YORK, Pa., Aug. 12, 2002 -- The York Water Co.'s President, William T. Morris, announced recently the company's financial results for the second quarter and the first six months of 2002.
Morris reported that quarterly operating revenues of $4,876,000 increased 2.4% over the second quarter of 2001, and that quarterly net income of $921,000 increased 7.5% compared to the second quarter of 2001.
President Morris also reported that the first six months' operating revenues of $9,556,000 increased 3.2% over the first six months of 2001, and that net income of $1,796,000 increased 8.3% compared to the first six months of 2001.
The increase in net income for both periods is attributable to increases in operating revenues and to decreases in depreciation expense due to longer asset lives established by the Pennsylvania Public Utility Commission.
During the first six months of 2002 the company spent over $2.9 million on construction projects, primarily on its water distribution system to expand its service territory.
The company projects that earnings during the ensuing quarters of 2002 will continue to reflect the strong recent performance. Operating revenues will be higher as long as drought conditions do not worsen. Interest on short-term borrowings will remain lower as will depreciation. Insurance and payroll expenses will be higher for the remainder of 2002 compared to 2001.
