YORK, Pa., Nov. 25, 2008 (GLOBE NEWSWIRE) -- The York Water Company's (Nasdaq:YORW) President and CEO, Jeffrey R. Hines, announced today that the Board of Directors at their November 24th meeting increased the quarterly dividend from $0.121 per share to $0.126, a 4.1% increase. The dividend is payable January 15, 2009 to shareholders as of record date December 31, 2008.
This is the 552nd consecutive dividend paid by The York Water Company and is the twelfth consecutive year that the Company has increased its dividend. York Water, which is the oldest investor owned utility in the nation, has paid dividends for 192 consecutive years beginning in 1816.
York Water also announced the completion of the Asbury Pointe acquisition on November 24th. Asbury Pointe, which serves approximately 800 people in 250 homes, is now a part of York Water's service population of over 170,000.
According to President Hines, "As we have for the past 192 years, York Water continues to grow to meet the water needs of the region. In addition to this acquisition, we'll continue to invest in replacing and upgrading our infrastructure and anticipate capital expenditures of over $17 million in 2009. Our recent issuance of $15 million in Pennsylvania Economic Development Financing Authority Exempt Facilities Revenue Bonds and the proceeds of a recently approved $5.9 million rate increase are being used to fund current and future capital projects. Looking forward, York Water will continue to evaluate the financial markets for long term debt and equity opportunities and we will work with our lenders to expand our short-term lines of credit as needed. York Water currently has $28 million in short term lines of credit, of which approximately one-half is still available."
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This news release may contain forward-looking statements regarding the Company's operational and financial expectations. These statements are based on currently available information and are subject to risks, uncertainties, and other events which could cause the Company's actual results to be materially different from the results described in this statement.