York Water Co. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>York Water Co. reports Q1 2024 results and financial standing in its latest 10-Q filing.</b>

AI Summary

YORK WATER CO (YORW) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. The York Water Company filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024, with data from January 1, 2024, to March 31, 2024. Comparative data for the first quarter of 2023 (January 1, 2023, to March 31, 2023) is also included. The company's fiscal year ends on December 31st. The filing includes details on various debt instruments, including Senior Notes and Exempt Facilities Revenue Bonds.

Why It Matters

For investors and stakeholders tracking YORK WATER CO, this filing contains several important signals. This 10-Q provides investors with the latest financial performance and position of York Water Co. for the first quarter of 2024, enabling informed investment decisions. The detailed breakdown of assets and liabilities, including various debt obligations, offers transparency into the company's financial health and risk profile.

Risk Assessment

Risk Level: low — YORK WATER CO shows low risk based on this filing. The company operates in a regulated utility sector, which typically has stable cash flows and predictable demand, mitigating significant financial risks.

Analyst Insight

Monitor the company's debt levels and interest coverage ratios in future filings to assess its ability to manage its financial obligations.

Key Numbers

• 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-05-07 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (Fiscal Period Start Date)
• 2023-03-31 — Prior Year Quarter End Date (Comparative Period)

Key Players & Entities

• YORK WATER CO (company) — FILER
• PA (location) — STATE OF INCORPORATION
• WATER SUPPLY [4941] (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 1934 Act (regulation) — SEC ACT
• 130 E MARKET ST (address) — BUSINESS ADDRESS
• YORK (location) — BUSINESS ADDRESS CITY
• 7178453601 (phone) — BUSINESS PHONE
• MECO Inc. (company) — Wastewater Collection and Treatment Assets

FAQ

Risk Factors

• Regulatory Environment [medium — regulatory]: The company's operations are subject to extensive regulation by state and federal agencies, which can impact rates, service areas, and operational requirements.
• Interest Rate Risk [medium — financial]: Fluctuations in interest rates can affect the cost of borrowing for the company, impacting its profitability and financial flexibility.
• Infrastructure Maintenance [medium — operational]: The company must continuously invest in maintaining and upgrading its water and wastewater infrastructure to ensure reliable service and comply with environmental standards.
• Water Demand Fluctuations [low — market]: Changes in weather patterns, economic conditions, and conservation efforts can affect water demand, impacting revenue.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was officially submitted to the SEC.

Filing Documents

• form10q.htm (10-Q) — 708KB
• exhibit311.htm (EX-31.1) — 11KB
• exhibit312.htm (EX-31.2) — 12KB
• exhibit321.htm (EX-32.1) — 6KB
• exhibit322.htm (EX-32.2) — 6KB
• image01.jpg (GRAPHIC) — 4KB
• 0000108985-24-000037.txt (&nbsp;) — 4297KB
• yorw-20240331.xsd (EX-101.SCH) — 37KB
• yorw-20240331_cal.xml (EX-101.CAL) — 58KB
• yorw-20240331_def.xml (EX-101.DEF) — 143KB
• yorw-20240331_lab.xml (EX-101.LAB) — 545KB
• yorw-20240331_pre.xml (EX-101.PRE) — 287KB
• form10q_htm.xml (XML) — 462KB

Financial Statements

Financial Statements 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 25 Item 5. Other Information 25 PART II Other Information Item 6. Exhibits 26

Signatures

Signatures 27 Page 2 THE YORK WATER COMPANY

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. Balance Sheets (Unaudited) (In thousands of dollars, except per share amounts) Mar. 31, 2024 Dec. 31, 2023 ASSETS UTILITY PLANT, at original cost $ 628,710 $ 620,201 Plant acquisition adjustments ( 9,364 ) ( 9,384 ) Accumulated depreciation ( 116,918 ) ( 117,113 ) Net utility plant 502,428 493,704 OTHER PHYSICAL PROPERTY, net of accumulated depreciation of $ 511 in 2024 and $ 501 in 2023 1,559 1,569 CURRENT ASSETS: Cash and cash equivalents 3,321 1 Accounts receivable, net of reserves of $ 1,055 in 2024 and $ 1,005 in 2023 7,086 7,837 Unbilled revenues 3,575 3,484 Recoverable income taxes – 332 Materials and supplies inventories, at cost 3,525 3,109 Prepaid expenses 1,432 821 Total current assets 18,939 15,584 OTHER LONG-TERM ASSETS: Prepaid pension cost 23,940 23,380 Note receivable 255 255 Deferred regulatory assets 50,257 48,949 Other assets 4,909 4,764 Total other long-term assets 79,361 77,348 Total Assets $ 602,287 $ 588,205 The accompanying notes are an integral part of these statements. Table of Contents Page 3 THE YORK WATER COMPANY Balance Sheets (Unaudited) (In thousands of dollars, except per share amounts) Mar. 31, 2024 Dec. 31, 2023 STOCKHOLDERS' EQUITY AND LIABILITIES COMMON STOCKHOLDERS' EQUITY: Common stock, no par value, authorized 46,500,000 shares, issued and outstanding 14,343,500 shares in 2024 and 14,332,245 shares in 2023 $ 136,622 $ 136,174 Retained earnings 86,309 85,004 Total common stockholders' equity 222,931 221,178 PREFERRED STOCK, authorized 500,000 shares, no shares issued – – LONG-TERM DEBT 189,613 180,007 COMMITMENTS – – CURRENT LIABILITIES: Accounts payable 11,785 10,873 Dividends payable 2,757 2,754 Accrued compensation and benefits 1,539 1,629 Accrued income taxes 54 – Accrued interest 1,815 1,741 Deferred regulatory liabilit

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View this 10-Q filing on SEC EDGAR