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CH Energy Group Annual, Quarterly Earnings Rise.

Business Editors

POUGHKEEPSIE, N.Y.--(BUSINESS WIRE)--Jan. 26, 2001

Increased energy sales within its regulated utility and continued growth within its competitive supply and services subsidiaries propelled annual and fourth-quarter earnings higher for CH Energy Group, Inc. (NYSE: CHG).

The Company, with holdings from New England to Washington, 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 extremely pleased with these results, and I am particularly gratified that our competitive subsidiaries within Central Hudson Energy Services contributed 14 cents per share in additional earnings over last year's results. All units performed well, and perhaps more important, they created the foundation for a strong, diversified and successful future for CH Energy Group, Inc.," said Chairman of the Board and Chief Executive Officer Paul 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. 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 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 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 costs.' Therefore, our customers won't 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 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 state."

Central Hudson Energy Services, Inc.:

The family of competitive business units made several significant acquisitions in the last year, including Griffith 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 Oil Company, which serves 4,000 retail customers in Connecticut's Naugatuck Valley. Both represent building blocks in the corporate strategy to add business units that have a proven track record in bundling 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 of deliberate redeployment 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.

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

conference name: CH Energy Group.

The discussion may be replayed afterward by dialing 1-800-475-6701 and

inputting the access code 565626.

FORWARD-LOOKING STATEMENTS: 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 provided by Section 21E of the Securities Exchange Act of 1934, as amended by Public Law 104-67, and within the meaning of the Securities 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 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 and competitive environment, electric and gas industry restructuring and cost recovery, future market prices for energy, capacity and ancillary 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 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 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 with its restructuring Settlement Agreement with the PSC effective February 1998, CHG&E continued to defer 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 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 gas usage for electric generation.

Utility electric and gas operating revenues 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 ISO 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 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 prices and also, the impact of changing market conditions brought about by the formation of the New York Independent System Operator (ISO) in November 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 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 impact of the Company's stock repurchase 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 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 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
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