York Water Co. sees net income drop
York Water Co. reported decreased second-quarter operating revenues and net income compared to 2015, according to a company news release.
The company reported second-quarter revenues of $11.82 million, down $75,000 from the previous year, and net income of $2.85 million, down $78,000 from 2015. Earnings per share rose $0.01 to $0.23 after a reduction in the number of shares outstanding.
The 1,000 new customers acquired since the beginning of the fiscal year were offset by decreased per capita consumption, the report states. Earnings per share remained the same, at 42 cents, for the first six months of 2016 and 2015.
The company has invested $5 million in construction expenditures thus far and expects to invest another $12 million by the end of the fiscal year.