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You mean these sensors in Private Homes that have nothing to do with HE?
"The data was collected by a network of smart sensors called Ting.
The sensors are distributed to homeowners by insurance companies. They’re designed to detect electrical hazards that could spark a house fire."
https://www.hawaiinewsnow.com/2023/08/18/new-data-reveals-dozens-power-grid-malfunctions-leading-up-maui-wildfires/
Also the timing of that WSJ article about reaching out to restructuring firm. To cause further FUD to drop it down to $9. 2 days before dividends.
How did they get that information? This is a public company and no news or press release by them. Who benefited from that release of information? This is a leak in plain site and it's criminal IMO.
But anyways... I'm confident, but I could be wrong too.
Your talking about a message from 6 years ago.
All bears trying to fear mongering here
I get what you're saying.
Bloomberg had a guy on talking about it, and the sensors they have in place all over. He said the sensors were going off basically all over, and they still failed to shut down, which the sensors were alerting them to do..
I've wanted to be bullish here, but from what I've read, it really looks like HE is going to be on the hook. And with HE reaching out to restructuring firms already, it appears they know they're on the hook.
I could of course be wrong, but it's not looking good.
So let me get this straight. The electric company should preemptively shut down power by predicting an act of god. Makes total sense....
https://abc7ny.com/maui-fires-hawaii-wildfire-hawaiian-electric-lawsuit-power-lines/13657819/
Plus, they are in talks with restructuring firms.
You said "they have video proof". Who is they?
Welp... Today they said they have video proof HE is at fault, with their equipment failing, sending massive amounts of sparks, which started fires.
Game Over
halted and down it goes, could go to $10 who knows my opinion
I call it Educated. I seen the propaganda being shown. Anyways no point in us arguing you're out and I'm in. I will take your luck as a blessing. Cheers.
Calling a lawsuit frivolous, without it actually starting, and evidence being shown...
Is called wishful thinking.
Good luck!
Not the same. The lawsuits are frivolous, made up to tank the share price.
Uncle.
I guess people are dead, and HE is the main suspect...
Looks like a repeat of the California shit show.
Lawsuits, bankruptcy.
New beginning.
In at 15. The volatility is equivalent to bio stocks, I fit right in.
I am a buyer at $18, gonna bid sit this one.
Government shutdown looming...
If trump shuts down the goervermnet and it ends up that he doesn’t sign the bill by Dec. 31 11:59pm. The whole Farm Bill is thrown away and has to start all over. With a new House and a new Senate. I feel this is why it’s dropped today not due to a pump and dump. All hemp stocks are down today and not by a little by a lot...
There is more evidence to support this than a pump and dump sham.
There is NOTHING up with this stock. They have no cutomers, no sales and no products that anyone wants. It's a stock selling scam. Run as far away from this thing as possible as quickly as possible unless you like losing your money.
$HE DD Notes ~ http://www.ddnotesmaker.com/HE
bullish
$HE recent news/filings
## source: finance.yahoo.com
Wed, 24 Sep 2014 22:03:27 GMT ~ NYSE stocks posting largest volume increases
[AP] - A look at the 10 biggest volume gainers on New York Stock Exchange at the close of trading: China Green Agriculture Inc. : Approximately 13,288,500 shares changed hands, a 6,591.2 percent increase over ...
read full: http://sg.finance.yahoo.com/news/nyse-stocks-posting-largest-volume-220412869--finance.html
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Mon, 22 Sep 2014 18:35:00 GMT ~ [video] Street Talk: RLGY, WAG, THS, POL & HE
read full: http://video.cnbc.com/gallery/?video=3000312542&__source=yahoo%7cheadline%7cquote%7cvideo%7c&par=yahoo
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Mon, 22 Sep 2014 18:35:00 GMT ~ Street Talk: RLGY, WAG, THS, POL & HE
read full: http://finance.yahoo.com/video/street-talk-rlgy-wag-ths-183500967.html
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Mon, 22 Sep 2014 13:33:30 GMT ~ Hawaiian Electric upgraded by Gabelli & Co
read full: http://finance.yahoo.com/q/ud?s=HE
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Thu, 11 Sep 2014 10:00:00 GMT ~ HAWAIIAN ELECTRIC INDUSTRIES INC Files SEC form 8-K, Change in Directors or Principal Officers, Other Events, Financi
read full: http://biz.yahoo.com/e/140911/he8-k.html
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$HE charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$HE company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/HE/company-info
Ticker: $HE
OTC Market Place: Not Available
CIK code: 0000354707
Company name: Hawaiian Electric Industries, Inc.
Company website: http://www.hei.com
Incorporated In: HI, USA
$HE share structure
## source: otcmarkets.com
Market Value: $2,737,331,097 a/o Sep 24, 2014
Shares Outstanding: 102,560,176 a/o Jul 31, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value
$HE extra dd links
Company name: Hawaiian Electric Industries, Inc.
Company website: http://www.hei.com
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/HE/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/HE/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=HE+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=HE+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=HE+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/HE/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/HE/news - http://finance.yahoo.com/q/h?s=HE+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/HE/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/HE/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/HE/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/HE/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/HE/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/HE/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/HE/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/HE/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=HE+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/HE
DTCC (dtcc.com): http://search2.dtcc.com/?q=Hawaiian+Electric+Industries%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Hawaiian+Electric+Industries%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Hawaiian+Electric+Industries%2C+Inc.&x=0&y=0
WHOIS (domaintools.com): http://whois.domaintools.com/http://www.hei.com
Alexa (alexa.com): http://www.alexa.com/siteinfo/http://www.hei.com#
Corporate website internet archive (archive.org): http://web.archive.org/web/*/http://www.hei.com
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/HE/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/HE
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/HE/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/HE/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/HE/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000354707&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/HE/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/HE/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/HE/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/HE/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=HE&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=HE
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/HE/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=HE+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=HE+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=HE
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=HE
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=HE+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/HE/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=HE+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/HE.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=HE
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/HE/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/HE/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/HE/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/HE/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/HE
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/HE
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/HE:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=HE
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=HE
$HE DD Notes ~ http://www.ddnotesmaker.com/HE
~ Thurs-Fri $HE ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $HE ~ Earnings expected on Thursday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=HE&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=HE&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=HE
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=HE#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=HE+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=HE
Finviz: http://finviz.com/quote.ashx?t=HE
~ BusyStock: http://busystock.com/i.php?s=HE&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=HE >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
whats up with this stock
i just heard about this company my friend was saying they have been around since the depression and they are about to take a divie along with the whole stock market and this is a really good company that pays divies every quater and is very strong
Anybody still tracking this company?
this is good stock to buy, dividend save. almost 6 % yeild.
Hawaiian Electric Company Names New President & CEO
Hawaiian Electric Company, subsidiary of Hawaiian Electric Industries, Inc. (HEI) (NYSE:HE), today announced that Richard M. Rosenblum has been named President and CEO, effective January 1, 2009. Rosenblum replaces T. Michael May, who stepped down as President and CEO in August of this year.
Rosenblum, age 58, comes to Hawaii with 32 years of experience in all phases of utility operations at Southern California Edison (SCE), California’s largest electric utility. Most recently, he held the position of Senior Vice President of Generation, responsible for all of SCE’s power generation facilities. During that tenure, Rosenblum helped initiate the nation’s largest solar photovoltaic project, which aims to install 250 megawatts of solar generating capacity on commercial rooftops around Southern California.
Previously, he served for over seven years as senior vice president of the Transmission and Distribution business unit, responsible for the delivery of electricity in SCE’s 50,000-square-mile service territory. He has also held the positions of vice president of Engineering and Technical Services and vice president of SCE’s Distribution business unit, which included responsibility for customer service.
He has a background in nuclear generation, previously holding management positions at SCE’s San Onofre Nuclear Generating Station and serving as Chief Nuclear Officer for the company. Rosenblum earned bachelors and masters degrees in nuclear engineering from Rensselaer Polytechnic Institute.
Rosenblum and his wife Michele have been part-time residents of Hawaii for over 20 years, with a home on the Big Island.
“Dick brings broad experience in all major areas of the utility business, proven leadership skills, and a belief in our strategic vision to help Hawaii create a clean energy future,” said Constance Lau, HEI President and Chief Executive Officer and Chairman of the Hawaiian Electric Company Board. “He has a reputation as an astute, open and approachable leader, qualities essential for the increasing collaboration needed in our business.” “This is a pivotal time for the energy industry, especially in Hawaii. I am pleased to have the opportunity be a part of these efforts, working with the company’s solid management team,” said Rosenblum. “Having been blessed to spend quite a bit of time here over the past 20 years, I appreciate that Hawaii is a unique and special place and that it is important to find solutions that are right for the Islands. I firmly believe that a utility must have a long-term vision developed in cooperation with the communities it serves and I expect to learn a lot by listening to the community, our employees, and our other stakeholders.” Hawaiian Electric Company, and its subsidiaries, Hawaii Electric Light Company and Maui Electric Company, supply the energy needs of over 400,000 customers or 95% of Hawaii’s population.
HONOLULU – Crews gradually restored electrical service across parts of Oahu on Saturday after a power failure blacked out the island's population of about 900,000 and thousands of visitors including President-elect Barack Obama.
Residents had been urged to just stay home after the lights went out during a thunderstorm Friday evening. Hawaiian Electric Co. was investigating the cause.
Service had been restored to about 180,000 of the utility's 295,00 customers by 8:30 a.m. Saturday, power company officials said.
Obama, wife Michelle, and daughters Malia and Sasha are staying in a $9 million, five-bedroom oceanfront home near downtown Honolulu.
Honolulu Mayor Mufi Hannemann told The Associated Press that while he did not talk with Obama directly, he had conveyed an offer for assistance shortly after the blackout began and was told the president-elect and his family were doing fine.
"He replied he didn't need anything, was grateful for our offer and was going to put his family to bed," Hannemann said.
Hannemann said three generators had been installed earlier for Obama's rented compound. He said a fourth generator which Gov. Linda Lingle had sent for Obama was turned away, but the power company later set up a bigger one in the neighborhood in case it was needed.
Hawaiian Electric Co. spokeswoman Jan Loose said power to some neighborhoods would likely not be restored until late Saturday.
"Keep your fingers crossed. We should have everybody restored. But folks on the east side will be out most of the morning," Loose said in radio interviews.
The Honolulu Advertiser said the island-wide blackout prevented printing and delivery of the paper Saturday, but it provided an electronic edition on its Web site headlined "POWERLESS."
Honolulu International Airport operated on emergency generators, with flights delayed up to several hours. Some incoming passengers were kept on planes for extended periods.
Hawaiian Electric spokesman Peter Rosegg said the initial power outage hit at 6:45 p.m., affecting most of the island. The rest of Oahu lost power two hours later when the last generator failed.
The telephone provider Hawaiian Telcom kept most of its system in service on generator and battery backup, spokeswoman Ann Nishida said.
The outage closed stores at major retail outlets just after sunset, halting post-Christmas shopping a couple of hours early.
Highways were clogged as everyone tried to get home at once without stoplights to control traffic.
"I would advise ... everyone to just go to sleep," Lingle said in a radio interview late Friday
FORGOT TO LOOK IN MY BROKERAGE ACCOUNT TO SEE MY DIVIDEN ON THE 10TH ON THE MONTH. I REMMBER WHEN THEY PEOPLE SENT OUT THE STOCK, BUT NO MORE.
YOU NEED TO SEE IF THEY GOING GET ANY TARF MONEY? I HAVE ANY YET. IT ALL USED UP NOW.
you need check it.
Actually no. Haven't gotten that far into them....
i think it good investment. you know they own bank also.
Great point dragon man.
I'm watching this one at this point..want to see which way the tide flows before buying any
i think this good company. i just remember what Obama talk about carbon credit and each year they go up in price and there be less of them. he was going make big change in . to import coal and make blend of oil and coal.
Possibly, but doing the electric car stations may put them in
the good graces..this $23.00 offering is interesting to see what happens
you have to wait and see. it well run company but obammer may come down hard on them because they burn so much oil.
this company used oil to make energy. no coal plants, or water plant . think the try wave tech to make power from ocean, but can not remember how good it was or if they in to that big time.
i own this stock for long time . good dividend stock. they also own bank. in the last annual report, all the people what on wild hawaiian shirt.
Hawaii Makes Big Bet on Electric Cars
* Article
* Comments
more in US »
By REBECCA SMITH
Hawaii's governor unveiled a plan to create an electric-car network for the islands by 2012, part of an ambitious effort to wean the state from near-complete dependence on oil for its energy needs.
The plan, put forth by Republican Gov. Linda Lingle, calls for creating a public-private partnership with closely held Better Place to create 70,000 to 100,000 recharging points that would support plug-in electric cars expected to be available after 2011. Hawaii's biggest utility, Hawaiian Electric Co., also will aid in the rollout, and may offer special recharging rates, but doesn't intend to be an investor.
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Hawaii Makes Big Bet on Electric Cars
Associated Press
Gov. Linda Lingle aims to wean Hawaii from its dependence on oil.
Hawaii Makes Big Bet on Electric Cars
Hawaii Makes Big Bet on Electric Cars
Better Place, a Palo Alto, Calif., company founded in 2007 by former SAP AG executive Shai Agassi, is pursuing similar arrangements in Israel, Australia, Denmark and the San Francisco area. The challenge of building a huge number of recharging points is daunting, and Better Place has yet to line up financing, estimated at $75 million to $100 million, for the Hawaii venture.
Under the plan, consumers would buy or lease electric cars, and Better Place would supply recharging services and batteries. Consumers would have a choice of buying mileage plans -- which would include recharging services and battery swaps -- or being guests on the network and paying for each battery charge. Mr. Agassi said his firm will buy renewable electricity to cover his network's needs.
Gov. Lingle said Tuesday the arrangement with Better Place will "help Hawaii get off its extreme oil addiction," which costs the state $7 billion a year.
Under the Hawaii Clean Energy Initiative, created in January, the state intends to cut its dependence on oil to 30% from 90% by 2030. To do so, it must ramp up electricity production from renewable resources, like the wind and sun, and use electricity to displace gasoline in some portion of its 1.1 million vehicles. The state also sees a big role for biodiesel to fuel cars and power plants, especially if made by returning fallow land to agricultural use.
[Hawaii Makes Big Bet on Electric Cars]
Hawaiians pay high electricity prices because costly oil is burned to produce power. The price of electricity ranges from 24.9 cents per kilowatt hour on Oahu to 38.5 cents on Hawaii, the big island, compared with an average of 8.9 cents in the continental U.S. Such high prices should encourage the development of renewable energy. But there has been a big impediment: Electricity can't be moved among the six major islands, because there aren't adequate transmission lines.
That could be changing. There are now proposals to build large wind farms on Molokai and Lanai, and to turn those two islands, along with Maui, into a single grid, with the help of undersea cables. Surplus energy would be sent to Oahu, which consumes 80% of the state's electricity, on another undersea transmission line. These transmission upgrades could cost $750 million to $1 billion.
Other structural impediments could be removed. In late October, the Hawaii Public Utilities Commission opened proceedings that will change the way utilities are compensated for electricity sales, in an attempt to sweep away financial rewards for selling more kilowatt hours. The regulatory body is considering creating wholesale prices for power purchased by utilities from green sources.
Write to Rebecca Smith at rebecca.smith@wsj.com
Hawaii to be 1st state with electric car stations
Wednesday December 3, 9:34 am ET
By Audrey Mcavoy, Associated Press Writer
Hawaii aims to be first state with electric car stations
HONOLULU (AP) -- Hawaii has unveiled plans to be first in the nation to roll out electric car stations statewide -- a move the governor hailed as a major step toward weaning the islands off oil.
Hawaii imports foreign oil for almost 90 percent of its energy needs. One-third of that oil is used to power cars and buses on island streets.
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Gov. Linda Lingle said Tuesday the program would help Hawaii meet its goal of slashing fossil fuel use 70 percent by 2030.
"This is the preferred future," Lingle said at a press conference. "Today is a part of the execution of our energy independence, and our getting off the addiction to oil."
Better Place, a Palo Alto, Calif.-based company, will build the car recharging stations and provide recharged batteries for electric cars.
The company will purchase renewable energy -- such as wind power -- from Hawaiian Electric Co., the state's largest utility.
Better Place plans to have the stations open for the mass market by 2011. It expects to build between 50,000 to 100,000 charge spots -- in parking lots, downtown streets, and neighborhoods -- across the state by early 2012.
Other communities, like the San Francisco Bay area, have announced plans to host Better Place recharging stations. But Hawaii aims to be the first to have the stations statewide. Better Place also has deals to create electric vehicle infrastructures in Israel, Denmark and Australia.
Shai Agassi, Better Place's founder and chief executive officer, said the Nissan Motor Co.-Renault SA auto alliance has agreed to make electric cars that would be recharged at the stations.
Better Place is also talking to other automakers, including the U.S. Big Three: Chrysler LLC, Ford Motor Co., and General Motors Corp. Ford is planning to accelerate the roll-out of electric vehicles as part of its restructuring plan, submitted to Congress Tuesday. The first plug-in vehicle will be a Transit Connect small van for commercial use in 2010 and a car the size of the Ford Focus compact the following year.
Ford also said it will accelerate plans for hybrid gas-electric vehicles.
Lingle said other carmakers have an incentive to follow Nissan/Renault because they would want to sell cars in the new markets Better Place is creating.
"Nobody will want to be left on the sidelines once these networks are up," Lingle said.
Agassi said the electric cars will cost the same as gasoline powered vehicles.
Over time, however, they will be cheaper to make because they will use half as many parts as cars with internal combustion engines.
Better Place picked Hawaii for the first statewide rollout in part because the islands are a contained environment, with few vehicles coming in and out, Agassi said. Better Place would need to build a bigger network across several states to serve some mainland markets.
Hawaii also has abundant renewable energy resources, including wind, solar, geothermal and wave power. This is important because Better Place won't use oil, and aims to have a "zero carbon footprint."
For example, Agassi said Better Place plans to recharge its batteries at night with power from Hawaii's wind farms. That power normally goes unused because of Hawaii's low nighttime energy needs.
Agassi sees Hawaii as an ideal place to show off Better Place technology because the state welcomes over five million tourists each year from the U.S. mainland, Japan, Canada and the rest of the world.
"If we can get them into electric cars when they rent, we do two great things," Agassi said. "One, we avoid emissions and, two, we use the opportunity to educate them, to teach them in Hawaii how it needs to be done in the rest of the world."
Lingle said the state doesn't expect to spend any money to facilitate the network. However, she said the state may need to offer tax breaks or other incentives to encourage people to buy electric vehicles when they are first offered.
Better Place to build Hawaiian electric car network
20081117_5075_betterplace
photo: Better Place
Silicon Valley startup Better Place on Tuesday announced a deal with Hawaii’s governor and the state’s biggest utility to build an electric car charging network throughout the islands.
The agreement comes less than two weeks after Better Place CEO Shai Agassi and the mayors of Northern California’s three largest cities unveiled a plan to build an electric car infrastructure for the San Francisco Bay Area. Better Place also has signed similar deals with governments in Australia, Denmark and Israel.
Agassi said the network of charging posts and battery swapping stations will be ready by 2012. That’s roughly the target date for Better Place’s other projects, which means the year-old startup will be simultaneously building electric car networks in four countries while raising billions of dollars in project finance.
Renault-Nissan will supply electric cars for the network. Better Place will own the car batteries and charge drivers for the miles (or kilometers) driven. By removing the battery from the purchase price of electric cars - the most expensive component - Better Place hopes to sell vehicles at prices competitive with their fossil-fueled counterparts.
Appearing with Agassi at a press conference at the capitol in Honolulu, Hawaii Governor Linda Lingle said the Better Place partnership offers the state the opportunity to slash the $7 billion it spends annually on imported oil and provide a market for renewable energy. Hawaiians pay some of the highest gasoline prices in the U.S. and the state has set a goal of obtaining 70% of its energy from solar, wind and other renewable sources by 2030.
“It’s not a simple goal - we’re looking to end our dependence on oil,” said Agassi, who shed his customary dark suit for a gray polo shirt and wore a lei. “Any form of renewable energy - wind, solar, geothermal - is here in Hawaii.”
“This will be the blueprint where six or seven million visitors will come and experience first-hand what it’s like to drive an electric car,” added Agassi, 40, a former top executive at business software giant SAP. “You couldn’t ask for a better advertisement.”
Utility Hawaiian Electric (HE), which supplies 95% of the state’s power, will generate renewable electricity equal to what the Better Place network consumes and work with the company on developing the charging infrastructure.
“The price of oil is irrelevant to us - we have to reach a clean and secure energy future,” Lingle said.
Better Place’s latest deal came on the same day that General Motors (GM) and Ford, which have asked for a multi billion-dollar bailout from Congress, (F) announced plans ramp up production of hybrid and electric cars.
“It’s a win-win-win - the only loser in the equation is oil and that’s ok,” said Hawaiian Electric executive vice president Robbie Alm. “Green cars will provide the market for renewable energy.”
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Hawaiian Electric Industries, Inc. Announces Pricing of Common Stock Offering
HONOLULU, Dec 02, 2008 (BUSINESS WIRE) -- Hawaiian Electric Industries, Inc. (NYSE:HE) announced today that it priced a public offering of 5,000,000 shares of its common stock at $23 per share for gross proceeds of $115 million. In addition, the underwriters have an over-allotment option to purchase up to an additional 750,000 shares of common stock from HEI. HEI intends to use the net proceeds from the sale to repay its outstanding short-term indebtedness consisting of borrowings under its line of credit facility and commercial paper borrowings and to make loans to its subsidiary, Hawaiian Electric Company, Inc. ("HECO"), principally to permit HECO to repay a portion of its outstanding commercial paper borrowings. The proceeds of HECO's commercial paper borrowings were partly used to finance HECO's ongoing capital expenditure programs.
Morgan Stanley & Co. Incorporated is the sole book-running manager for the offering. Goldman, Sachs & Co., Robert W. Baird & Co. Incorporated and D.A. Davidson & Co. are co-managers for the offering.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such jurisdiction. The offering may be made by means of a prospectus and a related prospectus supplement, copies of which may be obtained when available from Morgan Stanley & Co. Incorporated, c/o Prospectus Department, 180 Varick Street 2/F, New York, New York 10014 or by email at prospectus@morganstanley.com.
Forward-looking Statements
Certain statements herein constitute "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those indicated, including the changing of regional and national economic conditions, changes in the real estate market, changes in levels of market interest rates, credit risks on lending activities, and competitive and regulatory factors. All forward-looking statements are necessarily speculative and undue reliance should not be placed on any such statements, which are accurate only as of the date made. HEI disclaims any duty to update such forward-looking statements.
Forward-looking statements in this release should be read in conjunction with the "Forward-Looking Statements" discussion (which is incorporated by reference herein) set forth on pages iv and v of HEI's Quarterly Report on Form 10-Q for the quarter ended September 30, 2008, and in HEI's future periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements.
SOURCE: Hawaiian Electric Industries, Inc.
Hawaiian Electric Industries, Inc.
Suzy P. Hollinger, 808-543-7385
808-203-1155 Facsimile
Manager, Treasury and Investor Relations
E-mail: shollinger@hei.com
©2004-2008 HAWAIIAN ELECTRIC INDUSTRI
Hawaiian Electric Industries, Inc. Reports Solid Third Quarter 2008 Results
HONOLULU--(BUSINESS WIRE)--Nov. 4, 2008--Hawaiian Electric Industries, Inc. (NYSE:HE) today reported consolidated net income for the third quarter of 2008 of $37.3 million, or $0.44 per share, compared to $19.9 million, or $0.24 per share for the third quarter of 2007.
"Our earnings showed significant improvement over our unusually low results in the third quarter of 2007, which included a utility customer refund accrual that reduced those results by $0.10 a share," said Constance H. Lau, HEI president and chief executive officer. "Our utilities continued to regain financial strength due to interim rate relief received primarily in the last quarter of 2007. The bank's earnings improved 31% quarter-over-quarter, benefitting from a steeper yield curve, continued good credit quality and lower expenses resulting from performance improvement initiatives. Additionally, holding and other companies' losses in the quarter were lower than in the same period in 2007 primarily due to lower interest expense," noted Lau.
UTILITY RESULTS
Electric utility net income for the third quarter of 2008 was $25.9 million compared with $12.9 million for the same quarter in 2007 and $23.7 million for the same quarter in 2006. "Third quarter earnings a year ago were unusually low as our Oahu utility accrued an $8.3 million, or $0.10 per share, net-of-tax refund related to its 2005 test year rate case and awaited rate increases to recover and earn a return on reliability investments and to recover higher operating costs," said Lau.
Kilowatthour sales were lower by 2.6% quarter-over-quarter due to greater customer conservation and a slowing economy. These two factors are expected to reduce our 2008 and 2009 sales forecasts slightly below original projections. "Clearly, with the economic downturn and the dramatic impact of rising fuel costs on electricity prices during the quarter, customers have redoubled their efforts to conserve energy. In view of the economic downturn, we expect this conservation trend to continue even with recent declines in the fuel price component of our customer bills," said Lau.
Other operations and maintenance (O&M) expenses were up 5% quarter-over-quarter as higher operations expenses for customer efficiency programs and production operations were partially offset by lower production maintenance expenses resulting primarily from changes in generating unit overhaul schedules. The expected increase in full-year 2008 O&M expenses continues to be roughly 6% over 2007, but actual levels could be influenced by a number of factors that cannot be predicted.
The utility also recorded $1.1 million in higher quarter-over-quarter depreciation expenses due to 2007 plant additions.
BANK RESULTS
Bank net income for the third quarter of 2008 was $15.4 million, compared to $11.7 million for the same quarter last year. Return on assets in the third quarter of 2008 was 1.11% compared to 0.69% in the third quarter of 2007.
Net interest income in the third quarter of 2008 was $52.3 million compared to $47.7 million in the third quarter of 2007. The impact of lower interest expense, primarily due to lower balances of borrowings and lower rates on deposits and borrowings, more than offset the decline in interest income primarily from lower investment balances and lower yields on loans. The lower balances of investments and borrowings in the third quarter of 2008 were a result of the balance sheet restructuring executed in June 2008. Net interest margin expanded to 4.08% in the third quarter of 2008, compared with 2.97% in the third quarter of 2007.
"We are pleased with the bank's third quarter results," said Lau. "In spite of the continued volatility in the financial and credit markets during the quarter, the bank continued to perform well. Third quarter results show the improvements in net interest margin and return on assets we expected to achieve from the June balance sheet restructuring."
The bank recorded a $2.0 million provision for possible loan losses in the third quarter, compared to a $2.7 million provision in the third quarter of 2007. "The overall credit quality of the bank's loan portfolio remains good. However, we are seeing the effects of the slowing economy in modestly rising delinquencies and the reclassification of some commercial loans. We remain cautious and continue to actively monitor our loan portfolios," added Lau.
Noninterest income in the third quarter of 2008 was $16.7 million compared to $17.2 million in the same quarter in 2007. Higher fee income from deposit liabilities was more than offset by lower fee income from other financial services, other financial products and other income.
Noninterest expense was $1.3 million lower in the third quarter of 2008 than in the third quarter of 2007. Lower services and other expenses were partially offset by an increase in compensation and benefits expense quarter over quarter. The $3.0 million increase in compensation and benefits was primarily due to a $0.9 million accrual for incentive compensation in the third quarter of 2008, compared with a $1.4 million reversal of accrued incentive compensation in the third quarter of 2007.
HOLDING AND OTHER COMPANIES' RESULTS
The holding and other companies' net losses were $4.1 million in the third quarter of 2008 compared with $4.7 million in the third quarter of 2007.
WEBCAST AND TELECONFERENCE
Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review its third quarter 2008 earnings on Wednesday, November 5, 2008, at 8:00 a.m. Hawaii Time (1:00 p.m. Eastern Time). The event can be accessed through HEI's website at http://www.hei.com or by dialing (800) 299-7089, passcode: 86433944 for the teleconference call.
An online replay of the webcast will be available at the same website beginning about two hours after the event. Replays of the teleconference call will also be available approximately two hours after the event through November 19, 2008, by dialing (888) 286-8010, passcode: 98026401.
Representing management will be Constance H. Lau, president and chief executive officer, Hawaiian Electric Industries, Inc. and chairman, Hawaiian Electric Company, Inc.; and Timothy K. Schools, president, American Savings Bank, F. S. B.
HEI supplies power to over 400,000 customers or 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Ltd. and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, F.S.B., one of Hawaii's largest financial institutions.
FORWARD-LOOKING STATEMENTS
This release may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as expects, anticipates, intends, plans, believes, predicts, estimates or similar expressions. In addition, any statements concerning future financial performance (including future revenues, expenses, earnings or losses or growth rates), ongoing business strategies or prospects and possible future actions, which may be provided by management, are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and assumptions about HEI and its subsidiaries, the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the "Forward-Looking Statements" discussion (which is incorporated by reference herein) set forth on page iv of HEI's Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, and in HEI's future periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. Forward-looking statements speak only as of the date of this release.
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months Nine months
ended September 30, ended September 30,
---------------------- -----------------------
(in thousands, except
per share amounts) 2008 2007 2008 2007
----------------------------------------------------------------------
Revenues
Electric utility $ 827,788 $ 567,615 $2,139,798 $1,508,005
Bank 87,675 105,507 279,469 317,493
Other (32) 339 (164) 2,749
----------- ---------- ----------- -----------
915,431 673,461 2,419,103 1,828,247
----------- ---------- ----------- -----------
Expenses
Electric utility 775,941 536,249 1,981,572 1,434,858
Bank 62,983 86,960 262,406 260,824
Other 2,378 2,235 8,648 10,698
----------- ---------- ----------- -----------
841,302 625,444 2,252,626 1,706,380
----------- ---------- ----------- -----------
Operating income (loss)
Electric utility 51,847 31,366 158,226 73,147
Bank 24,692 18,547 17,063 56,669
Other (2,410) (1,896) (8,812) (7,949)
----------- ---------- ----------- -----------
74,129 48,017 166,477 121,867
----------- ---------- ----------- -----------
Interest expense-other
than on deposit
liabilities and other
bank borrowings (19,345) (19,589) (56,780) (59,382)
Allowance for borrowed
funds used during
construction 967 656 2,564 1,840
Preferred stock
dividends of
subsidiaries (471) (474) (1,417) (1,420)
Allowance for equity
funds used during
construction 2,426 1,336 6,432 3,770
----------- ---------- ----------- -----------
Income before income
taxes 57,706 29,946 117,276 66,675
Income taxes 20,425 10,065 40,892 22,481
----------- ---------- ----------- -----------
Net income $ 37,281 $ 19,881 $ 76,384 $ 44,194
=========== ========== =========== ===========
Basic earnings per
common share $ 0.44 $ 0.24 $ 0.91 $ 0.54
=========== ========== =========== ===========
Diluted earnings per
common share $ 0.44 $ 0.24 $ 0.91 $ 0.54
=========== ========== =========== ===========
Dividends per common
share $ 0.31 $ 0.31 $ 0.93 $ 0.93
=========== ========== =========== ===========
Weighted-average number
of common shares
outstanding 84,625 82,481 84,052 81,949
=========== ========== =========== ===========
Adjusted weighted-
average shares 84,842 82,640 84,182 82,180
=========== ========== =========== ===========
Net income (loss) by
segment
Electric utility $ 25,932 $ 12,875 $ 77,949 $ 23,978
Bank 15,405 11,731 11,888 35,909
Other (4,056) (4,725) (13,453) (15,693)
----------- ---------- ----------- -----------
Net income $ 37,281 $ 19,881 $ 76,384 $ 44,194
=========== ========== =========== ===========
Twelve months
ended September 30,
-------------------------
(in thousands, except
per share amounts) 2008 2007
-------------------------------------------------
Revenues
Electric utility $2,738,107 $ 2,014,034
Bank 387,471 419,960
Other 1,696 1,332
------------ ------------
3,127,274 2,435,326
------------ ------------
Expenses
Electric utility 2,522,443 1,908,246
Bank 343,067 348,485
Other 13,422 13,568
------------ ------------
2,878,932 2,270,299
------------ ------------
Operating income (loss)
Electric utility 215,664 105,788
Bank 44,404 71,475
Other (11,726) (12,236)
------------ ------------
248,342 165,027
------------ ------------
Interest expense-other
than on deposit
liabilities and other
bank borrowings (75,954) (78,534)
Allowance for borrowed
funds used during
construction 3,276 2,460
Preferred stock
dividends of
subsidiaries (1,887) (1,893)
Allowance for equity
funds used during
construction 7,881 5,144
------------ ------------
Income before income
taxes 181,658 92,204
Income taxes 64,689 31,893
------------ ------------
Net income $ 116,969 $ 60,311
============ ============
Basic earnings per
common share $ 1.40 $ 0.74
============ ============
Diluted earnings per
common share $ 1.39 $ 0.74
============ ============
Dividends per common
share $ 1.24 $ 1.24
============ ============
Weighted-average number
of common shares
outstanding 83,788 81,781
============ ============
Adjusted weighted-
average shares 83,906 81,984
============ ============
Net income (loss) by
segment
Electric utility $ 106,127 $ 36,985
Bank 29,086 45,176
Other (18,244) (21,850)
------------ ------------
Net income $ 116,969 $ 60,311
============ ============
This information should be read in conjunction with the consolidated
financial statements and the notes thereto for the year ended
December 31, 2007 (included in HEI's Form 8-K dated February 21,
2008) and the consolidated financial statements and the notes thereto
in HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended
March 31, 2008, June 30, 2008 and September 30, 2008 (when filed).
Results of operations for interim periods are not necessarily
indicative of results to be expected for future interim periods or
the full year.
Hawaiian Electric Company, Inc. (HECO) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
--------------------- -----------------------
(in thousands) 2008 2007 2008 2007
----------------------------------------------------------------------
Operating revenues $ 826,124 $ 561,720 $2,135,265 $1,499,766
---------- ---------- ----------- -----------
Operating expenses
Fuel oil 377,157 222,721 900,455 549,771
Purchased power 202,125 144,918 530,146 390,161
Other operation 61,599 54,113 176,600 154,949
Maintenance 25,174 28,594 72,777 85,799
Depreciation 35,419 34,273 106,254 102,812
Taxes, other than income
taxes 74,201 51,389 194,058 138,839
Income taxes 15,035 4,976 47,507 15,974
---------- ---------- ----------- -----------
790,710 540,984 2,027,797 1,438,305
---------- ---------- ----------- -----------
Operating income 35,414 20,736 107,468 61,461
---------- ---------- ----------- -----------
Other income
Allowance for equity
funds used during
construction 2,426 1,336 6,432 3,770
Other, net 1,486 3,819 3,693 (1,330)
---------- ---------- ----------- -----------
3,912 5,155 10,125 2,440
---------- ---------- ----------- -----------
Income before interest
and other charges 39,326 25,891 117,593 63,901
---------- ---------- ----------- -----------
Interest and other
charges
Interest on long-term
debt 11,879 11,478 35,413 34,364
Amortization of net bond
premium and expense 632 621 1,902 1,813
Other interest charges 1,352 1,075 3,397 4,090
Allowance for borrowed
funds used during
construction (967) (656) (2,564) (1,840)
Preferred stock
dividends of
subsidiaries 228 228 686 686
---------- ---------- ----------- -----------
13,124 12,746 38,834 39,113
---------- ---------- ----------- -----------
Income before preferred
stock dividends of HECO 26,202 13,145 78,759 24,788
Preferred stock
dividends of HECO 270 270 810 810
---------- ---------- ----------- -----------
Net income for common
stock $ 25,932 $ 12,875 $ 77,949 $ 23,978
========== ========== =========== ===========
OTHER ELECTRIC UTILITY
INFORMATION
Kilowatthour sales
(millions) 2,593 2,663 7,478 7,568
Cooling degree days
(Oahu) 1,530 1,566 3,779 3,666
Average fuel oil cost
per barrel $ 133.99 $ 74.78 $ 111.37 $ 65.52
This information should be read in conjunction with the consolidated
financial statements and the notes thereto for the year ended
December 31, 2007 (included in HECO Exhibit 99.1 to HECO's Form 8-K
dated February 21, 2008) and the consolidated financial statements
and the notes thereto in HECO's Quarterly Reports on SEC Form 10-Q
for the quarters ended March 31, 2008, June 30, 2008 and September
30, 2008 (when filed). Results of operations for interim periods are
not necessarily indicative of results to be expected for future
interim periods or the full year.
American Savings Bank, F.S.B. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
------------------- -------------------
(in thousands) 2008 2007 2008 2007
----------------------------------------------------------------------
Interest and dividend income
Interest and fees on loans $ 61,100 $ 61,817 $186,312 $ 182,191
Interest and dividends on
investment and mortgage-
related securities 9,898 26,497 57,078 85,090
--------- --------- --------- ---------
70,998 88,314 243,390 267,281
--------- --------- --------- ---------
Interest expense
Interest on deposit
liabilities 14,070 20,381 47,909 61,951
Interest on other borrowings 4,616 20,243 40,030 57,230
--------- --------- --------- ---------
18,686 40,624 87,939 119,181
--------- --------- --------- ---------
Net interest income 52,312 47,690 155,451 148,100
Provision for loan losses 1,979 2,700 4,034 3,900
--------- --------- --------- ---------
Net interest income after
provision for loan losses 50,333 44,990 151,417 144,200
--------- --------- --------- ---------
Noninterest income
Fees from other financial
services 6,318 7,153 18,554 20,539
Fee income on deposit
liabilities 7,328 6,583 20,889 19,095
Fee income on other financial
products 1,771 1,977 5,214 5,845
Loss on sale of securities - - (17,388) -
Other income 1,260 1,480 8,810 4,733
--------- --------- --------- ---------
16,677 17,193 36,079 50,212
--------- --------- --------- ---------
Noninterest expense
Compensation and employee
benefits 19,172 16,173 56,451 52,733
Occupancy 5,489 5,418 16,276 15,707
Equipment 3,175 3,630 9,510 10,893
Services 3,688 6,385 13,531 22,638
Data processing 2,794 2,596 8,019 7,799
Loss on early extinguishment
of debt - - 39,843 -
Other expense 8,085 9,456 26,932 27,972
--------- --------- --------- ---------
42,403 43,658 170,562 137,742
--------- --------- --------- ---------
Income before income taxes 24,607 18,525 16,934 56,670
Income taxes 9,202 6,794 5,046 20,761
--------- --------- --------- ---------
Net income $ 15,405 $ 11,731 $ 11,888 $ 35,909
========= ========= ========= =========
Net interest margin (%) 4.08 2.97 3.49 3.05
This information should be read in conjunction with the consolidated
financial statements and the notes thereto for the year ended
December 31, 2007 (included in HEI Exhibit 13 to HEI's Form 8-K dated
February 21, 2008) and the consolidated financial statements and the
notes thereto in HEI's Quarterly Reports on SEC Form 10-Q for the
quarters ended March 31, 2008, June 30, 2008 and September 30, 2008
(when filed). Results of operations for interim periods are not
necessarily indicative of results to be expected for future interim
periods or the full year.
CONTACT: Hawaiian Electric Industries, Inc.
Suzy P. Hollinger, 808-543-7385
Manager, Treasury and Investor Relations
Facsimile: 808-203-1155
shollinger@hei.com
SOURCE: Hawaiian Electric Industries, Inc.
©2004-2008 HAWAIIAN ELECTRIC INDUSTRIES, INC. All rights reserved.
Hawaiian Electric Industries, Inc. Maintains Dividend
HONOLULU--(BUSINESS WIRE)--Aug. 4, 2008--The board of directors of Hawaiian Electric Industries, Inc. (NYSE:HE) today maintained the regular quarterly cash dividend of 31 cents per share, payable September 10 to stockholders of record at the close of business on August 18 (ex-dividend date is August 14). The dividend is equivalent to an annual rate of $1.24 per share.
Dividends have been paid continuously since 1901. At the indicated annual dividend rate and the closing share price on August 1, of $24.22, HEI's yield is 5.1%.
HEI supplies power to over 400,000 customers or 95% of the Hawaii market through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Ltd. and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, F.S.B., the state's third largest financial institution based on 2007 year-end asset size.
CONTACT: Suzy P. Hollinger, 808-543-7385
Manager, Treasury & Investor Relations
Facsimile: 808-203-1155
shollinger@hei.com
SOURCE: Hawaiian Electric Industries, Inc.
Hawaiian Electric Industries, Inc. Reports Solid Second Quarter 2008 Performance
HONOLULU--(BUSINESS WIRE)--Aug. 4, 2008--Hawaiian Electric Industries, Inc. (NYSE:HE) today reported consolidated net income for the second quarter of 2008 of $5.1 million, or $0.06 per share, compared to $17.5 million, or $0.21 per share for the second quarter of 2007. Second quarter 2008 results include $35.6 million ($0.42 cents per share) of previously-disclosed after-tax charges related to the successful strategic restructuring of its bank's balance sheet in June.
"Excluding the effects of the bank balance sheet restructuring, net income would have been $40.7 million, or $0.48 per share for the second quarter of 2008," said Constance H. Lau, HEI president and chief executive officer. "All areas of the company contributed to solid performance in the quarter," said Lau. "Our utilities continued to regain financial strength from interim rate relief after several tough quarters last year. Excluding the balance sheet restructuring charges, the bank's earnings and profitability improved quarter-over-quarter. Additionally, holding and other company losses were lower due to lower interest and general and administrative expenses," noted Lau.
UTILITY RESULTS
Electric utility net income for the second quarter of 2008 was $27.4 million compared with $10.7 million for the same quarter in 2007. "We are seeing recovery from unusually low earnings a year ago when our utilities were awaiting rate increases to earn a return on reliability investments and recover higher operating costs," said Lau.
At the same time, kilowatthour sales were down slightly compared with the same quarter of 2007 largely due to the effects of conservation and demand-side management programs more than offsetting the impact of mildly warmer temperatures. "Hawaii customers have been diligently seeking ways to conserve energy in response to the dramatic rise in the cost of fuel, which impacts the price of nearly all goods and services here in Hawaii," said Lau.
Other operations and maintenance (O&M) expenses were flat quarter-over-quarter, as higher operations expenses for customer efficiency programs and operations reliability were slightly more than offset by lower maintenance expense resulting primarily from the lower scope of unit overhauls and timing of vegetation management expenses. "However, we expect higher O&M expense levels for the second half of 2008 due to planned increases in production and transmission and distribution maintenance work," noted Lau.
The utility also recorded $1.1 million in higher quarter-over-quarter depreciation expenses due to 2007 plant additions.
BANK RESULTS
Bank net loss for the second quarter of 2008 was $18.1 million, compared to net income of $12.6 million for the same quarter last year. Results include after-tax charges of $35.6 million related to the balance sheet restructuring and the following other after-tax items: a $1.2 million previously-disclosed technology project write-off, a $2.6 million insurance recovery, and a $0.6 million gain on the sale of MasterCard stock.
"Bank operations were strong in the second quarter," said Lau. "We are excited that the balance sheet restructuring, along with product enhancements and productivity initiatives, have successfully positioned the bank for greater profitability."
Net interest income in the second quarter of 2008 was $52.6 million compared to $51.1 million in the second quarter of 2007. The impact of lower interest expense, primarily due to lower rates on deposits and borrowings and lower deposit balances, more than offset the decline in interest income, primarily due to lower yields on assets and lower investment balances. Net interest margin expanded to 3.39% in the second quarter of 2008, compared with 3.20% in the second quarter of 2007.
In the second quarters of 2008 and 2007, the bank recorded $1.2 million in provision for loan losses. "The overall credit quality of the bank's loan portfolio remains good. However, we remain cautious and are actively monitoring our loan portfolios as there are signs that the local economy and real estate market are slowing," added Lau.
Quarter-over-quarter bank noninterest income and noninterest expense were primarily impacted by the aforementioned balance sheet restructuring, technology project write-off, insurance recovery and gain on sale of MasterCard stock. Services expenses were lower by $3.7 million, primarily due to lower consulting and legal expenses.
HOLDING AND OTHER COMPANIES' RESULTS
The holding and other companies' net losses were $4.2 million in the second quarter of 2008 compared with $5.7 million in the second quarter of 2007. The quarter-over-quarter improvement was primarily due to lower interest and general and administrative expenses.
WEBCAST AND TELECONFERENCE
Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review its second quarter 2008 earnings on Tuesday, August 5, 2008, at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time). The event can be accessed through HEI's website at http://www.hei.com or by dialing (866) 510-0710, passcode: 57495087 for the teleconference call.
An online replay of the webcast will be available at the same website beginning about two hours after the event. Replays of the teleconference call will also be available approximately two hours after the event through August 19, 2008, by dialing (888) 286-8010, passcode: 43538430.
Representing management will be Constance H. Lau, president and chief executive officer, Hawaiian Electric Industries, Inc. and chairman, Hawaiian Electric Company, Inc.; and Timothy K. Schools, president, American Savings Bank, F. S. B.
HEI supplies power to over 400,000 customers or 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Ltd. and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, F.S.B., the state's third largest financial institution based on 2007 year-end asset size.
FORWARD-LOOKING STATEMENTS
This release may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as expects, anticipates, intends, plans, believes, predicts, estimates or similar expressions. In addition, any statements concerning future financial performance (including future revenues, expenses, earnings or losses or growth rates), ongoing business strategies or prospects and possible future actions, which may be provided by management, are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and assumptions about HEI and its subsidiaries, the performance of the industries in which they do business and economic and market factors, among other things. These forward-looking statements are not guarantees of future performance.
Forward-looking statements in this release should be read in conjunction with the "Forward-Looking Statements" discussion (which is incorporated by reference herein) set forth on page iv of HEI's Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, and in HEI's future periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. Forward-looking statements speak only as of the date of this release.
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months ended Six months ended
June 30, June 30,
------------------- -----------------------
(in thousands, except per
share amounts) 2008 2007 2008 2007
----------------------------------------------------------------------
Revenues
Electric utility $688,121 $492,712 $1,312,010 $ 940,390
Bank 85,950 107,526 191,794 211,986
Other (16) 525 (132) 2,410
--------- --------- ----------- -----------
774,055 600,763 1,503,672 1,154,786
--------- --------- ----------- -----------
Expenses
Electric utility 632,725 463,923 1,205,631 898,609
Bank 116,942 87,832 199,423 173,864
Other 2,786 3,699 6,270 8,463
--------- --------- ----------- -----------
752,453 555,454 1,411,324 1,080,936
--------- --------- ----------- -----------
Operating income (loss)
Electric utility 55,396 28,789 106,379 41,781
Bank (30,992) 19,694 (7,629) 38,122
Other (2,802) (3,174) (6,402) (6,053)
--------- --------- ----------- -----------
21,602 45,309 92,348 73,850
--------- --------- ----------- -----------
Interest expense-other
than on deposit
liabilities and other
bank borrowings (18,186) (19,282) (37,435) (39,793)
Allowance for borrowed
funds used during
construction 835 586 1,597 1,184
Preferred stock dividends
of subsidiaries (473) (473) (946) (946)
Allowance for equity funds
used during construction 2,105 1,202 4,006 2,434
--------- --------- ----------- -----------
Income before income taxes 5,883 27,342 59,570 36,729
Income taxes 747 9,793 20,467 12,416
--------- --------- ----------- -----------
Net income $ 5,136 $ 17,549 $ 39,103 $ 24,313
========= ========= =========== ===========
Basic earnings per common
share $ 0.06 $ 0.21 $ 0.47 $ 0.30
========= ========= =========== ===========
Diluted earnings per
common share $ 0.06 $ 0.21 $ 0.47 $ 0.30
========= ========= =========== ===========
Dividends per common share $ 0.31 $ 0.31 $ 0.62 $ 0.62
========= ========= =========== ===========
Weighted-average number of
common shares
outstanding 84,052 81,907 83,762 81,679
========= ========= =========== ===========
Adjusted weighted-average
shares 84,155 82,124 83,822 81,906
========= ========= =========== ===========
Net income (loss) by
segment
Electric utility $ 27,432 $ 10,650 $ 52,017 $ 11,103
Bank (18,093) 12,582 (3,517) 24,178
Other (4,203) (5,683) (9,397) (10,968)
--------- --------- ----------- -----------
Net income $ 5,136 $ 17,549 $ 39,103 $ 24,313
========= ========= =========== ===========
Twelve months ended
June 30,
-----------------------
(in thousands, except per share amounts) 2008 2007
----------------------------------------------------------------------
Revenues
Electric utility $2,477,934 $2,016,257
Bank 405,303 417,791
Other 2,067 1,711
----------- -----------
2,885,304 2,435,759
----------- -----------
Expenses
Electric utility 2,282,751 1,893,184
Bank 367,044 344,285
Other 13,279 14,924
----------- -----------
2,663,074 2,252,393
----------- -----------
Operating income (loss)
Electric utility 195,183 123,073
Bank 38,259 73,506
Other (11,212) (13,213)
----------- -----------
222,230 183,366
----------- -----------
Interest expense-other than on deposit
liabilities and other bank borrowings (76,198) (77,220)
Allowance for borrowed funds used during
construction 2,965 2,642
Preferred stock dividends of subsidiaries (1,890) (1,890)
Allowance for equity funds used during
construction 6,791 5,646
----------- -----------
Income before income taxes 153,898 112,544
Income taxes 54,329 39,791
----------- -----------
Net income $ 99,569 $ 72,753
=========== ===========
Basic earnings per common share $ 1.20 $ 0.89
=========== ===========
Diluted earnings per common share $ 1.20 $ 0.89
=========== ===========
Dividends per common share $ 1.24 $ 1.24
=========== ===========
Weighted-average number of
common shares outstanding 83,249 81,461
=========== ===========
Adjusted weighted-average shares 83,283 81,644
=========== ===========
Net income (loss) by segment
Electric utility $ 93,070 $ 47,776
Bank 25,412 46,915
Other (18,913) (21,938)
----------- -----------
Net income $ 99,569 $ 72,753
=========== ===========
This information should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2007 (included in HEI's Form 8-K dated February 21, 2008) and the consolidated financial statements and the notes thereto in HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2008 and June 30, 2008 (when filed). Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.
Hawaiian Electric Company, Inc. (HECO) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) Three months ended Six months ended
June 30, June 30,
------------------- ---------------------
(in thousands) 2008 2007 2008 2007
----------------------------------------------------------------------
Operating revenues $686,647 $491,249 $1,309,141 $938,046
--------- --------- ----------- ---------
Operating expenses
Fuel oil 273,755 167,121 523,298 327,050
Purchased power 177,226 133,727 328,021 245,243
Other operation 59,422 53,643 115,001 100,836
Maintenance 23,990 29,869 47,603 57,205
Depreciation 35,401 34,272 70,835 68,539
Taxes, other than income
taxes 62,371 44,903 119,857 87,450
Income taxes 17,094 6,492 32,472 10,998
--------- --------- ----------- ---------
649,259 470,027 1,237,087 897,321
--------- --------- ----------- ---------
Operating income 37,388 21,222 72,054 40,725
--------- --------- ----------- ---------
Other income
Allowance for equity funds
used during construction 2,105 1,202 4,006 2,434
Other, net 1,111 1,049 2,207 (5,149)
--------- --------- ----------- ---------
3,216 2,251 6,213 (2,715)
--------- --------- ----------- ---------
Income before interest and
other charges 40,604 23,473 78,267 38,010
--------- --------- ----------- ---------
Interest and other charges
Interest on long-term debt 11,810 11,390 23,534 22,886
Amortization of net bond
premium and expense 639 646 1,270 1,192
Other interest charges 1,059 874 2,045 3,015
Allowance for borrowed funds
used during construction (835) (586) (1,597) (1,184)
Preferred stock dividends
of subsidiaries 229 229 458 458
--------- --------- ----------- ---------
12,902 12,553 25,710 26,367
--------- --------- ----------- ---------
Income before preferred
stock dividends of HECO 27,702 10,920 52,557 11,643
Preferred stock dividends
of HECO 270 270 540 540
--------- --------- ----------- ---------
Net income for common stock $ 27,432 $ 10,650 $ 52,017 $ 11,103
========= ========= =========== =========
OTHER ELECTRIC UTILITY
INFORMATION
Kilowatthour sales
(millions) 2,476 2,501 4,885 4,905
Cooling degree days (Oahu) 1,295 1,255 2,249 2,100
Average fuel cost per
barrel $ 104.78 $ 62.74 $ 99.29 $ 60.43
This information should be read in conjunction with the consolidated
financial statements and the notes thereto for the year ended
December 31, 2007 (included in HECO Exhibit 99.1 to HECO's Form 8-K
dated February 21, 2008) and the consolidated financial statements
and the notes thereto in HECO's Quarterly Reports on SEC Form 10-Q
for the quarters ended March 31, 2008 and June 30, 2008 (when filed).
Results of operations for interim periods are not necessarily
indicative of results to be expected for future interim periods or
the full year.
American Savings Bank, F.S.B. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) Three months ended Six months ended
June 30, June 30,
-------------------------------------
(in thousands) 2008 2007 2008 2007
----------------------------------------------------------------------
Interest and dividend income
Interest and fees on loans $ 61,747 $60,093 $125,212 $120,374
Interest and dividends on
investment and
mortgage-related securities 22,729 30,428 47,180 58,593
---------- ------- --------- --------
84,476 90,521 172,392 178,967
---------- ------- --------- --------
Interest expense
Interest on deposit liabilities 15,619 20,832 33,839 41,570
Interest on other borrowings 16,265 18,581 35,414 36,987
---------- ------- --------- --------
31,884 39,413 69,253 78,557
---------- ------- --------- --------
Net interest income 52,592 51,108 103,139 100,410
Provision for loan losses 1,155 1,200 2,055 1,200
---------- ------- --------- --------
Net interest income after
provision
for loan losses 51,437 49,908 101,084 99,210
---------- ------- --------- --------
Noninterest income
Fees from other financial
services 5,413 6,885 12,236 13,386
Fee income on deposit
liabilities 6,767 6,457 13,561 12,512
Fee income on other financial
products 1,639 1,856 3,443 3,868
Loss on sale of securities (18,323) - (17,388) -
Other income 5,978 1,807 7,550 3,253
---------- ------- --------- --------
1,474 17,005 19,402 33,019
---------- ------- --------- --------
Noninterest expense
Compensation and employee
benefits 19,039 18,164 37,279 36,560
Occupancy 5,390 5,341 10,787 10,289
Equipment 3,221 3,785 6,335 7,263
Services 4,170 7,895 9,843 16,253
Data processing 2,609 2,646 5,225 5,203
Loss on early extinguishment of
debt 39,843 - 39,843 -
Other expense 9,653 9,336 18,847 18,516
---------- ------- --------- --------
83,925 47,167 128,159 94,084
---------- ------- --------- --------
Income before income taxes (31,014) 19,746 (7,673) 38,145
Income taxes (12,921) 7,164 (4,156) 13,967
---------- ------- --------- --------
Net income $(18,093) $12,582 $ (3,517) $ 24,178
========== ======= ========= ========
Net interest margin (%) 3.39 3.20 3.27 3.14
This information should be read in conjunction with the consolidated financial statements and the notes thereto for the year ended December 31, 2007 (included in HEI Exhibit 13 to HEI's Form 8-K dated February 21, 2008) and the consolidated financial statements and the notes thereto in HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2008 and June 30, 2008 (when filed). Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.
CONTACT: Hawaiian Electric Industries, Inc.
Suzy P. Hollinger, 808-543-7385
808-203-1155 Facsimile
Manager, Treasury and Investor Relations
E-mail: shollinger@hei.com
SOURCE: Hawaiian Electric Industries, Inc.
©2004-2008 HAWAIIAN ELECTRIC INDUSTRIES, INC.
American Savings Bank Announces Initiative to Enhance Performance
HONOLULU--(BUSINESS WIRE)--June 26, 2008--American Savings Bank, F.S.B., a wholly-owned subsidiary of Hawaiian Electric Industries, Inc. (NYSE:HE), today announced a performance improvement initiative that aims to improve both operating and capital efficiency.
Over the years, American has made significant investments to transform itself from a traditional thrift to a full-service community bank, said Timothy K. Schools, president of American Savings Bank. More recently, we have been evaluating ways to build upon the tremendous job our team has done in executing the transformation. Today, I am pleased to announce a bank-wide performance improvement initiative focused on the delivery of enhanced products and services, certain productivity improvements and the repositioning of the bank's balance sheet. In particular, I am pleased to announce that we have substantially completed the balance sheet repositioning which puts us well on our way to improving the bank's performance and capital efficiency, added Schools.
BALANCE SHEET REPOSITIONING
In June, the bank repositioned a portion of its balance sheet to reduce the size of its wholesale (noncustomer) assets to levels that are more consistent with industry averages. In total, the bank sold approximately $1.3 billion of high-quality, investment securities with a weighted-average yield of 4.33% and retired approximately $1.2 billion of wholesale borrowings with a weighted-average cost of 4.70%. The bank subsequently purchased approximately $0.3 billion of short-term agency notes and entered into approximately $0.2 billion of FHLB advances to facilitate the timing of the release of certain collateral. The bank anticipates that the notes and advances will mature over the remainder of 2008.
An after-tax charge of approximately $36 million related to the balance sheet repositioning will be recognized in the second quarter. Two-thirds of the charge relates to fees associated with the early retirement of borrowings and the remainder from realized losses on the sale of certain securities.
The repositioning will allow the bank, subject to regulatory approval, to reduce the capital necessary to run the bank by nearly 20% and improve the bank's key profitability ratios of net interest margin and return on assets. Subject to regulatory approval, the bank is expected to return approximately $75 million to its parent, HEI, who intends to use the proceeds to pay down debt and for other corporate purposes. On a go-forward basis these transactions are not expected to have a significant impact on the bank's earnings or interest rate risk. In addition, following the charge and any return of capital to HEI, the bank is expected to remain well-capitalized. Importantly, these transactions position the bank for improved performance while maintaining our safety and soundness, and the quality of our customer service, noted Schools.
PRODUCTIVITY IMPROVEMENTS AND ENHANCED PRODUCTS AND SERVICES
Productivity improvements are another key part of the performance improvement initiative. One example is the recent change in American's organizational structure to realign executive responsibilities to better support external and internal customers. The reorganization enables quicker delivery of new and/or enhanced products and services in response to changing marketplace demands. The successful introduction of ASB Free Checking this spring underscores the bank's enhanced ability to identify opportunities and to respond with a market-leading product.
To further enhance productivity, plans are being developed to optimize American's corporate real estate, supplier management and purchasing, application of technology and equipment, and processes and procedures. New products and services are also being developed to better serve customers and continue to enhance their banking experience with American.
WEBCAST AND TELECONFERENCE
American Savings Bank, F.S.B. and its parent, HEI, will conduct a webcast and teleconference call to review the contents of this release on Friday, June 27, 2008 at 2:00 a.m. Hawaii Time (8:00 a.m. EST). The event can be accessed through HEI's website at http://www.hei.com or by dialing (800) 901-5231, passcode: 53348129 for the teleconference call.
An online replay of the webcast will be available at the same website beginning about two hours after the event. Replays of the teleconference call will also be available approximately two hours after the event through July 11, 2008, by dialing (888) 286-8010, passcode: 27365200.
HEI supplies power to over 400,000 customers or 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited, and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, F.S.B., the state's third largest financial institution based on 2007 year-end asset size.
FORWARD-LOOKING STATEMENTS
Certain statements herein constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those indicated, including the changing of regional and national economic conditions, changes in the real estate market, changes in levels of market interest rates, credit risks on lending activities, and competitive and regulatory factors. All forward-looking statements are necessarily speculative and undue reliance should not be placed on any such statements, which are accurate only as of the date made. HEI and ASB disclaim any duty to update such forward-looking statements.
Forward-looking statements in this release should be read in conjunction with the Forward-Looking Statements discussion (which is incorporated by reference herein) set forth on page iv of HEI's Quarterly Report on Form 10-Q for the quarter ended March 31, 2008, and in HEI's future periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements.
CONTACT: Hawaiian Electric Industries, Inc.
Suzy P. Hollinger, 808-543-7385 Telephone
Manager, Treasury and Investor Relations
Fax: 808-203-1155
shollinger@hei.com
SOURCE: Hawaiian Electric Industries, Inc.
©2004-2008 HAWAIIAN ELECTRIC INDUSTRIE
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