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) February 24, 2004
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.)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99.1 Press Release, February 24, 2004, issued by The York Water Company.
Item 12. Disclosure of Results of Operations and Financial Condition.
On February 24, 2004, The York Water Company issued a press release
announcing its fourth quarter and annual 2003 financial results.
The press release is being furnished with this Current Report on Form
8-K Exhibit 99.1 and is hereby incorporated herein by reference.
This report (including the exhibit) shall not be deemed to be "filed"
for the purposes of Section 18 of the Securities Exchange Act of 1934,
as amended, nor shall it be incorporated by reference in any filing made
by the Registrant pursuant to the Securities Act of 1933, a amended,
other than to the extent that such filing incorporates by reference any
or all of such information by express reference thereto.
Exhibit 99.1
News Release THE YORK WATER COMPANY
130 East Market Street
York, PA 17401
Contact: Jeffrey S. Osman, President & Chief Executive Officer
Or
Kathleen M. Miller, Chief Financial Officer
Phone: (717) 845-3601 FOR IMMEDIATE RELEASE
YORK WATER COMPANY ANNOUNCES RECORD EARNINGS FOR 2003
York, Pennsylvania, February 24, 2004: The York Water Company's
(Nasdaq: YORW) President, Jeffrey S. Osman, announced today that the
Company has achieved record operating revenues and net income for the
year 2003. Improved revenues and net income are attributed to customer
growth and increased rates, which became effective June 26, 2003.
President Osman reported that the operating revenues of
$20,889,000 were up 6.8% and that net income of $4,448,000 increased
17.4% compared to 2002.
During the year, the Company incurred over $11.5 million on
construction projects, primarily on its water distribution system to
expand its service territory, and additionally on the Susquehanna River
pipeline project and various main relinings. The pipeline project will
connect the Susquehanna River to the Company's Lake Redman. This major
water project will provide an additional source of supply for the
Company to continue to expand its customer base. The Company installed
over 79,000 feet of pipe during 2003.
Operating revenues for the fourth quarter increased $576,000 or
12.2% over the fourth quarter of 2002. Net income for the fourth
quarter increased $269,000 or 30.6% compared to the fourth quarter 2002,
primarily due to the increase in operating revenues.
Period Ended December 31
In 000's (except per share)
Quarter Twelve Months
2003 2002 2003 2002
Water Operating Revenues $5,297 $4,721 $20,889 $19,553
Net Income $1,147 $ 878 $ 4,448 $ 3,790
Average Number of Common Shares Outstanding 6,386 6,330 6,386 6,330
Basic Earnings Per Common Share $0.18 $0.14 $0.70 $0.60
Dividends Paid Per Common Share $0.15 $0.14 $0.55 $0.53
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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: February 24, 2004 By: /S/ Kathleen M. Miller
(Kathleen M. Miller)
Chief Financial Officer