CH Energy Group Earnings Remain on Target For Year-End.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. 29, 2001 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) ) today announced third-quarter earnings of 58 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. versus the 87 cents per share earned in the third quarter of 2000. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings were $1.90 per share versus $2.40 for the comparable period in 2000. The earnings decline from last year was primarily due to the sale of the Roseton and Danskammer electric generating plants that were sold in January January: see month. 2001. The Company continues to expect that its earnings in 2001 will be close to its target level of $3.25 per share due to benefits to be realized in the fourth quarter and resulting from 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 Public Service Commission decisions made on October October: see month. 24, 2001. "Continued strong growth and competitive pricing bodes well for our utility operations. As a result of the combined impact of the PSC (Public Service Commission) Same as PUC. decisions, the electricity delivery prices paid by 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. residential customers, including refunds, will decrease by 15 percent once the sale of our interest in the Nine Mile Point 2 plant is complete next month," said 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, Chairman of the Board and C.E.O. "Since 1993, our customers have paid the lowest electric rates in the state. In fact, customers of the three other utilities serving the Mid- mid- pref. Middle: midbrain. and Lower-Hudson Valley region paid prices last summer that were, on average, 75 percent higher -- and that makes our region extremely competitive." Subsidiary Highlights: Central Hudson Gas & Electric Corporation (CHG&E) continued to experience strong growth in its service territory. Earnings benefited from an increase in the number of customers, resulting in a 6 percent increase in sales of electricity to residential and commercial customers. "We continue to see strong service territory growth and we feel our low delivery rates -- coupled with the steps we have taken to insulate in·su·late tr.v. in·su·lat·ed, in·su·lat·ing, in·su·lates 1. To cause to be in a detached or isolated position. See Synonyms at isolate. 2. our customers from energy price volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the while the markets transition to competition -- make our service territory an attractive place to live and do business," said Ganci. The New York State Public Service Commission last week approved CHG&E's Joint Rate Proposal. "As a result of this agreement, Central Hudson customers will benefit from low, stable prices and higher service standards. That's critical during a time when other parts of the country, and even the state, are seeing increasing energy prices and decreasing service reliability," said Arthur Arthur, king of Britain: see Arthurian legend. Arthur king and hero of Scotland, Wales, and England. [Arthurian Legend: Parrinder, 28] See : Heroism Upright upright said of limb joints and bones, especially in the horse. Indicates a lack of angulation in the joint, e.g. upright hock, or slope in a bone, e.g. upright pastern. In horses, often associated with a bumpy ride and a tendency to joint injury and lameness. , Senior Vice President of Regulatory Affairs Regulatory Affairs (RA), also called Government Affairs, is a profession within regulated industries, such as pharmaceuticals, medical devices, energy, and banking. Regulatory Affairs professionals usually have responsibility for the following general areas: In addition, the Public Service Commission approved the sale of CHG&E's 9 percent interest in the Nine Mile Point 2 Nuclear Plant to Constellation Constellation, ship Constellation (kŏnstĭlā`shən), U.S. frigate, launched in 1797. It was named by President Washington for the constellation of 15 stars in the U.S. flag of that time. Nuclear. The sale is expected to close shortly. As a result of the conclusion of these 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. proceedings, CHG&E will realize substantial tax benefits and will begin to flow through gains earned for shareholders from the power plant sale. Central Hudson Energy Services, Inc. (CHES) third-quarter results were a loss of 9 cents per share. Volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. gas prices during the quarter depressed Depressed A description of a market, security, or product that is experiencing weak demand and lowering prices. Notes: A depressed market, security, or product implies that prices and volume are low. There are many reasons for a depressed market, security, or product. CHES's generating plant results. However, year-to-date revenues of $255 million represent a 315 percent increase over the same period last year. The inclusion of 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, a premier, full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. oil distribution company acquired in the fourth quarter of 2000, reduced earnings this quarter as expected. Oil businesses generally lose money during summer months when oil deliveries are at their lowest point of the year. "We are excited to have Griffith Energy Services as part of our operations. And, we remain confident that Griffith will perform up to our expectations and provide a vehicle for future earnings growth by serving as a platform for future acquisitions and expanded product and service offerings," said Allan Allan can refer to:
As a result of these year-to-date results, the anticipated contribution of CHES total earnings per share in 2001 has been reduced from 45 cents per share to 25 cents per share. However, this reduction is expected to be offset by a higher-than-projected contribution to earnings per share from CHGE CHGE Center for Health and Global Environment . About CH Energy Group, Inc.: CH Energy Group, Inc. is the parent company of a family of companies providing energy solutions to customers along the Eastern Seaboard. Central Hudson Gas & Electric Corporation 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. utility delivering electricity and natural gas to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 625,000 people in a 2,600-mile service territory in the Mid-Hudson Valley region of New York State. Central Hudson Energy Services is a family of companies offering a full range of energy products and services, including fuel oil, 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;. , natural gas, and motor fuel, to approximately 60,000 customers. It maintains holdings in 11 states that stretch 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 the metro-Washington, D.C. area. The corporation is headquartered in Poughkeepsie, New York.
CH Energy Group, Inc. announces the following operating results
for the periods indicated:
3 Months Ended September 30 2001 2000
---- ----
Operating Revenues (1) $165,831,000 $167,897,000
Net Income $ 9,539,000 $ 14,496,000
Basic Earnings Per Share $ .58 $ .87
Average Shares Outstanding 16,362,000 16,696,000
12 Months Ended September 30 2001 2000
---- ----
Operating Revenues (a) $817,872,000 $644,051,000
Net Income $ 41,609,000 $ 49,023,000
Earnings Per Share $ 2.54 $ 2.92
Average Shares Outstanding 16,393,000 16,810,000
(a) Includes energy service charges/credits
APPENDIX
Highlights Relative to Prior Year
3 Months Ended 2001 More
September 30: 2001 (a) 2000 (a) (Less) than 2000
---- ---- ----------------
Operating
Revenues (b) $ 165,831,000 $167,897,000 $ (2,066,000)
Income Available
for Common
Stock $ 9,539,000 $ 14,496,000 $ (4,957,000)
Earnings Per
Share of
Common Stock $ .58 $ .87 $ (.29)
Average
Shares
Outstanding 16,362,000 16,696,000
(a) Unaudited
(b) Includes energy service charges/credits
CH Energy Group, Inc. (Company) earned $.58 per share in the third quarter versus $.87 per share in the third quarter of 2000. The change in earnings was due to the following: -- Down $.30 due to the continued net effect of eliminating all costs associated with Central Hudson Gas & Electric Corp. 's (CHG&E) fossil generating plants and its investment in Nine Mile Point 2 (NMP-2) effective February 1, 2001. Because a decision had not been rendered on CHG&E's pending NMP2 sale, the expected mitigation of this impact on earnings, by the inclusion of deferred amounts in earnings, did not occur in the third quarter. On October 24, 2001, the Public Service Commission (PSC) issued a favorable ruling on CHG&E's pending case, including the restoration of these deferred amounts. -- Down $.16 due to a reduction in earnings from the Company's unregulated affiliate, Central Hudson Energy Services, Inc. (Services) due primarily to losses in the third quarter of 2001 incurred by its oil distribution subsidiaries (the largest was acquired in November 2000), which normally incur operating losses during the non-heating season, and the higher cost of natural gas used at the generating plants. -- Down $.06 due to increases in CHG&E depreciation expense on plant other than fossil and nuclear generation plant and taxes other than income taxes. The latter reflects the current period impact of property tax refunds received last year. -- Down $.01 due to a decrease in CHG&E's gas net operating revenues (net of the cost of gas and revenue taxes). A 6% reduction in own territory firm sales was largely offset by a favorable annual reconciling adjustment related to CHG&E's gas supply charge. The reduction in sales is largely attributable to an 8% reduction in residential space heating sales. -- Up $.20 due to an increase in CHG&E's electric net operating revenues (net of the cost of fuel, purchased electricity and revenue taxes) due largely to a 6% increase in own territory sales and a reduction in revenues deferred in accordance with the excess earnings provision contained in CHG&E's Settlement Agreement which expired June 30, 2001. The change in own territory sales is due to increases in residential and commercial sales, resulting from an increase in the average number of customers and hotter than normal weather. Cooling degree-days were 28% higher than last year. The increase in net revenues was partially offset by a reduction in profits retained from sales of electricity to other utilities and marketers. -- Up $.06 due to a reduction in other operating expenses due primarily to the elimination of an amortization of deferred costs effective July 1, the receipt of a workers compensation dividend and a reduction in storm emergency related costs. -- Down $.02 due to the net effect of various items including cost of capital, income taxes and the favorable impact of the Company's prior year common stock repurchase program. Third Quarter Results of Operations CH Energy Group, Inc. Earnings per share for the third quarter of 2001 were $.58 as compared to $.87 for the third quarter 2000, a reduction of $.29 per share. The reduction in earnings largely reflects the elimination of all costs associated with CHG&E's fossil fossil, remains or imprints of plants or animals preserved from prehistoric times by the operation of natural conditions. Fossils are found in sedimentary rock, asphalt deposits, and coal and sometimes in amber and certain other materials. generation plants and also, its investment in NMP-2. The fossil generation plants were sold on January 30, 2001 and a portion of the proceeds were used to recover CHG&E's share of the investment in NMP-2. The decrease in earnings is mostly attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a reduction in the return on investment in CHG&E's fossil and nuclear generation plants. The reduction of rate base serves to permanently reduce the pool of regulated assets that are available to generate income for the Company's regulated utility subsidiary, CHG&E. The Company's earnings were also impacted by a reduction in earnings from Services, the Company's unregulated Adj. 1. unregulated - not regulated; not subject to rule or discipline; "unregulated off-shore fishing" regulated - controlled or governed according to rule or principle or law; "well regulated industries"; "houses with regulated temperature" 2. affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. . Its earnings were down due primarily to seasonal losses incurred by its oil distribution subsidiaries during the non-heating season and the higher cost of natural gas used at its generating plants. Other Income and Deductions increased $2.0 million as compared to last year largely due to income earned on the proceeds from the sale of CHG&E's fossil generating plants. 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 6% in the third quarter of 2001 as compared to the third quarter of 2000. Sales to residential and commercial customers increased 11% and 8%, respectively. The increase in sales is due primarily to more usage brought about by hotter weather (cooling degree-days were 28% higher) and an increase in the average number of residential and commercial customers. Sales to industrial customers remained flat. Utility sales of natural gas to firm CHG&E customers, plus transportation of gas supplied by others, decreased 6% in the third quarter as compared to 2000. Residential sales, largely 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, decreased 8% as a result of warmer weather (heating-degree days decreased 23%). Commercial and industrial sales decreased 1%. Interruptible sales increased 43% reflecting increased transportation volumes of gas used by an electric generation customer. 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. decreased $24.1 million or 15.6% $154.4 million in 2000 to $130.3 in 2001. Electric revenues decreased $21.6 million (15.4%) while gas revenues decreased $2.5 million (18.0%). The reduction in electric revenues is due primarily to the sale of the fossil plants and the removal of the NMP-2 asset. The decrease in base revenues is largely offset by an increase in energy supply charge adjustment revenues. The reduction also reflects a decrease in incentive revenues retained from sales of electricity to other utilities and marketers due to the elimination of the incentive provision in the 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). of prices. CHG&E is required to pass back to its customers 100% of any 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. profits. The decrease in gas revenues is due primarily to a decrease in sales to other utilities and marketers. 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. decreased $17.4 million (12.9%) from $135.4 million in 2000 to $118.0 in 2001. The reduction in expense results from the elimination of all operating costs operating costs npl → gastos mpl operacionales associated with the fossil generation plants sold and a reduction in depreciation expense for CHG&E's share of the NMP-2 plant recovered using sale proceeds. Partially offsetting the reduction is a net increase of $5.6 million in the cost of purchased electricity and fuel used in electric generation due to the sale of the plants. The net increase in electric energy costs is due to an increase in own territory sales and also, the impact of changing market conditions brought about by the restructuring of the New York State wholesale electricity market. Purchased natural gas costs decreased $2.9 million reflecting a reduction in the volume purchased and lower natural gas prices. Central Hudson Energy Services, Inc Revenues for Services increased $22.0 million from $13.5 million in 2000 to $35.5million in 2001, while operating expenses increased $24.6 million from $11.7 million in 2000 to $36.3 million in 2001. The increases primarily reflect a growth in sales from oil company acquisitions. Operating expenses are primarily fuel costs associated with the generating plants, purchased electricity, and the cost of petroleum and natural gas at its oil distribution companies. These costs increased $20.2 million while depreciation and amortization expense increased $1.7 million and other operating expenses increased $2.7 million. CH Energy Group, Inc. 12 Months Ended September September: see month. 30, 2001 Relative to the Prior Year Earnings per share decreased from $2.92 for the 12 months ended September 30, 2000 to $2.54 for the 12 months ended September 30, 2001. The reduction in earnings results largely from the loss of the return on investment on CHG&E's fossil generating plants sold in January 2001 to Dynegy Dynegy Inc. (NYSE: DYN), headquartered in Houston, Texas, provides wholesale power, capacity and ancillary services to utilities, cooperatives, municipalities and other energy companies in 15 states in three key U.S. Power Corp. and on CHG&E's share of the NMP-2 nuclear plant that was recovered with sale proceeds. Partially offsetting this decrease in earnings were increased utility electric and gas net operating revenues due primarily to increased residential and commercial sales. Favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. weather conditions as well as an increase in the average number of customers contributed to the increase in these sales. Cooling degree-days were 21% higher than last year and heating degree-days were 11% higher. Earnings for Services increased for the 12 months ended September 30, 2001 due primarily to the oil company acquisitions. In addition, the Company's common stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program also served to partially offset the reduction in earnings. The Company remains in a strong financial position. At September 30, 2001, the Company had $305.4 million in cash and cash equivalents and $8.25 million of short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. outstanding. 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 earnings release and the attached appendix appendix, small, worm-shaped blind tube, about 3 in. (7.6 cm) long and 1-4 in. to 1 in. (.64–2.54 cm) thick, projecting from the cecum (part of the large intestine) on the right side of the lower abdominal cavity. 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 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 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 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. Please note that this report plus the 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.
CH ENERGY GROUP, INC.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited) (Unaudited)
3 Months Ended 12 Months Ended
September 30, September 30,
2001 2000 2001 2000
(Thousands of Dollars)
OPERATING REVENUES
Electric $119,039 $140,626 $487,461 $482,982
Gas 11,272 13,740 120,708 100,611
Unregulated
Affiliate 35,520 13,531 209,703 60,458
Total Operating
Revenues 165,831 167,897 817,872 644,051
OPERATING EXPENSES
Operations-Fuel,
Purch. Electric
Purch.Gas, and
Purch. Petroleum 95,164 72,251 465,351 276,179
Other exp. of Oper.-
Reg.Activities 23,502 31,875 120,694 135,162
Other exp. of Oper.-
Unreg.Aff. Act. 11,660 6,971 51,215 23,177
Depreciation and
Amortization 8,661 12,612 41,412 49,815
Operating taxes 10,442 14,849 46,027 61,972
Federal/State
income tax 5,565 8,604 32,977 25,971
Total Operating
Expenses 154,994 147,162 757,676 572,276
OPERATING INCOME 10,837 20,735 60,196 71,775
OTHER INCOME
AND DEDUCTIONS
Allow. for eq. funds
used dur. cons 104 - 285 (156)
Federal/State income
tax-credit 372 (149) (2,347) (493)
Other-net 4,338 3,010 20,502 13,109
4,814 2,861 18,440 12,460
INCOME BEFORE
INTEREST CHARGES 15,651 23,596 78,636 84,235
INTEREST CHARGES
Interest on debt 2,831 6,161 19,356 24,028
Other 2,556 2,334 14,915 8,705
Allowance for
borrowed funds
used during
construction (82) (202) (474) (751)
Total Interest
Charges 5,305 8,293 33,797 31,982
PREF. STOCK DIV.
OF CENTRAL HUDSON 807 807 3,230 3,230
NET INCOME 9,539 14,496 41,609 49,023
DIVIDENDS DECLARED ON
COMMON STOCK 8,835 8,963 35,342 36,215
AMOUNT RETAINED
IN THE BUSINESS $704 $5,533 $6,267 $12,808
Average Shares of
Common Stock
Outstanding (000s) 16,362 16,696 16,393 16,810
Earnings Per Share -
(Basic and Diluted) $.58 $.87 $2.54 $2.92
C H ENERGY GROUP, INC.
CONSOLIDATED BALANCE SHEET
September 30, December 31,
ASSETS 2001 2000(a)(b)
(Thousands of
Dollars)
UTILITY PLANT
Utility Plant $903,567 $1,595,900
Less Accumulated
Depreciation 418,651 708,930
Net Utility Plant 484,916 886,970
Construction Work
in Progress 47,914 43,882
532,830 930,852
OTHER PROPERTY AND
INVESTMENTS 140,656 129,570
INTANGIBLE ASSETS 66,346 68,458
CURRENT ASSETS
Cash and Cash Equivalents 305,426 28,318
Accounts Receivable
from Customers 64,393 109,403
Materials & Supplies 18,056 30,629
Special Deposits
and Prepayments 22,688 21,608
Other 14,146 25,103
TOTAL CURRENT ASSETS 424,709 215,061
DEFERRED CHARGES AND
OTHER ASSETS 118,117 187,032
ACCUMULATED DEFERRED
INCOME TAX (Net) 16,788 -
TOTAL ASSETS $1,299,446 $1,530,973
CAPITALIZATION and
LIABILITIES
CAPITALIZATION
Common Equity (c) $486,557 $480,742
Cumulative
Preferred Stock:
Not subject to
mandatory redemption 21,030 21,030
Subject to
mandatory redemption 35,000 35,000
Long-Term Debt 236,123 320,369
778,710 857,141
CURRENT LIABILITIES
Current Maturities
of Long-Term Debt - 62,610
Notes Payable 8,250 165,000
Accounts Payable 47,813 63,845
Accrued Interest 3,142 7,256
Dividends Payable 9,643 9,643
Other 124,485 20,201
TOTAL CURRENT
LIABILITIES 193,333 328,555
DEFERRED CREDITS AND
OTHER LIABILITIES 327,403 150,449
ACCUMULATED DEFERRED
INCOME TAX (Net) - 194,828
TOTAL CAPITALIZATION and
LIABILITIES $1,299,446 $1,530,973
a Audited.
b Subject to explanations contained in the
Annual Report of the Company for 2000.
c Shares outstanding at Sept. 30, 2001 = 16,362,087.
Shares outstanding at Dec. 31, 2000 = 16,362,087.
Selected Financial Information
3 Months Ended 12 Months Ended
September 30, September 30,
2001 2000 % 2001 2000 %
Variation Variation
CENTRAL
HUDSON GAS
& ELECTRIC
CORP.
Sales of
Electricity
(Mwh.): (a)
Residential 461,923 417,849 11 1,808,763 1,699,850 6
Commercial 494,689 459,731 8 1,847,480 1,761,108 5
Industrial 350,364 351,279 - 1,315,233 1,304,830 1
Unbilled
and Other 14,214 11,807 20 39,539 35,322 12
Total
Own
Territory 1,321,190 1,240,666 6 5,011,015 4,801,110 4
Sales of
Gas
(Mcf.):(a)
Residential 329,323 359,430 (8) 5,043,584 4,608,884 9
Commercial 505,280 510,088 (1) 5,499,908 4,920,995 12
Industrial 107,324 108,380 (1) 752,613 739,633 2
Unbilled
and Other (11,335) (10,986) (203) 68,279 153,619 (56)
Total Firm
Sales 930,592 988,884 (6) 11,364,384 10,423,131 9
Interruptible
Sales 1,458,418 1,017,946 43 4,198,984 5,845,859 (28)
Total
Own
Territory 2,389,010 2,006,830 19 15,563,368 16,268,990 (4)
(a) Includes volumes related to Electric or Gas Energy Delivery
Services.
Cooling
Degree Days:
Actual in
Period 483 377 28 671 554 21
Heating
Degree Days:
Billing
Cycle 115 150 (23) 6,337 5,700 11
Actual in
Period 138 148 (7) 6,315 5,763 10
Electric
Output For
Own Territory
(Mwh.):
Generated 177,255 936,630 (81) 1,690,506 3,187,708 (47)
Purchased 1,278,581 345,897 270 3,627,360 1,820,899 99
Total 1,455,836 1,282,527 14 5,317,866 5,008,607 6
Gas
Send-out
Firm
Customers
(Mcf.) 784,610 872,514 (10) 10,674,381 9,971,528 7
CH ENERGY
GROUP, INC.
Earnings
Per Share $0.58 $0.87 (33) $2.54 $2.92 (13)
Dividends
Declared
Per Share $0.54 $0.54 - $2.16 $2.16 -
Sept. 30, Dec. 31,
2001 2000 % Variation
Book Value Per Share $29.74 $29.38 1
Retained Earnings (000s) $152,391 $147,824 3
Common Equity Ratio (%) 61.8% 44.3% 40
C H Energy Group, Inc.
Selected Financial Indices
12 Months Ended September 30, 2001 vs Calendar Year 2000
12 Months Calendar
Ended Year
9/30/01 2000
Earnings Per Share $2.54 $3.05
Earned Return on Common Equity
(Per Books) 8.50% 10.39%
Pretax Coverage of Total
Interest Charges,
excluding AFDC 3.01 x 3.11 x
Dividends Declared $2.16 $2.16
Pay-out Ratio 85.0% 70.8%
Percent of Construction Expenditures
Financed from Internal Funds 100% 100%
Common Equity Ratio 61.8% 44.3%
Retained Earnings ($000) $152,391 $147,824
Book Value Per Share
(End of Period) $29.74 $29.38
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