UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K/A
AMENDMENT NO. 1
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended......................December 31, 1999
Commission file number: 1-3268
CENTRAL HUDSON GAS & ELECTRIC CORPORATION
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(Exact name of registrant as specified in its charter)
New York 14-0555980
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
284 South Avenue, Poughkeepsie, New York 12601-4879
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (914) 452-2000
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Securities registered pursuant to Section 12(b) of the Act:
NONE
Securities registered pursuant to Section 12(g) of the Act:
Title of each class
Cumulative Preferred Stock
4 1/2% Series
4.75% Series
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Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
No Yes X
----- -----
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
The aggregate market value of the voting and non-voting common equity held
by non-affiliates of the Registrant as of March 1, 2000, was zero.
The number of shares outstanding of Registrant's Common Stock, as of March
1, 2000 was 16,862,087. All shares are owned by CH Energy Group, Inc.
DOCUMENTS INCORPORATED BY REFERENCE
None.
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THESE CASH FLOW STATEMENTS ARE BEING SUBMITTED DUE TO A TYPOGRAPHICAL ERROR ON
THE ORIGINAL FORM 10-K FILED ON 3/20/00.
CONSOLIDATED STATEMENT OF CASH FLOWS
(In Thousands) Year ended December 31,
1999 1998 1997
---- ---- ----
Operating Activities
Net Income....................... $ 51,881 $ 52,544 $ 55,086
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization
including nuclear fuel
amortization............... 51,186 49,011 48,348
Deferred income taxes, net.... 4,219 (116) 14,077
Allowance for equity funds used
during construction.......... - (585) (387)
Nine Mile 2 Plant deferred
finance charges, net......... (4,855) (4,855) (4,855)
Provisions for uncollectibles. 2,930 2,639 3,493
Net accrued/deferred pension
costs........................ (10,968) (12,277) (8,555)
Deferred gas costs........... 3,080 1,072 3,475
Deferred gas refunds.......... (19) (1,640) 1,695
Other - net................... 9,297 4,888 7,233
Changes in current assets and
liabilities, net:
Accounts receivable and unbilled
utility revenues............. (10,385) (46) (4,420)
Materials and supplies........ (6,975) 513 3,995
Special deposits and
prepayments.................. 17,746 (20,613) (770)
Accounts payable.............. 8,784 (777) (1,769)
Accrued taxes and interest.... (6,715) 3,094 (2,107)
Other current liabilities..... (221) 1,695 (61)
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Net cash provided by operating
activities...................... 108,985 74,547 114,478
------- -------- -------
The Notes to Consolidated Financial Statements are an integral part hereof.
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONT'D)
(In Thousands) 1999 1998 1997
---- ---- ----
Investing Activities
Additions to plant............... (46,495) (45,661) (43,868)
Allowance for equity funds used
during construction............. - 585 387
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Net additions to plant........... (46,495) (45,076) (43,481)
Competitive Business Affiliates
fixed asset additions........... (38,381) (19,460) -
Nine Mile 2 Plant decommissioning
trust fund...................... (868) (868) (868)
Other - net...................... (589) (801) 396
------- -------- -------
Net cash used in investing
activities...................... (86,333) (66,205) (43,953)
------- -------- -------
Financing Activities
Proceeds from issuance of:
Long-term debt................. 176,250 35,250 2,000
Net borrowings (repayments) of
short-term debt................. 32,000 18,000 (15,600)
Retirement & redemption
of long-term debt............... (185,462) (2,466) (2,282)
Dividends paid on cumulative
preferred and common stock...... (39,652) (39,936) (40,426)
Debt issuance costs.............. (4,531) - -
Reacquired capital stock......... - (17,745) (9,398)
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Net cash used in financing
activities...................... (21,395) (6,897) (65,706)
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Net Change in Cash and Cash
Equivalents....................... 1,257 1,445 4,819
Cash and Cash Equivalents at
Beginning of Year................. 10,499 9,054 4,235
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Cash and Cash Equivalents at End
of Year........................... $ 11,756 $ 10,499 $ 9,054
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Supplemental Disclosure of Cash
Flow Information
Interest paid (net of amounts
capitalized)................... $ 26,236 $ 24,002 $ 24,309
Federal income taxes paid...... 29,025 26,900 17,111
The Notes to Consolidated Financial Statements are an integral part hereof.
56
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, Central Hudson has duly caused this Report to
be signed on its behalf by the undersigned, thereunto duly authorized.
CENTRAL HUDSON GAS & ELECTRIC
CORPORATION
By /s/ Paul J. Ganci
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Paul J. Ganci
Chairman of the Board and
Chief Executive Officer
Dated: March 23, 2000
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