UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  -------------

                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934



          Date of report (Date of earliest event reported):     May 5, 2004
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                               Aqua America, Inc.
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                 (Exact Name of Registrant Specified in Charter)


       Pennsylvania                    001-06659                 23-1702594
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      (State or Other              (Commission File           (I.R.S. Employer
      Jurisdiction of                   Number)              Identification No.)
      Incorporation)




              762 West Lancaster Avenue
               Bryn Mawr, Pennsylvania                            19010-3489
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      (Address of Principal Executive Offices)                    (Zip Code)




       Registrant's telephone number, including area code: (610) 527-8000
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          _____________________________________________________________
          (Former Name or Former Address, if Changed Since Last Report)











ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

             (c)   Exhibits.

             99.1  Press Release, dated May 5, 2004, issued by Aqua America,
                   Inc. (formerly known as Philadelphia Suburban Corporation).

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 5, 2004, Aqua America, Inc. (formerly known as Philadelphia Suburban
Corporation) issued a press release announcing its first quarter 2004 earnings.
The press release is being furnished with this Current Report on Form 8-K as
Exhibit 99.1 and is hereby incorporated herein by reference. This report
(including the exhibit) shall not be deemed to be "filed" for the purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be
incorporated by reference in any filing made by the Registrant pursuant to the
Securities Act of 1933, as amended, other than to the extent that such filing
incorporates by reference any or all of such information by express reference
thereto.

















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                                    SIGNATURE


                  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 hereunto duly authorized.


                                 AQUA AMERICA, INC.


                                 By:   ROY H. STAHL
                                    -----------------------------------------
                                    Roy H. Stahl
                                    Executive Vice President and General Counsel



Dated: May 5, 2004




















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                                  Exhibit Index
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         Exhibit
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         99.1     Press Release, dated May 5, 2004, issued by Aqua America, Inc.
                  (formerly known as Philadelphia Suburban Corporation).