York Water Co (YORW) 2011年年度報告「NASDAQ」.pdf

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1、2011 Annual ReportHas Preserved Our FutureU i f Z p s l X b u f s D p n q b o zOur PastWjtjpo2:7Zfbsof the Lake WilliamsImpounding Dam and Reservoir.2012 Marks the211 BooJWFSTBSZQ b h f 2U i f Z p s l X b u f s D p n q b o z2011 Annual ReportThe York Water CompanysBold Vision for the Futurefrom a Ce

2、ntury PastContinues to Serve the Present and Foreseeable Future.Building a dam across the east branch of the Codorus Creek was needed to provide areserve to meet any conceivable water shortages.In 1912 this was a herculean effortand 250 workmen with picks,shovels,wheelbarrows,mules,and limited assis

3、tance from steam enginescompleted this incredible undertaking in fourteen months.Nothing of this magnitude had ever beenaccomplished in this region and the project captured the attention of the public.Lake Williams has continuedto provide an uninterrupted supply of water to the residents of York ove

4、r the past 100 years.In the 1960sLake Redman was added and in 2005 a pipeline to the Susquehanna River was constructed to insure theYork and Adams County regions have a drought resistant supply for current and future generations.Overthe next several years,we will be doing significant upgrades to bot

5、h of our dams to insure that they are ableto provide our customers with another 100 years of safe operation and uninterrupted service.In 2011 we received 62.97”of precipitation.This was over 20”greater than the historic average of 41.17”.In addition,the month of September,which saw the remnants of t

6、wo hurricanes pass through,was also arecord month when 15.09”of rain fell.This was nearly a foot greater than an average September of 3.6”!The very wet conditions increased our operating costs due to increased purification demands and increasedexpenses to repair flood damages.The record rainfall als

7、o decreased revenue during the typically highdemand late summer months.Even though this combination of increased costs and reduced revenue hadan impact on our bottom line,the Company still managed to remain nimble,adapt to these very uniquechallenges,and turn in a record year.In the recent past we h

8、ave been asked if climate change could interfere with our water supply.Thanks tothe construction of alternative supplies over the past 100 years and the precipitation trend shown in theabove graph,it appears that our area is actually receiving more rainfall than we did in the late 1800s.This provide

9、s strong evidence that our region,and our customers,shouldnt be concerned about theadequacy of our water supply.2025303540455055606562.971888189118941897190019031906190919121915191819211924192719301933193619391942194519481951195419571960196319661969197219751978198119841987199019931996199920022005200

10、82011Annual Rainfall(1888-2011)Trend Line2011:The Year of RainfallWeve been keeping records since 1888,and over the past 123 years,2011 was the wettest!U i f Z p s l X b u f s D p n q b o z2011 Annual ReportInches/YearAnnual RainfallDashed line=trend lineDear Shareholders,I am pleased to reportthat

11、although the weather created operational andfinancial challenges in 2011,we had a record year which continues our 196year tradition of service,growth,and performance.Record Financial PerformanceDue to our continued growth,2011 results were the best in our history.Operating revenues grew by 4.2%to$40

12、.6 million in 2011.Operating incomeincreased 0.5%to$19.9 million.Our net income increased by 1.7%to$9.1million in 2011.Earnings per share of$0.71 in 2011 were the same as in 2010.In departing from tradition,and in an effort to streamline financial reporting,we are only including a summary of our fin

13、ancial results and key statisticsin this annual report.Please refer to our annual SEC Form 10-K,which wasdelivered with this report,or can be downloaded from the investor relationssection of our website at for a more detailed review ofour financial performance.Continued Growth,Acquisitions,and Expan

14、sionThe growth in average number of customers served was relatively flat in2011 but grew slightly to 62,738.The percent of customer growth in 2011 wasbelow our average of 3%due to the continued slow down in the housingmarket due to the economy.The Company is now authorized to serve in46 municipaliti

15、es in Adams and York Counties.Population served grew by2.7%in 2011 to approximately 187,000.A portion of this growth was dueto estimates recalculated by the 2010 census and indicates that our servicearea is a vibrant and growing community.In 2011,The York Water Company continued its long tradition o

16、f acquiringtroubled water systems and providing water service into new areas.In 2011we completed an interconnect with Cross Keys Village in Adams County.Cross Keys is a growing community and is now one of our top 10 customersbased on consumption.Dividends and Shareholder Value:An American Record!In

17、line with our objective to maintain regular dividend increases,we raisedthe quarterly dividend rate by 2.0%during the year.This is the fifteenthconsecutive year we have raised our dividend and the 196th consecutive yearof dividend payments.We believe this to be the longest consecutive dividendrecord

18、 in America.Jeffrey R.Hines,P.E.President andChief Executive OfficerU i f Z p s l X b u f s D p n q b o z2011 Annual ReportQ b h f 3Our financial position continued to improve in 2011.The market price of ourcommon stock increased 2.0%to$17.64 per share.In addition,the dividend wasincreased in 2011 b

19、y 2.3%to$0.5266 per share,for a yield on December 31,2011of about 3.0%.If a share of stock were purchased on December 31,2010,the totalreturn for the year would be about 5.1%.Continued Success of a Direct Stock Purchase PlanIn 2011 the Company continued its Direct Stock Purchase Plan that allowsfor

20、the purchase of up to$40,000 per year directly from the company atmarket price without any fees.Dividends can then be reinvested automatically ata5%discount,againwithnofees.I and review the prospectus for additional information and toparticipate in the program.York Water Expands into the Sewer Busin

21、essIn late 2011,York Water entered into a Sales Agreement to purchase the AsburyPointe wastewater collection and treatment system.This system in East ManchesterTownship,York County serves approximately 240 customers for sewer service.Uponcompletion of regulatory approvals,we anticipate bringing thes

22、e customers on lineduring the second quarter of 2012.In 2011 we also entered into our first wastewaterbilling and customer service contracts to area wastewater authorities,starting withthe Jefferson-Codorus Joint Sewer Authority and the New Salem Sewer Authority.Customer Service:Still less than one

23、penny per gallonThe York Water Company continues to maintain some of the lowest customercomplaint rates in the state and York Waters rates for water service remain amongthe lowest in the state.Personal Service and“green”Electronic BillingAlthough we are a 196 year old company,we continue to make tec

24、hnologicaladvances to assist our customers.However we still strive to provide that personaltouch.When you call our office,one of our friendly customer service representativeswill answer the phone and assist you.In 2010 we initiated electronic billing.U i f Z p s l X b u f s D p n q b o z2011 Annual

25、ReportQ b h f 4Q b h f 5U i f Z p s l X b u f s D p n q b o z2011 Annual ReportNote:Efficiency ratio as measured bynet income as a percent of revenue.Instead of receiving a paper bill,customers can be notified of their bill byemail along with directions on how they can pay their bill on-line.In 2011

26、,electronic billing usage doubled.We plan to continue to promote variouspaperless payment options to become more“green”and to be more efficientand cost effective.Of course,our historic office in downtown York remainsopen for walk-in or phone-in customer support.Dedicated and Experienced EmployeesA C

27、ompany that continues to thrive and grow,and improve service to itscustomers for nearly 200 years,can only be possible due to the dedication,loyalty,and hard work of its talented employees.We thank all of the York Waterfamily for their commitment to make this Company the most efficient waterutility

28、in the nation.Tom Norris Retires as Chairman of the BoardTom Norris has been a Director since 2000 and Chairman of theBoardsince2008.Duringhistenure,Tomprovidedprofessionalism and expertise that helped to continue totransform The York Water Company into its preeminentposition in the community and am

29、ong our peers.Tom willcontinue to serve the Company as a Director Emeritus.OutlookWe continue our efforts to grow our business and serve our communities.Wemonitor our operating region for opportunities to acquire new franchiseterritories and enter into non-regulated business activities so that we ma

30、yprovide our rich history,experience,and know-how to communities that realizethe importance of a high quality,drought-resistant supply of water for domestic,commercial,industrial,and fire protection uses.In 2011 we entered thewastewater business with several initiatives and well continue to evaluate

31、opportunities to provide our expertise to serve our region and expand ourcustomer base within the wastewater field.We will continue to anticipate our communities growth so that whereverand whenever“That good York water”is needed,it will be available inplentiful supply.Q b h f 6U i f Z p s l X b u f

32、s D p n q b o z2011 Annual ReportHighlights of Our 196th Year(In thousands of dollars,except per share amounts)Summary of OperationsFor the Year20112010200920082007Water operating revenues.$40,629$39,005$37,043$32,838$31,433Operating expenses.20,75419,23819,65518,15817,333Operating income.19,87519,7

33、6717,38814,68014,100Interest expense.5,1554,7954,7804,1123,916Other income(expenses),net.(677)(465)(517)(509)(78)Income before income taxes.14,04314,50712,09110,05910,106Income taxes.4,9595,5784,5793,6283,692Net income.$9,084$8,929$7,512$6,431$6,414Per Share of Common StockBook value.$7.45$7.19$6.92

34、$6.14$5.97Basic earnings per share.0.710.710.640.570.57Cash dividends declared per share.0.52660.51500.50600.48900.4750Weighted average number of sharesoutstanding during the year.12,734,42012,626,66011,695,15511,298,21511,225,822Utility PlantOriginal cost,net of acquisitionadjustments.$278,344$269,

35、856$259,839$245,249$222,354Construction expenditures.9,47210,54112,53524,43818,154OtherTotal assets.$274,219$259,931$248,837$240,442$210,969Long-term debtincluding current portion.85,01785,17377,56886,35370,505U i f Z p s l X b u f s D p n q b o z2011 Annual ReportMarket for Common Stock and Dividen

36、dsThe common stock of The York Water Company is traded on the NASDAQ Global Select Market(Symbol“YORW”).Quarterly price ranges and cash dividends per share for the last two years follow:20112010HighLowDividend*HighLowDividend*1st Quarter$17.51$15.81$0.1310$15.00$13.04$0.12802ndQuarter17.7216.400.131

37、015.6012.830.12803rd Quarter18.1416.000.131016.4013.420.12804th Quarter18.0015.860.133618.0015.520.1310200620072008200920102011The York Water Company100.0089.1672.0889.63110.40116.22S&P 500 Index100.00103.5363.6978.6288.6788.67Peer Group*100.0094.3792.0781.0594.4092.53*ARTNA,AWR,CTWS,CWT,MSEX,PNNW,S

38、JW,WTRSource:FactSet Research Systems Inc.*Cash dividends per share reflect dividends declared at each dividend date.Prices listed in the above table are sales prices as listed on the NASDAQ Global Select Market.Shareholders of record(excluding individual participants in securities positions listing

39、s)as of December 31,2011 numbered approximately 1,658.Performance GraphThe following line graph presents the annual and cumulative total shareholder return for TheYork Water Company CommonStock over a five-year period from 2006 through 2011,based on the market price of the Common Stock and assumingr

40、einvestment of dividends,compared with the cumulative total shareholder return of companies in the S&P 500 Index anda peer group made up of publicly traded water utilities,also assuming reinvestment of dividends.The peer groupcompanies include:American States,Aqua America,Artesian Resources,Californ

41、ia Water Service,Connecticut WaterService,Middlesex Water,Pennichuck Corporation and San Jose Water.Q b h f 7Shareholder Information90110120801007060200620072011200820092010The York Water Company:Price Performance(2006-2011)S&P 500Peer Group*YORWU i f Z p s l X b u f s D p n q b o z2011 Annual Repor

42、tDividend PolicyDividends on the Companys common stock are declared by the Board of Directors and are normally paid in January,April,July and October.Dividends are paid based on shares outstanding as of the stated record date,which is ordinarilythe last day of the calendar month immediately precedin

43、g the dividend payment.The dividend paid on the Companys common stock on January 17,2012 was the 564th consecutive dividend paid bythe Company.The Company has paid consecutive dividends for its entire history,since 1816.The policy of the CompanysBoard of Directors is currently to pay cash dividends

44、on a quarterly basis.The dividend rate has been increased annuallyfor fifteen consecutive years.The Companys Board of Directors declared dividend number 565 in the amount of$0.1336 pershare at its January 2012 meeting.The dividend is payable onApril 16,2012 to shareholders of record as of February 2

45、9,2012.Future cash dividends will be dependent upon the Companys earnings,financial condition,capital demands and otherfactors and will be determined by the Companys Board of Directors.See Note 4 to the Companys financial statements filedas part of the SEC Form 10-K for restrictions on dividend paym

46、ents.Financial Reports and Investor RelationsThe Company makes available free of charge,on or through its website(),its annual report on Form10-K,its quarterly reports on Form 10-Q,current reports on Form 8-K,and amendments to those reports filed or furnishedpursuant to Section 13(a)or 15(d)of the E

47、xchangeAct as soon as reasonably practicable after the Company electronically filessuch material with,or furnishes it to,the SEC.Shareholders may request,without charge,copies of the Companys financial reports.Such requests,as well as other investorrelations inquiries,should be addressed to:(717)845

48、-3601(800)750-The York Water CompanyP.O.Box 15089,York,PA17405-7089Kathleen M.Miller Chief Financial OfficerQ b h f 8Shareholder InformationU i f Z p s l X b u f s D p n q b o z2011 Annual Report201120102009Selected Financial DataIncomeOperating Revenues.$40,629$39,005$37,043Operating Expenses.$20,7

49、54$19,238$19,655Operating Income.$19,875$19,767$17,388Interest Expense.$5,155$4,795$4,780Net Income.$9,084$8,929$7,512Percent Change in Net Income Compared to Prior Year.1.7%18.9%16.8%Common Stock Dividends.$6,708$6,506$6,050Dividend Payout Ratio.74%73%81%Weighted Average Common Shares Outstanding.1

50、2,734,42012,626,66011,695,155Basic Earnings Per Weighted Average Common Share.$0.71$0.71$0.64Number of Common Shares Outstanding.12,791,67112,692,05412,558,724ROE on Year End Common Equity.9.5%9.8%8.6%Common Stock Dividends Per Share.$0.5266$0.5150$0.5060Net Cash Flows From Operating Activities.$17,

51、474$14,755$15,801Balance SheetCommon Stockholders Equity.$95,265$91,257$86,922Long-Term Debt Including Current Maturities.$85,017$85,173$77,568Total Capitalization.$180,282$176,430$164,490Percent Common Stockholders Equity.53%52%53%Percent Long-Term Debt.47%48%47%Net Utility Plant.$232,277$227,677$2

52、21,475Operating DataRevenue ClassResidential.$25,693$24,478$23,299Commercial and Industrial.$11,820$11,440$10,734Other.$3,116$3,087$3,010Total Operating Revenues.$40,629$39,005$37,043Construction Expenditures.$9,472$10,541$12,535Other Operating DataNumber of Customers.62,73862,50562,186Number of Emp

53、loyees.106111111Common Shareholders.1,6581,6491,516Book Value Per Common Share.$7.45$7.19$6.92Market Value at Year End.$17.64$17.29$14.51Market Value to Book Value.237%240%210%P/E Ratio.24.824.422.7Year Ended December 31Supplemental Information(Unaudited)(In thousands of dollars,except per share amo

54、unts)Q b h f 9U i f Z p s l X b u f s D p n q b o z2011 Annual Report$32,838$31,433$28,658$26,805$22,504$20,889$19,553$19,403$18,158$17,333$15,754$14,049$12,627$11,578$11,243$10,468$14,680$14,100$12,904$12,756$9,877$9,311$8,310$8,935$4,112$3,916$3,727$3,423$2,132$2,523$2,692$2,856$6,431$6,414$6,091$

55、5,833$5,301$4,448$3,790$4,0060.3%5.3%4.4%10.0%19.2%17.4%-5.4%6.6%$5,526$5,332$4,820$4,392$3,930$3,512$3,323$3,12686%83%79%75%74%79%88%78%11,298,21511,225,82210,475,17310,359,3749,937,8369,579,6909,495,5919,229,875$0.57$0.57$0.58$0.56$0.53$0.46$0.40$0.4311,367,24811,264,92311,201,11910,399,99510,330,

56、5719,628,8459,547,2059,462,9969.2%9.5%9.3%11.6%11.0%11.4%10.2%11.2%$0.4890$0.4750$0.4540$0.4240$0.3940$0.3667$0.3500$0.3367$11,527$10,040$7,116$8,451$7,670$6,772$6,172$6,734$69,766$67,272$65,361$50,415$48,037$39,056$37,216$35,892$86,353$70,505$62,335$51,874$51,913$32,652$32,690$32,728$156,119$137,77

57、7$127,696$102,289$99,950$71,708$69,906$68,62045%49%51%49%48%54%53%52%55%51%49%51%52%46%47%48%$210,820$191,046$173,800$154,774$139,454$115,724$106,217$101,753$20,572$19,722$17,972$16,737$13,789$12,574$11,527$11,571$9,671$9,290$8,497$8,009$6,893$6,598$6,385$6,265$2,595$2,421$2,189$2,059$1,822$1,717$1,

58、641$1,567$32,838$31,433$28,658$26,805$22,504$20,889$19,553$19,403$24,438$18,154$20,678$15,562$25,689$10,252$6,310$7,09661,52758,89057,57855,73153,13451,91651,02350,07911010910697959289901,4851,4431,4631,4491,4591,3921,3531,327$6.14$5.97$5.84$4.85$4.65$4.05$3.90$3.79$12.10$15.50$17.88$17.23$12.93$12.

59、13$9.47$9.75197%260%306%356%278%299%243%257%21.227.230.830.824.326.023.722.5Q b h f:Supplemental Information(Unaudited)(In thousands of dollars,except per share amounts)20082007200620052004200320022001U i f Z p s l X b u f s D p n q b o z2011 Annual ReportQ b h f 2 1Directors,Officers,&Key Employees

60、Cynthia A.Dotzel,CPA(2)(3)Age 57Director Since 2009Jeffrey R.Hines,P.E.(1)Age 50,President andChief Executive OfficerDirector Since 2008George Hay Kain,III(4)Age 62Director Since 1986Board of Directors?George W.Hodges(1)Age 61ChairmanDirector Since 2000Jeffrey S.Osman(1)Age 69Director Since 2001Erne

61、st J.Waters(3)(4)Age 62Director Since 2007Steven R.Rasmussen,CPA(2)Age 39Director Since 2011Michael W.Gang,Esq.(1)(3)Age 61Director Since 1996John L.Finlayson(2)(4)Age 71Director Since 1993U i f Z p s l X b u f s D p n q b o z2011 Annual ReportOfficers&Key EmployeesDirectors EmeritiJosephine S.Appel

62、lChlo R.EichelbergerHorace E.Keesey,IIIWilliam T.MorrisIrvin S.NaylorThomas C.NorrisTransfer Agent&RegistrarAmerican Stock Transfer&Trust Company59 Maiden LaneNew York,NY 10273-0923(800)937-IndependentAuditorsParenteBeard LLCSuite 200221 West Philadelphia StreetYork,PA17401Stock ExchangeListingThe C

63、ompanys common sharestrade on the NASDAQ GlobalSelect Market.The trading symbol is“YORW”.Q b h f 2 2Directors,Officers,&Key EmployeesVernon L.BraceyAge 50Vice President-Customer ServiceKathleen M.MillerAge 49Chief Financial Officerand TreasurerJohn H.StrineAge 55Vice President-OperationsMark S.Snyde

64、rAge 41Vice President-EngineeringBonnie J.RexrothAge 51Investor Relations AdministratorBruce C.McIntoshAge 59Vice President-Human Resourcesand SecretaryJoseph T.HandAge 49Chief Operating OfficerChartered Territory Distribution and Supply SystemQ b h f 2 3U i f Z p s l X b u f s D p n q b o z2011 Annual ReportU i f Z p s l X b u f s D p n q b o z2011 Annual Report?