Attached files
| file | filename |
|---|---|
| 8-K - CH ENERGY GROUP 8-K 12-18-2009 - CH ENERGY GROUP INC | form8k.htm |
Exhibit
99.1
News
Release
December
18, 2009
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For
Release:
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Immediately
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|
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Contact:
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Investors:
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Stacey
A. Renner, (845) 486-5730
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News
Media
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Denise
D. VanBuren, (845) 471-8323
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CH
Energy Group Clarifies Gain on Recent Sale of Assets
(Poughkeepsie,
NY) CH Energy Group, Inc. (NYSE: CHG) announced on Dec. 11, 2009,
that its subsidiary, Griffith Energy Services, Inc., had completed the sale of
select operating divisions serving markets in Rhode Island, Connecticut and
Pennsylvania as part of a strategic streamlining that is expected to reduce cash
flow volatility and allow the fuel oil delivery firm to focus on its
Mid-Atlantic operations.
At that
time, it was also reported that the sale would result in a gain of approximately
$6.5 million, or approximately 40 cents per share, after taxes. For
clarification, the reported gain is the amount that is expected to be recognized
by Griffith Energy Services from the sale. As a result of taxes
applicable to CH Energy Group at its holding company level, the gain that CH
Energy Group will recognize from the sale, on a consolidated basis, after taxes,
is expected to total approximately $5.5 million, or approximately 35 cents per
share.
# # #
About CH Energy Group, Inc.:
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 is a regulated transmission and distribution utility
serving approximately 300,000 electric and about 74,000 natural gas customers in
eight counties of New York State’s Mid-Hudson River Valley, and 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. Central Hudson Enterprises Corporation, a
non-regulated subsidiary, is the umbrella for a family of energy-related
companies and investments focused primarily on fuel distribution and renewable
energy. Griffith Energy Service’s fuel distribution business supplies
energy products and services to approximately 56,000 customers in five states
and Washington, D.C. CHEC also has interests
in a Lexington, Neb., ethanol plant and several renewable energy projects in the
Northeast.
Forward-Looking
Statements –
Statements
included in this News Release 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 and its subsidiaries' 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 forward-looking statements. Those factors include, but are not limited
to: weather; fuel prices; corn and ethanol prices; plant capacity factors;
energy supply and demand; interest rates; potential future acquisitions;
developments in the legislative, regulatory, and competitive environment; 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 its subsidiaries 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.
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