YORK, Pa., August 13, 2001 — The York Water Company's President, William T. Morris, announced today the company's financial results for the first half of 2001.
President Morris reported that the operating revenues of $9,258,832 increased 1.6% over the first half of 2000, but that net income of $1,658,889 decreased 4.6% compared to the first half of 2000. The decrease in net income during the first half of 2001 is attributable to increased pension and insurance costs.
During the first half of 2001 the company spent over $4 million on construction projects, primarily on its water distribution system to expand its service territory.
The company currently projects that earnings during the third and fourth quarters of 2001 will exceed the levels recorded during the first and second quarters, and that year-end earnings for 2001 will exceed the levels recorded for the year 2000.
The company's forward-looking projections for the third and fourth quarters of 2001 anticipate an increase in operating revenues resulting from the company's rate increase request, reduced property taxes, reduced depreciation expense due to extended lives of some utility plant and reduced interest on short-term borrowings.
