SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM U-3A-2
Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from
the Provisions of the Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
CH ENERGY GROUP, INC.
hereby files with the Securities Exchange Commission, pursuant to Rule 2, its
statement claiming exemption as a holding company from the provisions of the
Public Utility Holding Company Act of 1935 ("Act") and submits the following
information:
1. NAME, STATE OF ORGANIZATION, LOCATION AND NATURE OF BUSINESS OF
CLAIMANT AND EVERY SUBSIDIARY THEREOF, OTHER THAN ANY EXEMPT WHOLESALE GENERATOR
(EWG) OR FOREIGN UTILITY COMPANY IN WHICH CLAIMANT DIRECTLY OR INDIRECTLY HOLDS
AN INTEREST.
The following response is as of December 31, 2002:
CH Energy Group, Inc. ("Claimant") is a corporation organized and existing
under the laws of the State of New York. Claimant is a holding company which
acquires businesses and holds securities and/or interests in other corporations,
partnerships and/or businesses. Claimant's principal place of business is 284
South Avenue, Poughkeepsie, New York 12601-4879. Claimant, as of December 31,
2002, has the following subsidiaries other than any EWG:
Name and Location State of
of Company Organization Nature of Business
--------------------------------------------------------------------------------------------------------------------
1. Central Hudson Gas & Electric New York Generation, transmission and distribution of
Corporation, Poughkeepsie, New York electricity and the transmission and distribution of
("Central Hudson") natural gas in New York State. Central Hudson's
"franchise territory" generally extends about 85
miles along the Hudson River and about 25 to 40
miles east and west of such River. The southern end
of that territory is about 25 miles north of New
York City and the northern end is about 10 miles
south of the City of Albany, N.Y.
--------------------------------------------------------------------------------------------------------------------
2. Phoenix Development Company, Inc., New York Real estate holding company for Central Hudson.
Poughkeepsie, New York ("Phoenix")
--------------------------------------------------------------------------------------------------------------------
3. Central Hudson Enterprises New York Markets electricity, natural gas, heating oil, and
Corporation, Poughkeepsie, New York related products and services, and conducts energy
("CHEC") audits and provides related services. Engages in
project construction and providing services for
electric generation and HVAC equipment. Invests in
energy related business; currently owns, directly or
indirectly, the affiliates referred to in 4-10 below.
--------------------------------------------------------------------------------------------------------------------
4. Scasco, Inc., Winsted, Connecticut Connecticut Engages in the distribution of fuel oil, gasoline,
("Scasco") diesel, kerosene, propane and natural gas and the
installation and maintenance of electrical services
and HVAC equipment in the States of Connecticut,
Massachusetts and New York.
--------------------------------------------------------------------------------------------------------------------
(2)
--------------------------------------------------------------------------------------------------------------------
5. Griffith Energy Services, Inc., New York Engages in the distribution of fuel oil, gasoline,
Poughkeepsie, New York ("Griffith diesel, kerosene, propane, natural gas and the
Energy") installation and maintenance of HVAC equipment in
the states of Virginia, West Virginia, Maryland,
Delaware, and Pennsylvania and in Washington, D.C.
--------------------------------------------------------------------------------------------------------------------
Until December 31, 2002, Central Hudson Energy Services, Inc. ("CH
Services") was a subsidiary of the Claimant and the holding company parent
corporation for each of the Claimant's competitive business subsidiaries: CHEC,
SCASCO, Griffith Energy, Prime Industrial Energy Services, Inc. ("Prime
Industrial"), and Greene Point Development Corporation ("Greene Point").
Effective December 31, 2002, CH Services merged into the Claimant and no longer
exists as a separate corporation. On December 31, 2002, Prime Industrial and
Greene Point also merged into CHEC and no longer exist as separate corporations,
and CHEC became the parent for the competitive business subsidiaries.
2. A BRIEF DESCRIPTION OF THE PROPERTIES OF CLAIMANT AND EACH OF ITS
SUBSIDIARY PUBLIC UTILITY COMPANIES USED FOR THE GENERATION, TRANSMISSION, AND
DISTRIBUTION OF ELECTRIC ENERGY FOR SALE, OR FOR THE PRODUCTION, TRANSMISSION,
AND DISTRIBUTION OF NATURAL OR MANUFACTURED GAS, INDICATING THE LOCATION OF
PRINCIPAL GENERATING PLANTS, TRANSMISSION LINES, PRODUCING FIELDS, GAS
MANUFACTURING PLANTS, AND ELECTRIC AND GAS DISTRIBUTION FACILITIES, INCLUDING
ALL SUCH PROPERTIES WHICH ARE OUTSIDE THE STATE IN WHICH CLAIMANT AND ITS
SUBSIDIARIES ARE ORGANIZED AND ALL TRANSMISSION OR PIPELINES WHICH DELIVER OR
RECEIVE ELECTRIC ENERGY OR GAS AT THE BORDERS OF SUCH STATE.
(3)
The following response is as of December 31, 2002:
Generating Station, Location (MW)
----------------------------- -----
and Percent Ownership Fuel Net Capability (2001-2002)
--------------------- ---- --------------------------
Summer Winter
--------------------------------------------------------------------------------------------------------------------
Neversink Hydro Station, Neversink, NY -- Neversink Water 21 22
Reservoir Aqueduct Tunnel (100%)
--------------------------------------------------------------------------------------------------------------------
Dashville Hydro Station, Rifton, NY -- Wallkill River Water 5.5 4
(100%)
--------------------------------------------------------------------------------------------------------------------
Sturgeon Pool Hydro Station, Rifton, NY -- Wallkill Water 16 16
River (100%)
--------------------------------------------------------------------------------------------------------------------
Groveville Mills Hydro Station, Beacon, NY - Fishkill Water 0.8 0.8
Creek (100%)
--------------------------------------------------------------------------------------------------------------------
High Falls Hydro Station, High Falls, NY -- Rondout Water 3 3
Creek (100%)
--------------------------------------------------------------------------------------------------------------------
Coxsackie Gas Turbine, Coxsackie, New York (100%) kerosene or natural 19 24
gas
--------------------------------------------------------------------------------------------------------------------
South Cairo Gas Turbine, Cairo, New York (100%) kerosene 18 22
--------------------------------------------------------------------------------------------------------------------
TOTAL 83.3 91.8
--------------------------------------------------------------------------------------------------------------------
As of December 31, 2002, Central Hudson's electric transmission and
distribution systems were comprised of 88 substations with a rated transformer
capacity of approximately 5.0 million kVA, approximately 599 circuit miles of
overhead transmission lines, approximately 4.2 cable miles of underground
transmission lines, approximately 7,527 circuit miles of overhead distribution
lines and approximately 1,028 cable miles of underground distribution cables.
Only a part of such transmission and distribution lines is located on property
owned by Central Hudson. The electric system of Central Hudson is directly
interconnected with other electric utility systems in New York, Connecticut, and
New Jersey, and indirectly interconnected with most of the electric utility
systems in the United States. Transmission Circuit Miles include: 345, 115 and
69 kV. Distribution Circuit Miles include: 34.5, 14.4, 13.2, 4.8 and 4.16 kV.
The transformer kVA value is the summation of transformers' top nameplate
ratings; the summation of Summer Normal ratings would be higher. Generator
step-up transformers are included; spare transformers and generation station
auxiliary transformers are excluded.
Natural gas is delivered by transmission pipeline to Central Hudson at
four locations: the Cedar Hill (NY) Gate Station interconnection with Tennessee
Gas Pipeline Company ("Tennessee"), the Pleasant Valley (NY) Gate Station
interconnection with Iroquois Gas Transmission System, L.P., the Mahopac (NY)
Gate Station interconnection with Duke Energy Gas Transmission Company and the
Tuxedo (NY) Gate Station interconnection with Columbia
(4)
Gas Transmission Company ("Columbia"). Natural gas is distributed to
approximately 65,300 industrial, commercial and residential customers through a
network of 161 miles of transmission pipeline and 1,041 miles of distribution
mains. Central Hudson owns and operates propane-air peaking facilities at
Poughkeepsie and Newburgh, NY which are each nominally rated at 8,000 MCF per
day of injection capability into the distribution system. In addition, Central
Hudson has entered into long-term contracts with National Fuel Gas Corporation,
Columbia, Tennessee, Texas Eastern and Dominion Transmission Corporations for a
maximum total of 3.3 BCF of storage, located in various fields in the eastern
United States.
3. THE FOLLOWING INFORMATION FOR THE LAST CALENDAR YEAR WITH RESPECT TO
CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES:
The following responses are as of December 31, 2002:
Claimant and its subsidiaries, other than Central Hudson, are not "public
utility companies" for the purposes of the Act.
(a) NUMBER OF KWH. OF ELECTRIC ENERGY SOLD (AT RETAIL OR WHOLESALE), AND
MCF. OF NATURAL OR MANUFACTURED GAS DISTRIBUTED AT RETAIL.
Electric (Kwhrs.) Gas (Mcf.)
----------------- ----------
Claimant None None
Central Hudson Retail: 4,821,056,923 10,141,578
Wholesale: 189,977,611 1,442,235
(b) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED
GAS DISTRIBUTED AT RETAIL OUTSIDE THE STATE IN WHICH EACH SUCH COMPANY IS
ORGANIZED.
Electric (Kwhrs.) Gas (Mcf.)
----------------- ----------
Claimant None None
Central Hudson None None
(c) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED
GAS SOLD AT WHOLESALE OUTSIDE THE STATE IN WHICH EACH SUCH COMPANY IS ORGANIZED,
OR AT THE STATE LINE.
Electric (Kwhrs.) Gas (Mcf.)
----------------- ----------
Claimant None None
Central Hudson None None
(5)
(d) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED
GAS PURCHASED OUTSIDE THE STATE IN WHICH EACH SUCH COMPANY IS ORGANIZED OR AT
THE STATE LINE.
Electric (Kwhrs.) Gas (Mcf.)
----------------- ----------
Claimant None None
Central Hudson None 11,208,360
4. THE FOLLOWING INFORMATION FOR THE REPORTING PERIOD WITH RESPECT TO
CLAIMANT AND EACH INTEREST IT HOLDS DIRECTLY OR INDIRECTLY IN AN EWG OR A
FOREIGN UTILITY COMPANY, STATING MONETARY AMOUNTS IN UNITED STATES DOLLARS:
(a) NAME, LOCATION, BUSINESS ADDRESS AND DESCRIPTION OF THE FACILITIES
USED BY THE EWG OR FOREIGN UTILITY COMPANY FOR THE GENERATION, TRANSMISSION AND
DISTRIBUTION OF ELECTRIC ENERGY FOR SALE OR FOR THE DISTRIBUTION AT RETAIL OF
NATURAL OR MANUFACTURED GAS:
Until May 31, 2002, CH Resources, Inc. ("CH Resources"), a New York
corporation, with offices at 110 Main Street, Poughkeepsie, New York, was an EWG
because it owned and operated the following "eligible facilities" and the
electricity generated thereat was sold to wholesale customers:
(i) A 100 MW combined cycle gas turbine located at 300 Belle Isle
Road, Solvay, New York.
(ii) A 100 MW combined cycle gas turbine located at 3 Main Street,
Beaver Falls, New York.
(iii) A 50 MW coal-burning fluidized bed cogeneration plant located
at 5300 Frontier Avenue, Niagara Falls, New York.
On May 31, 2002, the Claimant sold all of its stock ownership interest in
CH Resources and its subsidiaries, CH Syracuse and CH Niagara, to WPS Power
Development, Inc., a Wisconsin corporation
(b) NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN SUCH EWG OR
FOREIGN UTILITY COMPANY; AND DESCRIPTION OF THE INTEREST HELD.
Claimant owned 100% of CH Resources until May 31, 2002.
(6)
(c) TYPE AND AMOUNT OF CAPITAL INVESTED, DIRECTLY OR INDIRECTLY, BY THE
HOLDING COMPANY CLAIMING EXEMPTION; ANY DIRECT OR INDIRECT GUARANTEE OF THE
SECURITY OF THE EWG OR FOREIGN UTILITY COMPANY BY THE HOLDING COMPANY CLAIMING
EXEMPTION; AND ANY DEBT OR OTHER FINANCIAL OBLIGATION FOR WHICH THERE IS
RECOURSE, DIRECTLY OR INDIRECTLY, TO THE HOLDING COMPANY CLAIMING EXEMPTION OR
ANOTHER SYSTEM COMPANY, OTHER THAN THE EWG OR FOREIGN UTILITY COMPANY.
At December 31, 2002, Claimant had following capital invested in the EWG:
Debt: $ - 0 -
Equity: $ - 0 -
(d) CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY COMPANY
DURING THE REPORTING PERIOD.
CH Resources' capitalization as of December 31, 2002: $ - 0 -
CH Resources' losses for the period from January 31, 2002 through May
31, 2002: $ 2,554,904
(e) IDENTIFY ANY SERVICE, SALES OR CONSTRUCTION CONTRACT(S) BETWEEN THE
EWG OR FOREIGN UTILITY COMPANY AND A SYSTEM COMPANY, AND DESCRIBE THE SERVICES
TO BE RENDERED OR GOODS SOLD AND FEES OR REVENUES UNDER SUCH AGREEMENT(S).
None.
EXHIBIT A.
A CONSOLIDATING STATEMENT OF INCOME AND SURPLUS OF THE CLAIMANT AND ITS
SUBSIDIARY COMPANIES FOR THE LAST CALENDAR YEAR, TOGETHER WITH A CONSOLIDATING
BALANCE SHEET OF CLAIMANT AND ITS SUBSIDIARY COMPANIES AS OF THE CLOSE OF SUCH
CALENDAR YEAR.
The consolidating financial statements, as of December 31, 2002, are
attached hereto as Exhibit A.
EXHIBIT B.
AN ORGANIZATIONAL CHART SHOWING THE RELATIONSHIP OF EACH EWG OR FOREIGN
UTILITY COMPANY TO ASSOCIATE COMPANIES IN THE HOLDING-COMPANY SYSTEM.
The Organizational Chart, as of December 31, 2002, is attached hereto as
Exhibit B.
(7)
The above-named claimant has caused this statement to be duly executed on
its behalf by its authorized officer on the 26th day of February, 2003.
CH ENERGY GROUP, INC.
By: /s/ Steven V. Lant
-----------------------------------
Steven V. Lant
Chief Operating Officer
and Chief Financial Officer
Corporate Seal
Attest:
/s/ Lincoln E. Bleveans
-----------------------------
Lincoln E. Bleveans
Corporate Secretary
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
Steven V. Lant
Chief Operating Officer and
Chief Financial Officer
CH Energy Group, Inc.
284 South Avenue
Poughkeepsie, New York 12601-4879
(8)
EXHIBIT A
Consolidating Financial Statements of CH Energy Group, Inc.
as of December 31, 2002
Note: The Consolidating Financial Statements must show the consolidation with
all of the subsidiaries' financial statements as of 12/31/2002.
(i)
CH ENERGY GROUP, INC.
Consolidated Income Statement
Rolling Twelve Month Total @ Dec. 31, 2002
Holding Company Consolidated Consolidated Adjustments/
CH Energy Central CH Eliminations Consolidated
Group, Inc Hudson Services DR/(CR) CH Energy Group
---------- ------ -------- ------- ---------------
Operating Revenues
Electric 0 421,394,329 421,394,329
Gas 0 100,409,838 100,409,838
Other 0 162,188,459 162,188,459
-------------------------------------------------------------------------
Total - own territory 0 521,804,167 162,188,459 0 683,992,626
Revenues from Electric sales to other utilities 0 6,583,854 6,583,854
Revenues from Gas sales to other utilities 0 4,933,111 4,933,111
-------------------------------------------------------------------------
Total Operating Revenues 0 533,321,132 162,188,459 0 695,509,591
-------------------------------------------------------------------------
Operating Expenses
Operation:
Fuel Used in electric generation 0 756,581 0 756,581
Purchased electricity 0 252,029,561 1,463,713 253,493,274
Purchased petroleum 0 0 92,732,905 92,732,905
Purchased natural gas 0 61,672,415 10,318,285 71,990,700
Other expenses of operation 103,658 73,053,727 51,712,177 124,869,564
Maintenance 0 19,192,521 0 19,192,521
Depreciation and amortization 1,700 25,350,226 5,878,255 31,230,181
Taxes, other than income tax (336,032) 38,396,169 209,578 38,269,715
Federal/State income tax 866,879 (5,619,000) (309,976) (5,062,097)
Deferred income tax 0 26,674,900 0 26,674,900
0 0 0 0
-------------------------------------------------------------------------
Total Operating Expenses 636,205 491,507,100 162,004,937 0 654,148,244
-------------------------------------------------------------------------
Operating Income (636,205) 41,814,032 183,522 0 41,361,347
-------------------------------------------------------------------------
Other Income and Deductions
Equity Earnings-Subscos. 34,766,753 2,193 0 (34,766,753) 2,193
Allow. for equity funds used during constr. 0 591,403 0 591,403
Federal/State income tax 0 (1,603,000) (47,300) (1,650,300)
Deferred income tax - credit 0 968,900 0 968,900
Other income 6,166,717 0 0 (1,556,759) 4,609,958
Other - net 983,567 15,478,184 883,802 (5) 17,345,548
-------------------------------------------------------------------------
Total Other Income 41,917,037 15,437,680 836,502 (36,323,517) 21,867,702
-------------------------------------------------------------------------
Income Before Interest Charges 41,280,832 57,251,712 1,020,024 (36,323,517) 63,229,049
-------------------------------------------------------------------------
Interest Charges
Interest on mortgage bonds 0 2,136,048 2,136,048
Interest on other long-term debt 0 9,819,473 9,819,473
Interest on short-term debt 0 32,628 32,628
Other interest 0 11,738,708 1,443,988 (1,556,759) 11,625,937
Net Loss fr. discontinued operations 0 (2,236,620) (2,236,620)
Gain on disposal of discontinued operations 0 7,064,706 7,064,706
-------------------------------------------------------------------------
Net Income (Loss) 41,280,832 32,523,838 4,404,122 (34,766,758) 43,442,032
Dividends on Preferred Stock 2,161,200 2,161,200
-------------------------------------------------------------------------
Income Avail for Common Stock 41,280,832 30,362,638 4,404,122 (34,766,758) 41,280,832
Dividends Declared on Common Stock 35,094,262 35,094,262
-------------------------------------------------------------------------
Balance Retained in the Business 6,186,570 6,186,570
=========================================================================
C H Energy Group, Inc. CONSOL B/S
Consolidated Balance Sheet CH Energy
December 31, 2002 12/31/2002
Holding
Company Consolidated
C H Energy Central C H Energy
ASSETS Group, Inc. Hudson Services, Inc.
------ ----------- ------ --------------
Utility Plant
Electric $605,989,239
Gas 189,142,963
Common 100,475,888
------------- ------------ ------------
0 895,608,090 0
Less: Accumulated Depreciation 370,349,471
------------- ------------ ------------
0 525,258,619 0
Construction Work in Progress 76,398,120
------------- ------------ ------------
Net Utility Plant 0 601,656,739 0
------------- ------------ ------------
Other Property and Plant 72,983 967,737 17,296,496
------------- ------------ ------------
Intangible Assets 0 0 77,971,711
Current Assets:
Cash 7,571,141 19,301,021 7,983,177
Cash Equivalents 12,980,349 35,687,794
Temporary Cash Investments
Other 20,182,309
Accounts Receivable from Customers 35,215,563 25,762,691(A)
Accounts Receivable - Affiliates 153,396 415,353 1,437,480
Accrued Unbilled Utility Revenues 7,894,423
Other Receivables 5,891 1,991,565
Materials & Supplies:
Fuel 6,445,123
Construction & Operation 6,013,417 3,574,273
Fair Value of Derivatives - Current 2,715,440 32,456
Prepayments 13,748,489 3,024,541
------------- ------------ ------------
Total Current Assets 20,710,777 149,610,497 41,814,618
------------- ------------ ------------
Other Investments 89,440,763 2,186,365
Partnership Interest 4,158,659
Investment in CHG&E 264,769,078 0
Investments in C H Services 112,619,208 0
------------- ------------ ------------
Total Other Investments 466,829,049 2,186,365 4,158,659
Deferred Charges and Other Assets
Prefunded Pension costs 108,242,239
Regulatory Assets 73,999,730
Fair Value of Derivatives 0
Deferred Debits 5,088,387
Prelim Survey & Investigation (A/C 183) 0
Clearing Accounts (A/C 184) 591,753
Unamortized Deferred Expense (A/C 181) 3,622,927
Other Assets 0 6,895,739(B)
------------- ------------ ------------
0 191,545,036 6,895,739
------------- ------------ ------------
Accumulated Deferred Income Tax (Net) 0 1,017,842
------------- ------------ ------------
Partnerships
Long Term Receivable from Affiliate
------------- ------------ ------------
Total Assets $ 487,612,809 $945,966,374 $149,155,065
============= ============ ============
Adjustments Consolidated
Subsidiaries Eliminations C H Energy
ASSETS Subtotal Debit/(Credit) Group, Inc.
------ -------- -------------- -----------
Utility Plant
Electric $ 605,989,239 $ 605,989,239
Gas 189,142,963 189,142,963
Common 100,475,888 100,475,888
-------------- ------------- --------------
895,608,090 0 895,608,090
Less: Accumulated Depreciation 370,349,471 370,349,471
-------------- ------------- --------------
525,258,619 0 525,258,619
Construction Work in Progress 76,398,120 76,398,120
-------------- ------------- --------------
Net Utility Plant 601,656,739 0 601,656,739
-------------- ------------- --------------
Other Property and Plant 18,264,233 18,337,216
-------------- ------------- --------------
Intangible Assets 77,971,711 77,971,711
Current Assets:
Cash 27,284,198 34,855,339
Cash Equivalents 35,687,794 48,668,143
Temporary Cash Investments 0 0
Other 20,182,309 20,182,309
Accounts Receivable from Customers 60,978,254 60,978,254
Accounts Receivable - Affiliates 1,852,833 (2,006,229) 0
Accrued Unbilled Utility Revenues 7,894,423 7,894,423
Other Receivables 1,991,565 1,997,456
Materials & Supplies:
Fuel 6,445,123 6,445,123
Construction & Operation 9,587,690 9,587,690
Fair Value of Derivatives - Current 2,747,896 2,747,896
Prepayments 16,773,030 7,785,675 24,558,705
-------------- ------------- --------------
Total Current Assets 191,425,115 5,779,446 217,915,338
-------------- ------------- --------------
Other Investments 2,186,365 91,627,128
Partnership Interest 4,158,659 4,158,659
Investment in CHG&E 0
Investments in C H Services 0 (385,867,675)
8,479,389 0
-------------- ------------- --------------
Total Other Investments 6,345,024 (377,388,286) 95,785,787
Deferred Charges and Other Assets
Prefunded Pension costs 108,242,239 108,242,239
Regulatory Assets 73,999,730 73,999,730
Fair Value of Derivatives 0 0
Deferred Debits 5,088,387 5,088,387
Prelim Survey & Investigation (A/C 183) 0 0
Clearing Accounts (A/C 184) 591,753 591,753
Unamortized Deferred Expense (A/C 181) 3,622,927 3,622,927
Other Assets 6,895,739 6,895,739
-------------- ------------- --------------
198,440,775 0 198,440,775
-------------- ------------- --------------
Accumulated Deferred Income Tax (Net) 1,017,842 (1,017,842) 0
-------------- ------------- --------------
Partnerships 0 0
Long Term Receivable from Affiliate 0 0 0
-------------- ------------- --------------
Total Assets $1,095,121,439 ($372,626,682) $1,210,107,566
============== ============= ==============
(a) C H Energy Group's Equity Earnings in Subsidiaries:
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
----------- ----------- ----------- -----------
Acct 411 CHG&E $14,448,943 $2,771,608 $ 6,713,255 $6,428,825
Acct 412 CH Services $ 3,649,135 $1,447,961 ($2,743,538) $2,050,564
----------- ---------- ----------- ----------
Total $18,098,078 $4,219,569 $ 3,969,717 $8,479,389
=========== ========== =========== ==========
C H Energy Group, Inc. CONSOL B/S
Consolidated Balance Sheet CH Energy
December 31, 2002 12/31/2002
Holding
Company Consolidated
C H Energy Central C H Energy
CAPITALIZATION and LIABILITIES Group, Inc. Hudson Services, Inc.
------------------------------ ----------- ------ --------------
Capitalization
Common Stock $ 1,686,209 $ 84,310,435 $ 2,510
Paid in Capital 351,201,544 174,979,688 50,133,500
Retained Earnings - Brought Forward 169,503,241 10,139,826 7,983,197
Other Comprehensive Income (1,433,100) (299,208)
Treasury Stock (33,117,090)
Capital Stock Expense - Preferred (5,287,350)
------------- ------------- ------------
Total Shareholder's Equity 487,840,804 264,142,599 57,819,999
------------- ------------- ------------
Cumulative Preferred Stock
Not Subject to Mandatory Redemption 21,030,000
Subject to Mandatory Redemption 12,500,000
------------- ------------- ------------
0 33,530,000 0
------------- ------------- ------------
Long Term Debt 269,950,000 0
Unamortized Premium & Discount on Debt (73,333)
Long Term Debt to Affiliate 54,500,000
------------- ------------- ------------
0 269,876,667 54,500,000
------------- ------------- ------------
487,840,804 567,549,266 112,319,999
------------- ------------- ------------
Current Liabilities
Current Maturities of Long-term Debt 15,000,000
Notes Payable
Accounts Payable 37,036,852 8,612,361
Accounts Payable - CH Energy Group, Inc. 29,401 123,995
Accounts Payable - FIT - CHG&E 4,926,880
Accounts Payable - FIT - CH Services 1,197,892 206,633
Accounts Payable - NYS - CHG&E 819,083
Accounts Payable - NYS - CH Services (1,444,722) 1,477,677
Accounts Payable to Affiliates/Parent 294 415,059
Accrued FIT - CHG&E (2,126,880)
Accrued FIT - CH Services 2,702,108
Accrued NYS - CHG&E (819,083)
Accrued NYS - CH Services 1,444,722
Accrued Taxes - FIT (12,704,613)
Accrued Taxes - NYS (1,732,373)
Accrued Taxes - Other (295,527)
Accrued Interest 4,273,243
Accrued Vacation 3,670,700
Customer Deposits 5,268,000
Dividends Declared 451,237
Dividends Payable 8,661,924
Other 9,908,324 19,223,189
------------- ------------- ------------
Total Current Liabilities 629,705 75,637,757 30,058,914
------------- ------------- ------------
Deferred Credits & Other Liabilities
Customer Advance for Construction 186,502
Other Deferred Credits (A/C 253) 50,652,098
Regulatory Liabilities (A/C 254) 192,074,200
Miscellaneous Reserves 4,912,084
Other 4,084,911
------------- ------------- ------------
0 247,824,884 4,084,911
------------- ------------- ------------
Accumulated Deferred Income Tax (Net) (857,700) 54,954,467 2,691,241
------------- ------------- ------------
Total Liabilities $ 487,612,809 $ 945,966,374 $149,155,065
============= ============= ============
Verification: 0 0 0
============= ============= ============
Adjustments Consolidated
Subsidiaries Eliminations C H Energy
CAPITALIZATION and LIABILITIES Subtotal Debit/(Credit) Group, Inc.
------------------------------ -------- -------------- -----------
Capitalization
Common Stock $ 84,312,945 $ 84,312,945 $ 1,686,209
Paid in Capital 225,113,188 225,085,168 351,229,564
Retained Earnings - Brought Forward 18,123,023 18,123,023 169,503,241
Other Comprehensive Income (299,208) (1,732,308)
Treasury Stock 0 (33,117,090)
Capital Stock Expense - Preferred (5,287,350) (4,632,842) (654,508)
--------------- ------------ ---------------
Total Shareholder's Equity 321,962,598 322,888,294 486,915,108
--------------- ------------ ---------------
Cumulative Preferred Stock
Not Subject to Mandatory Redemption 21,030,000 21,030,000
Subject to Mandatory Redemption 12,500,000 12,500,000
--------------- ------------ ---------------
33,530,000 0 33,530,000
--------------- ------------ ---------------
Long Term Debt 269,950,000 269,950,000
Unamortized Premium & Discount on Debt (73,333) (73,333)
Long Term Debt to Affiliate 54,500,000 54,500,000 0
--------------- ------------ ---------------
324,376,667 54,500,000 269,876,667
--------------- ------------ ---------------
679,869,265 377,388,294 790,321,775
--------------- ------------ ---------------
Current Liabilities
Current Maturities of Long-term Debt 15,000,000 15,000,000
Notes Payable 0 0
Accounts Payable 45,649,213 45,649,213
Accounts Payable - CH Energy Group, Inc. 153,396 153,396 0
Accounts Payable - FIT - CHG&E 0 4,926,880 0
Accounts Payable - FIT - CH Services 206,633 1,404,525 0
Accounts Payable - NYS - CHG&E 0 819,083 0
Accounts Payable - NYS - CH Services 1,477,677 32,955 0
Accounts Payable to Affiliates/Parent 415,059 415,353 0
Accrued FIT - CHG&E 0 (2,126,880)
Accrued FIT - CH Services 0 2,702,108
Accrued NYS - CHG&E 0 (819,083)
Accrued NYS - CH Services 0 1,444,722
Accrued Taxes - FIT 0 (12,704,613)
Accrued Taxes - NYS 0 (1,732,373)
Accrued Taxes - Other 0 (13,531,646) 13,236,119
Accrued Interest 4,273,243 4,273,243
Accrued Vacation 3,670,700 3,670,700
Customer Deposits 5,268,000 5,268,000
Dividends Declared 451,237 451,237
Dividends Payable 0 8,661,924
Other 29,131,513 29,131,513
--------------- ------------ ---------------
Total Current Liabilities 105,696,671 (5,779,454) 112,105,830
--------------- ------------ ---------------
Deferred Credits & Other Liabilities
Customer Advance for Construction 186,502 186,502
Other Deferred Credits (A/C 253) 50,652,098 50,652,098
Regulatory Liabilities (A/C 254) 192,074,200 192,074,200
Miscellaneous Reserves 4,912,084 4,912,084
Other 4,084,911 4,084,911
--------------- ------------ ---------------
251,909,795 0 251,909,795
--------------- ------------ ---------------
Accumulated Deferred Income Tax (Net) 57,645,708 1,017,842 55,770,166
--------------- ------------ ---------------
Total Liabilities $ 1,095,121,439 $372,626,682 $ 1,210,107,566
=============== ============ ===============
Verification: 0 0 0
=============== ============ ===============
* $28,020 Premium on Capital Stock not eliminated. (Acct 207.10 = $17,020;
Acct 207.20 = $11,000)
** Capital Stock Expense Common Stock Acct. 214.01.
Central Hudson Energy Service, Inc.
(A wholly owned subsidiary of CH Energy Group, Inc.)
Consolidating Balance Sheets
Unconsolidated Balance Sheets - December 31, 2002
----------------------------------------------------------------------
CHES CHEC PIES GP SCASCO
Assets
Current assets:
Cash $ 2,428,555 $ 1,354,660 $ 184,925 $ 35,765 $ 991,802
Accounts receivable, less allowance for
doubtful accounts
of $1,087,639 and
$958,272, respectively -- 232,730 9,568 -- 6,844,517
Due from affiliates -- 1,343,744 20,891 -- --
Notes receivable -- -- -- -- --
Installment receivables, net -- 1,821,095 -- -- --
Inventory -- -- -- -- 1,088,533
Prepaid -- 209,527 21,833 -- 1,171,650
Derivatives -- -- -- -- 14,553
----------------------------------------------------------------------
Total current assets 2,428,555 4,961,756 237,217 35,765 10,111,055
Installment receivable -- 4,635,898 -- -- --
Notes receivable 60,500,000 48,875,000 -- 250,000 739,868
Deferred projects -- 1,103,305 -- -- --
Investments in partnerships -- 4,158,659 -- -- --
Deferred income taxes -- 573,568 1,469 -- 217,851
Due from parent-FIT -- 144,400 115,848 177 25,968
Due from parent-NYSIT -- -- 32,955 -- --
Fixed assets, net -- 68,011 -- -- 5,885,271
Goodwill, net -- -- -- -- 10,164,799
Investments in subsidiaries 54,478,544 47,814,107 -- -- --
----------------------------------------------------------------------
Total non current assets 114,978,544 107,372,948 150,272 250,177 17,033,757
----------------------------------------------------------------------
Total assets $117,407,099 $ 112,334,704 $ 387,489 $285,942 $ 27,144,812
======================================================================
Liabilities and shareholder's equity
Current liabilities:
Accounts payable $ -- $ 43,512 $ 4,047 $ -- $ 1,158,521
Accrued expenses 1,799,982 1,703,529 23,835 700 2,756,113
Deferred revenue -- -- -- -- 1,606,061
Due to affiliates 1,299,586 1,446,598 -- 28 46,172
Due to parent-FIT 206,633 -- -- -- --
Due to parent-NYSIT 1,476,863 805 -- 9 --
Due to parent -- 105,373 -- -- 18,622
Due to CHG&E 4,828 410,231 -- -- --
Deferred income taxes -- -- -- -- --
-----------------------------------------------------------------------
Total current liabilities 4,787,892 3,710,048 27,882 737 5,585,489
-----------------------------------------------------------------------
Other liabilities -- -- -- -- --
Notes Payable - Affiliated Companies 54,500,000 54,750,000 375,000 -- 12,000,000
-----------------------------------------------------------------------
Total liabilities 59,287,892 58,460,048 402,882 737 17,585,489
-----------------------------------------------------------------------
Shareholder's equity:
Capital stock 2,510 7,230,000 1 180,000 1,165
Additional paid-in capital 50,133,500 36,500,000 249,999 -- 14,648,835
Retained earnings 7,983,197 10,463,338 (265,393) 105,205 300,591
Treasury stock -- -- -- -- (5,400,000)
-----------------------------------------------------------------------
Shareholder's equity before
other comprehensive income 58,119,207 54,193,338 (15,393) 285,205 9,550,591
Other comprehensive income -- (318,682) -- -- 8,732
-----------------------------------------------------------------------
Total shareholder's equity 58,119,207 53,874,656 (15,393) 285,205 9,559,323
-----------------------------------------------------------------------
Total liabilities and shareholder's
equity $117,407,099 $ 112,334,704 $ 387,489 $285,942 $ 27,144,812
=======================================================================
Unconsolidated Balance Sheets
- December 31, 2002
-----------------------------
Griffith Total
Assets
Current assets:
Cash $ 2,987,470 $ 7,983,177
Accounts receivable, less allowance for
doubtful accounts
of $1,087,639 and
$958,272, respectively 15,487,636 22,574,451
Due from affiliates 1,425,707 2,790,342
Notes receivable 1,367,145 1,367,145
Installment receivables, net -- 1,821,095
Inventory 2,485,740 3,574,273
Prepaid 1,621,531 3,024,541
Derivatives 17,903 32,456
-----------------------------
Total current assets 25,393,132 43,167,480
Installment receivable -- 4,635,898
Notes receivable 416,668 110,781,536
Deferred projects -- 1,103,305
Investments in partnerships -- 4,158,659
Deferred income taxes 224,954 1,017,842
Due from parent-FIT 1,118,132 1,404,525
Due from parent-NYSIT -- 32,955
Fixed assets, net 11,343,214 17,296,496
Goodwill, net 67,806,912 77,971,711
Investments in subsidiaries -- 102,292,651
-----------------------------
Total non current assets 80,909,880 320,695,578
-----------------------------
Total assets $106,303,012 $ 363,863,058
=============================
Liabilities and shareholder's equity
Current liabilities:
Accounts payable $ 8,060,128 $ 9,266,208
Accrued expenses 3,783,579 10,067,738
Deferred revenue 6,891,848 8,497,909
Due to affiliates -- 2,792,384
Due to parent-FIT -- 206,633
Due to parent-NYSIT -- 1,477,677
Due to parent -- 123,995
Due to CHG&E -- 415,059
Deferred income taxes 2,691,241 2,691,241
-----------------------------
Total current liabilities 21,426,796 35,538,844
-----------------------------
Other liabilities 4,084,911 4,084,911
Notes Payable - Affiliated Companies 42,500,000 164,125,000
-----------------------------
Total liabilities 68,011,707 203,748,755
-----------------------------
Shareholder's equity:
Capital stock 10 7,413,686
Additional paid-in capital 35,000,000 136,532,334
Retained earnings 3,280,553 21,867,491
Treasury stock -- (5,400,000)
-----------------------------
Shareholder's equity before
other comprehensive income 38,280,563 160,413,511
Other comprehensive income 10,742 (299,208)
-----------------------------
Total shareholder's equity 38,291,305 160,114,303
-----------------------------
Total liabilities and shareholder's
equity $106,303,012 $ 363,863,058
=============================
Central Hudson Energy Service, Inc.
(A wholly owned subsidiary of CH Energy Group, Inc.)
Consolidating Balance Sheets
Eliminations
----------------------------------------------------------------------
CHES CHEC PIES GP
Assets
Current assets:
Cash
Accounts receivable, less allowance
for doubtful accounts
of $1,087,639 and $958,272,
respectively
Due from affiliates $ -- $ (1,343,744) $ (20,891) $ --
Notes receivable
Installment receivables, net
Inventory
Prepaid
Derivatives
----------------------------------------------------------------------
Total current assets -- (1,343,744) (20,891) --
Installment receivable
Notes receivable (60,500,000) (48,875,000) (250,000)
Deferred projects
Investments in partnerships
Deferred income taxes
Due from parent-FIT
Due from parent-NYSIT
Fixed assets, net
Goodwill, net
Investments in subsidiaries (54,478,544) (47,814,107)
----------------------------------------------------------------------
Total non current assets (114,978,544) (96,689,107) -- (250,000)
----------------------------------------------------------------------
Total assets $ (114,978,544) $ (98,032,851) $ (20,891) $ (250,000)
======================================================================
Liabilities and shareholder's equity
Current liabilities:
Accounts payable $ (1)
Accrued expenses
Deferred revenue
Due to affiliates $ (1,299,586) $ (1,446,598) $ -- (28)
Due to parent-FIT
Due to parent-NYSIT
Due to parent
Due to CHG&E
Deferred income taxes
----------------------------------------------------------------------
Total current liabilities (1,299,586) (1,446,598) -- (29)
----------------------------------------------------------------------
Other liabilities
Notes Payable - Affiliated Companies (54,750,000) (375,000)
----------------------------------------------------------------------
Total liabilities (1,299,586) (56,196,598) (375,000) (29)
----------------------------------------------------------------------
Shareholder's equity:
Capital stock (7,230,000) (1) (180,000)
Additional paid-in capital (36,500,000) (249,999) --
Retained earnings (10,463,338) 265,393 (105,205)
Treasury stock -- -- --
----------------------------------------------------------------------
Shareholder's equity before
other comprehensive income -- (54,193,338) 15,393 (285,205)
Other comprehensive income
----------------------------------------------------------------------
Total shareholder's equity -- (54,193,338) 15,393 (285,205)
----------------------------------------------------------------------
Total liabilities and shareholder's equity $ (1,299,586) $ (110,389,936) $ (359,607) $ (285,234)
======================================================================
Eliminations
--------------------------------------------------
SCASCO Griffith Eliminations
Assets
Current assets:
Cash $ --
Accounts receivable, less allowance
for doubtful accounts
of $1,087,639 and $958,272,
respectively --
Due from affiliates $ -- $ (1,425,707) (2,790,342)
Notes receivable --
Installment receivables, net --
Inventory --
Prepaid --
Derivatives --
--------------------------------------------------
Total current assets -- (1,425,707) (2,790,342)
Installment receivable --
Notes receivable (109,625,000)
Deferred projects --
Investments in partnerships --
Deferred income taxes --
Due from parent-FIT --
Due from parent-NYSIT --
Fixed assets, net --
Goodwill, net --
Investments in subsidiaries (102,292,651)
--------------------------------------------------
Total non current assets -- -- (211,917,651)
--------------------------------------------------
Total assets $ -- $ (1,425,707) $(214,707,993)
==================================================
Liabilities and shareholder's equity
Current liabilities:
Accounts payable $ 1,902 $ (248) $ 1,653
Accrued expenses 2,042 2,042
Deferred revenue --
Due to affiliates (46,172) -- (2,792,384)
Due to parent-FIT --
Due to parent-NYSIT --
Due to parent --
Due to CHG&E --
Deferred income taxes --
--------------------------------------------------
Total current liabilities (42,228) (248) (2,788,689)
--------------------------------------------------
Other liabilities --
Notes Payable - Affiliated Companies (12,000,000) (42,500,000) (109,625,000)
--------------------------------------------------
Total liabilities (12,042,228) (42,500,248) (112,413,689)
--------------------------------------------------
Shareholder's equity:
Capital stock (1,165) (10) (7,411,176)
Additional paid-in capital (14,648,835) (35,000,000) (86,398,834)
Retained earnings (300,591) (3,280,553) (13,884,294)
Treasury stock 5,400,000 -- 5,400,000
--------------------------------------------------
Shareholder's equity before
other comprehensive income (9,550,591) (38,280,563) (102,294,304)
Other comprehensive income --
--------------------------------------------------
Total shareholder's equity (9,550,591) (38,280,563) (102,294,304)
--------------------------------------------------
Total liabilities and shareholder's equity $ (21,592,819) $ (80,780,811) $(214,707,993)
==================================================
Central Hudson Energy Service, Inc.
(A wholly owned subsidiary of CH Energy Group, Inc.)
Consolidating Balance Sheets
Consolidated
--------------------------------------------------------------------------
CHES CHEC PIES GP SCASCO
Assets
Current assets:
Cash $ 2,428,555 $ 1,354,660 $184,925 $ 35,765 $ 991,802
Accounts receivable, less allowance
for doubtful accounts
of $1,087,639 and $958,272,
respectively -- 232,730 9,568 -- 6,844,517
Due from affiliates -- -- -- -- --
Notes receivable -- -- -- -- --
Installment receivables, net -- 1,821,095 -- -- --
Inventory -- -- -- -- 1,088,533
Prepaid -- 209,527 21,833 -- 1,171,650
Derivatives -- -- -- -- 14,553
--------------------------------------------------------------------------
Total current assets 2,428,555 3,618,012 216,326 35,765 10,111,055
Installment receivable -- 4,635,898 -- -- --
Notes receivable -- -- -- -- 739,868
Deferred projects -- 1,103,305 -- -- --
Investments in partnerships -- 4,158,659 -- -- --
Deferred income taxes -- 573,568 1,469 -- 217,851
Due from parent-FIT -- 144,400 115,848 177 25,968
Due from parent-NYSIT -- -- 32,955 -- --
Fixed assets, net -- 68,011 -- -- 5,885,271
Goodwill, net -- -- -- -- 10,164,799
Investments in subsidiaries -- -- -- -- --
--------------------------------------------------------------------------
Total non current assets -- 10,683,841 150,272 177 17,033,757
--------------------------------------------------------------------------
Total assets $ 2,428,555 $ 14,301,853 $366,598 $ 35,942 $27,144,812
==========================================================================
Liabilities and shareholder's equity
Current liabilities:
Accounts payable $ -- $ 43,512 $ 4,047 $ (1) $ 1,160,423
Accrued expenses 1,799,982 1,703,529 23,835 700 2,758,155
Deferred revenue -- -- -- -- 1,606,061
Due to affiliates -- -- -- -- --
Due to parent-FIT 206,633 -- -- -- --
Due to parent-NYSIT 1,476,863 805 -- 9 --
Due to parent -- 105,373 -- -- 18,622
Due to CHG&E 4,828 410,231 -- -- --
Deferred income taxes -- -- -- -- --
--------------------------------------------------------------------------
Total current liabilities 3,488,306 2,263,450 27,882 708 5,543,261
--------------------------------------------------------------------------
Other liabilities -- -- -- -- --
Notes Payable - Affiliated Companies 54,500,000 -- -- -- --
--------------------------------------------------------------------------
Total liabilities 57,988,306 2,263,450 27,882 708 5,543,261
--------------------------------------------------------------------------
Shareholder's equity:
Capital stock 2,510 -- -- -- --
Additional paid-in capital 50,133,500 -- -- -- --
Retained earnings 7,983,197 -- -- -- --
Treasury stock -- -- -- -- --
--------------------------------------------------------------------------
Shareholder's equity before
other comprehensive income 58,119,207 -- -- -- --
Other comprehensive income -- (318,682) -- -- 8,732
--------------------------------------------------------------------------
Total shareholder's equity 58,119,207 (318,682) -- -- 8,732
--------------------------------------------------------------------------
Total liabilities and shareholder's equity $116,107,513 $ 1,944,768 $ 27,882 $ 708 $ 5,551,993
==========================================================================
Consolidated December 31,
------------------- 2002
Griffith Total
Assets
Current assets:
Cash $ 2,987,470 $ 7,983,177
Accounts receivable, less allowance
for doubtful accounts
of $1,087,639 and $958,272,
respectively 15,487,636 22,574,451
Due from affiliates -- --
Notes receivable 1,367,145 1,367,145
Installment receivables, net -- 1,821,095
Inventory 2,485,740 3,574,273
Prepaid 1,621,531 3,024,541
Derivatives 17,903 32,456
---------------------------------
Total current assets 23,967,425 40,377,138
Installment receivable -- 4,635,898
Notes receivable 416,668 1,156,536
Deferred projects -- 1,103,305
Investments in partnerships -- 4,158,659
Deferred income taxes 224,954 1,017,842
Due from parent-FIT 1,118,132 1,404,525
Due from parent-NYSIT -- 32,955
Fixed assets, net 11,343,214 17,296,496
Goodwill, net 67,806,912 77,971,711
Investments in subsidiaries -- --
---------------------------------
Total non current assets 80,909,880 108,777,927
---------------------------------
Total assets $104,877,305 $ 149,155,065
=================================
Liabilities and shareholder's equity
Current liabilities:
Accounts payable $ 8,059,880 $ 9,267,861
Accrued expenses 3,783,579 10,069,780
Deferred revenue 6,891,848 8,497,909
Due to affiliates -- --
Due to parent-FIT -- 206,633
Due to parent-NYSIT -- 1,477,677
Due to parent -- 123,995
Due to CHG&E -- 415,059
Deferred income taxes 2,691,241 2,691,241
---------------------------------
Total current liabilities 21,426,548 32,750,155
---------------------------------
Other liabilities 4,084,911 4,084,911
Notes Payable - Affiliated Companies -- 54,500,000
---------------------------------
Total liabilities 25,511,459 91,335,066
---------------------------------
Shareholder's equity:
Capital stock -- 2,510
Additional paid-in capital -- 50,133,500
Retained earnings -- 7,983,197
Treasury stock -- --
---------------------------------
Shareholder's equity before
other comprehensive income -- 58,119,207
Other comprehensive income 10,742 (299,208)
---------------------------------
Total shareholder's equity 10,742 57,819,999
---------------------------------
Total liabilities and shareholder's equity $ 25,522,201 $ 149,155,065
=================================
Central Hudson Energy Services
Consolidating Income Statement
December 31, 2002
Unconsolidated
--------------------------------------------------------------------
CHES CHEC CHR PIES
Revenues $ -- $ 10,508,147 $ 3,566,042 $ 242,348
--------------------------------------------------------------------
Total Revenues -- 10,508,147 3,566,042 242,348
Costs of Goods Sold -- 9,896,030 2,194,524 81,764
--------------------------------------------------------------------
Gross Profit -- 612,117 1,371,518 160,584
Other Income (Expense):
Equity in Partnership Income and subsidiaries (2,978,868) 1,236,117 -- --
Interest Income -- 36,119 10,740 4
Interest Expense -- (213,453) (211,635) --
Other Taxes -- (42,919) -- --
Management Fees -- 388,590 -- --
Def'd Dec. 2001 Loss (293,391) -- -- --
Other Income 20,002,864 -- -- --
Other Expenses (5,475,898) -- (1,017,340) (238,200)
--------------------------------------------------------------------
Total Other Income 11,254,707 1,404,454 (1,218,235) (238,196)
Expenses:
Operating Expenses -- -- -- --
Other Expenses -- (4,241) 46,356 --
Employee Costs -- 719,058 1,136,234 133,874
Professional Fees -- 186,540 409,533 --
Marketing and Selling -- 5,517 -- --
Management Fees -- 1,595,502 -- --
Office Rent, Utilities, Supplies -- 254,598 488,355 36,625
Insurance and Employee Benefits -- 349,448 154,596 41,655
Depreciation and Amortization Expense -- 52,837 731,384 21,180
Business Development -- 124 -- --
General and Administrative -- -- 615,796 --
Payroll Taxes -- 58,210 -- --
Allowance for Doubtful Accounts -- (152,399) -- --
Expenses Capitalized into Deferred project Costs -- (50,269) -- --
Travel Expenses -- 9,590 -- 2,362
O&M Expenses -- -- 183,873 --
Pilot -- -- 532,254 --
--------------------------------------------------------------------
Total Other Expenses -- 3,024,515 4,298,381 235,696
Income before Provision for Income Taxes 11,254,707 (1,007,944) (4,145,098) (313,308)
Income Taxes 6,850,585 (583,921) (1,590,194) (127,348)
--------------------------------------------------------------------
Net Income 4,404,122 (424,023) (2,554,904) (185,960)
Dividend 5,800,000 -- -- --
Retained Earnings at Beginning 9,379,075 10,887,361 (1,900,997) (79,433)
--------------------------------------------------------------------
Retain Earnings at End $ 7,983,197 $ 10,463,338 $(4,455,901) $(265,393)
====================================================================
Unconsolidated
---------------------------------------------------------------
GP SCASCO Griffith Total
Revenues $ -- $ 35,353,022 $ 123,520,381 $ 173,189,940
---------------------------------------------------------------
Total Revenues -- 35,353,022 123,520,381 173,189,940
Costs of Goods Sold -- 24,259,681 85,132,674 121,564,673
---------------------------------------------------------------
Gross Profit -- 11,093,341 38,387,707 51,625,267
Other Income (Expense):
Equity in Partnership Income and subsidiaries -- -- -- (1,742,751)
Interest Income 99 3,902 27,468 78,332
Interest Expense -- (240,516) (990,019) (1,655,623)
Other Taxes -- (55,554) (111,105) (209,578)
Management Fees -- -- -- 388,590
Def'd Dec. 2001 Loss -- -- -- (293,391)
Other Income -- 393 93,178 20,096,435
Other Expenses -- (8,489) -- (6,739,927)
---------------------------------------------------------------
Total Other Income 99 (300,264) (980,478) 9,922,087
Expenses:
Operating Expenses -- 4,030,263 14,867,664 18,897,927
Other Expenses -- -- -- 42,115
Employee Costs -- 982,926 6,788,648 9,760,740
Professional Fees -- 275,619 1,272,568 2,144,260
Marketing and Selling -- 1,872,368 3,835,815 5,713,700
Management Fees -- -- -- 1,595,502
Office Rent, Utilities, Supplies -- 451,159 2,574,599 3,805,336
Insurance and Employee Benefits -- 537,406 1,569,049 2,652,154
Depreciation and Amortization Expense -- 1,666,956 4,137,282 6,609,639
Business Development -- -- -- 124
General and Administrative -- 801,663 1,414,429 2,831,888
Payroll Taxes -- -- -- 58,210
Allowance for Doubtful Accounts -- -- -- (152,399)
Expenses Capitalized into Deferred project Costs -- -- -- (50,269)
Travel Expenses -- -- -- 11,952
O&M Expenses -- -- -- 183,873
Pilot -- -- -- 532,254
---------------------------------------------------------------
Total Other Expenses -- 10,618,360 36,460,054 54,637,006
Income before Provision for Income Taxes 99 174,717 947,175 6,910,348
Income Taxes 40 69,683 378,870 4,997,715
---------------------------------------------------------------
Net Income 59 105,034 568,305 1,912,633
Dividend -- -- -- 5,800,000
Retained Earnings at Beginning 105,146 193,656 2,712,496 21,297,304
---------------------------------------------------------------
Retain Earnings at End $105,205 $ 298,690 $ 3,280,801 $ 17,409,937
===============================================================
Central Hudson Energy Services
Consolidating Income Statement
December 31, 2002
Eliminations
-------------------------------------------------------------------
CHES CHEC CHR PIES
Revenues $ -- $ (7,221,052) $ -- $ (214,387)
-------------------------------------------------------------------
Total Revenues -- (7,221,052) -- (214,387)
Costs of Goods Sold (7,435,439)
-------------------------------------------------------------------
Gross Profit -- 214,387 -- (214,387)
Other Income (Expense):
Equity in Partnership Income and subsidiaries 2,978,868 (487,379)
Interest Income
Interest Expense
Other Taxes
Management Fees (168,000)
Def'd Dec. 2001 Loss 293,391 (293,391)
Other Income
Other Expenses (1,017,340) 1,017,340
-------------------------------------------------------------------
Total Other Income 2,254,919 (655,379) 723,949 --
Expenses:
Operating Expenses
Other Expenses
Employee Costs
Professional Fees
Marketing and Selling
Management Fees
Office Rent, Utilities, Supplies
Insurance and Employee Benefits
Depreciation and Amortization Expense
Business Development
General and Administrative
Payroll Taxes
Allowance for Doubtful Accounts
Expenses Capitalized into Deferred project Costs
Travel Expenses
O&M Expenses
Pilot
-------------------------------------------------------------------
Total Other Expenses -- -- -- --
Income before Provision for Income Taxes 2,254,919 (440,992) 723,949 (214,387)
Income Taxes (405,665) 405,665
-------------------------------------------------------------------
Net Income 2,660,584 (440,992) 318,284 (214,387)
Dividend
Retained Earnings at Beginning (10,887,361) 1,900,997 79,433
-------------------------------------------------------------------
Retain Earnings at End $ 2,660,584 $(11,328,353) $ 2,219,281 $ (134,954)
===================================================================
Eliminations
-------------------------------------------------------------------
GP SCASCO Griffith Eliminations
Revenues $ -- $ -- $ -- $ (7,435,439)
-------------------------------------------------------------------
Total Revenues -- -- -- (7,435,439)
Costs of Goods Sold (7,435,439)
-------------------------------------------------------------------
Gross Profit -- -- -- --
Other Income (Expense):
Equity in Partnership Income and subsidiaries 2,491,489
Interest Income --
Interest Expense --
Other Taxes --
Management Fees (168,000)
Def'd Dec. 2001 Loss --
Other Income --
Other Expenses -- --
-------------------------------------------------------------------
Total Other Income -- -- -- 2,323,489
Expenses:
Operating Expenses --
Other Expenses --
Employee Costs --
Professional Fees (168,000) (168,000)
Marketing and Selling --
Management Fees --
Office Rent, Utilities, Supplies --
Insurance and Employee Benefits --
Depreciation and Amortization Expense --
Business Development --
General and Administrative --
Payroll Taxes --
Allowance for Doubtful Accounts --
Expenses Capitalized into Deferred project Costs --
Travel Expenses --
O&M Expenses --
Pilot --
-------------------------------------------------------------------
Total Other Expenses -- (168,000) -- (168,000)
Income before Provision for Income Taxes -- 168,000 -- 2,491,489
Income Taxes --
-------------------------------------------------------------------
Net Income -- 168,000 -- 2,491,489
Dividend --
Retained Earnings at Beginning (105,146) (193,656) (2,712,496) (11,918,229)
-------------------------------------------------------------------
Retain Earnings at End $ (105,146) $ (25,656) $ (2,712,496) $ (9,426,740)
===================================================================
Central Hudson Energy Services
Consolidating Income Statement
December 31, 2002
Consolidated
--------------------------------------------------------------------------
CHES CHEC CHR PIES GP
Revenues $ -- $ 3,287,095 $ 3,566,042 $ 27,961 $ --
--------------------------------------------------------------------------
Total Revenues -- 3,287,095 3,566,042 27,961 --
Costs of Goods Sold -- 2,460,591 2,194,524 81,764 --
--------------------------------------------------------------------------
Gross Profit -- 826,504 1,371,518 (53,803) --
Other Income (Expense):
Equity in Partnership Income and subsidiaries -- 748,738 -- -- --
Interest Income -- 36,119 10,740 4 99
Interest Expense -- (213,453) (211,635) -- --
Other Taxes -- (42,919) -- -- --
Management Fees -- 220,590 -- -- --
Def'd Dec. 2001 Loss -- -- (293,391) -- --
Other Income 20,002,864 -- -- -- --
Other Expenses (6,493,238) -- -- (238,200) --
--------------------------------------------------------------------------
Total Other Income 13,509,626 749,075 (494,286) (238,196) 99
Expenses:
Operating Expenses -- -- -- -- --
Other Expenses -- (4,241) 46,356 -- --
Employee Costs -- 719,058 1,136,234 133,874 --
Professional Fees -- 186,540 409,533 -- --
Marketing and Selling -- 5,517 -- -- --
Management Fees -- 1,595,502 -- -- --
Office Rent, Utilities, Supplies -- 254,598 488,355 36,625 --
Insurance and Employee Benefits -- 349,448 154,596 41,655 --
Depreciation and Amortization Expense -- 52,837 731,384 21,180 --
Business Development -- 124 -- -- --
General and Administrative -- -- 615,796 -- --
Payroll Taxes -- 58,210 -- -- --
Allowance for Doubtful Accounts -- (152,399) -- -- --
Expenses Capitalized into Deferred project Costs -- (50,269) -- -- --
Travel Expenses -- 9,590 -- 2,362 --
O&M Expenses -- -- 183,873 -- --
Pilot -- -- 532,254 -- --
--------------------------------------------------------------------------
Total Other Expenses -- 3,024,515 4,298,381 235,696 --
Income before Provision for Income Taxes 13,509,626 (1,448,936) (3,421,149) (527,695) 99
Income Taxes 6,444,920 (583,921) (1,184,529) (127,348) 40
--------------------------------------------------------------------------
Net Income 7,064,706 (865,015) (2,236,620) (400,347) 59
Dividend 5,800,000 -- -- -- --
Retained Earnings at Beginning 9,379,075 -- -- -- --
--------------------------------------------------------------------------
Retain Earnings at End $ 10,643,781 $ (865,015) $(2,236,620) $(400,347) $ 59
==========================================================================
------------------------------------------------------
SCASCO Griffith Total
Revenues $ 35,353,022 $ 123,520,381 $ 165,754,501
-----------------------------------------------------
Total Revenues 35,353,022 123,520,381 165,754,501
Costs of Goods Sold 24,259,681 85,132,674 114,129,234
-----------------------------------------------------
Gross Profit 11,093,341 38,387,707 51,625,267
Other Income (Expense):
Equity in Partnership Income and subsidiaries -- -- 748,738
Interest Income 3,902 27,468 78,332
Interest Expense (240,516) (990,019) (1,655,623)
Other Taxes (55,554) (111,105) (209,578)
Management Fees -- -- 220,590
Def'd Dec. 2001 Loss -- -- (293,391)
Other Income 393 93,178 20,096,435
Other Expenses (8,489) -- (6,739,927)
-----------------------------------------------------
Total Other Income (300,264) (980,478) 12,245,576
Expenses:
Operating Expenses 4,030,263 14,867,664 18,897,927
Other Expenses -- -- 42,115
Employee Costs 982,926 6,788,648 9,760,740
Professional Fees 107,619 1,272,568 1,976,260
Marketing and Selling 1,872,368 3,835,815 5,713,700
Management Fees -- -- 1,595,502
Office Rent, Utilities, Supplies 451,159 2,574,599 3,805,336
Insurance and Employee Benefits 537,406 1,569,049 2,652,154
Depreciation and Amortization Expense 1,666,956 4,137,282 6,609,639
Business Development -- -- 124
General and Administrative 801,663 1,414,429 2,831,888
Payroll Taxes -- -- 58,210
Allowance for Doubtful Accounts -- -- (152,399)
Expenses Capitalized into Deferred project Costs -- -- (50,269)
Travel Expenses -- -- 11,952
O&M Expenses -- -- 183,873
Pilot -- -- 532,254
-----------------------------------------------------
Total Other Expenses 10,450,360 36,460,054 54,469,006
Income before Provision for Income Taxes 342,717 947,175 9,401,837
Income Taxes 69,683 378,870 4,997,715
-----------------------------------------------------
Net Income 273,034 568,305 4,404,122
Dividend -- -- 5,800,000
Retained Earnings at Beginning -- -- 9,379,075
-----------------------------------------------------
Retain Earnings at End $ 273,034 $ 568,305 $ 7,983,197
=====================================================
EXHIBIT B
Organization Chart
(as of December 31, 2002)
Reference is made to Items 1 and 4 of this Form U-3A-2 for a description
of the companies in Claimant"s Holding Company System. Claimant, directly or
indirectly, owns 100% of all affiliated companies.
Claimant
|
- - - - - - - - - - - - - - - - - - - - - -
| |
Central CHEC
Hudson |
| - - - - - - - - - - - - - -
- - - - - - | |
Phoenix Scasco Griffith
Energy
(ii)