May 07--York Water Co. revenues increased in the first quarter, according to a financial statement released Wednesday.
Operating revenues for the first quarter increased $502,000 to $10.6 million, while net income decreased $28,000 to $2.1 million, compared to the first quarter last year.
CEO Jeffrey Hines attributed the higher revenues to bigger bills paid by customers, increased wastewater revenue and growth in the customer base.
They were offset, however, by higher expenses for wages, cold-weather-related maintenance, pensions and technology upgrades, he said.
York Water spent $2 million during the first quarter for upgrades to its water treatment facilities, and to replace a portion of its infrastructure and other items. The company also spent $271,000 to acquire wastewater facilities in East Prospect.
Overall expenses drove down net income and earnings per share, which ended the first quarter 1 cent lower than that of the same three-month period last year.
York Water estimates it will spend $10.5 million this year for expansion and improvements to its pipes, filtration system, facilities and dams, according to a news release.
--Reach Candy Woodall at firstname.lastname@example.org.
(c)2014 The York Dispatch (York, Pa.)
Visit The York Dispatch (York, Pa.) at www.yorkdispatch.com
Distributed by MCT Information Services