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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended September 30, 2003 Commission File No. 0-690
THE YORK WATER COMPANY
(Exact name of Registrant as specified in its Charter)
PENNSYLVANIA 23-1242500
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
130 East Market Street, York, Pennsylvania 17401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including Area Code 717-845-3601
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. YES X NO ___
Indicate by checkmark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act), YES _X_ NO ___
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common stock, No par value 6,405,843 Shares outstanding
as of November 7, 2003
THE YORK WATER COMPANY
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets
(Unaudited)
As Of As of
Sept.30, 2003 Dec.31, 2002
UTILITY PLANT, at original cost $132,724,724 $127,117,248
Less-Reserve for depreciation 22,129,823 20,899,987
110,594,901 106,217,261
OTHER PHYSICAL PROPERTY:
Less-Reserve for depreciation of $92,633
in 2003 and $95,820 in 2002 708,011 508,297
CURRENT ASSETS:
Receivables, less reserves of $130,000
in 2003 and in 2002 3,360,584 2,838,501
Materials and supplies, at cost 631,249 480,573
Prepaid expenses 367,746 293,874
Deferred income taxes 88,655 88,655
Total Current Assets 4,448,234 3,701,603
OTHER LONG-TERM ASSETS:
Prepaid pension cost 2,038,714 2,184,108
Deferred debt expense 290,928 314,269
Deferred rate case expense 166,120 92,852
Notes receivable 662,163 835,153
Deferred regulatory assets 2,876,759 2,556,709
Other 2,158,438 1,998,135
8,193,122 7,981,226
$123,944,268 $118,408,387
THE YORK WATER COMPANY
Balance Sheets
(Unaudited)
As Of As Of
Sept. 30, 2003 Dec. 31, 2002
CAPITALIZATION
Common stock, no par value, authorized
31,000,000 shares, outstanding 6,405,843
shares in 2003 and 6,364,803 shares in 2002 $33,003,459 $32,331,176
Earnings retained in the business 5,603,498 4,885,532
38,606,957 37,216,708
LONG-TERM DEBT
1.0% Pennvest Loan, due 2019 623,142 652,087
6.0% Industrial Development Authority Revenue
Refunding Bonds, Series 1995, due 2010 4,300,000 4,300,000
10.05% Senior Notes, Series C, due 2020 6,500,000 6,500,000
10.17% Senior Notes, Series A, due 2019 6,000,000 6,000,000
9.6% Senior Notes, Series B, due 2019 5,000,000 5,000,000
8.43% Senior Notes, Series D, due 2022 7,500,000 7,500,000
4.40% Industrial Development Authority Revenue
Refunding Bonds, Series 1994, due 2009 2,700,000 2,700,000
32,623,142 32,652,087
CURRENT LIABILITIES
Short-term borrowings 4,391,506 2,737,976
Current portion of long-term debt 38,545 38,257
Accounts payable 1,208,188 738,723
Dividends payable 660,418 653,082
Accrued taxes 373,028 28,736
Advance water revenues 23,881 28,030
Accrued interest 494,564 678,164
Other accrued expenses 652,305 591,311
Total Current Liabilities 7,842,435 5,494,279
DEFERRED CREDITS
Customers' advances for construction 18,507,586 17,684,840
Contributions in aid of construction 12,190,501 12,193,101
Deferred income taxes 11,459,285 10,488,787
Deferred regulatory liabilities 924,911 942,119
Deferred employee benefits 1,789,451 1,736,466
44,871,734 43,045,313
$123,944,268 $118,408,387
THE YORK WATER COMPANY
Statements of Income
(Unaudited) (Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
2003 2002 2003 2002
WATER OPERATING REVENUES
Residential $3,386,555 $3,066,866 $9,298,003 $8,718,583
Commercial and industrial 1,705,381 1,552,230 4,324,494 4,214,952
Other 694,130 657,039 1,969,183 1,898,539
5,786,066 5,276,135 15,591,680 14,832,074
OPERATING EXPENSES
Operation and maintenance 1,204,448 1,205,514 3,487,498 3,395,450
Administrative and general 1,065,592 973,901 3,193,642 3,081,260
Depreciation and amortization 444,668 415,874 1,334,004 1,247,621
Taxes other than income taxes 215,324 296,460 639,618 666,219
2,930,032 2,891,749 8,654,762 8,390,550
Operating Income 2,856,034 2,384,386 6,936,918 6,441,524
INTEREST EXPENSE AND OTHER INCOME
Interest on long-term debt 689,795 689,890 2,069,457 2,069,742
Interest on short-term debt 22,285 20,097 56,425 51,402
Allowance for funds used during
Construction (92,266) (40,729) (205,499) (95,773)
Other income, net (55,662) (53,105) (76) (137,100)
564,152 616,153 1,920,307 1,888,271
Income before income taxes 2,291,882 1,768,233 5,016,611 4,553,253
Federal and state income taxes 797,671 652,690 1,715,209 1,641,329
Net Income $1,494,211 $1,115,543 $3,301,402 $2,911,924
Basic Earnings Per Share $0.24 $0.18 $0.52 $0.46
Cash Dividends Per Share $0.13 $0.13 $0.40 $0.39
THE YORK WATER COMPANY
Statements of Shareholders' Investment
Earnings
Retained
Common in the
Stock Business
Balance, December 31, 2002 $32,331,176 $4,885,532
Net Income 3,301,402
Dividends (2,583,436)
Issuance of common stock under
dividend reinvestment plan 610,895
Issuance of common stock under
employee stock purchase plan 61,388 _________
Balance, September 30, 2003 $33,003,459 $5,603,498
THE YORK WATER COMPANY
Statements of Cash Flows
(Unaudited) (Unaudited)
Nine Months Nine Months
Ended Ended
Sept 30, 2003 Sept 30, 2002
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $3,301,402 $2,911,924
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation 1,334,004 1,247,621
Provision for losses on accounts receivable 97,500 97,500
Increase in deferred income taxes (including
regulatory assets and liabilities) 633,240 928,592
Changes in assets and liabilities:
Increase in accounts receivable (619,583) (89,508)
Increase in materials and supplies (150,676) (8,241)
Decrease (increase) in prepaid expenses and prepaid
pension costs 71,522 (188,684)
Increase in accounts payable,
accrued expenses, other liabilities and
deferred employee benefits 586,631 380,097
Increase (decrease) in accrued interest and taxes 160,692 (465,381)
Increase in other assets __(205,089) (202,676)
Net cash provided by operating activities 5,209,643 4,611,244
CASH FLOWS FROM INVESTING ACTIVITIES:
Construction expenditures (5,916,499) (4,957,511)
Customers' advances for construction and
contributions in aid of construction 820,146 1,035,122
Decrease in notes receivable 172,990 261,566
Net cash used in investing activities (4,923,363) (3,660,823)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of long term debt (28,657) (28,372)
Net borrowings under line-of-credit agreements 1,653,530 812,610
Issuance of common stock under dividend
reinvestment plan 610,895 582,569
Issuance of common stock under employee stock
purchase plan 61,388 51,190
Dividends (2,583,436) (2,465,865)
Net cash used in financing activities (286,280) (1,047,868)
Net decrease in cash and cash equivalents - (97,447)
Cash and cash equivalents at beginning of period - 97,447
Cash and cash equivalents at end of period $ - $ -
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized $2,103,797 $2,204,204
Income taxes 379,529 950,777
THE YORK WATER COMPANY
Notes to Interim Financial Statements
1. Interim Financial Information
The interim financial statements are unaudited but, in the opinion of
management, reflect all adjustments of a normal recurring nature necessary
for a fair presentation of results for such periods. These financial
statements should be read in conjunction with the financial statements and
notes thereto contained in the Company's Annual Report to Shareholders for
the year ended December 31, 2002.
Operating results for the three month and nine month periods ended
September 30, 2003 are not necessarily indicative of the results that may
be expected for the year ending December 31, 2003.
2. Basic Earnings Per Share
Basic earnings per share for the nine months ended September 30, 2003 and
2002 were based on weighted average shares outstanding of 6,379,879 and
6,323,782, respectively.
Since there are no common stock equivalents, there is no required
calculation for diluted earnings per share.
3. As a result of the Company's recently approved rate case on June 26, 2003,
and in accordance with SFAS No. 71, $260,910 in pension expenses have been
classified as regulatory assets. SFAS No. 71 stipulates generally accepted
accounting principles for companies whose rates are established by or are
subject to approval by an independent third-party regulator. In accordance
with SFAS No. 71, costs are deferred on the balance sheet as regulatory
assets and liabilities when it is probable that these costs and credits
will be recognized in the rate-making process in a period different from
when the costs and credits were incurred. These deferred amounts are then
recognized in the income statement in the same period that they are
reflected in rates charged for water service.
THE YORK WATER COMPANY
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Forward-looking Information
Certain statements contained herein and elsewhere in this Form 10-Q which are
not historical facts are forward-looking statements under Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements address among other
things: various federal and state regulations concerning water quality and
environmental standards; the adequacy of approved rates to allow for a fair
rate of return on the investment in utility plant; the timeliness of rate
relief; quantity of rainfall and temperature; industrial demand; financing
costs; energy rates; consummation of capital markets transactions to finance
capital expenditure projects; and environmental and water quality regulations,
as well as information contained elsewhere in this report preceded by,
followed by, or including the words "believes," "expects," "anticipates,"
"plans," or similar expressions.
The statements are based on a number of assumptions concerning future events,
many of which are outside the Company's control. The Company cautions that
a number of important factors could cause the actual results to differ
materially from those expressed in any forward-looking statements made on
behalf of the Company. The Company undertakes no obligation to update or
revise forward-looking statements, whether as a result of new information,
future events or otherwise.
Results of Operations
Three Months Ended September 30, 2003 Compared
with Three Months Ended September 30, 2002
Net income for the third quarter of 2003 was $1,494,211, an increase of
$378,668, or 33.9%, compared to the same period of 2002.
Water operating revenues for the three months ended September 30, 2003 increased
$509,931, or 9.7%, compared to the three months ended September 30, 2002. The
increase resulted primarily from the 8.5% rate increase approved by the
Pennsylvania Public Utility Commission (PPUC), effective June 26, 2003, and an
increase in total customers since September 30, 2002.
Operating expenses for the third quarter of 2003 increased $38,283, or 1.3%,
compared to the third quarter of 2002. The primary reasons for the increase
were higher depreciation expense, higher health and general insurance premiums
and higher contractual fees amounting to $85,000. Emergency source of supply
expenses and chemical expenses related to the drought incurred in the 2002
period in the amount of $47,000 partially offset the increase.
THE YORK WATER COMPANY
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Results of Operations (Continued)
Allowance for funds used during construction for the third quarter 2003
increased $51,537, or 126.5%, when compared to third quarter 2002.
Capitalized interest on the costs associated with the Susquehanna River project
accounts for the increase.
Federal and state income taxes increased $144,981, or 22.2%, due to an increase
in taxable income. The effective tax rate was 34.8% for the third quarter of
2003 compared with 36.9% for the third quarter of 2002.
Nine Months Ended September 30, 2003 Compared
with Nine Months Ended September 30, 2002
Net income for the first three quarters of 2003 was $3,301,402, an increase of
$389,478, or 13.4%, compared to the first three quarters of 2002.
Water operating revenues for the year-to-date period ended September 30, 2003
increased $759,606, or 5.1%, compared to the same period in 2002. The increase
resulted primarily from an increase of 863 customers since September 30, 2002,
the distribution surcharge which was collected from all customers during the
first half of 2003 for infrastructure improvements, and the rate increase
effective June 26, 2003.
Operating expenses for the first nine months of 2003 increased $264,212, or
3.1%, compared to the first nine months of 2002. Higher depreciation,
insurance, rate case expense, contractual fees, and directors' fees in the
amount of $261,000 were the primary reasons for the increase. Reduced pumping
station maintenance, main maintenance, and realty taxes amounting to $186,000
partially offset the increase.
Allowance for funds used during construction for 2003 increased $109,726, or
114.6%, when compared to 2002. Capitalized interest on the costs associated
with the Susquehanna River project accounts for the increase.
Other income, net decreased by $137,024 in 2003 compared to 2002 due to a
$158,000 increase in supplemental retirement expenses caused by a decrease in
the discount rate provided by our pension actuary and used in the present value
calculations. An increase in interest income on water district notes
receivable of $30,000 partially offset the decrease.
THE YORK WATER COMPANY
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Rate Developments
During the last several years, the Company has filed written applications for
rate increases with the PPUC and has been granted rate relief as a result of
such requests. The most recent request was filed on January 24, 2003 seeking a
$2,808,000 or 13.7% rate increase. Effective June 26, 2003, the PPUC
authorized an increase in rates designed to produce approximately $1,725,000 in
additional annual operating revenues, an increase of 8.5%. The Company plans
to file its next rate increase request in the second quarter of 2004.
Liquidity and Capital Resources
During the first three quarters of 2003, the Company had $5,916,499 of
construction expenditures. The Company financed such expenditures through
internally generated funds, customers' advances, short-term borrowings, and
proceeds from the issuance of common stock under its dividend reinvestment plan
(stock issued in lieu of cash dividends) and employee stock purchase plan. The
Company anticipates construction expenditures of approximately $4,000,000 for
the last quarter of 2003, and will finance these expenditures in the same
manner as the first three quarters of 2003.
During the first nine months of 2003, net cash used in investing and financing
activities equaled net cash provided by operating activities. The Company
anticipates that during the remainder of 2003 net cash used in investing and
financing activities will again equal cash provided by operating activities.
Borrowings against the Company's lines of credit, proceeds from the issuance of
common stock under its dividend reinvestment plan (stock issued in lieu of cash
dividends) and employee stock purchase plan, and customers' advances are
expected to be used to satisfy the need for additional cash.
As of September 30, 2003, current liabilities exceeded current assets by
$3,394,000. Short-term borrowings from lines of credit as of September 30,
2003 were $4,392,000. The Company maintains lines of credit aggregating
$26,500,000. Loans granted under these lines of credit bear interest at the
prime rate or LIBOR plus 1 to 1.25%. All lines of credit are unsecured and
payable upon demand. The Company is not required to maintain compensating
balances on its lines of credit.
THE YORK WATER COMPANY
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Susquehanna River Project Update
The Company received a favorable final ruling from the PPUC regarding its
petition to reclassify Lake Redman from a cold water fishery to a warm water
fishery. The Company is now waiting for the Environmental Protection Agency to
approve the reclassification. Following this approval, a discharge permit will
be issued and the construction permit will be amended to include a discharge
into Lake Redman.
The Groundbreaking Ceremony for the project was held on August 21, 2003.
Construction on both the pumping station and the pipeline began in mid-
September. The project is expected to be completed in one year at an estimated
cost of $22 million. Susquehanna River pipeline construction expenditures and
other capital expenditures are expected to be funded through a $7.3 million
tax-exempt bond issue in the first quarter of 2004, a $7.5 million secondary
common stock offering in the second quarter of 2004 and a $12 million tax-
exempt bond issue in the fourth quarter of 2004. The Company has filed a
financing application with the Pennsylvania Economic Development Financing
Authority requesting approval to issue tax-exempt bonds to fund the project.
Off-Balance Sheet Transactions
The Company does not use off-balance sheet transactions, arrangements or
obligations that may have a material current or future effect on financial
condition, results of operations, liquidity, capital expenditures, capital
resources or significant components of revenues or expenses. The Company does
not use securitization of receivables or unconsolidated entities. The Company
does not engage in trading or risk management activities, has no lease
obligations, and does not have material transactions involving related parties
Item 3. Quantitative and Qualitative Disclosures About Market Risk
The Company does not use derivative financial instruments for speculative
trading purposes. The Company's operations are exposed to market risks
primarily as a result of changes in interest rates. This exposure to these
market risks relates
to the Company's debt obligations under its lines of credit. Loans granted
under these lines bear interest based upon the prime rate or LIBOR plus 1 to
1.25 percent. The Company has not entered into financial instruments such as
interest rate swaps or interest rate lock agreements.
The Company's 4.40% Industrial Development Authority Revenue Refunding Bonds
Series 1994 have a mandatory tender date of May 15, 2004. The 6% Series 1995
bonds have a mandatory tender date of June 1, 2005. The Company is required
to purchase any unremarketed 1994 and 1995 bonds, despite the rate.
THE YORK WATER COMPANY
Item 4. Controls and Procedures
The Company's management, with the participation of the Company's President
and Chief Executive Officer and Chief Financial Officer, evaluated the
Company's disclosure controls and procedures as of the end of the period
covered by this quarterly report. Based upon this evaluation, the Company's
President and Chief Executive Officer along with the Company's Chief Financial
Officer concluded that the Company's disclosure controls and procedures have
been designed and are functioning effectively to provide reasonable assurance
that the information
required to be disclosed by the Company in reports filed under the Securities
Exchange Act of 1934 is recorded, processed, summarized and reported within
the time periods specified in the SEC's rules and forms. The Company believes
that a controls system, no matter how well designed and operated, cannot
provide absolute assurance that the objectives of the controls system are met,
and no evaluation of controls can provide absolute assurance that all control
issues and instances of fraud, if any, within a company have been detected.
No change in the Company's internal control over financial reporting occurred
during the Company's most recent fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the Company's internal control
over financial reporting.
THE YORK WATER COMPANY
Part II - Other Information
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
31.1 - Certification of Chief Executive Officer, pursuant to Rule
13a-14(a) under the Securities Exchange Act of 1934.
31.2 - Certification of Chief Financial Officer, pursuant to Rule
13a-14(a) under the Securities Exchange Act of 1934.
32.1 - Certification of Chief Executive Officer, pursuant to 18
U.S.C. Section 1350
32.2 - Certification of Chief Financial Officer, pursuant to
18 U.S.C. Section 1350
(b) Reports on Form 8-K
On August 11, 2003, the Company filed a Form 8-K for the purpose of
furnishing the press release announcing its earnings for the second
quarter of 2003.
On October 9, 2003, the Company filed a Form 8-K reporting that its
certified public accountant, Stambaugh Ness, PC, will not be standing
for re-appointment following the 2003 audit.
THE YORK WATER COMPANY
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
THE YORK WATER COMPANY
/S/Jeffrey S. Osman
Jeffrey S. Osman
Principal Executive Officer
Date: November 10, 2003
/S/Kathleen M. Miller
Kathleen M. Miller
Principal Financial and
Accounting Officer
Date: November 10, 2003
EXHIBIT 31.1
CERTIFICATIONS
I, Jeffrey S. Osman, certify that:
1. I have reviewed this quarterly report on Form 10-Q of The York Water
Company;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures, (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly report
is being prepared;
b) {Paragraph omitted in accordance with SEC transition instructions
contained in SEC Release 34-47986};
c) evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation; and
d) disclosed in this quarterly report any change in the registrant's
internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial
reporting to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
function):
a) all significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal control over financial reporting.
Date: November 10, 2003 /S/Jeffrey S. Osman
Jeffrey S. Osman
President and CEO
EXHIBIT 31.2
CERTIFICATIONS
I, Kathleen M. Miller, certify that:
1. I have reviewed this quarterly report on Form 10-Q of The York Water
Company;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures, (as defined
in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly report
is being prepared;
b) {Paragraph omitted in accordance with SEC transition instructions
contained in SEC Release 34-47986};
c) evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation; and
d) disclosed in this quarterly report any change in the registrant's
internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial
reporting to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
function):
a) all significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal control over financial reporting.
Date: November 10, 2003 /S/Kathleen M. Miller
Kathleen M. Miller
Chief Financial Officer
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
In connection with the Quarterly Report of The York Water Company on Form
10-Q for the period ending September 30, 2003 as filed with the Securities and
Exchange Commission on the date hereof (the "Report"), I, Jeffrey S. Osman,
Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section
1350, that:
(1) The Report fully complies with the requirements of Section 12 (a) of
the Securities Exchange Act of 1934 (15 U.S.C. 78m (a)); and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations
of the Company.
/S/Jeffrey S. Osman
Jeffrey S. Osman
Chief Executive Officer
Date: November 10, 2003
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
In connection with the Quarterly Report of The York Water Company on Form
10-Q for the period ending September 30, 2003 as filed with the Securities and
Exchange Commission on the date hereof (the "Report"), I, Kathleen M. Miller,
Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section
1350, that:
(1) The Report fully complies with the requirements of Section 12 (a) of
the Securities Exchange Act of 1934 (15 U.S.C. 78m (a)); and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations
of the Company.
/S/Kathleen M. Miller
Kathleen M. Miller
Chief Financial Officer
Date: November 10, 2003