CH Energy Group, Inc. Reports 2012 Annual Earnings
26 Fevereiro 2013 - 6:15PM
News Release
February 26, 2013
For
Release:
Immediately
Contact:
Investors: Stacey A.
Renner, (845) 486-5730
News Media: Denise D. VanBuren, (845) 471-8323
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.
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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,"
"intends," "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.
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: CH Energy Group, Inc. via Thomson Reuters ONE
HUG#1681340
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