York Water Co. on Wednesday announced revenue increased during the third quarter and first nine months of the year.
President Jeffrey Hines said third quarter operating revenues increased to $574,000 to $11.025 million compared to the third quarter of 2011. Net income also increased $396,000 to $2.76 million, compared to the same time period last year.
Earnings per share also climbed $0.03 to $0.22, compared to the same quarter in 2011.
During the first nine months of the year, operating revenues increased $498,000 to $31.05 million, compared to the first nine months of 2011, while net income decreased $56,000 to $6.9 million during the same time period.
Higher revenues were attributed to a growing customer base and surcharge that pays for the replacement of an aging infrastructure, Hines said.
During the first nine months of the year, the water company invested $8.8 million in capital projects for upgrades to its water treatment and software systems, and it invested $463,000 in the acquisitions of water and wastewater systems.
In August the company acquired York Starview, LP for $133,000, gaining 240 new customers. And last month, York Water acquired Adams-county based Section A Water Corp. for $135,000, gaining 100 new customers.
Another water acquisition is expected during the first quarter of 2013, the company said.