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 (Date of earliest event reported) March 19, 2001
THE YORK WATER COMPANY
(Exact name of Registrant as specified in its Charter)
Pennsylvania 0-690 23-1242500
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
130 East Market Street, York, Pennsylvania 17401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including Area Code 717-845-3601
(Former name or former address, if changed since last report.)
THE YORK WATER COMPANY
FORM 8-K
ITEM 5. OTHER EVENTS
YORK WATER COMPANY ANNOUNCES
RECORD EARNINGS FOR 2000
York, Pennsylvania, March 2, 2001: The York Water Company's
(Nasdaq: YORW) President, William T. Morris, announced today that
the Company has achieved record operating revenues and net income
for the year 2000. Improved revenues and net income are
attributed to customer growth, cost containments implemented by
the Company, and price increases which became effective October
1, 1999.
President Morris reported that the operating revenues of
$18,481,163 were up 5.5% and that net income of $3,757,787
increased 19.1% compared to 1999.
During the year the Company spent over $6.4 million on
construction projects, primarily on its water distribution system
to expand its service territory.
Operating revenues for the fourth quarter increased $294,567 or
6.8% over the fourth quarter 1999. Net income for the fourth
quarter increased $53,642 or 1.8% compared to the fourth quarter
1999 primarily due to the increase in operating revenues.
Three Months Ended Twelve Months Ended
December 31 December 31
2000 1999 2000 1999
Water Operating
Revenues $4,624,850 $4,330,283 $18,481,163 $17,511,251
Net Income $ 877,843 $ 810,348 $ 3,757,787 $ 3,154,073
Average Number
of Common Shares
Outstanding 3,042,733 2,989,091 3,042,733 2,989,091
Basic Earnings Per
Common Share $0.29 $0.27 $1.25 $1.05
Dividends Paid Per
Common Share $0.25 $0.24 $0.98 $0.95
The Company currently projects that earnings during the first
quarter of 2001 will exceed the levels recorded during the first
quarter of 2000 by over 5%, and year-end earnings for 2001 will
exceed the levels recorded for the year 2000 by over 3%.
This press release contains forward-looking statements which
management believes to be reasonable as of today's date. Actual
results may differ significantly because of risks and
uncertainties which are difficult to predict and many of which
are beyond the Company's control. Among them are adverse weather
conditions, regulatory policies, interest rates, general economic
conditions within the Company's service territory and other
factors generally beyond the Company's control. The Company
undertakes no obligation to release revisions to its
forward-looking statements to reflect events or circumstances
occurring after today's date.
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 hereunto duly authorized.
The York Water Company
(Registrant)
Dated: March 19, 2001 By:
(Jeffrey S. Osman)
Vice President-Finance