York Water Co (YORW) 2013年年度報告「NASDAQ」.pdf

1、The York Water Company130 East Market StreetYork,Pennsylvania 17401717-845-2013 Annual ReportU i f!Z p s l!X b u f s!D p n q b o zOurGVUVSFIs Framed by Our Past Vision2:9!Zfbsth 1 Lively Bidding At Auction _,Held In Owen And Broth-ers Rooms FRY SECURITIES SOLD.II Will Be;:.?.0 W t2l cr_,.To Tlura CI

2、-C1.:.D-1gate R VENTED G IN YORK Presidem:Of W a;er Con1pany Points Out In Reviewing h Utilitys History-WEEKS TEST CdMPLETEO BY PROF.CAIRD,.HIGH AUTJ-iORITY PLANT IS SECOND TO NONE J ADDRESSES ROTARIANS-_._._.,_.,.,.:,_.;:.;.:;.New York eacterlooglt Can Clto None More Efficient at Such Low Operating

3、 On band!a nnd!.hirtcen yenr;:o Cost-Stertllzatlon 99.98 Per Cent The York Water Company130 East Market StreetYork,Pennsylvania 17401717-845-2013 Annual ReportU i f!Z p s l!X b u f s!D p n q b o zOurGVUVSFIs Framed by Our Past Vision2:9!Zfbsr11:WATER STOCK SOARS Recod Pri;.e of 68t2 Paid Last Night

4、At Owens Auction-Other Securities Sold The prke fot Yotk Vater com pan:;:;lock hrukc.all tecmda 11 Jvenlng a.t the auction rooms of 71 S.Owfn ani!Rrothfr,herfl lt aolu X IC NO.!-(a)as 111:.:-L.R 6Sl2,IJ=:lng-$3.50 in ad-.vauct of the blhest price a.l wblcll J.VpShQWln/.h :-tock rfc.=-ptly sold.Sixty

5、-n1M PISTI:ZBt77Ialr-SYSTE.i a:-were-s(ll8,1:1 Rhans at 6R%.YOrkPdlfr.,Ybzmkt.t lhe sa.m thn.t;thP-following securitit:.;were.;old:$500.Middle town and Roya I ton Water company l:i:llt.i:f.IO and.nccrued lntete:=:t;tlv.,.:;ha.tts,:.;o:rtll:,ork State bank tt(i2;2;Sl!lO 1c:Hk C:LS rompany oa at TO:l

6、nd:l.CCll.td UHr.st;17 sha.re:turk 2Jatlontt1 a.l 611;five slw.rt:.R Ynll X:ttlonal bank at 611h.ThP lllk of Tork:-.rational iR also a.r,rconl Prilc,bt-ing o11e dollar lJiglH:r than tlli.s sto-k has ever;old Jn/thf pnhlic marl.cit:,of York lhe remaining;:;o.oo6 will arth1d in a few days.-Jl Ot the t

7、rees are led and White -!JiJl.E ergrecns hcing c-bo&en bca.1.1se-=-=-=-_ 111.-dinK of lhe leaves of d-ecidu MANY ARE ATTRAOTED s O?tlel!:.ino tho basin was ro-TO RESERVOIR PARK ohJE:tnnable.Tlwre haxe,.1t.;l.:nse rPforcs.hng project.largG number of visitors daily and thl:()ughout the summer tt had b

8、een -estimated that an average of more I.F than one picnic a.day was held on I:-;f1c,J:T1,/I(fn the beautttui la.wns.Numerous Sunday school classes a.nd cburb I-:!V.A!r.HOTrJtt;.QE:.AI)!l soetettes have held afternoon.sup-pers.The lawns and evergreens are fn excellent condition and the roads have be

9、en oiled during the Bummoi which has prevented the ralaing ot Brown indicates pipe 1R1d 1850-1860.Ysllow 1860-1870.Oresn 1870-1880,Blus 1880-1890.Red 1890-1900.Purp1s 1900-1910.fO an)dust.Thts part contalnR 72 1 acre-R of ground and,on account of i:eltto a oan1e DROUGHT:pR OVES WORTH benches are pro

10、vided by the 1 :;,.x;:t rs:isloF I M.POUNDING BASIN th;h:t:a.hich had been clc.for a.few days on account or la:N O WATER SHORTAGE HERE-the SlOO,OOO,plpe through the&tou trom the-pumping Atat1ou,are.REFORESTATION HEl.PS ooon tQ the general publ1c du CONSERVE SUPPLY INFALL ONLY.6 INCH Always Preparing

11、 for the FutureIn 1913,the Lake Williams Dam was first filled with water.For the past 100 years the reservoir has provided invaluable service to the community as a water supply during droughts and as a place for recreation and aquatic life.The 1,600 acre forest surrounding the lake helps filter rain

12、water and also provides miles of hiking trails,picnic areas,and wildlife habitat.The old newspaper articles contained in this annual report are part of York Waters historicalarchives.Wed like to thank our wonderful localnewspapers who,over the past two centuries,have done a magnificent job chronicli

13、ng the events that occurred in the communities we serve.These included the York Daily Record,the YorkDispatch,and the York Gazette.Environmental Stewardship from the BeginningAlways Preparing for the FutureWATER SUPPLY IS MORE ASSURED Secretr.iT Of Forests And Vaters Praises Forestation Work Of York

14、 Vater Co.WATER STOCK SOARS Reord Price of 68Y2 Paid Last Night At Owetls Auction-Other Sec.urities Sold The r1.ce for York Wat.m:com-pany stock brokc all tecords last oveuing at the tl,uction rooms of Vt S.Owen and Brother,Yherf it sold R.c:higti as o!P2,being$8.50 in a.d-vance of the highest price

15、 a.t which h-stock recently sold.Sixty-nine sharfs were sold.in the following lot:;:Ten shares at 68:14,40 sha.res ut liS.19 shares at 68Jh.Ar t.he sante time t he following seeuri.ties wer e sold:$5()(M.i:ddle-._ OUTSTANDING LEADER YORKS WATER PUREST YORK PUMPING STATION Te:t of 90 Sanlples by Emin

16、ent.I Chemi;,ta:r-:1 A ny MODEl OF EFFirlrNCY.:.l!tt jEnc:?f:i:l lJ thorough test of tho local filtering.plant a.nd of the 90.sa.m.plcs coliooted WATR COMPANY PLAN ALONG CODOttliS SEEN BY ONLY FEW CITIZENS irom va.rious pa.tt of the oity none!1wed a single hanuful b.a.ctet.ia.Mr.Ctuld used the highe

17、st standards as lc,id down by the United states bOV ernmcnt and tho.American r nblic I!ea.tth a.c:;sociation for testing public vater supplies.He stated tha.t it i.1 a commun oocurrence for plants to fall Wht.!n.those high sta.nda:rds a.re 6 000 000 GALLONS DAILY a.pplied,whcrP.as in rork t11e water

18、 exceeded these requirements.Since 1896 there has nestled in the valley alqng the south branch of the Codorus creek o,handsome red brick E!tructure trimmed in gray sandston.:.which has housed the mighty pumps that Kee.P the vater supply!or York un to the required quantity.This LOCAl STOCKS AT lJr.Ca

19、.1:rd supervises the filter plants of lmmelo-us cities thvoughOut the United States and he stated that he knows of ll plant which pro-duces a better re.mpa.ny is delivering a water frP.e from taete,pdor,.color and tur-l:idity a.nd these respects simila.r to cl is tilled water.From a bacterial standp

20、oint,the ws.ter is practial:ly WATER CO.STOCK VOTING IS HIGHEST IN HISTORY 79,000 SHARES REPRESENTE:D W HEN DIRECTORS ARE RE-ELECTED$150,000 IMPROVEMENTS-Proxies lP.proscnting more than 7n,ooo of approximately 80,000 hares of stoolr,were preHcnted a.t the an-:nual meeting of the stockholders of the

21、York ate-r company,held iu thA offi.st numJ.)ll of votes evm est a t a-water company election.Iho folloV.ing comtitut.e the boa1d Ll directors,all or whom were W-eocted today:Crier Hersh,w.If.0.Rosenmillc,Theodore H.HP.lb,George H.a.y Kain,James H.Schall,Cha.rlS M.Kerr,.To1lu Tal roport of tlte oper

22、a-f ion and fl ns.u:wlal condition of the company vas rea,d a.t the m1.1eting.t cop 11as heen m:illcd to each stockholder.The report.which is-GOOD WATER REDUCES I LIQUOR OONSUMPTION A good wa.tR-.r supply ha!J!more in-fiuehce in eliminating.the dt-inking of spirl.tuous Uctuor than all t he pro-.h.ib

23、ltlon l.a.w.s in the l!rt.atute books,according t o Dr.W illiam.Ma.yo,of the oelelratOOi Mayo Clinic,Roches-ter,:.UinneJSota.ln an address be.f()re the,American Chem1cal B()Ciety,lliis eml.ne.nt med-icaJ author1t y pointed out t hat the drinking o!billl()n.s ot gallons of beer HIG.HEST PRICES HEAlTH

24、 OF CITY an wine b y the yeople ot conti-nental Eur()J)e in the pas.t century.1t1 te;e!1 C:u the polluted wa.ter in thoge centurie5.Lively Bidding At Auction Held In Owen And Broth-.ers Rooms SECURITIES SOLD Stocks of the York Water company,the Y.ork Telephone apd Telegraph comapny,the Industrial Na

25、tional bank and.the Trust Company of Glen Rock reached new high pr.ices at a puhlt cauction.held last evening in the rooms of W.S.Owen&Brother,AND PURE WATER:!:utlsooa would have wiped CJTY BETTER PROTECTED Service Companys Report Shows No Typhoid Trace-able To This Source KERR AGAIN PRESIDENl The d

26、irectors of the York Watei tDmpany were re-electecl yesterdal FROM FIRE THAN IN 1924-YORK WATERCOMPANYSPENDS,600,000 TO IMPROVE ITS SYSTEM-Always Preparing for the FutureIn 1913,the Lake Williams Dam was first filled with water.For the past 100 years the reservoir has provided invaluable service to

27、the community as a water supply during droughts and as a place for recreation and aquatic life.The 1,600 acre forest surrounding the lake helps filter rainwater and also provides miles of hiking trails,picnic areas,and wildlife habitat.The old newspaper articles contained in this annual report are p

28、art of York Waters historicalarchives.Wed like to thank our wonderful localnewspapers who,over the past two centuries,have done a magnificent job chronicling the events that occurred in the communities we serve.These included the York Daily Record,the YorkDispatch,and the York Gazette.Environmental

29、Stewardship from the BeginningAlways Preparing for the FutureNO DANGER OF NEW WAHR CO.DAM BREAKING CONSIDERABLE AMONG SKEPTICAL PERSONS ABOUT BIG IMPUNOING BASIN NOW IN COURSE OF ERECTION SOUTH OF YORK-FEAR TER RIBLE CALAMITY SHOULD IT BREAK,BUT,AS A MATTER OF FACT,IF IT DID BREAK THE HARM OONE WOui

30、.D BE:TRIF-.LING.J!J.i!.,2.d iNS P E C TE 0 FREQUENTLY Q b h f!2U i f!Z p s l!X b u f s!D p n q b o z2013 Annual ReportFor almost two centuries,The York Water Company tradition has reflected Strong Leadership and VisionFraming the successes of the Past and Presentas we prepare our communities for th

31、e Future.A glance at newspaper clippings from nearly a century ago conveys our commitmentto the communities that we serve and displays a tradition of strong leadership,vision and successthat continues to the present-and frames a positive future for The York Water Company and its customers.The headli

32、nes repeatedly reflect themes about Purity of Water and High Water Quality-Record StockPrices-New Pipeline and Pumping Station Construction.Conservation measures and community spirit,such as Tree Planting,Reservoir Parks,and Impounding Basins are also consistent news article themes thathave captured

33、 the culture and commitment of The York Water Company.This tradition continues at The York Water Company today with Record Financial Performance,ContinuedGrowth and Expansion,Efficiency and System Improvements,Increased Shareholder Value and the issuanceof Dividends in 2013 for the 198th consecutive

34、 year-an American Record.This is a reassuring messagefrom The York Water Company to shareholders and customers-one about consistently serving thecommunitys needs,supplying water of the highest quality,achieving financial success and planning for abright sustainable future.Dear Shareholders,I am plea

35、sed to report that 2013 was a record year which continues our198-year tradition of service,growth,and performance.Record Financial PerformanceDue to our continued growth,2013 results were the best in our history.Operating revenues grew by 2.3%to$42.4 million in 2013.Operating incomeincreased 0.9%to$

36、20.8 million.Our net income increased by 3.8%to$9.7million in 2013.Earnings per share increased 4.2%to$0.75.We are only including a summary of our financial results in this annualreport.Please refer to our annual SEC 10-K Report,which was delivered with this report,or can be downloaded from the inve

37、stor relations section of our website at for a more detailed review of ourfinancial performance.Continued Growth,Acquisitions,and Expansion The number of customers served in 2013 grew to 64,118 water and wastewatercustomers.This was an increase of 339 new water and wastewater customers.This 0.5%cust

38、omer growth in 2013 was below our pre-recession growth rateof 2-3%.The Company is now authorizedto serve in 47 municipalities inAdams and York Counties.Our population served grew by about 0.5%in2013 to approximately 190,000 people.Growth in Wastewater BusinessIn 2013,York Water announced the planned

39、 acquisitions of the wastewaterassets of the East Prospect Borough Authority and the SYC,Inc.wastewatersystem.These two acquisitions will complement the 2012 acquisition of theAsbury Pointe wastewater collection and treatment system.Yorks totalwastewater customers with these three systems will total

40、 nearly 800customers and include three 80,000 gallon per day wastewater treatmentplants.In 2013,we also expanded our wastewater billing and customer servicecontracts to include the West Manheim Township Sewer Authority,bringingour number of municipal wastewater billing customer contracts to three.Yo

41、rk Water Continues to Assist Communities in NeedIn 2013,York Water began a project to install water lines in York HavenBorough in York County.This project will provide domestic water to over onehundred customers plus provide high quality fire protection for the first timeJeffrey R.Hines,P.E.Presiden

42、t and Chief Executive OfficerU i f!Z p s l!X b u f s!D p n q b o z2013 Annual ReportQ b h f!3in the Boroughs history.In 2013,York Water was approached by the owners of theLincoln Estates water system in Adams County and Forrest Lakes water system inYork County to purchase their respective water syst

43、ems.The contracts for these twoareas were signed in early 2014.These acquisitions will add about 270 customers.Rate Increase Approved,Water Still Costs Less than One Cent per GallonOn January 9,2014 the Pennsylvania Public Utility Commission approved a$5.0 million per year increase in revenue.This i

44、ncrease in water and wastewatercustomer rates was necessary to recover costs associated with$48 million in capitalimprovements since the last rate increase.Much of this investment was required to replace critical infrastructure and to insure our customers have a safe,reliable,andabundant supply of w

45、ater and that wastewater is properly treated and dischargednow and into the future.York Waters customer complaint rate and water rates remain among the lowest inthe state while still providing world class service to our customers.Dividends and Shareholder Value:An American Record!In line with our ob

46、jective to maintain regular dividend increases,we raised thequarterly dividend rate by 3.5%during the year.This is the seventeenth consecutiveyear we have raised our dividend and the 198th consecutive year of dividendpayments.We believe this to be the longest consecutive dividend record in America.S

47、hareholder value continued to improve in 2013.The market price of our commonstock increased 19%from$17.57 per share to$20.93.Declared dividends increasedin 2013 by 3.5%to$0.558 per share.The total increase in shareholder value for ashare of stock purchased on January 1,2013 was 22.3%.Increasing Effi

48、ciencyAlthough we are a 198-year-old company,we continue to make technologicaladvances to assist our customers while still providing that personal touch.When youcall our office,one of our friendly customer service representatives will answer thephone and assist you.We continue to expand our initiati

49、ves in paperless billing andU i f!Z p s l!X b u f s!D p n q b o z2013 Annual ReportQ b h f!4This 1898 photo shows the aerating fountain on Reservoir Hill.The fountain and 100 acre park were open to the public.Today the fountain has been replaced by a gazebo which was originally built in 1876,but the

50、 park continues to serve as a green space that is open to visitors.Q b h f!5U i f!Z p s l!X b u f s!D p n q b o z2013 Annual Reportelectronic bill pay.In 2013,we increased the number of paperless billingcustomers by 50%,and we are working to continue this trend in 2014.Weve also deployed a state-of-

51、the-art radio frequency drive-by and fixed meterreading system.Of course,our historic office in downtown York remains openfor walk-in or phone-in customer support.System Improvements for a Sustainable FutureYork Water continues to replace almost 1%of its existing water pipe each year.This reduces ma

52、in breaks,water leakage,and potential property damage.York Water continues to work with local governments and other utilities tocoordinate water main replacements prior to road resurfacing projects.Thissaves our customers money and provides the motoring public with a new roadand equally new utilitie

53、s below.At our Grantley Road Filter Plant we haveinitiated a process to rebuild all twelve water filters over the next several years.This will increase our capacity and provide redundancy in emergencies.As thispast winter has demonstrated:Yorks investments in back-up generators andinfrastructure rep

54、lacement insured that,although electrical power was out for upto five days,Yorks customers had a reliable and uninterrupted supply of water.Dedicated and Experienced EmployeesA Company that continues to thrive and grow,and improve service to itscustomers for nearly 200 years,can only be possible due

55、 to the dedication,loyalty,and hard work of its employees.York Waters talented employees havean average of 16 years at the Company,which is indicative of the rewardingenvironment and corporate culture of The York Water Company.We thank all ofthe York Water family for their commitment to make this Co

56、mpany the mostefficient water utility in the nation.Director Finlayson Retires in 2014John Finlayson has been a Director since 1993 and Audit Committee Chair since2000.During his twenty-year tenure,John provided professionalism andfinancial expertise that helped transform The York Water Company into

57、 itspreeminent position in the community and among our peers.Fortunately,Johnwill continue to provide counsel and advice as he serves the Company as aDirector Emeritus.OutlookAs we begin our 199th year in business,we continue our efforts to grow andserve our communities.We monitor our operating regi

58、on for opportunities toacquire new franchise territories in both water and wastewater and enter intonon-regulated business activities so that we may provide our extensive history,experience,and know-how to communities that realize the importance of a highquality,drought-resistant supply of water for

59、 domestic,commercial,industrial,and fire protection uses.We will do all of this while managing our naturalresources and the environment so that we are fully sustainable for thecommunities we serve for the next two centuries and beyond.We will continue to anticipate our communities growth so that whe

60、rever andwhenever That good York water supply and service is needed,we will be there.Note:Efficiency ratio as measured bynet income as a percent of revenue.Q b h f!6U i f!Z p s l!X b u f s!D p n q b o z2013 Annual ReportHighlights of Our 198th Year(In thousands of dollars,except per share amounts)Su

61、mmary of OperationsFor the Year20132012201120102009Operating revenues.$42,383$41,447$40,629$39,005$37,043Operating expenses.21,62220,87420,75419,23819,655Operating income.20,76120,57319,87519,76717,388Interest expense.5,1625,1445,1554,7954,780Other income(expenses),net.(133)(520)(677)(465)(517)Incom

62、e before income taxes.15,46614,90914,04314,50712,091Income taxes.5,8125,6064,9595,5784,579Net income.$9,654$9,303$9,084$8,929$7,512Per Share of Common StockBook value.$7.98$7.73$7.45$7.19$6.92Basic earnings per share.0.750.720.710.710.64Cash dividends declared per share.0.55800.53910.52660.51500.506

63、0Weighted average number of sharesoutstanding during the year.12,928,04012,847,16012,734,42012,626,66011,695,155Utility PlantOriginal cost,net of acquisition adjustments.$298,670$289,579$278,344$269,856$259,839Construction expenditures.9,85211,5439,47210,54112,535OtherTotal assets.$282,529$282,490$2

64、74,219$259,931$248,837Long-term debt including current portion.84,92884,97585,01785,17377,568For Managements Discussion and Analysis of Financial Condition and Results of Operations,please refer to Item 7 in theCompanys Annual Report on Form 10-K.U i f!Z p s l!X b u f s!D p n q b o z2013 Annual Repo

65、rtMarket for Common Stock and DividendsThe 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:20132012HighLowDividend*HighLowDividend*1st Quarter$19.24$17.62$0.1383$18.43$

66、17.00$0.13362ndQuarter19.6417.860.138317.8916.940.13363rd Quarter21.9918.920.138318.4917.510.13364th Quarter22.0019.700.143118.4916.750.1383*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 Sele

67、ct Market.Shareholders of record(excluding individual participants in securities positions listings)as of December 31,2013 numbered approximately 2,023.Performance GraphThe following line graph presents the annual and cumulative total shareholder return for The York Water Company CommonStock over a

68、five-year period from 2008 through 2013,based on the market price of the Common Stock and assumingreinvestment of dividends,compared with the cumulative total shareholder return of companies in the S&P 500 Index and apeer group made up of publicly traded water utilities,also assuming reinvestment of

69、 dividends.The peer group companiesinclude:American States,American Water,Aqua America,Artesian Resources,California Water Service,Connecticut Water,Middlesex Water and San Jose Water.American Water was added to the peer group in 2013 as it completed its fifth year as apublicly traded water utility.

70、The line graph shows the peer group as it existed in 2012 and in 2013 for comparison purposes.Q b h f!7Shareholder Information U i f!Z p s l!X b u f s!D p n q b o z2013 Annual ReportQ b h f!8Shareholder Information Dividend PolicyDividends on the Companys common stock are declared by the Board of Di

71、rectors 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 ordinarily the lastday of the calendar month immediately preceding the dividend payment.The dividend paid on the Companys common stock on January 15,20

72、14 was the 572nd consecutive dividend paid by theCompany.The Company has paid consecutive dividends for its entire history,since 1816.The policy of the Companys Boardof Directors is currently to pay cash dividends on a quarterly basis.The dividend rate has been increased annually forseventeen consec

73、utive years.The Companys Board of Directors declared dividend number 573 in the amount of$0.1431 pershare at its January 2014 meeting.The dividend is payable on April 15,2014 to shareholders of record as of February 28,2014.Future cash dividends will be dependent upon the Companys earnings,financial

74、 condition,capital demands and otherfactors and will be determined by the Companys Board of Directors.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 For

75、m 8-K,and amendments to those reports filed or furnishedpursuant to Section 13(a)or 15(d)of the Exchange Act as soon as reasonably practicable after the Company electronicallyfiles such material with,or furnishes it to,the SEC.Shareholders may request,without charge,copies of the Companys financial

76、reports.Such requests,as well as other investorrelations inquiries,should be addressed to:Transfer Agent&RegistrarAmerican Stock Transfer&Trust Company LLC6201 15th AvenueBrooklyn,NY 11219(877)739-9990 IndependentAuditorsParenteBeard LLCSuite 200 221 West Philadelphia Street York,PA 17401Stock Excha

77、nge ListingThe Companys common shares trade on the NASDAQ Global Select Market.The trading symbol is“YORW”.Annual MeetingInformationMonday,May 5,20141:00 p.m.-Lunch 12:00 p.m.(reservation required)Strand-Capitol Performing Arts Center50 North George StreetYork,PA 17401(717)845-3601(800)750-The York

78、Water Company130 East Market StreetYork,PA 17401Bonnie J.Rexroth Investor RelationsAdministratorPlumber wiping joint where service was cut so as to makeroom for 20 supply main.August 28,1898.U i f!Z p s l!X b u f s!D p n q b o z2013 Annual ReportSelected Financial DataIncomeOperating Revenues.$42,38

79、3$41,447$40,629 Operating Expenses.$21,622$20,874$20,754Operating Income.$20,761$20,573$19,875Interest Expense.$5,162$5,144$5,155Net Income.$9,654$9,303$9,084Percent Change in Net Income Compared to Prior Year.3.8%2.4%1.7%Common Stock Dividends.$7,214$6,929$6,708Dividend Payout Ratio.74.7%74.5%73.8%

80、Weighted Average Common Shares Outstanding.12,928,04012,847,16012,734,420Basic Earnings Per Weighted Average Common Share.$0.75$0.72$0.71Number of Common Shares Outstanding.12,979,28112,918,63312,791,671ROE on Year End Common Equity.9.3%9.3%9.5%Common Stock Dividends Per Share.$0.5580$0.5391$0.5266N

81、et Cash Flows From Operating Activities.$18,438$16,422$17,474Balance SheetCommon Stockholders Equity.$103,511$99,825$95,265Long-Term Debt Including Current Maturities.$84,928$84,975$85,017Total Capitalization.$188,439$184,800$180,282Percent Common Stockholders Equity.55%54%53%Percent Long-Term Debt.

82、45%46%47%Net Utility Plant.$244,237$239,539$232,277Operating DataRevenue ClassResidential.$26,796$26,114$25,693 Commercial and Industrial.$12,299$12,114$11,820 Other.$3,288$3,219$3,116 Total Operating Revenues.$42,383$41,447$40,629 Construction Expenditures.$9,852$11,543$9,472 Other Operating DataNu

83、mber of Customers.64,11863,77962,738 Number of Employees.104105106Common Shareholders.2,0231,7861,658 Book Value Per Common Share.$7.98$7.73$7.45 Market Value at Year End.$20.93$17.57$17.64Market Value to Book Value.262%227%237%P/E Ratio.27.924.424.8 Year Ended December 31Supplemental Information(Un

84、audited)(In thousands of dollars,except per share amounts)Q b h f!9201320122011U i f!Z p s l!X b u f s!D p n q b o z2013 Annual Report$39,005$37,043$32,838$31,433$28,658$26,805$22,504$20,889$19,238$19,655$18,158$17,333$15,754$14,049$12,627$11,578$19,767$17,388$14,680$14,100$12,904$12,756$9,877$9,311

85、$4,795$4,780$4,112$3,916$3,727$3,423$2,132$2,523$8,929$7,512$6,431$6,414$6,091$5,833$5,301$4,44818.9%16.8%0.3%5.3%4.4%10.0%19.2%17.4%$6,506$6,050$5,526$5,332$4,820$4,392$3,930$3,512 72.9%80.5%85.9%83.1%79.1%75.3%74.1%79.0%12,626,66011,695,15511,298,21511,225,82210,475,17310,359,3749,937,8369,579,690

86、$0.71$0.64$0.57$0.57$0.58$0.56$0.53$0.4612,692,05412,558,72411,367,24811,264,92311,201,11910,399,99510,330,5719,628,8459.8%8.6%9.2%9.5%9.3%11.6%11.0%11.4%$0.5150$0.5060$0.4890$0.4750$0.4540$0.4240$0.3940$0.3667$14,755$15,801$11,527$10,040$7,116$8,451$7,670$6,772$91,257$86,922$69,766$67,272$65,361$50

87、,415$48,037$39,056$85,173$77,568$86,353$70,505$62,335$51,874$51,913$32,652$176,430$164,490$156,119$137,777$127,696$102,289$99,950$71,708 52%53%45%49%51%49%48%54%48%47%55%51%49%51%52%46%$227,677$221,475$210,820$191,046$173,800$154,774$139,454$115,724$24,478$23,299$20,572$19,722$17,972$16,737$13,789$1

88、2,574$11,440$10,734$9,671$9,290$8,497$8,009$6,893$6,598$3,087$3,010$2,595$2,421$2,189$2,059$1,822$1,717$39,005$37,043$32,838$31,433$28,658$26,805$22,504$20,889$10,541$12,535$24,438$18,154$20,678$15,562$25,689$10,25262,50562,18661,52758,89057,57855,731 53,134 51,916 1111111101091069795921,6491,5161,4

89、851,4431,4631,4491,4591,392$7.19$6.92$6.14$5.97$5.84$4.85$4.65$4.05$17.29$14.51$12.10$15.50$17.88$17.23$12.93$12.13240%210%197%260%306%356%278%299%24.422.721.227.230.830.824.326.0Q b h f!:Supplemental Information(Unaudited)(In thousands of dollars,except per share amounts)201020092008200720062005200

90、42003U i f!Z p s l!X b u f s!D p n q b o z2013 Annual ReportQ b h f!2 1Directors,Officers,&Key EmployeesCynthia A.Dotzel,CPA(2)(3)Age 59Director Since 2009George W.Hodges(1)Age 63ChairmanDirector Since 2000Robert P.Newcomer(4)Age 65Director Since 2013Board of Directors(1)Executive Committee (2)Audit

91、 Committee (3)Nomination and Corporate Governance Committee(4)Compensation CommitteeGeorge Hay Kain,III(4)Age 64Director Since 1986Jeffrey S.Osman(1)Age 71Director Since 2001Ernest J.Waters(2)(4)Age 64Director Since 2007Steven R.Rasmussen,CPA(2)(3)Age 41Director Since 2011Michael W.Gang,Esq.(1)(3)Ag

92、e 63Director Since 1996John L.Finlayson(2)(4)Age 73Director Since 1993U i f!Z p s l!X b u f s!D p n q b o z2013 Annual ReportOfficers&Key Employees Directors EmeritiJosephine S.AppellChlo R.EichelbergerHorace E.Keesey,IIIWilliam T.MorrisIrvin S.NaylorThomas C.NorrisQ b h f!2 2Directors,Officers,&Key

93、 EmployeesVernon L.BraceyAge 52Vice President-Customer ServiceKathleen M.MillerAge 51Chief Financial Officer and TreasurerJohn H.Strine Age 57Vice President-OperationsMark S.Snyder Age 43Vice President-EngineeringBonnie J.RexrothAge 53Investor Relations AdministratorBruce C.McIntoshAge 61Vice Presid

94、ent-Human Resources and SecretaryJoseph T.HandAge 51Chief Operating Officer Jeffrey R.Hines,P.E.(1)Age 52,President andChief Executive OfficerDirector Since 2008Chartered 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 z2013 Annual ReportA map of York Waters 20

95、14 chartered territory and service area.After Lake Williams was completed in 1913,the surrounding farmland was forested with over one million trees.This was one of the first largescale reforestation projects in the world,and visitors from all over traveled to York to admire the planting.Always Prepa

96、ring for the FutureIn 1913,the Lake Williams Dam was first filled with water.For the past 100 years the reservoir has provided invaluable service to the community as a water supply during droughts and as a place for recreation and aquatic life.The 1,600 acre forest surrounding the lake helps filter

97、rainwater and also provides miles of hiking trails,picnic areas,and wildlife habitat.The old newspaper articles contained in this annual report are part of York Waters historicalarchives.Wed like to thank our wonderful localnewspapers who,over the past two centuries,have done a magnificent job chron

98、icling the events that occurred in the communities we serve.These included the York Daily Record,the YorkDispatch,and the York Gazette.Environmental Stewardship from the BeginningAlways Preparing for the FutureMINNESOTA FORESTRY BOARD TO SIT YO STATE TRt;ASURER LEWIS AR RANGES FOR TRIP TO WATER CO.P

99、LANTATION WILL-REFORESTATION MARVEl A.ItRIVE SATURD/PiOt:ures A d News A-:u.:.-Members o!the Minnesota Re Dhcribo,a-:r c-p Fa-t1cn.M1nns.-;-s Say etation commission,who are 1:,.1,.,.the East on a forestry tour o:t inv .arCluu.1-r.,t.!gu.tion and research will sp-c!Jffir.lE.o:unnot dP.!ClhE Saturdu.y

100、 night In York,and Suul41-v-ful sight.Ye havf iF ed-.:=morning will inspect the pla.ntatflJllfStFI of parts of Cana.dli.,lcw of the York Water company,at Englu.nd:;tu,Lcs I;I.Ild the Allanliusoimpoundlng reservoir several miicanl:;tu.tes and iluso nul.seen uuY-_sautlL.oLtb.e_cit.lr.Tha_d!Project of

101、the York ater cvrupm1y.This wa!th xprP.nd bactellologist,Vith officeR at Troy,:.Y.,ha.s just cotnplet:ed a thorough t est uf the local filtering plant a.nd.of the 0 sa.r.n.ples cllooted from varlou pa.rt of the city none howed a single harmful bacteria.Mr.Caird USd the hignest standards as ld.id dow

102、n by the United B-t.:tes&ov-ernment and tho Alnerica.n PubHc llea.tth a.sso-cia.tion for testlng p;ttblic water supplies.He stated tha.t it i:;a common 6Ccurrence for pla.nts to fail when.these high sta ndards ar-e a.lPlie.l.,w herea.J ln r ork UJ.e water c.xecedod th rcquirf!ments.Mr.Ca.i:rd sm.per

103、vise.the:fiTter plants 01!uumerous citiestlu!ouglw ut the United States and he stated thfl.t iH knows of no plant which pro,-duces:t better result than a.t York,and th-a.t its treatment consis1.3 of th late:.:.!.metiJOdf!know;n to the art of wat purification.111:Caird close-s his report to the York:

104、Vater company with the fol-lowing sta.tcmcnt:Th e results of tlli.s investigation s how that the.York Water ompa.ny is delivering a water THE YoRK WATER CoMPANY A r That good York water SINCE 1816 RECORD USE OF WATER GAUSEO BY THE HEAT 9,337,000 GALLONS PASSEC METERS OF YORK COM PANY THURSDAY NO RES

105、TRICTIONS HEltE On Thursd!ay 9,337,000 galloOS O!water paaSed the mete-rs of the Y-ork Water com-pany a.t its fi.lter plant along the CountrY Club loa.d.Thla is the greatest quantity of water de-livered into the city in a single day during the present$eon.lt was the e:xJ.remcly hot weather which in-

106、Cteas-ed the consumption of water in York far beyond any previous day during the-present summer.On days when the ISUn shines brightlY the oonsumpticm of water is th e highest,for it is on such days that the many householders put the hose to use for watering la.wns and ga.r-MANY ARE ATTRAOTED TO RESE

107、RVOm PARK ReStrvoir park a.long the Country CJub road has been attracting a.large number of visitors daily and throughout the summer It bad been estimated that an average or more than one p1cn1c a day was hcln on be beautiful wns.NumeronR Sunday SChool clasae a.nd church sucletten have held afternoo

108、n.:uppers.The lawns and evergreens are fn excellent eonditton and tho roads have been oiled during the summer which has plevented the rals.tng or n,r dust.This part contain 72 aCres of gJotmd and,on account or Its elevation,a magnlflcant,lew of the clty is obtained.Numfrous benches arf provide-d by the York Wat.er company for the visltor.l:l and every courtf.Sy 115 shown them by tl-.a o+tat.tanf WATER GOMPAYS STOCK SKYROCKETS Nineteel Of The Xe,Shares Se:At Forty-Five