The York Water Co. had a record year in 2007, posting its highest ever operating revenue, net income and dividends.

Company officials said the growth was due to an increase in customers and a rate hike that took effect in late 2006, according to a year-end report the company issued Wednesday.

For the year, net income increased 5.3 percent, from $6.09 million in 2006 to $6.41 million for 2007.

Operating revenue grew 9.7 percent, from $28.66 million in 2006 to $31.43 million last year.

There was a 4.6 percent increase in dividends; the company paid $0.454 in dividends per common share in 2006 and $0.475 in 2007.

Earnings per share decreased 0.01 between 2006 and 2007, the result of higher operating expenses and a dilution from a December 2006 stock offering, the company said.

The operating expenses also include depreciation and an increase in wages and pension costs for employees.

Also reflected in the numbers is the $19.7 million the company spent on construction projects and the purchase of Abbottstown Borough Water System in 2007.

The construction projects were needed to expand the production and distribution system and replace and improve existing infrastructure, the company said.

In 2007, the company installed, bought and replaced about 148,000 feet of pipe to enhance its distribution system, the company said.

--Reach Christina Kauffman at 505-5436 or ckauffman@yorkdis patch.com.


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