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CH Energy Group Annual, Quarterly Earnings Rise.



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)--Jan. 26, 2001

Increased energy sales within its 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.
 utility and continued growth within its competitive supply and services subsidiaries propelled annual and fourth-quarter earnings higher for 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) 
).

The Company, with holdings from 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 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., posted earnings per share for the year 2000 at $3.09 -- more than 7 percent higher than the $2.88 achieved in 1999. Fourth-quarter earnings of 68 cents were 33 percent higher than the 51 cents earned per share during the fourth quarter of 1999.

"We're we're  

Contraction of we are.


we're we are
 extremely pleased with these results, and I am particularly gratified grat·i·fy  
tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies
1. To please or satisfy: His achievement gratified his father. See Synonyms at please.

2.
 that our competitive subsidiaries within 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.
 Energy Services contributed 14 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.
 in additional earnings over last year's results. All units performed well, and perhaps more important, they created the foundation for a strong, diversified diversified (di·verˑ·s  and successful future for CH Energy Group, Inc.," said Chairman of the Board and Chief Executive Officer 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. "The pending sales of our interests in the Roseton, Danskammer and Nine Mile Point 2 Nuclear plants will make available substantial capital to be redeployed to fund our continued growth strategy to build even more value for shareholders and customers in the years to come."

Ganci said he foresees an exciting and profitable year in 2001, with continued progress in new markets and expansion of a customer base throughout the Northeast “Northeastern” redirects here. For the Boston college, see Northeastern University, Boston.

Northeast or north east is the ordinal direction halfway between north and east. It is the opposite of southwest. See boxing the compass.
. He added that he is confident that CH Energy Group is on target to develop sustainable annual earnings growth of 5 percent by 2004.

The following are highlights of the earnings report:

Central Hudson Gas & Electric Corporation:

The steadily growing economy of the Mid-Hudson region pushed energy sales higher last year. Electric sales increased 1 percent despite cooler-than-normal summer weather in 2000 (and hotter-than-normal weather in the summer of 1999). The electric business again exceeded its regulated, authorized au·thor·ize  
tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es
1. To grant authority or power to.

2. To give permission for; sanction:
 rate of return on equity cap of 10.6 percent and deferred 17 cents per share above the cap. Sales of natural gas increased 9 percent, predominantly pre·dom·i·nant  
adj.
1. Having greatest ascendancy, importance, influence, authority, or force. See Synonyms at dominant.

2.
 from increased usage for home and commercial heating needs.

Looking ahead to 2001, Ganci said, "Central Hudson customers will benefit from the upcoming sale of our generating units in two primary ways. The proceeds mean that we will have no `stranded strand 1  
n.
The land bordering a body of water; a beach.

v. strand·ed, strand·ing, strands

v.tr.
1. To drive or run ashore or aground.

2.
 costs.' Therefore, our customers won't won't  

Contraction of will not.


won't will not
won't will
 have to pay the `Competitive Transition Charges' that other utilities must charge their customers, keeping delivery rates as low as possible. Second, we negotiated Purchase Power Agreements in each sale in order to help stabilize stabilize

See peg.
 the price of electricity supply for those customers who choose not to buy from another supplier. That will be especially critical during the next few years while the competitive market matures and -- hopefully -- more electric generating plants are built in 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."

Central Hudson Energy Services, Inc.:

The family of competitive business units made several significant acquisitions in the last year, including Griffith Griffith, town (1990 pop. 17,916), Lake co., extreme NW Ind.; inc. 1904. It is primarily a residential town in the Chicago metropolitan area. Manufactures include metal products, chemicals, and electronic equipment.  Energy Services, Inc., a top-tier energy supplier with 44,000 fuel-oil customers in and around the greater Washington, D.C, area and Seymour Seymour.

1 Town (1990 pop. 14,288), New Haven co., SW Conn., on the Naugatuck River; settled c.1678, inc. 1850. The town's manufacturing industries decline since the mid-1900s, but cable and wire, electronic components and hardware, car racks, and
 Oil Company, which serves 4,000 retail customers in Connecticut's Naugatuck Naugatuck, city, United States
Naugatuck (nôg`ətŭk'), industrial borough (1990 pop. 30,625), New Haven co., SW Conn., on both sides of the Naugatuck River; settled 1704, inc. 1844.
 Valley. Both represent building blocks in the corporate strategy to add business units that have a proven track record in bundling bundling, courtship custom, thought to have originated in Holland and the British Isles. It was extended to America, particularly to New England, and most widely practiced in the years prior to the Revolution of 1776.  energy and related services on a customized basis for customers in the deregulated energy market.

2001 Outlook:

Earnings per share in 2001 are projected to be $3.25, up 5 percent over those of 2000. Of that total, $2.30 is expected to be contributed by Central Hudson Gas & Electric Corporation, 45 cents from Central Hudson Energy Services, Inc., and 50 cents from the investment income from proceeds received from the sale of the utility's fossil-fueled electric generating plants.

The $2.30 contribution by Central Hudson is predicated on the current return on equity applied to a lower rate base that reflects the sale of generating assets. The 45 cents from Central Hudson Energy Services, Inc. reflects annualization of recent acquisitions and anticipated margins from the sale of various forms of energy. The 50-cent contribution of investment income from auction proceeds assumes the funds will earn money-market returns and a continuation continuation - continuation passing style  of deliberate Willful; purposeful; determined after thoughtful evaluation of all relevant factors; dispassionate. To act with a particular intent, which is derived from a careful consideration of factors that influence the choice to be made.  redeployment re·de·ploy  
tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys
1. To move (military forces) from one combat zone to another.

2.
 of assets to fund acquisitions at Central Hudson Energy Services.

A discussion of this earnings announcement will be conducted via a

teleconference at 4:00 p.m. EST P.M. also p.m. or p.m.
abbr.
post meridiem

Usage Note: By definition, 12 a.m.
.

To access the conference, dial 1-800-450-0785;

conference name: CH Energy Group.

The discussion may be replayed afterward af·ter·ward   also af·ter·wards
adv.
At a later time; subsequently.

Adv. 1. afterward - happening at a time subsequent to a reference time; "he apologized subsequently"; "he's going to the store but he'll be back here
 by dialing 1-800-475-6701 and

inputting the access code 565626.

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 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 "anticipate," "believe," "intends," "estimates," "expect," and similar expressions. The Company cautions readers that forward-looking statements, including without limitation, those relating to relating to relate prepconcernant

relating to relate prepbezüglich +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 weather, energy supply and demand, 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, 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, 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, nuclear industry regulation, the outcome of pending litigation, and certain environmental matters, particularly ongoing development of air quality regulations and industrial waste remediation requirements.

                               APPENDIX

      Highlights Relative to Prior Year

                                                          2000 More
Year Ended December 31:        2000          1999(2)  (Less) than 1999
                               ----          ----     ----------------

Operating Revenues(1)     $ 747,386,000  $ 567,097,000  $ 180,289,000

Income Available for
  Common Stock:
   from Operations        $  51,573,000  $  46,971,000  $   4,602,000
   from Non-recurring
     Items                         --        1,602,000     (1,602,000)
                          -------------  -------------  -------------
  Total                   $  51,573,000  $  48,573,000      3,000,000

Earnings Per Share from:
  Operations              $        3.09  $        2.79  $         .30
  Non-recurring Items                --            .09           (.09)
                          -------------  -------------  -------------
Earnings Per Share
  of Common Stock         $        3.09  $        2.88  $         .21
                          =============  =============
Average Shares
  Outstanding                16,716,000     16,862,000

      (1) Includes fuel adjustment charges/credits
      (2) Restated to reflect fully consolidated results


Earnings per share from CH Energy Group, Inc. (Company) 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
 increased by $.30 per share due primarily to the following:
-- Up $.36 due to an increase in Central Hudson Gas & Electric Corporation
(CHG&E) electric net operating revenues (net of the cost of fuel, purchased
electricity and revenue taxes). The increase is due primarily to an increase in
sales, despite a drop in cooling degree days, to own territory commercial and
industrial customers and an increase in the profits retained from sales of
electricity to other utilities and marketers. Commercial sales increased due
primarily to an increase in the number of customers while the increase in
industrial sales resulted from increased usage by existing customers. Actual
cooling degree days were 35% lower than last year and 13% lower than normal. An
increase in nonrecoverable fuel costs related to CHG&E's fuel cost incentive
partially offsets the total increase to electric net revenues.

-- Up $.14 due to an increase in earnings from operations of Central Hudson
Energy Services, Inc. (Services), the Company's unregulated affiliate, due
primarily to the acquisition of Griffith Energy in November 2000.

-- Up $.10 due to an increase in CHG&E gas net operating revenues (net of the
cost of gas and revenue taxes) largely due to an overall increase in own
territory sales. Increases in residential and commercial sales reflect
increased heating sales due to an increase in heating degree days. Actual
heating degree days approximated normal for 2000 and were 10% higher than in
1999.

-- Up $.03 due to the favorable effect of the Company's common stock repurchase
program for 2000.

-- Down $.26 due to an increase in operation and maintenance costs (O&M)
incurred by CHG&E. The increase reflects increases in the cost of normal storm
restoration efforts, gas site remediation, routine and scheduled generating
plant maintenance, maintenance of gas mains and workers compensation insurance.
The increase in workers compensation insurance is due to the effect of
substantial dividends received last year.

-- Down $.06 due to increased depreciation on CHG&E's utility plant and
equipment.

-- Down $.01 due to the net effect of various other items including increases
in taxes other than income taxes and the Company's cost of capital.


Earnings were also unfavorably affected by $.09 per share from non-recurring items, primarily the effect of income recorded in 1999 related to the sale of the Company's former New York Stock Exchange New York Stock Exchange (NYSE)

World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City.
 symbol.

2000 Results of Operations

CH Energy Group, Inc.

Earnings for 2000 increased by $.21 to $3.09 per share from $2.88 in 1999. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[]

As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh.
 with its restructuring Settlement Agreement with the PSC (Public Service Commission) Same as PUC.  effective February February: see month.  1998, CHG&E continued to defer de·fer 1  
v. de·ferred, de·fer·ring, de·fers

v.tr.
1. To put off; postpone.

2. To postpone the induction of (one eligible for the military draft).

v.intr.
 electric earnings in excess of a 10.6% return on equity cap. A total of $4.2 million of electric revenues was deferred in 2000 as compared to $2.9 million in 1999. Had excess earnings not been deferred in each of these years, earnings in 2000 would have increased by an additional $.05 per share as compared to 1999.

Other Income and Deductions decreased $2.0 million as compared to last year resulting primarily from the non-operating income reported last year from the sale of the Company's former New York Stock Exchange symbol.

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, increased by 1% from 1999 to 2000. Sales to residential customers increased by less than 1% while sales to commercial customers increased 2% despite a 35% decrease in the number of cooling degree days. The slight improvement in sales is due primarily to an increase in the average number of customers. Sales to industrial customers also increased by 2% partially due to increased usage by existing customers.

Utility sales of firm natural gas to CHG&E customers, plus transportation of gas supplied by others, increased 9% in 2000 as compared to the prior year. Residential and commercial sales increased 7% and 9%, respectively. The increases are primarily driven by an increase in demand from 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.  customers due to somewhat colder weather. The increases also result from an increase in the average number of customers. Industrial sales increased by 5% partially due to increased usage by existing customers. Interruptible sales decreased by 34% due to a reduction in boiler boiler, device for generating steam. It consists of two principal parts: the furnace, which provides heat, usually by burning a fuel, and the boiler proper, a device in which the heat changes water into steam.  gas usage for electric generation.

Utility electric and gas 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.
 increased 22.4% ($116.9 million) from $521.9 million in 1999 to $638.8 in 2000. Electric revenues increased $104.0 million (24.3%) and gas revenues increased $12.9 million (13.7%) as compared to 1999. The increase in electric revenues is due primarily to an increase in amounts collected under CHG&E's fuel cost adjustment due to higher fuel and purchased electric costs; revenues retained from sales of electricity to other utilities and marketers; revenues from ancillary services to the NYS 1. Is not. See Nis.  ISO (1) See ISO speed.

(2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI.
 and revenues from commercial and industrial sales. The increase in gas revenues is comprised of an increase in amounts collected under the gas cost adjustment due to higher gas costs; an increase in revenues from gas sold to other utilities and marketers; and additional revenues from increased own territory firm sales. A reduction in revenues from interruptible sales, due to less gas sold for electric generation, partially offset the increase in gas revenues.

Total utility 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.
 increased $112.6 million (25.0%) from $451.0 million in 1999 to $563.6 in 2000. A large percentage of the increase (91%) in operating expenses is due to increases in the cost of fuel used in electric generation, purchased electricity and purchased natural gas. The rise in costs reflects increasing fossil fuel fossil fuel: see energy, sources of; fuel.
fossil fuel

Any of a class of materials of biologic origin occurring within the Earth's crust that can be used as a source of energy. Fossil fuels include coal, petroleum, and natural gas.
 prices and also, the impact of changing market conditions brought about by the formation of the New York Independent System Operator (ISO) in November November: see month.  of 1999. Other expenses of operation increased $10.3 million including an increase in cost for normal storm restoration, gas site remediation, workers compensation insurance and routine and scheduled generating plant maintenance.

Central Hudson Energy Services, Inc (unaudited)

Revenues for CH Services increased $63.4 million from $45.1 million in 1999 to $108.5 million in 2000, while operating expenses increased $59.2 million from $45.4 million in 1999 to $104.6 million in 2000. Revenues at SCASCO, Inc (SCASCO) increased $15.2 million from $16.3 million in 1999 to $31.5 million in 2000 primarily due to a growth in sales resulting from additional acquisitions. Sales of wholesale energy increased by $15.6 million from $18.8 million in 1999 to $34.4 in 2000 as a result of all three of CH Resources generating plants being operational during 2000. Also, included in the 2000 revenues are $34.0 million of revenues from Griffith Energy Services, Inc. (Griffith) which was acquired in November 2000.

Operating expenses are primarily fuel costs associated with the CH Resources generating plants and the cost of petroleum and natural gas for SCASCO and Griffith. Fuel costs for CH Resources increased $5.9 million from $17.4 million in 1999 to $23.3 in 2000. Petroleum and natural gas costs increased by $35.0 million from $11.9 million in 1999 to $46.9 in 2000.

Other expenses, excluding fuel, petroleum and natural gas costs, increased $18.3 million from $16.1 million in 1999 to $34.4 in 2000 due to the continued growth of Services through acquisitions.

CH Energy Group, Inc.

Fourth Quarter 2000 Relative to the Prior Year

Earnings per share increased $.17 for the quarter ended December December: see month.  31, 2000 as compared to the same period last year; however, the change in earnings includes a $.10 per share reduction related to income recognition in November 1999 for the sale of the Company's former New York Stock Exchange symbol. The increase in earnings results primarily from increases in utility electric and gas net operating revenues, an increase in earnings from the operations of Services and the favorable fa·vor·a·ble  
adj.
1. Advantageous; helpful: favorable winds.

2. Encouraging; propitious: a favorable diagnosis.

3.
 impact of the Company's stock repurchase Stock repurchase

A firm's repurchase of outstanding shares of its common stock.
 program. Electric net operating revenues increased due to an overall increase in sales and an increase in the profits retained from sales of electricity to other utilities and marketers. The gas net revenue increase reflects an increase in sales due to the impact of the record cold weather in the months of November and December, primarily residential and commercial space heating customers. Billing heating degree days Heating degree day (HDD) and cooling degree day (CDD) are quantitative indices demonstrated to reflect demand for energy to heat or cool houses and businesses. These indices are derived from daily temperature observations and power demand.  for the fourth quarter were 27% higher than last year. The increases in utility net revenues were partially offset by increases in the cost of operations and maintenance and federal income tax expense.

The Company remains in a strong financial position. At December 31, 2000, the Company had $28.3 million in cash and cash equivalents and $165.0 million of short-term debt Short-term debt

Debt obligations, recorded as current liabilities, requiring payment within the year.
 outstanding.

Please note that this report is available on the Company's website at www.chenergygroup.com.

                         CH ENERGY GROUP, INC.
                   CONSOLIDATED STATEMENT OF INCOME

                                (Unaudited)             (Audited)
                              3 Months Ended         12 Months Ended
                               December 31,            December 31,
                            2000         1999        2000      1999
                                     (Thousands of Dollars)

OPERATING REVENUES
  Electric.................$148,871    $100,033   $531,820   $427,809
  Gas......................  30,506      24,078    107,039     94,131
  Other....................  61,238      13,169    108,527     45,157

         Total Operating
           Revenues.....    240,615     137,280    747,386    567,097

OPERATING EXPENSES
  Operations-Fuel, Purch.
     Electric
     Purch.Gas, and Purch.
     Petroleum...           135,999      54,130    358,047    214,911
  Operations - Other.......  36,056      33,419    137,800    126,768
  Maintenance..............  10,759       4,693     29,243     14,373
  Depreciation and
    Amortization             13,844      12,205     51,453     48,246
  Operating taxes..........   8,253      15,969     54,151     64,510
  Federal/State income tax.  15,418       3,866     37,629     27,772

                            220,329     124,282    668,323    496,580


OPERATING INCOME...........  20,286      12,998     79,063     70,517

OTHER INCOME AND
 DEDUCTIONS...........
  Allow. for eq. funds
    used dur. cons.               4       (152)         -           -
  Federal/State  income
    tax-credit....             (663)      (170)       (986)      (371)
  Other-net................   2,007       4,487     10,626     12,051

                              1,348       4,165      9,640     11,680

INCOME BEFORE INTEREST
 CHARGES........             21,634      17,163     88,703     82,197

INTEREST CHARGES...........
  Interest on debt.........   6,167       5,990     24,206     24,151
  Other....................   3,776       2,005     10,473      6,633
  Allowance for borrowed
    funds used during
    construction..........     (252)       (224)      (779)      (390)

    Total Interest Charges.   9,691       7,771     33,900     30,394

PREF. STOCK DIV. OF
 CENTRAL HUDSON....            807         807       3,230      3,230

NET INCOME.................  11,136      8,585      51,573     48,573

DIVIDENDS DECLARED ON
 COMMON STOCK....             8,835      9,106      35,945    36,422

AMOUNT RETAINED IN THE
 BUSINESS.......             $2,301      ($521)    $15,628   $12,151

Average Shares of
 Common Stock
  Outstanding (000s).......  16,486     16,862      16,716    16,862

Earnings Per Share -
  On Average Shares
  Outstanding.......           $.68       $.51      $3.09      $2.88


                         CH ENERGY GROUP, INC.
                      CONSOLIDATED BALANCE SHEET

                                         December 31, December 31,
                                           2000(1)      1999(2)
                                         ------------ ------------
                     ASSETS                (Thousands of Dollars)

UTILITY PLANT
  Utility Plant.......................    $1,595,900   $1,558,729
    Less Accumulated Depreciation.....       708,930      677,264
                                          ----------   ----------
Net Utility Plant.....................       886,970      881,465
Construction Work in Progress.........        43,882       39,951
                                          ----------   ----------
                                             930,852      921,416
                                          ----------   ----------

OTHER PROPERTY AND INVESTMENTS........       129,570       91,490
                                          ----------   ----------

INTANGIBLE ASSETS                             68,458        7,318
                                          ----------   ----------

CURRENT ASSETS
  Cash and Cash Equivalents...........        28,318       20,385
  Accounts Receivable from Customers..       106,803       57,600
  Materials & Supplies................        30,629       31,485
  Special Deposits and Prepayments....        21,608       15,392
  Other...............................        25,103       20,419
                                          ----------   ----------
                                             212,461      145,281
                                          ----------   ----------

DEFERRED CHARGES......................       188,232      170,394
                                          ----------   ----------


      TOTAL ..........................    $1,529,573   $1,335,899
                                          ==========   ==========

                    CAPITALIZATION and LIABILITIES

CAPITALIZATION
  Common Equity(3)....................    $  481,342   $  484,406
  Cumulative Preferred Stock:
    Not subject to mandatory redemption...    21,030       21,030
    Subject to mandatory redemption...        35,000       35,000
  Long-Term Debt......................       320,369      335,451
                                          ----------   ----------

                                             857,741      875,887
                                          ----------   ----------

CURRENT LIABILITIES
  Current Maturities of
    Long-Term Debt....................        62,610       35,100
  Notes Payable.......................       165,000       50,000
  Accounts Payable....................        61,445       36,746
  Accrued Interest....................         7,256        4,405
  Dividends Payable...................         9,643        9,913
  Other...............................        20,601       11,793
                                          ----------   ----------

                                             326,555      147,957
                                          ----------   ----------

DEFERRED CREDITS AND OTHER LIABILITIES....   150,449      112,434
                                          ----------   ----------

ACCUMULATED DEFERRED INCOME TAX (net).....   194,828      199,621
                                          ----------   ----------

      TOTAL...........................    $1,529,573   $1,335,899
                                          ==========   ==========

      (1) Audited.
      (2) Subject to explanations contained in the Annual Report of the
        Company for 1999.
      (3) Shares outstanding at Dec. 31, 2000 = 16,362,087. Shares
        outstanding at Dec. 31, 1999 = 16,862,087.


                  SELECTED FINANCIAL INFORMATION

                                      3 Months Ended December 31,
                                  ------------------------------------
                                      2000       1999     % Variation
                                   ----------  ---------- ------------

CENTRAL  HUDSON  GAS & ELECTRIC  CORP.
 Sales of Electricity (Mwh.): (a)
   Residential. . . . . . . . . . . .  410,953    397,954         3
   Commercial. . . . . . . . . . . . . 434,237    426,421         2
   Industrial. . . . . . . . . . . . . 322,284    315,989         2
   Unbilled and Other . . . . . . . .   16,449     14,241        16
                                     ---------- ---------  --------
      Total Own Territory . . . . .  1,183,923  1,154,605         3
                                     ========== =========  ========

  Sales of Gas (Mcf.):  (a)
   Residential. . . . . . . . . . .    965,888    824,842        17
   Commercial. . . . . . . . . . . . 1,314,584  1,122,190        17
   Industrial. . . . . . . . . . . .   203,417    183,177        11
   Unbilled and Other . . . . . . .    348,209    285,244        22
                                     ---------- ---------   -------
      Total Firm Sales . . . . . .   2,832,098  2,415,453        17
  Interruptible Sales . . . . . . .  1,176,885  2,156,688       (45)
                                     ---------- ---------  --------
      Total Own Territory . . . . .  4,008,983  4,572,141       (12)
                                     ========== =========  ========

(a) Includes volumes related to Electric or Gas Energy Delivery
    Services.


    Cooling Degree Days:
     Actual in Period. . . . . . . . .       0          0         0

  Heating Degree Days:
    Billing Cycle. . . . . . . . . . .   1,210        956        27
    Actual in Period. . . . . . . . . .  2,403      1,926        25

        Electric Output For
              Own Territory (Mwh.):
             Generated. . . . . . . .  930,781    767,627        21
             Purchased. . . . . . . .  320,371    461,607       (31)
                                      --------- --------- ---------
             Total. . . . . . . . .  1,251,152  1,229,234         2
                                      ========= ========= =========

   Gas Send-out Firm Customers(Mcf.) 3,601,130  3,087,536        17
                                      ========= ========= =========
CH  ENERGY  GROUP,  INC.

   Earnings Per Share. . . . . . . . .   $0.68      $0.51        33
   Dividends Declared Per Share. . . .   $0.54      $0.54         -


                                       12 Months Ended December 31,
                                     -------------------------------
                                       2000       1999   % Variation
                                      -------   --------- -----------

CENTRAL  HUDSON  GAS & ELECTRIC  CORP.
 Sales of Electricity (Mwh.): (a)
   Residential. . . . . . . . . . .  1,712,848  1,712,018         0
   Commercial. . . . . . . . . . .   1,768,926  1,736,743         2
   Industrial. . . . . . . . . . .   1,311,125  1,289,077         2
   Unbilled and Other . . . . . . .     37,530     40,681        (8)
                                    ----------- --------- ---------
      Total Own Territory . . . .    4,830,429  4,778,519         1
                                    =========== ========= =========
  Sales of Gas (Mcf.):  (a)
   Residential. . . . . . . . . .    4,749,929  4,428,032         7
   Commercial. . . . . . . . . . .   5,113,390  4,693,501         9
   Industrial. . . . . . . . . . .     759,873    726,140         5
   Unbilled and Other . . . . . . .    216,585    138,770        56
                                    ----------- --------- ---------
      Total Firm Sales . . . . .    10,839,777  9,986,443         9
  Interruptible Sales . . . . . .    4,866,055  7,340,473       (34)
                                    ----------- --------- ---------
      Total Own Territory . . .     15,705,832 17,326,916        (9)
                                    =========== ========= =========

(a) Includes volumes related to Electric or Gas Energy Delivery
    Services.

    Cooling Degree Days:
     Actual in Period. . . . . . . . .     554        858       (35)

  Heating Degree Days:
    Billing Cycle. . . . . . . . . . .   5,954      5,656         5
    Actual in Period. . . . . . . . .    6,240      5,666        10

        Electric Output For
              Own Territory (Mwh.):
             Generated. . . . . . .  3,350,862  3,633,360        (8)
             Purchased. . . . . . .  1,679,662  1,419,304        18

             Total. . . . . . . . .  5,030,524  5,052,664        (0)
                                      ========= ========= =========

   Gas Send-out Firm Customers Mcf.)10,485,122  9,879,391         6
                                      ========= ========= =========

CH  ENERGY  GROUP,  INC.

   Earnings Per Share. . . . . . . . .   $3.09      $2.88         7
   Dividends Declared Per Share. . . .   $2.16      $2.16        -


                                     Dec. 31,    Dec. 31,
                                      2000         1999   % Variation
                                   ------------ ---------  -----------

  Book Value Per Share. . .          $29.42       $28.80        2
  Retained Earnings (000s). .      $148,424     $132,796       12
  Common Equity Ratio (%) . . .        44.3         50.4      (12)



                        C H Energy Group, Inc.

                      Selected Financial Indices

               Calendar Year 2000 vs Calendar Year 1999

                                               Calendar      Calendar
                                                 Year          Year
                                                 2000          1999
                                              ---------     ----------


Earnings Per Share............................    $3.09          $2.88


Earned Return on Common Equity  (Per Books)...    10.51%        10.03%


Pretax Coverage of Total
   Interest  Charges, excluding  AFDC.........     3.14x         3.30x


Dividends Declared............................    $2.16          $2.16


Pay-out Ratio.................................     69.9%         75.0%


Percent of Construction Expenditures
     Financed from Internal Funds.............      100%          100%


Common Equity Ratio...........................     44.3%         50.4%


Retained Earnings  ($000)..................... $148,424      $132,796

Book Value Per Share  (End of Period).........   $29.42        $28.80
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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