CH Energy Group Earnings Up 6 Percent in First Quarter.Energy Editors/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)--April 21, 2003 CH Energy Group, Inc. (NYSE NYSE See: New York Stock Exchange :CHG CHG Change CHG Charge CHG Changed CHG Chlorhexidine Gluconate (aka chloraprep) CHG Centre Hospitalier Général (French: general hospital) CHG Come Holy Ghost (Catholicism) ) announced today that earnings per share for the first quarter of 2003 were $1.26, versus $1.19 for the first quarter of 2002. Earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the were up 19 cents (18 percent), from $1.07 in the first quarter of 2002 to $1.26 per share this year. However, this increase was partially offset by the absence of a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gain of 12 cents booked in 2002 from the sale of stock of insurance companies through which the Company provided employee benefits. "We're we're Contraction of we are. we're we are obviously very pleased that 2003 has gotten off to such a good start," reported 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, President, and Chief Executive Officer. "We realized substantial benefits from the colder weather, even though some of the extra revenue was paid out under weather-hedging contracts and 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. were somewhat higher due to the more severe weather conditions." Central Hudson Hudson, towns, United States Hudson. 1 Industrial town (1990 pop. 17,233), Middlesex co., E central Mass., on the Assabet River, in an apple-growing region; settled c.1699, inc. 1866. Gas & Electric Corporation (CHG&E): CHG&E's earnings for the quarter were 92 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 89 cents per share in 2002. Earnings from continuing operations were up 15 cents per share (19 percent), from 77 cents in 2002 to 92 cents in 2003. The increase resulted largely from higher net revenue from the delivery of electricity and natural gas, which added a total of 24 cents to earnings per share. This increase was partially offset by higher operating expenses of 9 cents per share from more severe winter weather, and the absence of the one-time sale of insurance company stock noted earlier. "Electricity sales grew by 11 percent and natural gas sales were up 35 percent due to the weather, which was dramatically colder than the weather of a year ago, when the region experienced one of its warmest winters on record," Ganci explained. The utility's service territory also experienced economic growth, as evidenced by a 2 percent increase in the number of electric and gas customers. Central Hudson Enterprises Corporation (CHEC CHEC Children's Health Environmental Coalition CHEC Christian Home Educators of Colorado CHEC Commonwealth Human Ecology Council (UK) CHEC Coffs Harbour Education Campus ) & the Company's investment activities: CHEC earnings rose 11 cents, from 22 to 33 cents per share in the first quarter. The increase was due to higher sales that resulted from the colder weather, as well as recent acquisitions. The effect of the colder weather on earnings was partially offset by weather-hedging contracts used to reduce year-to-year variations in earnings. CH Energy Group's investment activities produced a net reduction of 7 cents per share for the quarter, due to losses resulting from the readjustment re·ad·just tr.v. re·ad·just·ed, re·ad·just·ing, re·ad·justs To adjust or arrange again. re of its investment portfolio and gains resulting from 2002 weather-hedging contracts. Based on first-quarter results and the Company's plans for the remainder of 2003, Ganci reported that CH Energy Group is on track to achieve the consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: earnings guidance of $2.55 - $2.75 per share announced on January January: see month. 31, 2003, for calendar year 2003 (composed of business unit earnings of $2.15 - $2.30 per share from Central Hudson and 30 cents to 50 cents per share from CHEC and the holding company's investment portfolio). About CH Energy Group: With more than 425,000 customers, CH Energy Group, Inc. is a family of companies seizing new opportunities in the energy marketplace through two primary subsidiaries: Central Hudson Gas & Electric Corporation (CHG&E) and Central Hudson Enterprises Corporation (CHEC). Central Hudson Gas & Electric is a regulated reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. transmission and distribution utility serving approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 345,000 customers in eight counties of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State's Mid-Hudson River Valley, delivering natural gas and electricity in a 2,600-square-mile service territory that extends from the suburbs of metropolitan New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. north to the Capital District at Albany Albany, town, Australia Albany (ăl`bənē), town (1996 pop. 14,590), Western Australia, SW Australia. It is a port on Princess Royal Harbour of King George Sound. The town has woolen mills and fish canneries. . Since deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. , Central Hudson has established a proven track record in providing its customers extremely competitive prices for energy delivery. Strengthened by relationships that stretch back 150 years with the communities of the Mid-Hudson Valley, Central Hudson is considered an industry leader in not only lowering costs but in also introducing innovative technology and service reliability improvements - all of which are focused on continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. increasing customer satisfaction. Central Hudson Enterprises Corporation (CHEC) is a family of competitive businesses delivering energy and related services to nearly 80,000 customers 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. . It incorporates business units that deliver fuel oil, natural gas, propane propane, CH3CH2CH3, colorless, gaseous alkane. It is readily liquefied by compression and cooling. It melts at −189.9°C; and boils at −42.2°C;. and motor fuels, as well as a full menu of energy services, to approximately 80,000 customers in 11 states. Its regional footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. stretches from markets in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. to those of the Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , D.C. metropolitan area. Conference Call: Ganci and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and Chief Financial Officer Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. V. Lant will conduct a conference call with analysts and investors to review financial results at 4:00 p.m. (ET) today (April 21, 2003). Dial-in: 1-888-273-9885; Conference Name: "CH Energy Group." A digitized replay of the call will be available from 11:00 p.m. (ET) on April 21, 2003, until 11:59 p.m. (ET) on April 28, 2003, by dialing 1-800-475-6701 and entering access code #681304. In addition, consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge are available on the Company's website at www.chenergygroup.com Statements included in this press release which are not historical in nature, are intended to be, and are hereby identified as, "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. " for purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provided by Section 21E of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. by Public Law 104-67, and within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates," "believes," "projects," "intends," "estimates," "expects," "plans," and similar expressions. The Company cautions readers that forward-looking statements, including without limitation, those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's future business prospects, revenues, proceeds, working capital, liquidity, income and margins, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to several important factors including those identified from time-to-time in the Company's reports filed with the SEC. All forward-looking statements are intended to be subject to the safe harbor protections provided by the laws mentioned above. A number of important factors affecting the Company's business and financial results could cause actual results to differ materially from those stated in the forward-looking statements. Those factors include, but are not limited to, weather; energy supply and demand; fuel prices, interest rates, potential future acquisitions, developments in the legislative, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and competitive environment and market risks; electric and gas industry restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and cost recovery; the ability to obtain adequate and timely rate relief; changes in fuel supply or costs and the success of strategies to satisfy power requirements now that Central Hudson's This article is about the defunct chain of department stores. For the former parent company formed by the 1969 merger with Dayton's, see Target Corporation. Hudson's, or The J.L. electric generation has been sold; future market prices for energy, capacity and ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. services; the outcome of pending litigation; and certain environmental matters, particularly industrial waste site remediation requirements; and certain presently unknown or unforeseen factors, including, but not limited to, acts of terrorism terrorism, the threat or use of violence, often against the civilian population, to achieve political or social ends, to intimidate opponents, or to publicize grievances. . CH Energy Group, Inc. announces the following operating results for the periods indicated:
3 Months Ended March 31 2003 2002
Operating Revenues (1) $267,250,000 $196,995,000
Net Income $20,193,000 $19,442,000
Basic and Diluted Earnings Per Share $1.26 $1.19
Average Shares Outstanding 15,969,000 16,362,000
12 Months Ended March 31 2003 2002
Operating Revenues (1) $765,764,000 $682,621,000
Net Income $42,032,000 $51,967,000
Basic and Diluted Earnings Per Share $2.59 $3.18
Average Shares Outstanding 16,204,000 16,362,000
(1) Includes energy supply charges/credits
----------------------------------------------------------------------
APPENDIX
Highlights Relative to Prior Year
2003 More
3 Months Ended March 31: (Less) than
2003(1) 2002(1) 2002
Operating Revenues(2) $267,250,000 $196,995,000 $70,255,000
Income Available for
Common Stock:
From Operations $ 20,193,000 $ 17,414,000 $ 2,779,000
From Non-recurring
Items - 2,028,000 (2,028,000)
Total $ 20,193,000 $ 19,442,000 $ 751,000
Earnings per Share from:
Operations $ 1.26 $ 1.07 $ .19
Non-recurring Items - .12 (.12)
Earnings Per Share
of Common Stock $ 1.26 $ 1.19 $ .07
Average Shares Outstanding 15,969,000 16,362,000
(1) Unaudited
(2) Includes energy supply charges/credits
Earnings per share of CH Energy Group, Inc. increased $.07 per share due primarily to the following: CH Energy Group, Inc. (CHEG): - $.07 -- Down $.07 due to a reduction in earnings from CHEG's Alternate alternate /al·ter·nate/ (awl´ter-nit) 1. following in turns. 2. pertaining to every other one in a series. 3. occurring in place of another; acting as a substitute. Investment Program and the effect of income recorded in 2002 for a weather hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. contract. Central Hudson Gas & Electric Corp. (CHG&E): + $.03 -- Up $.12 due to an increase in electric net operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. (net of the cost of fuel, purchased electricity and revenue taxes) primarily due to an increase in sales to all customers resulting from the harsher winter experienced this year. The colder weather impacted earnings from electric sales by approximately $.07 per share, net of the effect of weather hedging contracts. Actual billing heating-degree days in 2003 were 30% higher than last year and 7% above normal. -- Up $.12 due to an increase in gas net operating revenues (net of the cost of gas and revenue taxes) due primarily to an increase in sales to all customers as a result of the colder winter. Of this $.12 per share, weather impacted earnings from gas sales by approximately $.11 per share, net of weather hedging contracts. -- Up $.05 due to the amortization of previously deferred shareholder benefits relating to the sale of 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. generating plants. -- Up $.02 due to the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impact of CHEG's common stock repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. program. -- Down $.12 due to a non-recurring item. Income was recorded in 2002 from the sale of stock of certain insurance companies through which CHG&E provided employee benefits. -- Down $.09 due to an increase in operating expenses, primarily due to an increase in labor costs affecting a number of operational areas. The increase in labor expense is primarily due to increased efforts related to CHG&E's Enhanced Reliability Program; maintenance work on gas main leaks caused by the colder weather; and a reduction in work on capital projects due to prohibitive pro·hib·i·tive also pro·hib·i·to·ry adj. 1. Prohibiting; forbidding: took prohibitive measures. 2. work conditions resulting from the harsher winter. -- Down $.04 due to an increase in depreciation and property taxes on CHG&E's utility plant assets. -- Down $.03 due to the net effect of various other items including a reduction in interest income and increases in interest charges and income taxes. These reductions in earnings were partially offset by a reduction in preferred stock dividends and an increase in regulatory carrying charges Payments made to satisfy expenses incurred as a result of ownership of property, such as land taxes and mortgage payments. Disbursements paid to creditors, in addition to interest, for extending credit. Consumer Protection laws require full disclosure of all carrying charges. due CHG&E. Central Hudson Enterprises Corp. (CHEC): + $.11 -- Up $.20 due to an increase in net revenues from its fuel distribution subsidiaries, primarily due to the colder weather and also, the impact of additional acquisitions of fuel distribution companies in the fourth quarter of 2002 and January 2003. -- Up $.02 due to reduced operating expenses from CHEC's other 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. business activities. -- Up $.01 due to the favorable impact of CHEG's common stock repurchase program. -- Down $.12 due to increased operating expenses at the fuel distribution subsidiaries primarily due to the colder weather and the impact of the newly acquired fuel distribution companies. First Quarter Results of Operations CH Energy Group, Inc. Other Income and Deductions attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to CHEG decreased $1.1 million, as compared to last year, due primarily to a reduction in interest and investment income as well as income that was recorded in 2002 for a weather hedging contract. 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 11% in the first quarter of 2003 as compared to the first quarter of 2002. Sales to residential and commercial customers increased 16% and 6%, respectively, while sales to industrial customers increased 9%. The across-the-board increase in delivery sales was due largely to colder weather and 2% increases in the average number of both residential and commercial customers. Billing heating degree-days in 2003 were 30% higher than last year and 7% higher than normal. Utility sales of natural gas to firm CHG&E customers, plus transportation of gas supplied by others, increased 35% in the first quarter as compared to the prior year. Residential and commercial sales, comprised largely of space heating Space heating is the heating of a space, usually enclosed, such as a house or room. A space heater keeps the air and surroundings at a comfortable temperature for people or animals, or even plants in a greenhouse. sales, increased 35% and 37%, respectively, primarily as a result of the colder weather and increases in the average number of residential customers (2%) and commercial customers (2.6%). Industrial sales, representing approximately 5% of total firm sales in the first quarter of 2003 and 2002, increased by 27% due to colder weather and the transfer of some interruptible customers to firm service. Interruptible sales decreased 19% largely as a result of the curtailment Curtailment The act of contracting or reducing operations of a company in the hope of bringing it financial or operational stability. This management technique is often used when a company has grown too fast and is unable to effectively manage its operations. of interruptible service in order to meet the increased demand from firm customers. Utility electric and gas operating revenues increased $27.7 million (19.3%) from $143.2 million in 2002 to $170.9 million in 2003. Electric revenues increased $13.0 million (12.8%) and gas revenues increased $14.7 million (35.2%). The increase in both electric and gas revenues primarily reflects an increase in revenues collected through CHG&E's energy cost adjustment clauses to recover its cost of purchased electricity and natural gas, respectively, and an increase in revenues from electric and gas sales due to the colder weather. Total utility operating expenses increased $26.6 million, or 20.8%, from $127.8 million in 2002 to $154.4 in 2003. This increase in operating expenses largely results from an increase in purchased electricity and purchased natural gas expense resulting from increased electric and gas sales and increases in the wholesale cost of both electricity and gas. Purchased electricity costs rose by $10.4 million and purchased natural gas costs rose by $12.7 million. The balance of operating expenses, including income taxes, increased by $3.5 million, with a large portion of this increase relating to maintenance costs for CHG&E's enhanced electric reliability program and the maintenance of gas mains as well as a reduction in work on capital projects due to prohibitive work conditions resulting from the harsher winter. Other Income and Deductions decreased $1.4 million due primarily to a non-recurring item. Income was recorded in 2002 from the sale of stock of certain insurance companies through which CHG&E provided employee benefits. Central Hudson Enterprises Corp. Revenues for CHEC increased $42.5 million from $53.8 million in 2002 to $96.3 million in 2003. The increase in revenues primarily reflects an increase in sales by CHEC's fuel distribution companies due to colder weather, including the impact of the acquisition of fuel distribution companies that occurred in the fourth quarter of 2002 and in January 2003. Heating degree-days were 30% higher than last year. Revenues also increased due to higher retail prices as a result of higher wholesale market prices in 2003. Operating expenses increased $40.6 million from $50.1 million in 2002 to $90.7 million in 2003. Operating expenses are primarily the cost of petroleum and natural gas, which increased $37.9 million due primarily to higher sales by the fuel distribution companies as a result of the colder weather and the impact ($4.8 million) of recent acquisitions. Petroleum and natural gas costs also increased due to higher wholesale market prices. Other operating expenses increased approximately $2.7 million, including a $1.1 million increase in income taxes, due to the increased sales and recent acquisitions. CH Energy Group, Inc. 12 Months Ended March 31, 2003 Relative to the Prior Year The financial results for the 12 months ended March 31, 2003 reflect a reduction of $.59 per share as compared to the 12 months ended March 31, 2002. The reduction in earnings is largely due to the effect of regulatory actions taken in 2001 related to the sale of CHG&E's interests in its fossil and nuclear generating plants and a reduction in earnings from interest and investment income resulting primarily from lower cash balances. The regulatory actions included the recognition of certain tax benefits and a contribution to CHG&E's Customer Benefit Fund. These decreases were partially offset by increases in utility electric and gas net revenues due to increased sales from favorable weather conditions during the summer and winter months. Also offsetting the reduction in earnings was the gain realized in May 2002 from the sale of CH Resources, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Central Hudson Energy Services, Inc. (now CHEC); increased earnings from CHEC's fuel distribution subsidiaries due to increased sales resulting from the colder weather and recent acquisitions; and the favorable effect of CHEG's common stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. CH Energy Group, Inc. remains in a strong financial position. At March 31, 2003, CHEG had $54.6 million in cash and cash equivalents and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $75.3 million. In addition, its current obligations included $15.0 million of current maturities of long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and $10.0 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 plus the consolidated financial statements are available on the Company's website at www.chenergygroup.com.
CH ENERGY GROUP, INC.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
3 Months Ended 12 Months Ended
March 31, March 31,
---------------------------------------
2003 2002 2003 2002
---------------------------------------
(Thousands of Dollars)
OPERATING REVENUES
Electric $114,506 $101,472 $441,011 $414,590
Natural Gas 56,438 41,733 120,049 98,584
Competitive Business
Subsidiaries 96,306 53,790 204,704 169,447
---------------------------------------
Total Operating
Revenues 267,250 196,995 765,764 682,621
---------------------------------------
OPERATING EXPENSES
Operations - Purchased Electric and Fuel
Used in Electric
Generation, Purchased Gas
and Purchased Petroleum 176,083 116,317 478,739 390,939
Other Exp. of Operation -
Regulated Activities 24,299 20,694 95,853 96,187
Other Exp. of Operation -
Competitive Business
Subsidiaries 15,396 12,910 54,198 55,024
Depreciation and Amortization 8,264 7,682 31,810 32,969
Operating Taxes 7,226 8,853 36,978 44,267
Federal and State Income Tax 13,738 11,407 23,078 18,236
---------------------------------------
Total Operating
Expenses 245,006 177,863 720,656 637,622
---------------------------------------
OPERATING INCOME 22,244 19,132 45,108 44,999
---------------------------------------
OTHER INCOME AND DEDUCTIONS
Allowance for Equity Funds
Used During Construction 125 106 610 454
Federal and State Income Tax
- Credit (155) (2,003) 300 21,200
Interest and Investment
Income 1,755 3,606 13,276 19,319
Other - Net 2,279 5,084 4,258 (5,962)
---------------------------------------
Total Other Income and
Deductions 4,004 6,793 18,444 35,011
---------------------------------------
INCOME BEFORE INTEREST CHARGES 26,248 25,925 63,552 80,010
---------------------------------------
INTEREST CHARGES
Interest on Debt 2,888 2,333 12,511 12,071
Other 2,824 3,399 12,332 13,053
Allowance for Borrowed Funds
Used During Construction (108) (56) (300) (311)
---------------------------------------
Total Interest
Charges 5,604 5,676 24,543 24,813
---------------------------------------
Net Income from Continuing
Operations 20,644 20,249 39,009 55,197
Net Loss from Discontinued
Operations,
Net of Income Tax
Benefit of $1,377 - - (2,237) -
Gain on Disposal of
Discontinued Operations,
Net of Income Tax
of ($5,239) - - 7,065 -
PREFERRED STOCK DIVIDENDS OF
CENTRAL HUDSON 451 807 1,805 3,230
---------------------------------------
NET INCOME 20,193 19,442 42,032 51,967
DIVIDENDS DECLARED ON COMMON
STOCK 8,562 8,835 34,821 35,342
---------------------------------------
AMOUNT RETAINED IN THE BUSINESS $11,631 $10,607 $7,211 $16,625
=======================================
Average Shares of Common Stock
Outstanding (000s) 15,969 16,362 16,204 16,362
=======================================
Earnings Per Share - (Basic and
Diluted) $1.26 $1.19 $2.59 $3.18
=======================================
CH ENERGY GROUP, INC.
CONSOLIDATED BALANCE SHEET
March 31, December 31,
2003 2002 (1) (2)
-----------------------
ASSETS (Thousands of Dollars)
UTILITY PLANT
Utility Plant $902,751 $895,608
Less Accumulated Depreciation 376,051 370,349
-----------------------
526,700 525,259
Construction Work in Progress 80,636 76,398
-----------------------
Net Utility Plant 607,336 601,657
-----------------------
OTHER PROPERTY AND PLANT 18,895 18,337
-----------------------
CURRENT ASSETS
Cash and Cash Equivalents 54,615 83,523
Accounts Receivable from Customers 99,902 60,978
Materials & Supplies 14,182 16,033
Fair Value of Derivative Instruments 611 2,747
Bond Defeasance Escrow 16,296 16,275
Special Deposits and Prepayments 24,533 28,466
Other 9,468 9,892
-----------------------
219,607 217,914
-----------------------
INVESTMENTS 83,110 95,786
-----------------------
DEFERRED CHARGES AND OTHER ASSETS 285,562 276,413
-----------------------
TOTAL $1,214,510 $1,210,107
=======================
CAPITALIZATION and LIABILITIES
CAPITALIZATION
Common Equity (3) $490,161 $486,915
Cumulative Preferred Stock:
Not subject to mandatory redemption 21,030 21,030
Subject to mandatory redemption 12,500 12,500
Long-term Debt 269,877 269,877
-----------------------
793,568 790,322
-----------------------
CURRENT LIABILITIES
Current Maturities of Long-term Debt 15,000 15,000
Notes Payable 10,000 -
Accounts Payable 48,620 45,649
Accrued Interest 3,195 4,273
Dividends Payable 9,001 9,113
Other 32,570 38,070
-----------------------
118,386 112,105
-----------------------
DEFERRED CREDITS AND OTHER LIABILITIES 240,451 251,910
-----------------------
ACCUMULATED DEFERRED INCOME TAX (NET) 62,105 55,770
-----------------------
TOTAL $1,214,510 $1,210,107
=======================
(1) Audited.
(2) Subject to explanations contained in the
Annual Report of the Company for 2002.
(3) Shares outstanding at March 31, 2003 =15,851,000.
Shares outstanding at Dec. 31, 2002 =16,064,600.
Selected Financial Information
-------------------------------------------------------
3 Months Ended March 31,
----------------------------------------------------------------------
2003 2002 % Variation
---------- ---------- -----------
CENTRAL HUDSON GAS & ELECTRIC CORP.
------------------------------------------------------------
Sales of Electricity (Mwh): *
Residential 576,404 496,062 16
Commercial 493,491 467,591 6
Industrial 320,368 293,238 9
Unbilled and Other 12,585 9,349 35
------------------------------
Total Own Territory 1,402,848 1,266,240 11
==============================
Sales of Gas (Mcf.): *
Residential 2,738,527 2,031,799 35
Commercial 2,928,046 2,141,161 37
Industrial 291,945 229,129 27
Unbilled and Other 103,590 80,810 28
------------------------------
Total Firm Sales 6,062,108 4,482,899 35
Interruptible Sales 1,012,770 1,246,884 (19)
------------------------------
Total Own Territory 7,074,878 5,729,783 23
==============================
* Includes volumes related to Electric
or Gas Energy Delivery Services.
Cooling Degree Days:
Actual in Period - - -
Heating Degree Days:
Billing Cycle 3,402 2,610 30
Actual in Period 3,374 2,629 28
Electric Output For Own Territory
(Mwh.):
Generated 39,015 17,927 118
Purchased 1,386,391 1,264,943 10
------------------------------
Total 1,425,406 1,282,870 11
==============================
Gas Send-out Firm Customers (Mcf.) 5,012,729 3,855,449 30
==============================
CH ENERGY GROUP, INC.
----------------------------------------
Earnings Per Share $1.26 $1.19 6
Dividends Declared Per Share $0.54 $0.54 -
12 Months Ended March 31,
----------------------------------------------------------------------
2003 2002 % Variation
---------- ---------- -----------
CENTRAL HUDSON GAS & ELECTRIC CORP.
------------------------------------------------------
Sales of Electricity (Mwh): *
Residential 1,951,930 1,771,896 10
Commercial 1,931,096 1,849,822 4
Industrial 1,413,842 1,303,619 8
Unbilled and Other 52,591 31,536 67
--------------------------
Total Own Territory 5,349,459 4,956,873 8
==========================
Sales of Gas (Mcf.): *
Residential 5,238,989 4,398,657 19
Commercial 5,973,487 4,828,091 24
Industrial 689,737 649,062 6
Unbilled and Other 116,520 (34,704)436
--------------------------
Total Firm Sales 12,018,733 9,841,106 22
Interruptible Sales 5,227,851 5,122,185 2
--------------------------
Total Own Territory 17,246,584 14,963,291 15
==========================
* Includes volumes related to Electric
or Gas Energy Delivery Services.
Cooling Degree Days:
Actual in Period 755 554 36
Heating Degree Days:
Billing Cycle 6,372 5,373 19
Actual in Period 6,544 5,226 25
Electric Output For Own Territory (Mwh.):
Generated 125,473 425,454 (71)
Purchased 5,455,423 4,905,112 11
--------------------------
Total 5,580,896 5,330,566 5
==========================
Gas Send-out Firm Customers (Mcf.) 10,646,303 8,613,556 24
==========================
CH ENERGY GROUP, INC.
--------------------------------------------
Earnings Per Share $2.59 $3.18 (19)
Dividends Declared Per Share $2.16 $2.16 -
March 31, Dec. 31, %
2003 2002 Variation
------------------------------
Book Value Per Share $30.89 $30.31 2
Retained Earnings (000s) $181,146 $169,503 7
Common Equity Ratio (%) 59.9% 60.5% (1)
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion