|February 16, 2012|
CH Energy Group’s Earnings Strong After Eventful Year
(POUGHKEEPSIE, N.Y) CH Energy Group, Inc. (NYSE:CHG), holding company parent of Central Hudson Gas & Electric Corporation, today reported 2011 earnings of $2.97 per share, up 53 cents per share from the $2.44 earned in 2010 when earnings had been impacted by a significant charge related to the impairment of non-utility assets.
“2011 was as an eventful year, during which our company was able to rise to critical operating challenges while also positioning itself for the future. Not only did Central Hudson respond exceptionally well to the stormiest conditions it ever faced, but CH Energy Group completed its transition in strategic direction by divesting four renewable energy projects,” said Chairman of the Board, President and C.E.O. Steven V. Lant. “We ended 2011 as a company with stronger earnings, a higher dividend and a lower risk profile. Our strategic decision to refocus on our core energy delivery businesses has proven out.”
Lant noted that earnings per share for 2011 would have been 31 cents per share higher but for the estimated cumulative impact of several weather events, including Tropical Storm Irene and an unusual October snowstorm. Results were bolstered in 2011 by 10 cents per share worth of incentives earned by Central Hudson for its strong performance in delivering energy efficiency programs to customers and by proactive cost management throughout the year. Additionally, proceeds from divestitures funded a substantial share repurchase that elevated earnings per share by 9 cents, with an additional 11 cents per share anticipated to occur in 2012, he said.
“When annual results are adjusted to eliminate the impacts of significant events that caused earnings to vary from expected levels during the last two years, 2011’s earnings are $3.15 per share — 37 cents higher than the similarly normalized results of 2010,” he explained.
CH Energy Group released the following results by business unit:
Central Hudson Gas & Electric Corporation
Griffith Energy Services
Other Businesses and Investments
About CH Energy Group, Inc.: CH Energy Group, Inc. is predominantly an energy delivery company headquartered in Poughkeepsie, NY. Regulated transmission and distribution subsidiary Central Hudson Gas & Electric Corporationserves 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 petroleum products and related services to approximately 56,000 customers in the Mid Atlantic Region.
CH Energy Group's mission is to provide electricity, natural gas, petroleum and related services to an expanding customer base in a safe, reliable, courteous and affordable manner; to produce growing financial returns for shareholders; to foster a culture that encourages employees to reach their full potential; and to be a good corporate citizen.
# # #
Conference Call: Mr. Lant will conduct a conference call with investors to review financial results at 2:00 p.m. (ET) today, Feb. 16, 2012. Dial-in: 1-800-230-1093; Conference Name “CH Energy Group.” Supplemental materials will be posted to the Company’s Web site at www.CHEnergyGroup.com to assist participants in following the Conference Call presentation. A digitized replay of the call will be available from 4:30 p.m. eastern time on Feb. 16, 2012, until 11:59 p.m. on Mar. 16, 2012, by dialing 1-800-475-6701 and entering access code number 234877. In addition, the call will be webcast live in listen-only mode and available for replay for approximately 30 days within the Investor Relations section of the Company’s Web site at www.CHEnergyGroup.com.
Forward-Looking Statements –