2019 Q2 Form 10-Q Financial Statement

#000010898519000097 Filed on August 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $13.05M $12.03M $11.64M
YoY Change 8.5% -1.83% 3.1%
Cost Of Revenue $2.650M $2.560M $2.350M
YoY Change 3.52% 13.27% 15.76%
Gross Profit $10.40M $9.470M $9.290M
YoY Change 9.82% -5.21% 0.32%
Gross Profit Margin 79.71% 78.75% 79.81%
Selling, General & Admin $2.100M $2.250M $2.000M
YoY Change -6.67% 3.21% -4.31%
% of Gross Profit 20.19% 23.76% 21.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.930M $1.630M $1.840M
YoY Change 18.4% -3.55% 9.52%
% of Gross Profit 18.56% 17.21% 19.81%
Operating Expenses $4.320M $4.150M $4.150M
YoY Change 4.1% -0.24% 1.22%
Operating Profit $6.074M $5.318M $5.140M
YoY Change 14.22% -8.78% -0.39%
Interest Expense $1.296M $1.376M -$1.270M
YoY Change -5.81% -221.77% 6.72%
% of Operating Profit 21.34% 25.87% -24.71%
Other Income/Expense, Net -$1.693M -$1.743M -$400.0K
YoY Change -2.87% 335.75% -6.98%
Pretax Income $4.381M $3.575M $3.470M
YoY Change 22.55% -17.05% -1.98%
Income Tax $664.0K $270.0K $870.0K
% Of Pretax Income 15.16% 7.55% 25.07%
Net Earnings $3.717M $3.305M $2.590M
YoY Change 12.47% 12.41% 0.39%
Net Earnings / Revenue 28.49% 27.48% 22.25%
Basic Earnings Per Share $0.28 $0.26
Diluted Earnings Per Share $0.28 $0.26 $201.1K
COMMON SHARES
Basic Shares Outstanding 12.96M 12.90M
Diluted Shares Outstanding 12.96M 12.90M

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00 $0.00
YoY Change -100.0%
Cash & Equivalents $2.000K $2.000K $0.00
Short-Term Investments
Other Short-Term Assets $3.700M $3.400M $3.300M
YoY Change 8.82% 0.0% 3.13%
Inventory $1.000M $900.0K $900.0K
Prepaid Expenses $1.421M
Receivables $4.475M $4.300M $4.200M
Other Receivables $300.0K $400.0K $0.00
Total Short-Term Assets $9.309M $9.000M $8.400M
YoY Change 3.43% 7.14% -6.67%
LONG-TERM ASSETS
Property, Plant & Equipment $702.0K $293.9M $291.2M
YoY Change -99.76% 3.49% 5.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.909M $33.60M $33.30M
YoY Change -88.37% -7.95% -8.26%
Total Long-Term Assets $342.5M $327.8M $324.7M
YoY Change 4.5% 2.15% 3.84%
TOTAL ASSETS
Total Short-Term Assets $9.309M $9.000M $8.400M
Total Long-Term Assets $342.5M $327.8M $324.7M
Total Assets $351.9M $336.8M $333.1M
YoY Change 4.47% 2.28% 3.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.191M $3.400M $3.200M
YoY Change 23.26% -33.33% -5.88%
Accrued Expenses $280.0K $2.500M $2.700M
YoY Change -88.8% -3.85% -6.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $1.000M
YoY Change
Long-Term Debt Due $7.000K $11.00M $11.00M
YoY Change -99.94%
Total Short-Term Liabilities $10.21M $18.90M $20.80M
YoY Change -46.0% 92.86% 156.79%
LONG-TERM LIABILITIES
Long-Term Debt $96.09M $81.00M $78.00M
YoY Change 18.62% -8.16% -7.8%
Other Long-Term Liabilities $2.200M $78.50M $78.70M
YoY Change -97.2% 32.38% 33.16%
Total Long-Term Liabilities $98.29M $159.5M $156.7M
YoY Change -38.38% 8.14% 9.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.21M $18.90M $20.80M
Total Long-Term Liabilities $98.29M $159.5M $156.7M
Total Liabilities $108.5M $214.6M $212.7M
YoY Change -49.45% 0.28% 2.56%
SHAREHOLDERS EQUITY
Retained Earnings $46.93M
YoY Change
Common Stock $82.18M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $129.1M $122.2M $120.4M
YoY Change
Total Liabilities & Shareholders Equity $351.9M $336.8M $333.1M
YoY Change 4.47% 2.28% 3.54%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $3.717M $3.305M $2.590M
YoY Change 12.47% 12.41% 0.39%
Depreciation, Depletion And Amortization $1.930M $1.630M $1.840M
YoY Change 18.4% -3.55% 9.52%
Cash From Operating Activities $2.980M $3.090M $5.440M
YoY Change -3.56% -30.09% 9.9%
INVESTING ACTIVITIES
Capital Expenditures -$4.750M -$3.580M -$3.030M
YoY Change 32.68% -52.01% -52.73%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $110.0K
YoY Change -100.0% -121.57%
Cash From Investing Activities -$4.750M -$3.580M -$2.920M
YoY Change 32.68% -51.75% -57.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.770M 490.0K -2.520M
YoY Change 261.22% -80.93% 40.0%
NET CHANGE
Cash From Operating Activities 2.980M 3.090M 5.440M
Cash From Investing Activities -4.750M -3.580M -2.920M
Cash From Financing Activities 1.770M 490.0K -2.520M
Net Change In Cash -0.0000000009313 -0.0000000007567 0.000
YoY Change 23.08% -100.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities $2.980M $3.090M $5.440M
Capital Expenditures -$4.750M -$3.580M -$3.030M
Free Cash Flow $7.730M $6.670M $8.470M
YoY Change 15.89% -43.86% -25.44%

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<div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><div><div style="text-align: left; text-indent: -18pt; margin-left: 18pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">13.&#160; <font style="background-color: #FFFFFF; font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Impact of Recent Accounting Pronouncements</font></div><div><br /></div></div><div><div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In February 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2016-02, <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Leases (Topic 842)</font>, which replaces the existing guidance in Accounting Standard Codification 840 &#8211; Leases.&#160; This ASU requires a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases.&#160; Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability.&#160; For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense.&#160; This ASU is effective for fiscal years beginning after December 15, 2018, and for interim periods within those fiscal years.&#160; The Company adopted the standard on January 1, 2019.&#160; The Company did not identify any material leases under this standard, and therefore the adoption did not have a material effect on its financial position, results of operations or cash flows.</div><div><br /></div></div></div>
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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130000
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OperatingLeasesIncomeStatementLeaseRevenue
127000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
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us-gaap Other Noncash Income Expense
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OtherNoncashIncomeExpense
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CY2019Q2 us-gaap Other Receivables Gross Current
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OtherNonoperatingIncomeExpense
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OtherNonoperatingIncomeExpense
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OtherNonoperatingIncomeExpense
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1815000
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us-gaap Payments Of Dividends Common Stock
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4282000
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4715000
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3875000
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0
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PreferredStockValue
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us-gaap Proceeds From Repayments Of Bank Overdrafts
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-143000
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1226000
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12544000
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ProceedsFromIssuanceOfLongTermDebt
33722000
us-gaap Proceeds From Life Insurance Policies
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108000
us-gaap Proceeds From Life Insurance Policies
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0
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714000
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CY2019Q2 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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87000
CY2018Q2 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
31000
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
156000
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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123000
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Interest
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedInterest
69000
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Interest
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedInterest
87000
CY2019Q2 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
389690000
CY2018Q4 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
380784000
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PublicUtilitiesPropertyPlantAndEquipmentNet
305016000
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PublicUtilitiesPropertyPlantAndEquipmentNet
299157000
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PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
78519000
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PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
81595000
CY2019Q2 us-gaap Receivables Net Current
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4475000
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4811000
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1698000
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2104000
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24939000
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24710000
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32660000
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32353000
us-gaap Repayments Of Long Term Debt
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30882000
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11721000
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115000
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202000
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0
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1000000
us-gaap Restricted Stock Expense
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79000
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57000
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44890000
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46931000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12921000
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11896000
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RevenueFromContractWithCustomerExcludingAssessedTax
23411000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
24627000
CY2019Q2 us-gaap Revenues
Revenues
13048000
CY2018Q2 us-gaap Revenues
Revenues
12026000
us-gaap Revenues
Revenues
24879000
us-gaap Revenues
Revenues
23670000
yorw Term Of Debt On Utilities Used To Discount Prospective Cash Flows
TermOfDebtOnUtilitiesUsedToDiscountProspectiveCashFlows
P30Y
CY2019Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
0
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ShortTermBorrowings
1000000
CY2013Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
1200000
CY2019Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
618004
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
79000
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
57000
CY2019Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
65000
CY2018Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
53000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
129114000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
126195000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
119405000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
127163000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
120448000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
122211000
CY2018Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2019Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2019Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2455000
CY2018Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2346000
CY2018Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
2427000
CY2019Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
2274000
CY2019Q2 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
1933000
CY2018Q2 us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
1624000
us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
3824000
us-gaap Utilities Operating Expense Depreciation And Amortization
UtilitiesOperatingExpenseDepreciationAndAmortization
3465000
CY2018Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
6708000
CY2019Q2 us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
6974000
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
13212000
us-gaap Utilities Operating Expense
UtilitiesOperatingExpense
13519000
CY2018Q2 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
267000
CY2019Q2 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
292000
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
633000
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
581000
CY2019Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
2646000
CY2018Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
2563000
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
4917000
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
5053000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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12895687
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12955656
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12949036
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12886154
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12956166
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12895749
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12949391
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12886206
CY2018Q2 yorw Issuance Of Common Stock Under Dividend Reinvestment Direct Stock And Employee Stock Purchase Plans
IssuanceOfCommonStockUnderDividendReinvestmentDirectStockAndEmployeeStockPurchasePlans
555000
yorw Issuance Of Common Stock Under Dividend Reinvestment Direct Stock And Employee Stock Purchase Plans
IssuanceOfCommonStockUnderDividendReinvestmentDirectStockAndEmployeeStockPurchasePlans
799000
yorw Issuance Of Common Stock Under Dividend Reinvestment Direct Stock And Employee Stock Purchase Plans
IssuanceOfCommonStockUnderDividendReinvestmentDirectStockAndEmployeeStockPurchasePlans
1146000
CY2019Q2 yorw Issuance Of Common Stock Under Dividend Reinvestment Direct Stock And Employee Stock Purchase Plans
IssuanceOfCommonStockUnderDividendReinvestmentDirectStockAndEmployeeStockPurchasePlans
415000
yorw Increase Decrease In Accrued Interest And Taxes
IncreaseDecreaseInAccruedInterestAndTaxes
-531000
yorw Increase Decrease In Accrued Interest And Taxes
IncreaseDecreaseInAccruedInterestAndTaxes
-226000
yorw Increase Decrease In Materials And Supplies Prepaid Expenses Regulatory And Other Assets
IncreaseDecreaseInMaterialsAndSuppliesPrepaidExpensesRegulatoryAndOtherAssets
2796000
yorw Increase Decrease In Materials And Supplies Prepaid Expenses Regulatory And Other Assets
IncreaseDecreaseInMaterialsAndSuppliesPrepaidExpensesRegulatoryAndOtherAssets
2895000
yorw Reduction In Fair Value Of Swap Liability
ReductionInFairValueOfSwapLiability
151000
CY2018Q4 yorw Share Based Compensation Arrangement By Share Based Payment Award Number Of Retiring Officers Receiving Accelerated Vesting Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfRetiringOfficersReceivingAcceleratedVestingPeriod
1
yorw Increase Decrease In Accounts Receivable Net
IncreaseDecreaseInAccountsReceivableNet
-336000
CY2018Q4 yorw Receivables Gross Current
ReceivablesGrossCurrent
5116000
CY2019Q2 yorw Receivables Gross Current
ReceivablesGrossCurrent
4818000
yorw Increase Decrease In Other Receivables Gross Current
IncreaseDecreaseInOtherReceivablesGrossCurrent
-199000
yorw Increase Decrease In Accounts Receivable Gross Current
IncreaseDecreaseInAccountsReceivableGrossCurrent
-99000
yorw Increase Decrease In Receivables Gross Current
IncreaseDecreaseInReceivablesGrossCurrent
-298000
yorw Increase Decrease In Contract With Customer Asset Current
IncreaseDecreaseInContractWithCustomerAssetCurrent
-153000

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