Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Hawaiian Electric Company Announces Appointment to Its Board of Directors
HONOLULU--(BUSINESS WIRE)--June 19, 2008--Hawaiian Electric Company, Inc., (HECO), utility subsidiary of Hawaiian Electric Industries, Inc. (NYSE:HE), today announced the appointment of Alan Oshima to its board of directors.
Oshima is currently senior vice president and general counsel for Hawaiian Telcom and will transition to the position of director and senior advisor for Hawaiian Telcom after June 30. He was founding partner of the law firm, Oshima Chun Fong & Chung, LLP. where in addition to his work in telecommunications, he served as the regulatory attorney for the Kauai Island Utility Cooperative, The Gas Company, various water and sewer companies & other utility-related businesses.
"Alan is an exceptional individual who brings important regulatory expertise and a deep passion and understanding of the communities we serve," said Constance H. Lau, Hawaiian Electric Company board chair and president & CEO of its parent company, HEI. "These strengths will help guide our company in its efforts to provide a cleaner energy future for the state of Hawaii."
Oshima has been recognized by the Hawaii State Bar Association with its Pro Bono Service Award for his countless hours of volunteer legal work in the community. He has also been recognized as one of "America's Best Lawyers" in the field of public utilities. Among his community activities, he serves on the board of the YMCA of Honolulu, where he previously served as chairman, and as Vice President of Hawaii 3Rs, a non-profit organization that facilitates government, business, community, and school partnerships to repair, remodel and restore Hawaii public schools.
Oshima replaces David Cole, chairman, president and chief executive officer of Maui Land & Pineapple Company, Inc. (ML&P), who recently resigned his seat on the board as ML&P increases its own involvement in renewable energy initiatives.
Hawaiian Electric Company, together with its subsidiaries Maui Electric Company and Hawaii Electric Light Company, supplies power to over 400,000 customers or 95% of the Hawaii's population on Oahu, Hawaii, Maui, Lanai and Molokai.
MULTIMEDIA AVAILABLE:
http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5714354
CONTACT: Hawaiian Electric Company
Lynne T. Unemori
Vice President, Corporate Relations
Telephone: 808-543-7972
Facsimile: 808-543-4476
SOURCE: Hawaiian Electric Company, Inc.
©2004-2008 HAWAIIAN ELECTRIC INDUSTRIES
Hawaiian Electric President and CEO Announces Retirement Plans
HONOLULU--(BUSINESS WIRE)--June 13, 2008--Hawaiian Electric Company, utility subsidiary of Hawaiian Electric Industries, Inc. (NYSE:HE), today announced that President and CEO T. Michael May has notified the company of his plans to retire. Although his last day as President and CEO will be August 1, 2008, he will remain engaged with the company to assist in the transition until his retirement at year-end. May has served as President and CEO and a member of the company's board of directors for over 13 years. An executive search process will commence for May's replacement.
"Our company has been working for quite some time to chart a strategic course that is focused on achieving a clean energy future for Hawaii. I am confident the company is now well positioned to meet the challenges of this changing energy marketplace. I had earlier advised the board of my desire to retire, but as requested, stayed on to help coordinate strategic planning. Now, after a 36-year business career, the time is right for me to retire," said May.
During May's tenure, the utility has implemented state-of-the-art systems including a new Dispatch and System Operations center and worked to increase the utility's use of renewable energy sources, including an upcoming request for proposals to add 100 megawatts of renewable energy on Oahu and plans to use renewable bio-energy for power generation. The company has also been a leader in developing energy efficiency programs that have reduced electricity demand by over 152 megawatts, the equivalent of a power plant.
"Unquestionably, it's been a privilege to lead an outstanding team of employees who demonstrate such a daily commitment to serving our customers. The opportunities and responsibilities of this job have been a tremendous experience for which I will always be grateful," said May.
Constance H. Lau, Chairman of the utility's board of directors and President and CEO of parent company HEI, said, "Under Mike's leadership, our utilities have built a strong customer-focused organization, developing innovative customer partnerships and programs. His national industry expertise and relationships have been invaluable resources and we will truly miss his leadership on our management team." As board chair, Lau will work closely with May and the utility's senior management to ensure a smooth transition.
May, age 61, joined Hawaiian Electric Company in 1992 as Senior Vice President and was promoted to President and CEO in 1995. He serves on the board of directors of the James Campbell Company, Edison Electric Institute, the Electric Power Research Institute, Blood Bank of Hawaii, Aloha United Way, Enterprise Honolulu, Chamber of Commerce of Hawaii - Military Affairs Committee, as a Director of the Boy Scouts of America - Aloha Council, and is a former Trustee of the Academy of the Pacific. He has chaired the annual Aloha United Way annual campaign for Oahu and was honored, along with his wife Carol, as "Distinguished Citizens" by the Boy Scouts of America - Aloha Council.
Following his retirement, May stated he plans to take some time off and later pursue other business opportunities.
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 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.
CONTACT: Hawaiian Electric Company
Lynne T. Unemori, 808-543-7972
Vice President, Corporate Relations
Facsimile: 808-543-4476
Lynne.Unemori@heco.com
SOURCE: Hawaiian Electric Industries, Inc.
©2004-2008 HAWAIIAN ELECTRIC INDUSTRIES, INC. A
Hawaiian Electric Industries, Inc. Maintains Dividend
HONOLULU, Feb 21, 2008 (BUSINESS WIRE) -- The board of directors of Hawaiian Electric Industries, Inc. (NYSE:HE) today maintained the regular quarterly cash dividend of 31 cents per share, payable March 11 to stockholders of record at the close of business on March 3 (ex-dividend date is February 28). 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 February 20, of $22.32, HEI's yield is 5.6%.
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, 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 year-end asset size.
SOURCE: Hawaiian Electric Industries, Inc.
Hawaiian Electric Industries, Inc.
Suzy P. Hollinger, 808-543-7385
Manager, Treasury & Investor Relations
Fax: 808-203-1155
shollinger@hei.com
Contact: Suzy P. Hollinger (808) 543-7385 Telephone
Manager, Treasury and Investor Relations (808) 203-1155 Facsimile
E-mail: shollinger@hei.com
HEI FOURTH QUARTER 2007 EARNINGS IMPROVE FULL YEAR RESULTS
HONOLULU -- Hawaiian Electric Industries, Inc. (NYSE - HE) today reported 2007 net income of $84.8 million, or $1.03 per share, compared with $108.0 million, or $1.33 per share in 2006. Net income for the fourth quarter of 2007 was $40.6 million, or $0.49 per share, compared with $16.1 million, or $0.20 per share for the fourth quarter of 2006.
“While 2007 fourth quarter earnings improved, full-year 2007 earnings were down $23 million, driven primarily by a drop in utility net income,” said Constance H. Lau, HEI’s president and chief executive officer. “Interim rate increases approved by the Hawaii Public Utilities Commission (PUC) in 2007, which took effect mainly in the fourth quarter, helped to improve full-year earnings.”
UTILITY RESULTS
Electric utility net income was $52.2 million in 2007 versus $74.9 million in 2006, down $22.8 million. “Interim rate relief in 2007 partially offset two charges related to rate case filings and higher year-over-year other operation, maintenance and depreciation expenses,” said Lau. One of the charges related to a reserve for an expected $16 million refund ($9 million net of taxes), including interest, to Oahu customers resulting from a proposed final PUC decision and
Hawaiian Electric Industries, Inc. News Release
February 21, 2008
Page 2
order in Hawaiian Electric Company’s 2005 test year rate case. The other charge resulted from the write-off of $12 million ($7 million net of taxes) of Keahole power plant expansion costs pursuant to a settlement agreement with the State of Hawaii Office of Consumer Advocacy for Hawaii Electric Light Company’s pending rate case.
Interim rate increases granted for the company’s three utilities in 2007 resulted in $32 million more revenues in 2007 compared with 2006.
Other operation and maintenance expense (O&M) increased by $43.1 million in 2007 due to: 1) $11.9 million higher production maintenance expenses due primarily to higher generating plant maintenance and an increase in the scope and number of generating unit overhauls performed in the year; 2) $6.9 million higher demand-side management (DSM) costs that are recovered in electric rates; 3) $5.5 million of increased year-over-year employee benefits expenses; 4) $3.6 million higher transmission and distribution maintenance expenses resulting from higher substation maintenance and vegetation management; and 5) $15.2 million of higher costs to ensure reliable operations, including increased staffing.
Depreciation expense in 2007 increased $6.9 million over 2006 due to 2006 plant additions, including the Ford Island Substation and new Dispatch Center on Oahu, and the Maalaea M-18 generating unit addition on Maui.
Kilowatthour sales were basically flat year-over-year. While residential customer usage increased, commercial customer usage was down due largely to energy efficiency projects and customer conservation.
Hawaiian Electric Industries, Inc. News Release
February 21, 2008
Page 3
BANK RESULTS
Bank net income for 2007 was $53.1 million compared with $55.8 million for 2006. “We were pleased that 2007 bank earnings declined only 5% compared to 2006 given the challenging year for financial institutions in general,” said Lau.
Bank net interest income decreased by $5.5 million in 2007 compared with 2006. Increased interest income primarily from higher rates and balances on loans was more than offset by increased funding costs and lower investment and mortgage-related securities balances. The bank’s net interest margin decreased to 3.08% compared to 3.18% in 2006.
The bank provided $5.7 million for loan losses in 2007, compared to $1.4 million in 2006. “Overall credit quality remained strong in 2007 with most of the provision relating to a single commercial borrower,” said Lau. “As a result of stable housing prices during 2007 and our focus on the prime residential loan market, our residential loan portfolio experienced low levels of delinquencies and no residential loan charge-offs in 2007,” Lau added.
Noninterest income increased by $8.8 million in 2007, primarily due to higher fee income on deposits of $7.6 million.
Noninterest expense increased by $3.6 million year-over-year, primarily due to higher costs to strengthen the bank’s risk management and compliance infrastructure and higher legal expenses, partially offset by an $8.8 million gain ($5.3 million net of taxes) recorded in the fourth quarter resulting from previously disclosed changes to the bank’s defined benefit plan.
Hawaiian Electric Industries, Inc. News Release
February 21, 2008
Page 4
HOLDING AND OTHER COMPANIES’ RESULTS
The holding and other companies’ net loss was $20.5 million in 2007, compared with $22.7 million in 2006. Gains on the sale of non-strategic assets were partially offset by higher general and administrative and interest expenses in 2007 compared with 2006.
FOURTH QUARTER RESULTS
Consolidated net income for the fourth quarter of 2007 was $40.6 million, or $0.49 per share, compared with $16.1 million, or $0.20 per share, for the fourth quarter of 2006.
“Fourth quarter net income benefited from the receipt of interim rate relief for our three utilities and a gain resulting from changes to the bank’s defined benefit plan,” said Lau.
UTILITY RESULTS
Electric utility net income for the fourth quarter of 2007 was $28.2 million compared with $13.0 million for the same quarter in 2006. “The positive impact of rate relief for all three utilities and accrual of DSM incentives resulted in an increase in net income despite lower kilowatthour sales and higher O&M and depreciation expenses,” said Lau.
Kilowatthour sales were down 1.4% compared with the same quarter of 2006 due in part to lower consumption by commercial customers.
Other O&M expenses were $2.0 million higher quarter-over-quarter due primarily to $1.9 million higher DSM costs that are recovered in electric rates, $1.4 million higher employee benefits expenses and $5.7 million in higher costs to ensure reliable operations, including increased staffing, partially offset by $6.8 million lower production maintenance expenses due to the timing of maintenance work and $0.2 million lower transmission and distribution expenses.
Hawaiian Electric Industries, Inc. News Release
February 21, 2008
Page 5
The utility also recorded $1.7 million in higher quarter-over-quarter depreciation expenses in 2007 due to 2006 plant additions.
In the fourth quarter of 2007, the utility recorded $2.2 million of DSM incentives, net of tax, related to successful implementation of energy efficiency DSM programs in 2007.
BANK RESULTS
Bank net income for the fourth quarter of 2007 was $17.2 million compared with $9.3 million for the fourth quarter of 2006.
Bank net interest income for the fourth quarter of 2007 was $49.1 million compared with $47.9 million in the same quarter of 2006. The increase in net interest income was driven by higher balances on loans, partially offset by higher funding costs. The bank’s net interest margin was 3.08% in the fourth quarter of 2007, compared with 3.05% in the fourth quarter of 2006, as the yields on earning assets increased more than the overall cost of the bank’s liabilities.
In the fourth quarter of 2007, the bank recorded a $1.8 million provision for loan losses, compared to a $1.4 million provision recorded in the same period of 2006. “While we don’t believe that this is indicative of a trend in the overall credit quality of the bank’s loan portfolio, our delinquent and nonaccrual loans have been at historically low levels. Accordingly, we expect to see an increase in loan loss provisions, especially as the economy begins to slow,” added Lau.
Noninterest income in the fourth quarter of 2007 was $3.3 million higher than in the fourth quarter of 2006. Fee income from deposits was higher by $1.7 million and the bank recorded a $1.1 million gain on sale of stock in a membership organization in the fourth quarter of 2007.
Hawaiian Electric Industries, Inc. News Release
February 21, 2008
Page 6
Noninterest expense in the fourth quarter of 2007 was $8.5 million lower than in the fourth quarter of 2006, primarily due to lower compensation and employee benefits expenses resulting from an $8.8 million gain recorded as a result of changes to the bank’s defined benefit plan.
HOLDING AND OTHER COMPANIES’ RESULTS
The holding and other companies’ net losses were $4.8 million in the fourth quarter of 2007 versus $6.2 million in the fourth quarter of 2006. The quarter-over-quarter improvement was primarily due to higher investment gains in the fourth quarter of 2007 compared with the fourth quarter of 2006.
WEBCAST AND TELECONFERENCE
Hawaiian Electric Industries, Inc. will conduct a webcast and teleconference call to review its 2007 earnings on Friday, February 22, 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 (866) 270-6057, passcode: 11751245 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 March 7, 2008, by dialing (888) 286-8010, passcode: 45194385.
Representing management will be Constance H. Lau, president and chief executive officer, Hawaiian Electric Industries, Inc., chairman, Hawaiian Electric Company, Inc. and chairman and chief executive officer, American Savings Bank, F.S.B.; T. Michael May,
Hawaiian Electric Industries, Inc. News Release
February 21, 2008
Page 7
president and chief executive officer, 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, 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 year-end asset size.
Hawaiian Electric Industries, Inc. News Release
February 21, 2008
Page 8
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 September 30, 2007, 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
(in thousands, except per share amounts) 20072006 20072006
Revenues
Electric utility $ 598,309 $ 506,029 $ 2,106,314 2,054,890 $
Bank 108,002 102,467 425,495 408,365
Other 1,860 (1,417) 4,609 (2,351)
708,171 607,079 2,536,418 2,460,904
Expenses
Electric utility 540,871 473,388 1,975,729 1,888,172
Bank 80,661 87,661 341,485 319,807
Other 4,774 2,870 15,472 13,529
626,306 563,919 2,332,686 2,221,508
Operating income (loss)
Electric utility 57,438 32,641 130,585 166,718
Bank 27,341 14,806 84,010 88,558
Other (2,914) (4,287) (10,863) (15,880)
81,865 43,160 203,732 239,396
Interest expense–other than on deposit liabilities
and other bank borrowings (19,174) (19,152) (78,556) (75,678)
Allowance for borrowed funds used during construction 712 620 2,552 2,879
Preferred stock dividends of subsidiaries (470) (473) (1,890) (1,890)
Allowance for equity funds used during construction 1,449 1,374 5,219 6,348
Income from continuing operations before income taxes 64,382 25,529 131,057 171,055
Income taxes 23,797 9,412 46,278 63,054
Net income $ 40,585 16,117 $ $ 84,779 108,001 $
Per common share
Basic earnings $ 0.49 $ 0.20 $ 1.03 $ 1.33
Diluted earnings $ 0.49 $ 0.20 $ 1.03 $ 1.33
Dividends $ 0.31 $ 0.31 $ 1.24 $ 1.24
Weighted-average number of common shares outstanding 83,003 81,282 82,215 81,145
Adjusted weighted-average shares 83,163 81,587 82,419 81,373
Income (loss) from continuing operations by segment
Electric utility 28,178 $ 13,007 $ 52,156 $ 74,947 $
Bank 17,1989,26753,10755,782
Other (4,791)(6,157)(20,484)(22,728)
Net income 40,585 $ 16,117 $ 84,779 $ 108,001 $
This information should be read in conjunction with the consolidated financial statements and the notes thereto for the years ended December 31,
2007 and 2006 (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, 2007, June 30, 2007 and September 30, 2007.
Years ended
December 31, December 31,
9
Hawaiian Electric Company, Inc. (HECO) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) Three months ended
(in thousands) 2007200620072006
Operating revenues $ 597,192 504,855 $ 2,096,958 $ 2,050,412 $
Operating expenses
Fuel oil 224,348 186,800 774,119 781,740
Purchased power 146,799 127,977 536,960 506,893
Other operation 59,098 49,884 214,047 186,449
Maintenance 19,944 27,130 105,743 90,217
Depreciation 34,269 32,550 137,081 130,164
Taxes, other than income taxes 55,768 47,687 194,607 190,413
Income taxes 18,152 8,472 34,126 47,381
558,378 480,500 1,996,683 1,933,257
Operating income 38,814 24,355 100,275 117,155
Other income
Allowance for equity funds used during construction 1,449 1,374 5,219 6,348
Other, net 703 314 (627) 3,123
2,152 1,688 4,592 9,471
Income before interest and other charges 40,966 26,043 104,867 126,626
Interest and other charges
Interest on long-term debt 11,600 10,778 45,964 43,109
Amortization of net bond premium and expense 627 547 2,440 2,198
Other interest charges 774 1,832 4,864 7,256
Allowance for borrowed funds used during construction (712) (620) (2,552) (2,879)
Preferred stock dividends of subsidiaries 229 229 915 915
12,518 12,766 51,631 50,599
Income before preferred stock dividends of HECO 28,448 13,277 53,236 76,027
Preferred stock dividends of HECO 270 270 1,080 1,080
Net income for common stock $ 28,178 13,007 $ 52,156 $ 74,947 $
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions) 2,550 2,588 10,118 10,116
Cooling degree days (Oahu) 1,169 1,198 4,835 4,520
Average fuel cost per barrel 79.67 $ 65.23 $ 69.08 $ 68.13 $
This information should be read in conjunction with the consolidated financial statements and the notes thereto for the years ended December
31, 2007 and 2006 (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, 2007, June 30, 2007
and September 30, 2007.
Years ended
December 31, December 31,
10
American Savings Bank, F.S.B. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) Three months ended
(in thousands) 2007 2006 2007 2006
Interest and dividend income
Interest and fees on loans $ 6 3,402 $ 5 9,717 $ 2 45,593 $ 2 31,610
Interest and dividends on investment and
mortgage-related securities 2 6,380 2 7,845 1 11,470 1 17,160
8 9,782 87,562 357,063 348,770
Interest expense
Interest on deposit liabilities 1 9,928 2 1,519 8 1,879 7 3,614
Interest on other borrowings 2 0,789 1 8,121 7 8,019 7 2,482
4 0,717 39,640 159,898 146,096
Net interest income 4 9,065 47,922 197,165 202,674
Provision for loan losses 1 ,800 1 ,400 5 ,700 1 ,400
Net interest income after provision for loan losses 4 7,265 46,522 191,465 201,274
Noninterest income
Fees from other financial services 7 ,377 6 ,655 2 7,916 2 6,385
Fee income on deposit liabilities 7 ,247 5 ,561 2 6,342 1 8,779
Fee income on other financial products 1 ,573 1 ,717 7 ,418 8 ,025
Gain on sale of securities 1 ,109 - 1 ,109 1 ,735
Other income 9 14 9 72 5 ,647 4 ,671
1 8,220 14,905 68,432 59,595
Noninterest expense
Compensation and employee benefits 9 ,204 1 5,767 6 1,937 6 8,478
Occupancy 5 ,344 4 ,934 2 1,051 1 8,829
Equipment 3 ,524 3 ,800 1 4,417 1 4,700
Services 6 ,535 8 ,043 29,173 21,484
Data processing 2 ,659 2 ,623 1 0,458 1 0,164
Other expense 1 0,900 1 1,454 38,872 38,656
3 8,166 46,621 175,908 172,311
Income before income taxes 2 7,319 14,806 83,989 88,558
Income taxes 1 0,121 5 ,539 3 0,882 3 2,776
Net income $ 1 7,198 9,267 $ 53,107 $ 55,782 $
Net interest margin (%) 3.083.053.083.18
This information should be read in conjunction with the consolidated financial statements and the notes thereto for the years ended December 31,
2007 and 2006 (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, 2007, June 30, 2007 and September 30, 2007.
Years ended
December 31, December 31,
11
Hawaiian Electric Industries, Inc. Announces Executive Appointments
HONOLULU, Jan 25, 2008 (BUSINESS WIRE) -- Hawaiian Electric Industries, Inc. (NYSE: HE) today announced that Eric K. Yeaman, HEI Financial Vice President, Treasurer and Chief Financial Officer (CFO), has been named Senior Executive Vice President and Chief Operating Officer (COO) of its utility subsidiary Hawaiian Electric Company, Inc. (HECO). Mr. Yeaman will report to HECO President and Chief Executive Officer, T. Michael (Mike) May.
"We are pleased to have one of our outstanding leaders assume a key operating role at our major electric utility subsidiary," said Constance H. Lau, HEI President and Chief Executive Officer and Chairman of the HECO Board. "Helping solve Hawaii's energy issues has become increasingly important and complex, and Eric's leadership of the day-to-day responsibilities of our Oahu utility will enable Mike to give even greater focus to our ongoing efforts to develop a balanced, comprehensive energy plan for Hawaii's future -- one that considers reliability, energy security, the environment and the needs of the communities we serve," Lau added.
In his capacity as COO, Mr. Yeaman will be responsible for overseeing the Oahu utility's day-to-day operations, energy solutions, public affairs and financial/administrative process areas. Mr. May will continue overall leadership responsibility for the entire utility organization, including subsidiaries, Hawaii Electric Light Company, which serves the island of Hawaii, and Maui Electric Company which serves the islands of Maui, Molokai and Lanai.
"Eric brings strong leadership skills and experience that will help us further develop and advance our plans for Hawaii's energy future," said May.
Prior to joining HEI in 2003, Mr. Yeaman served as COO for Kamehameha Schools, Hawaii's largest land trust, where he led numerous change management initiatives and developed and implemented new financial, investment and operational strategies to improve organizational effectiveness and efficiency.
He is a board member of The Nature Conservancy of Hawaii, Hawaii Community Foundation, Queen's Health Systems, Queen's Medical Center, Queen Emma Land Company, Enterprise Honolulu, Hawaii Pacific University and the Asia-Pacific Center for Security Studies Foundation.
Replacing Yeaman as HEI Acting Financial Vice President, Treasurer and Chief Financial Officer is Curtis Y. Harada, currently HEI Controller, a position he will retain.
Because of the heightened importance of ensuring community input in planning for the future, Hawaiian Electric Company also named Robert (Robbie) Alm as Executive Vice President for Public Affairs. Alm previously held the position of Senior Vice President for Public Affairs.
"Under Robbie's leadership we have worked hard to improve on the process by which we make decisions, ensuring that the concerns of the community are considered upfront," said Lau. "Our strategic success takes the ability to work through complex regulatory, government and community issues and Robbie has successfully brought those skills to the table."
Tayne S. Y. Sekimura, currently Hawaiian Electric Company Financial Vice President, will be promoted to Senior Vice President, Finance and Administration. In her new role, Sekimura will oversee HECO's financial, human resources, legal and corporate administration areas.
All appointments are effective February 1, 2008.
HEI supplies power to over 400,000 customers or 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Hawaii Electric Light Company and Maui Electric Company, and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, the state's third largest financial institution based on 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 September 30, 2007, 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.
SOURCE: Hawaiian Electric Industries, Inc.
Hawaiian Electric Industries, Inc.
Suzy P. Hollinger
Manager, Treasury and Investor Relations
Telephone: 808-543-7385
Facsimile: 808-203-1155
shollinger@hei.com
or
Lynne T. Unemori
HECO Vice President Corporate Relations
Telephone: 808-543-7972
Facsimile: 808-543-4476
Lynne.Unemori@heco.com
This is going to be a killer play longer term
Followers
|
6
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
122
|
Created
|
12/07/08
|
Type
|
Free
|
Moderators |
Home Proxy Materials Corporate Governance Investor Relations Management News Releases SEC Filings Contact Information | ||
Investor HomeStock InformationNews & EventsFinancial InformationShareholder ServicesInformation RequestE-mail AlertsHEI HomeCorporate GovernanceContact Information |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[chart]stockcharts.com/c-sc/sc?s=HE&p=D&yr=0&mn=6&dy=0&i=p05753117837&a=156232107&r=3426[/chart]
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |