The York Water Co. on Wednesday announced lower operating revenue and net income in its second quarter, compared to the same time period a year ago.
President Jeffrey Hines said the company posted second-quarter operating revenues of $10.35 million, $100,000 less than the same quarter in 2011. Similarly, York Water's second-quarter net income of $2.2 million decreased $254,000 compared to the same time period last year.
The company had an earnings per share of $0.17, a decrease of $0.02 compared to the second quarter of 2011.
Additionally, operating revenues for the first half of the year of $20 million show a decrease of $76,000, and net income of $4 million shows a decrease of $452,000, compared to the first six months of 2011.
The first half of 2011 benefited from favorable tax law changes and non-taxable life insurance proceeds, which did not recur during the first six months of this year, Hines said.
Lower revenue, increases in wages and benefits, depreciation and distribution system maintenance expenses contributed to the decline in net income, he said.
York Water, during the first half of this year, also invested $5.6 million into capital projects upgrades to its enterprise software and distribution systems, and replaced its aging infrastructure, he said.
The company expects to invest an additional $6.5 million this year for continued improvements.
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