YORK, Pa., Nov. 10, 2003 -- The York Water Co.'s President, Jeffrey S. Osman, announced the company's financial results for the third quarter and the first nine months of 2003.
President Osman reported that quarterly operating revenues of $5,786,000 increased 9.7% over the third quarter of 2002, and that quarterly net income of $1,494,000 increased 33.9% compared to the third quarter of 2002.
President Osman also reported that the first nine months' operating revenues of $15,592,000 increased 5.1% over the first nine months of 2002, and that net income of $3,301,000 increased 13.4% compared to the first nine months of 2002. Increased revenues and net income resulted from the addition of more than 800 new customers and a rate increase approved by the Pennsylvania Public Utility Commission effective June 26, 2003.
During the first nine months of 2003 the company spent over $5.9 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 company installed over 68,000 feet of pipe through the first nine months of 2003.
