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)November 12, 2002
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
REPORTS REDUCED NINE MONTH EARNINGS
York, Pennsylvania, November 12, 2002: The York Water
Company's (Nasdaq: YORW) President, William T. Morris, announced
today the Company's financial results for the third quarter and
the first nine months of 2002.
President Morris reported that quarterly operating revenues
of $5,276,000 increased 3.2% over the third quarter of 2001, and
that quarterly net income of $1,116,000 decreased 18.2% compared
to the third quarter of 2001. Quarterly operating revenues also
increased 8.2% over second quarter 2002, while quarterly net
income increased 21.1% compared to second quarter 2002. President
Morris also reported that the first nine months' operating
revenues of $14,832,000 increased 3.2% over the first nine months
of 2001, and that net income of $2,912,000 decreased 3.7%
compared to the first nine months of 2001. The decrease in net
income for both periods is attributable to the drought, to
abnormal favorable realty and depreciation adjustments in 2001,
and to increased pension expenses.
During the first nine months of 2002 the Company spent over
$4.9 million on construction projects, primarily on its water
distribution system to expand its service territory.
Period Ended September 30
In 000's (except per share)
Quarter Nine Months
2002 2001 2002 2001
Water Operating
Revenues $5,276 $5,110 $14,832 $14,369
Net Income $1,116 $1,364 $ 2,912 $ 3,023
Average Number of Common Shares
Outstanding 6,324 6,106 6,324 6,106
Basic Earnings Per Common Share $0.18 $0.23 $0.46 $0.50
Dividends Paid Per Common Share $0.13 $0.13 $0.39 $0.38
Because of the continuing drought emergency and conservation
efforts on the part of customers, the Company anticipates that
revenue and net income for the fourth quarter 2002 will be lower
than the fourth quarter 2001. Annual net income for 2002 will be
lower than in 2001.
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: November 12, 2002 By: /s/ Jeffrey S. Osman
(Jeffrey S. Osman)
Vice President-Finance