2013-02-26 22:17:28 -
February 26, 2013
Contact: Investors: Stacey A. Renner,
Denise D. VanBuren, (845)
CH Energy Group Reports 2012 Annual Earnings
(Poughkeepsie, NY) CH Energy Group, Inc. (NYSE:CHG) filed its Report on Form 10-
K with the U.S. Securities and Exchange Commission yesterday, reporting
consolidated earnings of $2.61 per share for the year ended December 31, 2012.
Earnings from regulated utility Central Hudson Gas & Electric Corporation of
$3.10 cents per share were partially offset by costs related to the sale of CH
Energy Group to Fortis Inc. (TSX:FTS).
"Last June, our shareholders overwhelmingly approved the Fortis proposal to
purchase CH Energy Group for $65 per share in a transaction valued at $1.5
billion. Approval by the New York State Public Service Commission is now the
only remaining regulatory authorization necessary to complete the transaction
and allow us to move forward to become a part of the Fortis family of
utilities," said Chairman of the Board, President and C.E.O. Steven V. Lant.
Lant noted that Fortis, Central Hudson, the Staff of Public Service Commission
and other parties reached an agreement of terms related to the proposed
transaction in January 2013; that joint proposal was then filed with the Public
Service Commission for its consideration. "While no assurances can be given,
we anticipate that the Public Service Commission will review and approve the
transaction in the second quarter of 2013 and that a closing with Fortis will
occur shortly thereafter," Lant said.
CH Energy Group's Report on Form 10-K is available in the SEC Filings section
of the Investor Relations page at www.CHEnergyGroup.com.
# # #
About CH Energy Group, Inc.: CH Energy Group, Inc. is predominantly a regulated
transmission and distribution utility, headquartered in Poughkeepsie, NY.
Central Hudson Gas & Electric Corporation serves approximately 300,000 electric
and about 75,000 natural gas customers in eight counties of New York State's
Mid-Hudson River Valley, delivering natural gas and electricity in a 2,600-
square-mile service territory that extends north from the suburbs of
metropolitan New York City to the Capital District at Albany. CH Energy Group
also operates Central Hudson Enterprises Corporation (CHEC), a non-regulated
subsidiary composed primarily of Griffith Energy Services, which supplies energy
products and services to approximately 56,000 customers in the Mid Atlantic
Region, as well as several renewable energy investments.
Forward-Looking Statements -
Statements included in this Quarterly Report on Form 10-Q and any documents
incorporated by reference 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 Exchange Act. Forward-looking
statements may be identified by words including "anticipates,"
"estimates," "believes," "projects," "expects,"
"plans," "assumes," "seeks," and
similar expressions. Forward-looking statements including, without limitation,
those relating to CH Energy Group's and Central Hudson's future business
prospects, revenues, proceeds, working capital, investment valuations,
liquidity, income, and margins, as well as the acquisition by a subsidiary of
Fortis Inc. and the expected timing of the transaction, 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 forward-looking
statements. Those factors include, but are not limited to: the possibility that
various conditions precedent to the consummation of the proposed Fortis
transaction will not be satisfied or waived including regulatory approvals of
the proposed Fortis transaction on the timing and terms thereof; the impact of
delay or failure to complete the proposed Fortis transaction on CH Energy Group
stock price; deviations from normal seasonal weather and storm activity; fuel
prices; energy supply and demand; potential future acquisitions; legislative,
regulatory, and competitive developments; interest rates; access to capital;
market risks; electric and natural gas industry restructuring and cost recovery;
the ability to obtain adequate and timely rate relief; changes in fuel supply or
costs including future market prices for energy, capacity, and ancillary
services; the success of strategies to satisfy electricity, natural gas, fuel
oil, and propane requirements; the outcome of pending litigation and certain
environmental matters, particularly the status of inactive hazardous waste
disposal sites and waste site remediation requirements; and certain presently
unknown or unforeseen factors, including, but not limited to, acts of
terrorism. CH Energy Group and Central Hudson undertake no obligation to update
publicly any forward-looking statements, whether as a result of new information,
future events, or otherwise. Given these uncertainties, undue reliance should
not be placed on the forward-looking statements.
Additional Information about the Fortis Transaction and Where to Find It
In connection with the proposed acquisition of CH Energy Group by Fortis, CH
Energy Group filed a definitive proxy statement with the SEC on May 9, 2012, and
has filed other relevant materials with the SEC as well. Investors and security
holders of CH Energy Group are urged to read the proxy statement and other
relevant materials filed with the SEC because they contain important information
about the proposed acquisition and related matters. Investors and stock
shareholders may obtain a free copy of the proxy statement when it becomes
available, and other documents filed by CH Energy Group, at the SEC's Web site,
www.sec.gov. These documents can also be obtained by investors and stockholders
free of charge from CH Energy Group at CH Energy Group's website at
www.chenergygroup.com, or by contacting CH Energy Group's Shareholder Relations
Department at (845) 486-5204.
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Source: CH Energy Group, Inc. via Thomson Reuters ONE