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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.10 | -0.28% | 35.68 | 35.60 | 36.37 | 35.97 | 35.46 | 35.56 | 38,072 | 21:43:44 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended March 31, 2023
|
☐ |
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
|
14,295,673 Shares outstanding
as of May 2, 2023
|
PART I
|
Financial Information
|
|
PART II
|
Other Information
|
|
Mar. 31, 2023
|
Dec. 31, 2022
|
|||||||
ASSETS
|
||||||||
UTILITY PLANT, at original cost
|
$
|
562,512
|
$
|
549,141
|
||||
Plant acquisition adjustments
|
(9,161
|
)
|
(9,178
|
)
|
||||
Accumulated depreciation
|
(110,930
|
)
|
(108,758
|
)
|
||||
Net utility plant
|
442,421
|
431,205
|
||||||
OTHER PHYSICAL PROPERTY, net of accumulated depreciation
of $470
in 2023 and $463
in 2022
|
1,594
|
696
|
||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
166
|
1
|
||||||
Accounts receivable, net of reserves of $875 in 2023
and $855 in 2022
|
5,419
|
6,701
|
||||||
Unbilled revenues
|
3,473
|
3,290
|
||||||
Recoverable income taxes
|
880
|
882
|
||||||
Materials and supplies inventories, at cost
|
3,187
|
2,335
|
||||||
Prepaid expenses
|
1,741
|
1,025
|
||||||
Total current assets
|
14,866
|
14,234
|
||||||
OTHER LONG-TERM ASSETS:
|
||||||||
Prepaid pension cost
|
17,890
|
17,090
|
||||||
Note receivable
|
255
|
255
|
||||||
Deferred regulatory assets
|
42,840
|
42,545
|
||||||
Other assets
|
4,636
|
4,570
|
||||||
Total other long-term assets
|
65,621
|
64,460
|
||||||
Total Assets
|
$
|
524,502
|
$
|
510,595
|
Mar. 31, 2023
|
Dec. 31, 2022
|
|||||||
STOCKHOLDERS’ EQUITY AND LIABILITIES
|
||||||||
COMMON STOCKHOLDERS’ EQUITY:
|
||||||||
Common stock, no par value, authorized 46,500,000 shares,
issued and outstanding 14,294,898 shares in 2023
and 14,285,584
shares in 2022
|
$
|
134,679
|
$
|
134,220
|
||||
Retained earnings
|
73,719
|
72,963
|
||||||
Total common stockholders’ equity
|
208,398
|
207,183
|
||||||
PREFERRED STOCK, authorized 500,000 shares, no shares issued
|
–
|
–
|
||||||
LONG-TERM DEBT, excluding current portion
|
149,598
|
139,465
|
||||||
COMMITMENTS
|
|
|
||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable
|
10,864
|
10,766
|
||||||
Dividends payable
|
2,633
|
2,628
|
||||||
Accrued compensation and benefits
|
1,444
|
1,541
|
||||||
Accrued interest
|
1,137
|
965
|
||||||
Deferred regulatory liabilities
|
600
|
593
|
||||||
Other accrued expenses
|
718
|
488
|
||||||
Total current liabilities
|
17,396
|
16,981
|
||||||
DEFERRED CREDITS:
|
||||||||
Customers’ advances for construction
|
15,006
|
14,911
|
||||||
Deferred income taxes
|
49,172
|
47,901
|
||||||
Deferred employee benefits
|
3,745
|
3,725
|
||||||
Deferred regulatory liabilities
|
38,095
|
37,448
|
||||||
Other deferred credits
|
791
|
680
|
||||||
Total deferred credits
|
106,809
|
104,665
|
||||||
Contributions in aid of construction
|
42,301
|
42,301
|
||||||
Total Stockholders’ Equity and Liabilities
|
$
|
524,502
|
$
|
510,595
|
|
Three Months
Ended March 31
|
|||||||
|
2023
|
2022
|
||||||
OPERATING REVENUES
|
$
|
15,401
|
$
|
14,240
|
||||
|
||||||||
OPERATING EXPENSES:
|
||||||||
Operation and maintenance
|
4,112
|
3,451
|
||||||
Administrative and general
|
2,666
|
2,657
|
||||||
Depreciation and amortization
|
2,814
|
2,480
|
||||||
Taxes other than income taxes
|
391
|
354
|
||||||
|
9,983
|
8,942
|
||||||
|
||||||||
Operating income
|
5,418
|
5,298
|
||||||
|
||||||||
OTHER INCOME (EXPENSES):
|
||||||||
Interest on debt
|
(1,513
|
)
|
(1,297
|
)
|
||||
Allowance for funds used during construction
|
749
|
295
|
||||||
Other pension costs
|
(364
|
)
|
(319
|
)
|
||||
Other income (expenses), net
|
(94
|
)
|
(349
|
)
|
||||
|
(1,222
|
)
|
(1,670
|
)
|
||||
|
||||||||
Income before income taxes
|
4,196
|
3,628
|
||||||
|
||||||||
Income tax (benefit) expense
|
543
|
(231
|
)
|
|||||
|
||||||||
Net Income
|
$
|
3,653
|
$
|
3,859
|
||||
|
||||||||
Basic Earnings Per Share
|
$
|
0.26
|
$
|
0.29
|
||||
Diluted Earnings Per Share
|
$
|
0.26
|
$
|
0.29
|
|
Common
Stock
Shares
|
Common
Stock
Amount
|
Retained
Earnings
|
Total
|
||||||||||||
Balance, December 31, 2022
|
14,285,584
|
$
|
134,220
|
$
|
72,963
|
$
|
207,183
|
|||||||||
Net income
|
–
|
–
|
3,653
|
3,653
|
||||||||||||
Cash dividends declared, $0.2027 per share
|
–
|
–
|
(2,897 | ) |
(2,897
|
)
|
||||||||||
Issuance of common stock under
dividend reinvestment, direct stock and
employee stock purchase plans
|
9,314
|
405
|
–
|
405
|
||||||||||||
Stock-based compensation
|
–
|
54
|
–
|
54
|
||||||||||||
Balance, March 31, 2023
|
14,294,898
|
$
|
134,679
|
$
|
73,719
|
$
|
208,398
|
|
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
|
Three Months
Ended March 31
|
||||||||
2023
|
2022
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
3,653
|
$
|
3,859
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
2,814
|
2,480
|
||||||
Stock-based compensation
|
54
|
45
|
||||||
Increase (decrease) in deferred income taxes
|
543
|
(230
|
)
|
|||||
Other
|
(182
|
)
|
15
|
|||||
Changes in assets and liabilities:
|
||||||||
(Increase) decrease in accounts receivable and unbilled revenues
|
994
|
(161
|
)
|
|||||
(Increase) decrease in recoverable income taxes
|
2
|
(1
|
)
|
|||||
Increase in materials and supplies, prepaid expenses, prepaid pension cost,
regulatory and other assets
|
(3,185
|
)
|
(3,242
|
)
|
||||
Increase in accounts payable, accrued compensation and benefits, accrued
expenses, deferred employee benefits, regulatory liabilities, and other deferred credits
|
1,359
|
2,456
|
||||||
Increase in accrued interest
|
172
|
112
|
||||||
Net cash provided by operating activities
|
6,224
|
5,333
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Utility plant additions, including debt portion of allowance for funds used during
construction of $418
in 2023 and $165
in 2022
|
(10,581
|
)
|
(7,504
|
)
|
||||
Net cash used in investing activities
|
(10,581
|
)
|
(7,504
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Customers’ advances for construction and contributions in aid of construction
|
134
|
676
|
||||||
Repayments of customer advances
|
(39
|
)
|
(337
|
)
|
||||
Proceeds of long-term debt issues
|
49,484
|
13,375
|
||||||
Debt issuance costs | (171 | ) | – | |||||
Repayments of long-term debt
|
(39,224
|
)
|
(8,289
|
)
|
||||
Changes in cash overdraft position
|
(3,175
|
)
|
(1,153
|
)
|
||||
Issuance of common stock
|
405
|
450
|
||||||
Dividends paid
|
(2,892
|
)
|
(2,551
|
)
|
||||
Net cash provided by financing activities
|
4,522
|
2,171
|
||||||
Net change in cash and cash equivalents
|
165
|
–
|
||||||
Cash and cash equivalents at beginning of period
|
1
|
1
|
||||||
Cash and cash equivalents at end of period
|
$
|
166
|
$
|
1
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest, net of amounts capitalized
|
$
|
969
|
$
|
964
|
||||
Supplemental disclosure of non-cash investing and financing activities:
Accounts payable includes $7,764 in 2023 and $3,715 in 2022 for the construction of utility plant.
|
As of | As of | |||||||||||
Mar. 31, 2023
|
Dec. 31, 2022
|
Change
|
||||||||||
Accounts receivable – customers
|
$
|
5,923
|
$
|
7,069
|
$
|
(1,146
|
)
|
|||||
Other receivables
|
371
|
487
|
(116
|
)
|
||||||||
6,294
|
7,556
|
(1,262
|
)
|
|||||||||
Less: allowance for doubtful accounts
|
(875
|
)
|
(855
|
)
|
(20
|
)
|
||||||
Accounts receivable, net
|
$
|
5,419
|
$
|
6,701
|
$
|
(1,282
|
)
|
|||||
Unbilled revenue
|
$
|
3,473
|
$
|
3,290
|
$
|
183
|
Three Months
Ended March 31
|
||||||||
2023
|
2022
|
|||||||
Weighted average common shares, basic
|
14,275,866
|
13,105,674
|
||||||
Effect of dilutive securities:
|
||||||||
Employee stock-based compensation
|
3,837
|
2,756
|
||||||
Weighted average common shares, diluted
|
14,279,703
|
13,108,430
|
As of
Mar. 31, 2023
|
As of
Dec. 31, 2022
|
|||||||
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
|
||||||
5.50% Senior Notes, due 2053 | 40,000 | – | ||||||
Committed Line of Credit, due September 2024
|
–
|
29,740
|
||||||
Total long-term debt
|
152,370
|
142,110
|
||||||
Less discount on issuance of long-term debt
|
(155
|
)
|
(158
|
)
|
||||
Less unamortized debt issuance costs | (2,617 | ) | (2,487 | ) | ||||
Long-term portion
|
$
|
149,598
|
$
|
139,465
|
Description
|
March 31, 2023
|
Fair Value Measurements
at Reporting Date Using
Significant Other Observable Inputs (Level 2)
|
||
Interest Rate Swap
|
$791
|
$791
|
Description
|
December 31, 2022
|
Fair Value Measurements
at Reporting Date Using
Significant Other Observable Inputs (Level 2)
|
||
Interest Rate Swap
|
$680
|
$680
|
|
Three Months
Ended March 31
|
|||||||
|
2023
|
2022
|
||||||
Water utility service:
|
||||||||
Residential
|
$
|
8,888
|
$
|
8,447
|
||||
Commercial and industrial
|
4,004
|
3,588
|
||||||
Fire protection
|
932
|
836
|
||||||
Wastewater utility service:
|
||||||||
Residential
|
1,084
|
929
|
||||||
Commercial and industrial
|
221
|
109
|
||||||
Billing and revenue collection services
|
126
|
130
|
||||||
Collection services
|
7
|
59
|
||||||
Other revenue
|
11
|
14
|
||||||
Total Revenue from Contracts with Customers
|
15,273
|
14,112
|
||||||
Rents from regulated property
|
128
|
128
|
||||||
Total Operating Revenue
|
$
|
15,401
|
$
|
14,240
|
|
Three Months
Ended March 31
|
|||||||
|
2023
|
2022
|
||||||
Service cost
|
$
|
149
|
$
|
256
|
||||
Interest cost
|
469
|
334
|
||||||
Expected return on plan assets
|
(903
|
)
|
(1,055
|
)
|
||||
Amortization of prior service cost
|
(3
|
)
|
(3
|
)
|
||||
Rate-regulated adjustment
|
801
|
1,043
|
||||||
Net periodic pension expense
|
$
|
513
|
$
|
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 precipitation;
|
•
|
natural disasters, including pandemics such as the current outbreak of the novel strain of
coronavirus known as “COVID-19” and its variants 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
impact 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 2, 2023
|
Joseph T. Hand
Principal Executive Officer
|
/s/ Matthew E. Poff
|
|
Date: May 2, 2023
|
Matthew E. Poff
Principal Financial and Accounting Officer
|
1 Year York Water Chart |
1 Month York Water Chart |
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