The York Water Co. on Tuesday announced increased first-quarter operating revenues and decreased net income compared to a year ago.
President Jeffrey Hines said first-quarter operating revenues of $9.67 million reflect an increase of $24,000 compared to the first quarter of 2011.
Net income was $1.94 million, which is a $198,000 decrease compared to the first quarter of 2011.
Earnings per share decreased $0.02 compared to the first quarter last year.
"Modestly higher water revenues due to an increased customer base were offset by increases in wages, distribution system maintenance and depreciation," according to a company statement.
The first quarter also didn't benefit from life insurance proceeds or tax law changes as it did in 2011, the statement said.
Also during the first three months, the water company invested more than $2 million to upgrade its software and distribution systems, and to replace parts of its infrastructure.
Hines said the company will continue to invest another $10 million this year for expansion and improvements that will better the drinking water for its growing customer base.
Last month, the company signed an $18,000 purchase agreement for the water assets of the Windy Brae Mobile Home Park in York County, preparing to take on another 135 customers during the third quarter.
That addition, combined with previously announced acquisitions, will give the water company 715 new customers during the second and third quarters of this year.
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