and other deferred credits |
2,674
|
1,093
|
||||||
Increase in accrued interest and taxes
|
695
|
128
|
||||||
Net cash provided by operating activities
|
15,416
|
14,016
|
||||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Utility plant additions, including debt portion of allowance for funds used during
construction of $352 in 2017 and $84 in 2016
|
(20,628
|
)
|
(8,302
|
)
|
||||
Acquisitions of water and wastewater systems
|
(472
|
)
|
(29
|
)
|
||||
Cash received from surrender of life insurance policies
|
-
|
642
|
||||||
Net cash used in investing activities
|
(21,100
|
)
|
(7,689
|
)
|
||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Customers' advances for construction and contributions in aid of construction
|
1,315
|
1,720
|
||||||
Repayments of customer advances
|
(288
|
)
|
(373
|
)
|
||||
Proceeds of long-term debt issues
|
15,896
|
-
|
||||||
Repayments of long-term debt
|
(11,683
|
)
|
(33
|
)
|
||||
Borrowings under short-term line of credit agreements
|
1,000 |
|
- | |||||
Change in cash overdraft position
|
1,206
|
-
|
||||||
Repurchase of common stock
|
(1,263
|
)
|
(474
|
)
|
||||
Issuance of common stock
|
1,462
|
2,113
|
||||||
Dividends paid
|
(6,168
|
)
|
(5,960
|
)
|
||||
Net cash provided by (used in) financing activities
|
1,477
|
(3,007
|
)
|
|||||
|
||||||||
Net change in cash and cash equivalents
|
(4,207
|
)
|
3,320
|
|||||
Cash and cash equivalents at beginning of period
|
4,209
|
2,879
|
||||||
Cash and cash equivalents at end of period
|
$
|
2
|
$
|
6,199
|
||||
|
||||||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest, net of amounts capitalized
|
$
|
3,018
|
$
|
3,623
|
||||
Income taxes
|
379
|
1,662
|
||||||
Supplemental disclosure of non-cash investing and financing activities:
|
||||||||
Accounts payable includes $1,719 in 2017 and $475 in 2016 for the construction of utility plant.
|
1. |
Basis of Presentation
|
2. |
Common Stock and Earnings Per Share
|
Three Months
Ended September 30
|
Nine Months
Ended September 30
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Weighted average common shares, basic
|
12,847,135
|
12,868,333
|
12,845,388
|
12,846,521
|
||||||||||||
Effect of dilutive securities:
|
||||||||||||||||
Employee stock-based compensation
|
121
|
-
|
74
|
-
|
||||||||||||
Weighted average common shares, diluted
|
12,847,256
|
12,868,333
|
12,845,462
|
12,846,521
|
3. |
Commitments
|
4. |
Pensions
|
|
Three Months
Ended September 30
|
Nine Months
Ended September 30
|
||||||||||||||
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
|
||||||||||||||||
Service cost
|
$
|
270
|
$
|
254
|
$
|
810
|
$
|
763
|
||||||||
Interest cost
|
398
|
399
|
1,194
|
1,199
|
||||||||||||
Expected return on plan assets
|
(599
|
)
|
(558
|
)
|
(1,796
|
)
|
(1,675
|
)
|
||||||||
Amortization of actuarial loss
|
123
|
141
|
369
|
421
|
||||||||||||
Amortization of prior service cost
|
(3
|
)
|
(3
|
)
|
(9
|
)
|
(9
|
)
|
||||||||
Rate-regulated adjustment
|
386
|
342
|
1,157
|
1,026
|
||||||||||||
Net periodic pension expense
|
$
|
575
|
$
|
575
|
$
|
1,725
|
$
|
1,725
|
5. |
Debt
|
|
As of
Sept. 30, 2017
|
As of
Dec. 31, 2016
|
||||||
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
|
85
|
118
|
||||||
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
|
14,870
|
14,870
|
||||||
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
|
||||||
Committed Line of Credit, due 2019
|
4,246
|
-
|
||||||
Total long-term debt
|
91,701
|
87,488
|
||||||
Less discount on issuance of long-term debt
|
(218
|
)
|
(226
|
)
|
||||
Less unamortized debt issuance costs
|
(2,509
|
)
|
(2,609
|
)
|
||||
Less current maturities
|
(44
|
)
|
(44
|
)
|
||||
Long-term portion
|
$ |
88,930
|
$ |
84,609
|
6. |
Interest Rate Swap Agreement
|
7. |
Fair Value Measurements
|
Description
|
|
September 30, 2017
|
|
Fair Value Measurements
at Reporting Date Using
Significant Other Observable Inputs (Level 2)
|
Interest Rate Swap
|
|
$2,232
|
|
$2,232
|
Description
|
|
December 31, 2016
|
|
Fair Value Measurements
at Reporting Date Using
Significant Other Observable Inputs (Level 2)
|
Interest Rate Swap
|
|
$2,292
|
|
$2,292
|
8. |
Income Taxes
|
9. |
Acquisitions
|
10. |
Stock-Based Compensation
|
Number of Shares
|
Grant Date Weighted
Average Fair Value
|
||
Nonvested at beginning of the period
|
660
|
$37.20
|
|
Granted
|
1,505
|
$38.00
|
|
Vested
|
(778)
|
$37.93
|
|
Forfeited
|
-
|
-
|
|
Nonvested at end of the period
|
1,387
|
$37.66
|
11. |
Rate Matters
|
12. |
Impact of Recent Accounting Pronouncements
|
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;
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·
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loss of customers;
|
·
|
changes in, or unanticipated, capital requirements;
|
·
|
the impact of acquisitions;
|
·
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changes in accounting pronouncements;
|
·
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changes in the Company's credit rating or the market price of its common stock;
|
·
|
the ability to obtain financing; and
|
·
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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, 2016.
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Quantitative and Qualitative Disclosures About Market Risk
|
Controls and Procedures
|
Exhibit No.
|
Description
|
|
|
|
|
|
|
|
|
|
|
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
|
THE YORK WATER COMPANY
|
|
/s/Jeffrey R. Hines
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|
Date: November 2, 2017
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Jeffrey R. Hines
Principal Executive Officer
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/s/Kathleen M. Miller
|
|
Date: November 2, 2017
|
Kathleen M. Miller
Principal Financial and Accounting Officer
|
1 Year York Water Chart |
1 Month York Water Chart |
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