CH Energy Group, Inc. Posts Quarterly Earnings.Business Editors POUGHKEEPSIE Poughkeepsie (pəkĭp`sē), city (1990 pop. 28,844), seat of Dutchess co., SE N.Y., on the Hudson River; settled 1687 by the Dutch, inc. as a city 1854. , N.Y.--(BUSINESS WIRE)--Oct. 20, 2003 CH Energy Group, Inc. (NYSE NYSE See: New York Stock Exchange : CHG CHG Change CHG Charge CHG Changed CHG Chlorhexidine Gluconate (aka chloraprep) CHG Centre Hospitalier Général (French: general hospital) CHG Come Holy Ghost (Catholicism) ) reported today that consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: earnings for the third quarter of 2003 were 30 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , a 7-cent reduction from the third-quarter earnings of 2002. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. consolidated earnings were posted at $2.05, as compared to $1.87 at the same time last year, an increase of 18-cents-per share, or nearly 10 percent. "The earnings projection projection, in psychology: see defense mechanism. See rear-projection TV, front-projection TV and LCD panel. (theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. that we issued in January January: see month. remains unchanged," reported Chairman of the Board Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. J. Ganci. Consolidated quarterly earnings were slightly lower - due in large part from the lower income now being generated by cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. after the Company's Alternate alternate /al·ter·nate/ (awl´ter-nit) 1. following in turns. 2. pertaining to every other one in a series. 3. occurring in place of another; acting as a substitute. Investment Program portfolio was fully liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. . Quarterly earnings from utility subsidiary Central Hudson Hudson, towns, United States Hudson. 1 Industrial town (1990 pop. 17,233), Middlesex co., E central Mass., on the Assabet River, in an apple-growing region; settled c.1699, inc. 1866. Gas & Electric Corporation (CHG&E) were negatively impacted compared to last year as a result of cooler summer weather, storm expenses from Hurricane Isabel This article is about the 2003 hurricane; there was also a Tropical Storm Isabel during the 1985 Atlantic hurricane season Hurricane Isabel was the costliest and deadliest hurricane in the 2003 Atlantic hurricane season. and operations and maintenance expenses. However, revenues allowed under the utility's current Public Service Commission settlement agreement completely offset these effects. Quarterly earnings from Central Hudson Enterprises Corporation (CHEC CHEC Children's Health Environmental Coalition CHEC Christian Home Educators of Colorado CHEC Commonwealth Human Ecology Council (UK) CHEC Coffs Harbour Education Campus ) family of companies were essentially unchanged during the third quarter of 2003 compared to 2002. Year-to-date in 2003, earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the improved over the same period in 2002. "We continue to be encouraged by the steady improvements in the operating performance and profitability of our competitive business units, especially the fuel oil delivery companies owned by CHEC," Ganci said. Earnings Projections for 2003 Reaffirmed: In addition to reaffirming its January projection for consolidated 2003 annual earnings of $2.55 - $2.75, the Company has also reaffirmed its projections for its subsidiaries of $2.15 - $2.30 for Central Hudson Gas & Electric Corporation and between 30 cents - 50 cents per share in aggregate from its investment portfolio and Central Hudson Enterprises Corporation. About CH Energy Group: With more than 425,000 customers, CH Energy Group, Inc. is a family of companies seizing new opportunities in the energy marketplace through two primary subsidiaries: Central Hudson Gas & Electric is a regulated reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. transmission and distribution utility serving approximately 345,000 customers in eight counties of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State's Mid-Hudson River Valley, delivering natural gas and electricity in a 2,600-square-mile service territory that extends from the suburbs of metropolitan New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. north to the Capital District at Albany Albany, town, Australia Albany (ăl`bənē), town (1996 pop. 14,590), Western Australia, SW Australia. It is a port on Princess Royal Harbour of King George Sound. The town has woolen mills and fish canneries. . Since deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. , Central Hudson has established a proven track record in providing its customers extremely competitive prices for energy delivery. Strengthened by relationships that stretch back 150 years with the communities of the Mid-Hudson Valley, Central Hudson is considered an industry leader in not only lowering costs but in also introducing innovative technology and service reliability improvements - all of which are focused on continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. increasing customer satisfaction. Central Hudson Enterprises Corporation (CHEC) is a family of competitive businesses delivering energy and related services to nearly 85,000 customers throughout the Northeast. It incorporates business units that deliver fuel oil, natural gas, propane propane, CH3CH2CH3, colorless, gaseous alkane. It is readily liquefied by compression and cooling. It melts at −189.9°C; and boils at −42.2°C;. , motor fuels, and other energy services, to customers in 11 states. Its regional footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. stretches from markets in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. to those of the Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , D.C. metropolitan area. Conference Call: Messrs. Ganci and Lant will conduct a conference call with analysts and investors to review financial results at 4:00 p.m. (ET) today (October October: see month. 20, 2003). Dial-in: 1-888-273-9890; Conference Name: "CH Energy Group." A digitized replay of the call will be available from 11:00 p.m. (ET) on October 20, 2003, until 11:59 p.m. (ET) on October 27, 2003, by dialing 1-800-475-6701 and entering access code #701887. In addition, consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge are available on the Company's website at www.CHEnergyGroup.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : Statements included in this press release, including its Appendix, which are not historical in nature, are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provided by Section 21E of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. by Public Law 104-67, and within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates," "believes," "projects," "intends," "estimates," "expects," "plans," and similar expressions. The Company cautions readers that forward-looking statements, including without limitation, those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's future business prospects, revenues, proceeds, working capital, liquidity, income and margins, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to several important factors including those identified from time-to-time in the Company's reports filed with the SEC. All forward-looking statements are intended to be subject to the safe harbor protections provided by the laws mentioned above. A number of important factors affecting the Company's business and financial results could cause actual results to differ materially from those stated in the forward-looking statements. Those factors include, but are not limited to, weather; energy supply and demand; fuel prices, interest rates, potential future acquisitions, developments in the legislative, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and competitive environment and market risks; electric and gas industry restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and cost recovery; the ability to obtain adequate and timely rate relief; changes in fuel supply or costs and the success of strategies to satisfy power requirements now that Central Hudson's This article is about the defunct chain of department stores. For the former parent company formed by the 1969 merger with Dayton's, see Target Corporation. Hudson's, or The J.L. electric generation has been sold; future market prices for energy, capacity and ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. services; the outcome of pending litigation; and certain environmental matters, particularly industrial waste site remediation requirements; and certain presently unknown or unforeseen factors, including, but not limited to, acts of terrorism. CH Energy Group, Inc. announces the following operating results for the periods indicated:
3 Months Ended September 30 2003 2002
---- ----
Operating Revenues $169,782,000 $169,191,000
Net Income $4,705,000 $6,111,000
Basic and Diluted Earnings Per Share $.30 $.37
Average Shares Outstanding 15,767,000 16,328,000
APPENDIX
--------
Highlights Relative to Prior Year
---------------------------------
2003 More
(Less)
3 Months Ended September 30: 2003(1) 2002(1) than 2002
---- ---- ---------
Operating Revenues $169,782,000 $169,191,000 $ 591,000
Income Available for
Common Stock $ 4,705,000 $ 6,111,000 $ (1,406,000)
Earnings Per Share
of Common Stock $ .30 $ .37 $ (.07)
Average Shares Outstanding 15,767,000 16,328,000
(1) Unaudited
Compared to 2002 third quarter results, consolidated earnings per share of CH Energy Group, Inc. decreased $.07 per share due primarily to the following: CH Energy Group, Inc. (CHEG): - $.07 -- Down $.07 due to a decrease in investment and interest income resulting primarily from the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of CHEG's Alternate Investment Program portfolio by July July: see month. 2003 and the reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. of approximately $90 million in lower yield, but low risk, money market instruments Money market instruments See: Cash investments . Central Hudson Gas & Electric Corp. (CHG&E): + $.01 -- Up $.10 due to an increase in electric net operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. , net of the cost of purchased electricity, fuel and revenue taxes. The increase in net revenues is due primarily to a reduction in shared earnings resulting from an increase in CHG&E's investment base, or rate base, upon which it earns its rate of return. The increase in net revenues also reflects the recording of revenues previously deferred in the 12 months ended June June: see month. 30, 2002 under the terms of the current settlement agreement with the New York State Public Service Commission ("PSC (Public Service Commission) Same as PUC. "). Partially offsetting the increase is a reduction in revenues from sales resulting from the cooler weather experienced (billing cooling degree days were 9% lower than last year) during the quarter ended Sept. 2003 as compared to the same period last year. The cooler weather resulted in lower earnings approximating $.03 per share. Natural gas net revenues (net of the cost of natural gas and revenue taxes) remained relatively unchanged for the third quarter 2003 as compared to 2002. -- Up $.08 due largely to a decrease in interest charges and an increase in regulatory carrying charges Payments made to satisfy expenses incurred as a result of ownership of property, such as land taxes and mortgage payments. Disbursements paid to creditors, in addition to interest, for extending credit. Consumer Protection laws require full disclosure of all carrying charges. . The reduction in interest charges reflects the redemption of higher cost long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. in September September: see month. 2002 and June and August of 2003. The favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. earnings impact of carrying charges recorded was due to a reduction in the Customer Benefit Fund balance and increases in the carrying charge Carrying Charge A cost associated with holding a financial instrument or storing a physical commodity over a defined period of time. Notes: Carrying charges include fees such as insurance, storage, and other related costs. balances related to pension costs and New York State income tax upon which carrying charges are accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. . -- Up $.05 due to an increase in the amortization of previously deferred shareholder benefits relating to the sale of CHG&E's interests in its principal generating facilities. -- Down $.20 due to an increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . The rise in costs reflects increases in storm restoration costs and a number of other operating areas including electric distribution operations and maintenance, uncollectible Adj. 1. uncollectible - not capable of being collected; "a bad (or uncollectible) debt" bad invalid - having no cogency or legal force; "invalid reasoning"; "an invalid driver's license" accounts, legal and special services, property and other insurance, employee welfare expense and employee compensation. -- Down $.03 due to an increase in depreciation and property taxes on CHG&E's utility plant assets. -- Up $.01 due to the net effect of various other items including a reduction in income taxes and the favorable impact of CHEG's Common Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. Program. Central Hudson Enterprises Corp. (CHEC): - $.01 -- Up $.01 from CHEC's fuel distribution operations primarily due to acquisitions made in the fourth quarter of 2002 and in January 2003. -- Down $.02 due to the net effect of various other items including a reduction in earnings resulting from a favorable adjustment recorded last year for the net gain realized from the May 2002 sale of CH Resources, Inc., an increase in interest charges, and the effect of CHEG's Common Stock Repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. Program. Third Quarter Results of Operations CH Energy Group, Inc. Other Income and Deductions for CHEG decreased from $2.1 million in 2002 to $826,000 in 2003 due primarily to the liquidation of its Alternate Investment Program portfolio of marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has by July 2003 and the reinvestment of approximately $90 million in lower yield, but low risk, money market instruments. Central Hudson Gas & Electric Corp. Utility sales of electricity to full service customers within CHG&E's service territory, plus delivery of electricity supplied by others, decreased less than 1% overall as compared to the quarter ended September 2002. Sales to residential customers remained relatively flat while sales to commercial customers decreased 3%. Sales to industrial customers increased 4% due primarily to increased usage by several large industrial customers. With residential and commercial sales, a reduction in usage due to cooler weather was partially offset by increased sales from an increase in the average number of customers. Billing cooling degree-days were 9% lower than last year. Utility sales of natural gas to firm CHG&E customers, plus transportation of natural gas supplied by others, decreased 2% as compared to the prior year. Sales to residential customers, primarily space heating Space heating is the heating of a space, usually enclosed, such as a house or room. A space heater keeps the air and surroundings at a comfortable temperature for people or animals, or even plants in a greenhouse. sales, increased 6% due to an increase in the average number of customers and increased usage. Commercial sales decreased 2% due primarily to a reduction in non-heating sales, which was partially offset by increased usage relating to an increase in the average number of commercial customers. Industrial sales, which represent less than 10% of total firm sales for each of the quarters, decreased 30% due largely to the reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of a large customer to interruptible status in October 2002. Interruptible sales decreased 55% due largely to a reduction in the sale of natural gas for electric generation. Utility electric and gas operating revenues decreased $9.1 million (6.3%) in total from $144.4 million in 2002 to $135.3 million in 2003. Electric revenues decreased $7.6 million (5.8%) due primarily to a decrease in revenues collected for the recovery of electric supply costs. The reduction in electric revenues was partially offset by lower amounts recorded for the deferral deferral - Waiting for quiet on the Ethernet. of revenues related to shared earnings; by the recording of delivery revenues deferred during the rate year ended June 2002; and by the recording of Customer Benefit Funds to offset the cost of various programs - all under the provisions of CHG&E's current settlement agreement with the PSC. Gas revenues decreased by $1.5 million (12.1%) due largely to a reduction of sales for resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. revenues. Total utility operating expenses decreased $7.1 million (5.3%) from $134.0 million in 2002 to $126.9 in 2003. The decrease in operating expenses largely results from a decrease in purchased electricity and natural gas expense. Purchased electricity and natural gas expense, in total, decreased $11.2 million due primarily to expense deferrals related to the recovery of electric supply and natural gas costs via CHG&E's cost recovery mechanisms. Other expenses of operation for CHG&E increased by $6.5 million reflecting an increase in costs related to its electric reliability program as well as other program costs funded by the Customer Benefit Fund. The rise in operating expenses also reflects increases in other operating areas such as electric distribution operations and maintenance, uncollectible accounts Uncollectible account An account which cannot be collected by a company because the customer is not able to pay or is unwilling to pay. , legal and special services, property and other insurance, employee welfare expenses, and employee compensation. Taxes other than income taxes decreased $2.4 million due to a decrease in amounts deferred for over/under collections related to the phasing in of New York State Income taxes effective January 1, 2000 and also, due to a reduction in revenue taxes. Other Income and Deductions increased $1.2 million due largely to an increase in the amortization of previously deferred shareholder benefits relating to the sale of CHG&E's interests in its principal generating facilities. Central Hudson Enterprises Corp. Revenues for CHEC increased $ 9.7 million from $ 24.8 million in 2002 to $34.5 million in 2003. The increase in revenues primarily reflects an increase in sales by CHEC's fuel distribution companies due to the impact of the acquisition of fuel distribution companies that occurred in the fourth quarter of 2002 and in January 2003. Revenues also increased due to higher retail fuel oil prices as a result of higher wholesale market prices in 2003. Operating expenses for CHEC increased $9.5 million from $27.3 million in 2002 to $36.8 million in 2003. Operating expenses are primarily the cost of petroleum and natural gas, which increased $ 8.1 million due primarily to higher sales by the fuel distribution companies because of the impact of new acquisitions. Petroleum and natural gas costs also increased due to higher wholesale market prices. Other operating expenses increased approximately $1.4 million, due primarily to a $1.2 million increase in distribution costs distribution costs distribute npl → Vertriebskosten pl resulting from an increase in CHEC's customer base associated with the recent acquisitions. CH Energy Group, Inc. (consolidated) remains in a strong financial position. At September 30, 2003 CHEG had $129.2 million in cash and cash equivalents. In addition, its current obligations included $20.0 million of short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. and $12.5 million of current maturities of long-term debt. CHG&E also contributed $10 million to its pension fund on September 30, 2003 to reduce the shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. between the Accumulated Benefit Obligation Accumulated Benefit Obligation (ABO) An approximate measure of the liability of a pension plan in the event of a termination at the date the calculation is performed. Related: Projected benefit obligation. (ABO ABO See: Accumulated Benefit Obligation ) for its pension plan and the market value of related pension assets at that date. The remaining shortfall (2% of ABO) resulted in the reclassification of the balance of Prefunded Pension Costs to Regulatory Assets. Please note that this report plus the consolidated financial statements are available on the Company's website at www.chenergygroup.com.
CH ENERGY GROUP, INC.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
3 Months Ended
September 30,
---------------------
2003 2002
--------- ---------
(Thousands of Dollars)
OPERATING REVENUES
Electric $124,181 $131,791
Natural Gas 11,104 12,635
Competitive Business Subsidiaries 34,497 24,765
--------- ---------
Total Operating Revenues 169,782 169,191
--------- ---------
OPERATING EXPENSES
Operations - Purchased Electricity and
Fuel Used in Electric
Generation, Purchased Nat. Gas and
Purchased Petroleum 101,954 105,248
Other Exp. of Operation - Regulated
Activities 29,263 22,753
Other Exp. of Operation - Competitive
Business Subsidiaries 13,106 11,867
Depreciation and Amortization 8,346 7,689
Operating Taxes 8,330 10,706
Federal and State Income Tax 2,635 2,984
--------- ---------
Total Operating Expenses 163,634 161,247
--------- ---------
OPERATING INCOME 6,148 7,944
--------- ---------
OTHER INCOME AND DEDUCTIONS
Allowance for Equity Funds Used During
Construction 115 118
Federal and State Income Tax - Credit (620) (972)
Interest and Investment Income 3,193 5,384
Other - Net 1,902 369
--------- ---------
Total Other Income and Deductions 4,590 4,899
--------- ---------
INCOME BEFORE INTEREST CHARGES 10,738 12,843
--------- ---------
INTEREST CHARGES
Interest on Debt 2,667 3,236
Other 3,223 3,222
Allowance for Borrowed Funds Used During
Construction (99) (62)
--------- ---------
Total Interest Charges 5,791 6,396
--------- ---------
Net Income from Continuing Operations 4,947 6,447
Gain on Disposal of Discontinued Operations,
Net of Income Tax of ($79) - 115
PREFERRED STOCK DIVIDENDS OF CENTRAL HUDSON 242 451
--------- ---------
NET INCOME 4,705 6,111
DIVIDENDS DECLARED ON COMMON STOCK 8,511 8,761
--------- ---------
AMOUNT RETAINED IN THE BUSINESS ($3,806) ($2,650)
========= =========
Average Shares of Common Stock Outstanding
(000s) 15,767 16,328
========= =========
Earnings Per Share - (Basic and Diluted) $.30 $.37
========= =========
CH ENERGY GROUP, INC.
CONSOLIDATED BALANCE SHEET
September 30, December 31,
2003 2002 (1) (2)
--------------------------------
ASSETS (Thousands of Dollars)
UTILITY PLANT
Utility Plant $923,619 $895,608
Less
Accumulated Depreciation 387,239 370,349
----------- ------------
536,380 525,259
Construction Work in
Progress 84,430 76,398
----------- ------------
Net Utility Plant 620,810 601,657
----------- ------------
OTHER PROPERTY AND PLANT 18,350 18,337
----------- ------------
CURRENT ASSETS
Cash and Cash
Equivalents 129,240 83,523
Accounts
Receivable from Customers 65,200 60,978
Materials & Supplies 23,094 16,033
Fair Value of Derivative
Instruments 14 2,747
Bond Defeasance Escrow - 16,275
Special Deposits and
Prepayments 34,570 28,466
Other 7,327 9,892
----------- ------------
259,445 217,914
----------- ------------
INVESTMENTS 4,952 89,441
----------- ------------
DEFERRED CHARGES AND OTHER
ASSETS 308,067 282,758
----------- ------------
TOTAL $1,211,624 $1,210,107
=========== ============
CAPITALIZATION and
LIABILITIES
CAPITALIZATION
Common Equity(3) $482,193 $486,915
Cumulative Preferred
Stock:
Not subject to mandatory
redemption 21,030 21,030
Subject to mandatory
redemption - 12,500
Long-term Debt 293,879 269,877
----------- ------------
797,102 790,322
----------- ------------
CURRENT LIABILITIES
Current Maturities of
Long-term Debt 12,500 15,000
Notes Payable 20,000 -
Accounts Payable 31,919 45,649
Accrued Interest 2,971 4,273
Dividends Payable 8,754 9,113
Other 42,432 38,070
----------- ------------
118,576 112,105
----------- ------------
DEFERRED CREDITS AND OTHER
LIABILITIES 226,075 251,910
----------- ------------
ACCUMULATED DEFERRED INCOME
TAX (NET) 69,871 55,770
----------- ------------
TOTAL $1,211,624 $1,210,107
=========== ============
(1) Audited.
(2) Subject to explanations contained in the Annual Report of the
Company for 2002.
(3) Shares outstanding at September 30, 2003 = 15,762,000. Shares
outstanding at December 31, 2002 = 16,064,600.
Selected Financial
Information
-------------------------
3 Months Ended September 30,
----------------------------------------
2003 2002 % Variation
------- ------- ------------
CENTRAL HUDSON GAS &
ELECTRIC CORP.
-----------------------
Sales of Electricity
(Mwh): (a)
Residential 516,776 518,544 -
Commercial 510,735 524,386 (3)
Industrial 393,903 378,415 4
Unbilled and
Other 15,301 20,719 (26)
---------- ---------- -----------
Total Own
Territory 1,436,715 1,442,064 -
========== ========== ===========
Sales of Gas (Mcf.):
(a)
Residential 352,155 331,748 6
Commercial 560,836 570,691 (2)
Industrial 65,705 93,801 (30)
Unbilled and
Other (19,876) (13,742) (45)
---------- ---------- -----------
Total Firm Sales 958,820 982,498 (2)
Interruptible
Sales 678,696 1,522,512 (55)
---------- ---------- -----------
Total Own Territory 1,637,516 2,505,010 (35)
========== ========== ===========
(a) Includes volumes related to Electric or Gas Energy Delivery
Services.
Cooling Degree Days:
Billing Cycle 508 561 (9)
Actual in Period 542 564 (4)
Heating Degree Days:
Billing Cycle 161 170 (5)
Actual in Period 87 92 (5)
Electric Output For
Own Territory
(Mwh.):
Generated 43,032 19,321 123
Purchased 1,434,037 1,486,087 (4)
---------- ---------- -----------
Total 1,477,069 1,505,408 (2)
========== ========== ===========
Gas Send-out Firm
Customers (Mcf.) 624,584 779,831 (20)
========== ========== ===========
CH ENERGY GROUP, INC.
-----------------------
Earnings Per Share $0.30 $0.37 (19)
Dividends Declared Per
Share $0.54 $0.54 -
Sept. 30, Dec. 31,
2003 2002 % Variation
------- ------- -----------
Book Value
Per Share $30.59 $30.31 1
Retained
Earnings
(000s) $176,445 $169,503 4
Common
Equity
Ratio (%) 58.1% 60.5% (4)
C H Energy Group, Inc.
----------------------
Selected Financial Indices
--------------------------
12 Months Ended September 30, 2003 vs Calendar Year 2002
----------------------------------------------------------
12 Months Calendar
Ended Year
Sept. 30, 2003 2002
-------------- ---------
Earnings Per
Share $2.71 $2.53
Earned Return on
Common Equity
(Per Books) 8.80% 8.22%
Pretax Coverage
of Total
Interest Charges,
excluding AFDC 3.42 x 3.10 x
Dividends
Declared $2.16 $2.16
Pay-out Ratio 79.7% 85.4%
Percent of Cash
Construction
Expenditures
Financed
from Internal
Funds(1) 80.5% 93.3%
Common Equity
Ratio 58.1% 60.5%
Retained Earnings
($000) $176,445 $169,503
Book Value Per
Share (End of
Period) $30.59 $30.31
(1) Internal funds used in this measurement exclude pension
contributions of $10,000,000 made in September 2003, and $32,000,000
made in September 2002.
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