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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
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
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