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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.06% | 35.35 | 35.06 | 35.67 | 35.58 | 35.27 | 35.58 | 35,404 | 00:18:06 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended March 31, 2022
|
☐ |
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)
|
Common Stock, No par value
|
YORW
|
The Nasdaq Global Select Market
|
(Title of Class)
|
(Trading Symbol)
|
(Name of Each Exchange on Which Registered)
|
⌧ Yes
|
☐ No
|
⌧ Yes
|
☐ No
|
Large accelerated filer ☐
|
Accelerated filer ☐
|
Non-accelerated filer ⌧
|
|
Smaller reporting company ☒
|
Emerging growth company ☐
|
☐ Yes
|
⌧ No
|
|
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
|
14,246,394 Shares outstanding
as of May 3, 2022
|
PART I
|
Financial Information
|
|
PART II
|
Other Information
|
|
Mar. 31, 2022
|
Dec. 31, 2021
|
|||||||
ASSETS
|
||||||||
UTILITY PLANT, at original cost
|
$
|
494,500
|
$
|
485,750
|
||||
Plant acquisition adjustments
|
(3,620
|
)
|
(3,637
|
)
|
||||
Accumulated depreciation
|
(101,000
|
)
|
(99,204
|
)
|
||||
Net utility plant
|
389,880
|
382,909
|
||||||
OTHER PHYSICAL PROPERTY, net of accumulated depreciation
of $489
in 2022 and $483
in 2021
|
717
|
717
|
||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
1
|
1
|
||||||
Accounts receivable, net of reserves of $852 in 2022
and $855 in 2021
|
4,434
|
4,634
|
||||||
Unbilled revenues
|
3,044
|
2,784
|
||||||
Recoverable income taxes
|
895
|
894
|
||||||
Materials and supplies inventories, at cost
|
2,107
|
1,917
|
||||||
Prepaid expenses
|
1,513
|
1,032
|
||||||
Total current assets
|
11,994
|
11,262
|
||||||
OTHER LONG-TERM ASSETS:
|
||||||||
Prepaid pension cost
|
15,097
|
14,054
|
||||||
Note receivable
|
255
|
255
|
||||||
Deferred regulatory assets
|
46,308
|
45,280
|
||||||
Other assets
|
4,661
|
4,376
|
||||||
Total other long-term assets
|
66,321
|
63,965
|
||||||
Total Assets
|
$
|
468,912
|
$
|
458,853
|
Mar. 31, 2022
|
Dec. 31, 2021
|
|||||||
STOCKHOLDERS' EQUITY AND LIABILITIES
|
||||||||
COMMON STOCKHOLDERS' EQUITY:
|
||||||||
Common stock, no par value, authorized 46,500,000 shares,
issued and outstanding 13,123,619 shares in 2022
and 13,112,948
shares in 2021
|
$
|
88,725
|
$
|
88,230
|
||||
Retained earnings
|
65,695
|
64,392
|
||||||
Total common stockholders' equity
|
154,420
|
152,622
|
||||||
PREFERRED STOCK, authorized 500,000 shares, no shares issued
|
–
|
–
|
||||||
LONG-TERM DEBT, excluding current portion
|
143,999
|
138,869
|
||||||
COMMITMENTS
|
|
|
||||||
CURRENT LIABILITIES:
|
||||||||
Current portion of long-term debt | 7,500 | 7,500 | ||||||
Accounts payable
|
7,580
|
6,712
|
||||||
Dividends payable
|
2,298
|
2,293
|
||||||
Accrued compensation and benefits
|
1,506
|
1,575
|
||||||
Accrued interest
|
1,071
|
959
|
||||||
Deferred regulatory liabilities
|
605
|
607
|
||||||
Other accrued expenses
|
536
|
440
|
||||||
Total current liabilities
|
21,096
|
20,086
|
||||||
DEFERRED CREDITS:
|
||||||||
Customers' advances for construction
|
13,161
|
12,820
|
||||||
Deferred income taxes
|
51,133
|
49,590
|
||||||
Deferred employee benefits
|
4,557
|
4,530
|
||||||
Deferred regulatory liabilities
|
37,172
|
36,374
|
||||||
Other deferred credits
|
1,500
|
2,086
|
||||||
Total deferred credits
|
107,523
|
105,400
|
||||||
Contributions in aid of construction
|
41,874
|
41,876
|
||||||
Total Stockholders' Equity and Liabilities
|
$
|
468,912
|
$
|
458,853
|
|
Three Months
Ended March 31
|
|||||||
|
2022
|
2021
|
||||||
OPERATING REVENUES
|
$
|
14,240
|
$
|
13,081
|
||||
|
||||||||
OPERATING EXPENSES:
|
||||||||
Operation and maintenance
|
3,451
|
2,806
|
||||||
Administrative and general
|
2,657
|
2,411
|
||||||
Depreciation and amortization
|
2,480
|
2,174
|
||||||
Taxes other than income taxes
|
354
|
336
|
||||||
|
8,942
|
7,727
|
||||||
|
||||||||
Operating income
|
5,298
|
5,354
|
||||||
|
||||||||
OTHER INCOME (EXPENSES):
|
||||||||
Interest on debt
|
(1,297
|
)
|
(1,214
|
)
|
||||
Allowance for funds used during construction
|
295
|
262
|
||||||
Other pension costs
|
(319
|
)
|
(304
|
)
|
||||
Other income (expenses), net
|
(349
|
)
|
(101
|
)
|
||||
|
(1,670
|
)
|
(1,357
|
)
|
||||
|
||||||||
Income before income taxes
|
3,628
|
3,997
|
||||||
|
||||||||
Income tax (benefit) expense
|
(231
|
)
|
292
|
|||||
|
||||||||
Net Income
|
$
|
3,859
|
$
|
3,705
|
||||
|
||||||||
Basic Earnings Per Share
|
$
|
0.29
|
$
|
0.28
|
||||
Diluted Earnings Per Share
|
$
|
0.29
|
$
|
0.28
|
|
Common
Stock
Shares
|
Common
Stock
Amount
|
Retained
Earnings
|
Total
|
||||||||||||
Balance, December 31, 2021
|
13,112,948
|
$
|
88,230
|
$
|
64,392
|
$
|
152,622
|
|||||||||
Net income
|
–
|
–
|
3,859
|
3,859
|
||||||||||||
Cash dividends declared, $0.1949 per share
|
–
|
–
|
(2,556
|
)
|
(2,556
|
)
|
||||||||||
Issuance of common stock under
dividend reinvestment, direct stock and
employee stock purchase plans
|
10,671
|
450
|
–
|
450
|
||||||||||||
Stock-based compensation
|
–
|
45
|
–
|
45
|
||||||||||||
Balance, March 31, 2022
|
13,123,619
|
$
|
88,725
|
$
|
65,695
|
$
|
154,420
|
|
Common
Stock
Shares
|
Common
Stock
Amount
|
Retained
Earnings
|
Total
|
||||||||||||
Balance, December 31, 2020
|
13,060,817
|
$
|
85,935
|
$
|
57,317
|
$
|
143,252
|
|||||||||
Net income
|
–
|
–
|
3,705
|
3,705
|
||||||||||||
Cash dividends declared, $0.1874 per share
|
–
|
–
|
(2,448
|
)
|
(2,448
|
)
|
||||||||||
Issuance of common stock under
dividend reinvestment, direct stock and
employee stock purchase plans
|
10,916
|
473
|
–
|
473
|
||||||||||||
Stock-based compensation
|
–
|
28
|
–
|
28
|
||||||||||||
Balance, March 31, 2021
|
13,071,733
|
$
|
86,436
|
$
|
58,574
|
$
|
145,010
|
Three Months
Ended March 31
|
||||||||
2022
|
2021
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
3,859
|
$
|
3,705
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
2,480
|
2,174
|
||||||
Stock-based compensation
|
45
|
28
|
||||||
Decrease in deferred income taxes
|
(230
|
)
|
(108
|
)
|
||||
Other
|
15
|
29
|
||||||
Changes in assets and liabilities:
|
||||||||
(Increase) decrease in accounts receivable and unbilled revenues
|
(161
|
)
|
1,038
|
|||||
(Increase) decrease in recoverable income taxes
|
(1
|
)
|
139
|
|||||
Increase in materials and supplies, prepaid expenses, prepaid pension cost,
regulatory and other assets
|
(3,242
|
)
|
(2,201
|
)
|
||||
Increase in accounts payable, accrued compensation and benefits, accrued
expenses, deferred employee benefits, regulatory liabilities, and other deferred credits
|
2,456
|
1,684
|
||||||
Increase in accrued interest
|
112
|
109
|
||||||
Net cash provided by operating activities
|
5,333
|
6,597
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Utility plant additions, including debt portion of allowance for funds used during
construction of $165
in 2022 and $146
in 2021
|
(7,504
|
)
|
(7,431
|
)
|
||||
Net cash used in investing activities
|
(7,504
|
)
|
(7,431
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Customers' advances for construction and contributions in aid of construction
|
676
|
792
|
||||||
Repayments of customer advances
|
(337
|
)
|
(137
|
)
|
||||
Proceeds of long-term debt issues
|
13,375
|
11,648
|
||||||
Repayments of long-term debt
|
(8,289
|
)
|
(13,178
|
)
|
||||
Changes in cash overdraft position
|
(1,153
|
)
|
(1,263
|
)
|
||||
Issuance of common stock
|
450
|
473
|
||||||
Dividends paid
|
(2,551
|
)
|
(2,448
|
)
|
||||
Net cash provided by (used in) financing activities
|
2,171
|
(4,113
|
)
|
|||||
Net change in cash, cash equivalent, and restricted cash
|
–
|
(4,947
|
)
|
|||||
Cash, cash equivalents, and restricted cash at beginning of period
|
1
|
5,002
|
||||||
Cash and cash equivalents at end of period
|
$
|
1
|
$
|
55
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest, net of amounts capitalized
|
$
|
964
|
$
|
912
|
||||
Income taxes
|
–
|
–
|
||||||
Supplemental disclosure of non-cash investing and financing activities:
Accounts payable includes $3,715 in 2022 and $3,831 in 2021 for the construction of utility plant.
|
As of
Mar. 31, 2022
|
As of
Dec. 31, 2021
|
Change
|
||||||||||
Accounts receivable – customers
|
$
|
4,829
|
$
|
5,034
|
$
|
(205
|
)
|
|||||
Other receivables
|
457
|
455
|
2
|
|||||||||
5,286
|
5,489
|
(203
|
)
|
|||||||||
Less: allowance for doubtful accounts
|
(852
|
)
|
(855
|
)
|
3
|
|||||||
Accounts receivable, net
|
$
|
4,434
|
$
|
4,634
|
$
|
(200
|
)
|
|||||
Unbilled revenue
|
$
|
3,044
|
$
|
2,784
|
$
|
260
|
Three Months
Ended March 31
|
||||||||
2022
|
2021
|
|||||||
Weighted average common shares, basic
|
13,105,674
|
13,055,871
|
||||||
Effect of dilutive securities:
|
||||||||
Employee stock-based compensation
|
2,756
|
2,690
|
||||||
Weighted average common shares, diluted
|
13,108,430
|
13,058,561
|
As of
Mar. 31, 2022
|
As of
Dec. 31, 2021
|
|||||||
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
|
||||||
3.00%
Pennsylvania Economic Development Financing Authority Exempt
Facilities Revenue Refunding Bonds, Series A of 2019, due 2036
|
10,500
|
10,500
|
||||||
3.10%
Pennsylvania Economic Development Financing Authority Exempt
Facilities Revenue Refunding Bonds, Series B of 2019, due 2038
|
14,870
|
14,870
|
||||||
3.23%
Senior Notes, 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
|
||||||
4.54%
Senior Notes, due 2049
|
20,000
|
20,000
|
||||||
3.24% Senior Notes, due 2050
|
30,000
|
30,000
|
||||||
Committed Line of Credit, due September 2023
|
34,406
|
29,320
|
||||||
Total long-term debt
|
154,276
|
149,190
|
||||||
Less discount on issuance of long-term debt
|
(167
|
)
|
(169
|
)
|
||||
Less unamortized debt issuance costs | (2,610 | ) | (2,652 | ) | ||||
Less current maturities
|
(7,500
|
)
|
(7,500
|
)
|
||||
Long-term portion
|
$
|
143,999
|
$
|
138,869
|
Description
|
March 31, 2022
|
Fair Value Measurements
at Reporting Date Using
Significant Other Observable Inputs (Level 2)
|
||
Interest Rate Swap
|
$1,500
|
$1,500
|
Description
|
December 31, 2021
|
Fair Value Measurements
at Reporting Date Using
Significant Other Observable Inputs (Level 2)
|
||
Interest Rate Swap
|
$2,086
|
$2,086
|
|
Three Months
Ended March 31
|
|||||||
|
2022
|
2021
|
||||||
Water utility service:
|
||||||||
Residential
|
$
|
8,447
|
$
|
8,145
|
||||
Commercial and industrial
|
3,588
|
3,310
|
||||||
Fire protection
|
836
|
806
|
||||||
Wastewater utility service:
|
||||||||
Residential
|
929
|
471
|
||||||
Commercial and industrial
|
109
|
79
|
||||||
Billing and revenue collection services
|
130
|
119
|
||||||
Collection services
|
59
|
–
|
||||||
Other revenue
|
14
|
10
|
||||||
Total Revenue from Contracts with Customers
|
14,112
|
12,940
|
||||||
Rents from regulated property
|
128
|
141
|
||||||
Total Operating Revenue
|
$
|
14,240
|
$
|
13,081
|
|
Three Months
Ended March 31
|
|||||||
|
2022
|
2021
|
||||||
Service cost
|
$
|
256
|
$
|
271
|
||||
Interest cost
|
334
|
302
|
||||||
Expected return on plan assets
|
(1,055
|
)
|
(913
|
)
|
||||
Amortization of actuarial loss
|
–
|
121
|
||||||
Amortization of prior service cost
|
(3
|
)
|
(3
|
)
|
||||
Rate-regulated adjustment
|
1,043
|
797
|
||||||
Net periodic pension expense
|
$
|
575
|
$
|
575
|
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 changes 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;
|
•
|
natural disasters, including pandemics such as the current outbreak of the novel strain of coronavirus
known as “COVID-19” and the effectiveness of the Company’s pandemic plans;
|
•
|
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 reduce
the demand of customers for water;
|
•
|
changes in economic and business conditions, including interest rates;
|
•
|
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; and
|
•
|
the ability to obtain financing.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 4.
|
Controls and Procedures.
|
Item 6. |
Exhibits.
|
Exhibit No.
|
Description
|
|
101.INS
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the
Inline XBRL document).
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema.
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase.
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase.
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase.
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase.
|
|
104
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
|
THE YORK WATER COMPANY
|
|
/s/ Joseph T. Hand
|
|
Date: May 3, 2022
|
Joseph T. Hand
Principal Executive Officer
|
/s/ Matthew E. Poff
|
|
Date: May 3, 2022
|
Matthew E. Poff
Principal Financial and Accounting Officer
|
1 Year York Water Chart |
1 Month York Water Chart |
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