HONOLULU, May 7, 2014 /PRNewswire/ -- Hawaiian
Electric Industries, Inc. (NYSE - HE) (HEI) today reported
consolidated net income for common stock for the first quarter of
2014 of $45.9 million, or
$0.45 diluted earnings per share
(EPS), compared to $33.7 million, or
$0.34 diluted EPS for the first
quarter of 2013. Yesterday, the HEI board of directors
declared a dividend of $0.31 per
share, continuing its 113-year history of paying continuous
dividends.
"We are off to a solid start in 2014 with first quarter
financial results aligned with our full year expectations.
We're proud of our leadership in the nation's clean energy
transformation, including integrating higher percentages of
renewable and distributed generation than states across the
nation. The policy guidance recently received from the Hawaii
Public Utilities Commission will allow us to continue our work with
more clarity as we invest in the modernization of our grid to
integrate even more low-cost renewable generation in the future,"
said Constance H. Lau, HEI president
and chief executive officer.
"American Savings Bank continued to deliver solid results
despite the ongoing low interest rate and challenging regulatory
environment. The bank had annualized loan growth of 3.6% this
quarter, while maintaining strong asset quality and financial
returns. American's solid results enabled it to pay dividends
of $8.75 million to HEI in the
quarter while maintaining healthy capital levels," added Lau.
HAWAIIAN ELECTRIC COMPANY CONTINUES INVESTMENTS FOR IMPROVED
RELIABILITY TO BETTER SERVE OUR CUSTOMERS
Hawaiian Electric Company's1 net income for the first
quarter of 2014 was $35.4 million compared to $24.4 million in the first quarter of 2013.
The $11.0 million increase from the
prior year was driven by the following items (on an after-tax
basis):
- $8 million lower operations and
maintenance (O&M) expenses2 compared to the same
quarter last year primarily due to the timing of overhauls, lower
production expenses and lower customer service expenses which were
elevated in the prior year quarter during the stabilization period
for the new customer information system; and
- $6 million higher net
revenues3 compared to the first quarter of 2013
primarily due to $8 million for the estimated recovery of
costs for reliability and clean energy investments partially offset
by $1 million due to reduced fuel
efficiency performance of the generation units on Oahu which were run at lower levels compared
to 2013 in part to integrate more renewable energy.
These were partially offset by (after-tax):
- $2 million higher depreciation
expense resulting from additional infrastructure investments for
improved reliability; and
- $1 million higher interest
expense.
|
1
|
Hawaiian Electric
Company, unless otherwise defined, refers to the three utilities,
Hawaiian Electric Company, Inc. on Oahu, Maui Electric Company,
Limited, and Hawaii Electric Light Company, Inc.
|
|
2
|
Excludes net income
neutral expenses covered by surcharges or by third parties of $2
million in both the first quarter of 2014 and 2013. See
"Explanation of HEI's Use of Certain Unaudited Non-GAAP measures"
and the related reconciliation.
|
|
3
|
Net revenues
represent the after-tax impact of "Revenues" less the following
expenses which are largely pass through items in revenues: "fuel
oil", "purchased power" and "taxes, other than income taxes" as
shown on the Hawaiian Electric Company Consolidated Statements of
Income.
|
|
|
Note: Amounts
indicated as "after-tax" in this earnings release are based upon
adjusting items for the composite statutory tax rates of 39% for
the utilities and 40% for the bank.
|
AMERICAN SAVINGS BANK CONTINUES TO DELIVER SOLID
PERFORMANCE
American Savings Bank's (American) net income for the first
quarter of 2014 was $14.5 million compared to $12.2 million in the fourth (or linked) quarter
of 2013 and $14.2 million in the
first quarter of 2013.
First quarter 2014 net income was $2.4
million higher than the linked quarter primarily driven by a
$2 million (after-tax) gain on the
sale of the municipal bond securities portfolio due to the
strategic shift towards higher quality liquid assets and
$2 million (after-tax) lower
noninterest expenses ($1 million of
which is due to lower compensation and benefits expense), partially
offset by $1 million (after-tax)
decrease in fee income, including lower mortgage banking income
associated with lower refinancing volumes.
Compared to the first quarter of 2013, net income increased
by $0.4 million. The increase was primarily driven
by the $2 million (after-tax) gain on
the sale of the municipal bond securities portfolio and lower
provision for loan losses. These were largely offset by lower
mortgage banking income from significantly lower refinancing
activity and lower interchange fees due to the Durbin Amendment
which placed a limit on interchange fees and became effective on
July 1, 2013 for American.
Overall, American achieved solid profitability in the first
quarter of 2014 with a return on average equity of 11.0% and a
return on average assets of 1.10%.
Also, refer to the American news release issued on April 30, 2014.
HOLDING AND OTHER COMPANIES
The holding and other companies' net losses were $4.0 million in the first quarter of 2014,
down from $4.9 million in the first
quarter of 2013. The lower net losses were due to lower
interest expense and higher tax benefits.
BOARD DECLARES QUARTERLY DIVIDEND
On May 6, 2014, the board of
directors maintained HEI's quarterly cash dividend of $0.31 cents per share, payable on June 10, 2014, to shareholders of record at the
close of business on May 22, 2014
(ex-dividend date is May 20,
2014). 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
May 6, 2014 of $23.22, HEI's yield is 5.3%.
HEI WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS AND EPS
GUIDANCE
Hawaiian Electric Industries, Inc. will conduct a webcast and
conference call to review its first quarter 2014 earnings and 2014
earnings per share (EPS) guidance on Wednesday, May 7, 2014 at
7:00 a.m. Hawaii time (1:00 p.m.
Eastern time). The event can be accessed through HEI's
website at www.hei.com or by dialing (866) 270-6057,
passcode: 47349847 for the teleconference call. The
presentation for the webcast will be on HEI's website under the
heading "Investor Relations." HEI and Hawaiian Electric
Company intend to continue to use HEI's website, www.hei.com, as a
means of disclosing additional information. Such disclosures
will be included on HEI's website in the Investor Relations
section. Accordingly, investors should routinely monitor such
portions of HEI's website, in addition to following HEI's, Hawaiian
Electric Company's and American's press releases, HEI's and
Hawaiian Electric Company's Securities and Exchange Commission
(SEC) filings and HEI's public conference calls and webcasts.
Also, at the Investor Relations section of HEI's website, investors
may sign up to receive e-mail alerts (based on each investor's
selected preferences). The information on HEI's website is
not incorporated by reference in this document or in HEI's and
Hawaiian Electric Company's SEC filings unless, and except to the
extent, specifically incorporated by reference. Investors may
also wish to refer to the Public Utilities Commission of the
State of Hawaii (PUC) website at
dms.puc.hawaii.gov/dms in order to review documents filed with and
issued by the PUC. No information on the PUC website is
incorporated by reference in this document or in HEI's and Hawaiian
Electric Company's SEC filings.
An on-line replay of the webcast will be available on HEI's
website beginning about two hours after the event. Audio
replays of the teleconference will also be available approximately
two hours after the event through May 21,
2014, by dialing (888) 286-8010, passcode:
24249299.
HEI supplies power to approximately 450,000 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, one of
Hawaii's largest financial
institutions.
NON-GAAP MEASURES
See "Explanation of HEI's Use of Certain Unaudited Non-GAAP
Measures" and related reconciliations on pages 14 to 15 of this
release.
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, ongoing
business strategies or prospects or possible future actions 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 the accuracy of
assumptions concerning 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" and "Risk
Factors" discussions (which are incorporated by reference herein)
set forth in HEI's Annual Report on Form 10-K for the year ended
December 31, 2013 and HEI's future
periodic reports that discuss important factors that could cause
HEI's results to differ materially from those anticipated in such
statements. These forward-looking statements speak only as of
the date of the report, presentation or filing in which they are
made. Except to the extent required by the federal securities
laws, HEI, Hawaiian Electric Company, American and their
subsidiaries undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
|
Hawaiian Electric
Industries, Inc. (HEI) and Subsidiaries
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
(Unaudited)
|
|
|
Three months ended
March 31
|
|
2014
|
|
2013
|
|
(in thousands, except per share amounts)
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
Electric
utility
|
|
$
|
720,062
|
|
|
$
|
717,441
|
|
|
Bank
|
|
63,619
|
|
|
64,756
|
|
|
Other
|
|
68
|
|
|
35
|
|
|
Total
revenues
|
|
783,749
|
|
|
782,232
|
|
|
Expenses
|
|
|
|
|
|
Electric
utility
|
|
649,396
|
|
|
666,320
|
|
|
Bank
|
|
41,996
|
|
|
43,005
|
|
|
Other
|
|
4,051
|
|
|
4,082
|
|
|
Total
expenses
|
|
695,443
|
|
|
713,407
|
|
|
Operating income
(loss)
|
|
|
|
|
|
Electric
utility
|
|
70,666
|
|
|
51,121
|
|
|
Bank
|
|
21,623
|
|
|
21,751
|
|
|
Other
|
|
(3,983)
|
|
|
(4,047)
|
|
|
Total operating
income
|
|
88,306
|
|
|
68,825
|
|
|
Interest expense,
net—other than on deposit liabilities and other bank
borrowings
|
|
(19,456)
|
|
|
(18,731)
|
|
|
Allowance for
borrowed funds used during construction
|
|
614
|
|
|
730
|
|
|
Allowance for equity
funds used during construction
|
|
1,609
|
|
|
1,215
|
|
|
Income before
income taxes
|
|
71,073
|
|
|
52,039
|
|
|
Income
taxes
|
|
24,673
|
|
|
17,887
|
|
|
Net
income
|
|
46,400
|
|
|
34,152
|
|
|
Preferred stock
dividends of subsidiaries
|
|
473
|
|
|
473
|
|
|
Net income for
common stock
|
|
$
|
45,927
|
|
|
$
|
33,679
|
|
|
Basic earnings per
common share
|
|
$
|
0.45
|
|
|
$
|
0.34
|
|
|
Diluted earnings
per common share
|
|
$
|
0.45
|
|
|
$
|
0.34
|
|
|
Dividends per
common share
|
|
$
|
0.31
|
|
|
$
|
0.31
|
|
|
Weighted-average
number of common shares outstanding
|
|
101,382
|
|
|
98,135
|
|
|
Adjusted
weighted-average shares
|
|
102,165
|
|
|
98,540
|
|
|
Net income (loss)
for common stock by segment
|
|
|
|
|
|
Electric
utility
|
|
$
|
35,420
|
|
|
$
|
24,429
|
|
|
Bank
|
|
14,539
|
|
|
14,155
|
|
|
Other
|
|
(4,032)
|
|
|
(4,905)
|
|
|
Net income for
common stock
|
|
$
|
45,927
|
|
|
$
|
33,679
|
|
|
Comprehensive income
attributable to Hawaiian Electric Industries, Inc.
|
|
$
|
47,094
|
|
|
$
|
33,618
|
|
|
Return on average
common equity (twelve months ended)1
|
|
10.4%
|
|
|
8.5%
|
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto in HEI's Annual Report on SEC Form
10-K for the year ended December 31, 2013 and HEI's Quarterly
Report on SEC Form 10-Q for the quarter ended March 31, 2014 (when
filed), as updated by SEC Forms 8-K. Results of operations for
interim periods are not necessarily indicative of results to be
expected for future interim periods or the full year.
|
|
1
|
On a core basis, 2014
and 2013 return on average common equity (twelve months ended March
31) were 10.4% and 10.0%, respectively. See reconciliation of GAAP
to non-GAAP measures.
|
|
Hawaiian Electric
Industries, Inc. (HEI) and Subsidiaries
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
(Unaudited)
|
|
|
(dollars in thousands)
|
|
March 31,
2014
|
December 31,
2013
|
|
Assets
|
|
Cash and cash
equivalents
|
|
|
|
$
|
269,120
|
|
|
|
|
$
|
220,036
|
|
|
Accounts receivable
and unbilled revenues, net
|
|
|
|
324,433
|
|
|
|
|
346,785
|
|
|
Available-for-sale
investment and mortgage-related securities
|
|
|
|
517,534
|
|
|
|
|
529,007
|
|
|
Investment in stock
of Federal Home Loan Bank of Seattle
|
|
|
|
86,697
|
|
|
|
|
92,546
|
|
|
Loans receivable held
for investment, net
|
|
|
|
4,147,537
|
|
|
|
|
4,110,113
|
|
|
Loans held for sale,
at lower of cost or fair value
|
|
|
|
4,363
|
|
|
|
|
5,302
|
|
|
Property, plant and
equipment, net of accumulated depreciation of $2,206,650 and
$2,192,422 at the respective dates
|
|
|
|
3,908,392
|
|
|
|
|
3,865,514
|
|
|
Regulatory
assets
|
|
|
|
579,963
|
|
|
|
|
575,924
|
|
|
Other
|
|
|
|
537,841
|
|
|
|
|
512,627
|
|
|
Goodwill
|
|
|
|
82,190
|
|
|
|
|
82,190
|
|
|
Total
assets
|
|
|
|
$
|
10,458,070
|
|
|
|
|
$
|
10,340,044
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
$
|
210,511
|
|
|
|
|
$
|
212,331
|
|
|
Interest and
dividends payable
|
|
|
|
28,520
|
|
|
|
|
26,716
|
|
|
Deposit
liabilities
|
|
|
|
4,477,987
|
|
|
|
|
4,372,477
|
|
|
Short-term
borrowings—other than bank
|
|
|
|
136,369
|
|
|
|
|
105,482
|
|
|
Other bank
borrowings
|
|
|
|
244,642
|
|
|
|
|
244,514
|
|
|
Long-term debt,
net—other than bank
|
|
|
|
1,492,945
|
|
|
|
|
1,492,945
|
|
|
Deferred income
taxes
|
|
|
|
538,321
|
|
|
|
|
529,260
|
|
|
Regulatory
liabilities
|
|
|
|
350,916
|
|
|
|
|
349,299
|
|
|
Contributions in aid
of construction
|
|
|
|
438,020
|
|
|
|
|
432,894
|
|
|
Defined benefit
pension and other postretirement benefit plans liability
|
|
|
|
284,043
|
|
|
|
|
288,539
|
|
|
Other
|
|
|
|
475,575
|
|
|
|
|
524,224
|
|
|
Total
liabilities
|
|
|
|
8,677,849
|
|
|
|
|
8,578,681
|
|
|
Preferred stock of
subsidiaries - not subject to mandatory redemption
|
|
|
|
34,293
|
|
|
|
|
34,293
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
Preferred stock, no
par value, authorized 10,000,000 shares; issued: none
|
|
|
|
—
|
|
|
|
|
—
|
|
|
Common stock, no par
value, authorized 200,000,000 shares; issued and outstanding:
101,477,616 shares and 101,259,800 shares at the respective
dates
|
|
|
|
1,491,338
|
|
|
|
|
1,488,126
|
|
|
Retained
earnings
|
|
|
|
270,173
|
|
|
|
|
255,694
|
|
|
Accumulated other
comprehensive loss, net of tax benefits
|
|
|
|
|
|
|
|
|
|
Net unrealized losses
on securities
|
|
$
|
(2,858)
|
|
|
|
|
$
|
(3,663)
|
|
|
|
|
Unrealized losses on
derivatives
|
|
(466)
|
|
|
|
|
(525)
|
|
|
|
|
Retirement benefit
plans
|
|
(12,259)
|
|
|
(15,583)
|
|
|
(12,562)
|
|
|
(16,750)
|
|
|
Total
shareholders' equity
|
|
|
|
1,745,928
|
|
|
|
|
1,727,070
|
|
|
Total liabilities
and shareholders' equity
|
|
|
|
$
|
10,458,070
|
|
|
|
|
$
|
10,340,044
|
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto in HEI's Annual Report on SEC Form
10-K for the year ended December 31, 2013 and HEI's Quarterly
Report on SEC Form 10-Q for the quarter ended March 31, 2014 (when
filed), as updated by SEC Forms 8-K.
|
|
Hawaiian Electric
Industries, Inc. (HEI) and Subsidiaries
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
|
Three months ended
March 31
|
|
2014
|
|
2013
|
|
(in thousands)
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
Net income
|
|
$
|
46,400
|
|
|
$
|
34,152
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
|
|
Depreciation of
property, plant and equipment
|
|
43,181
|
|
|
39,726
|
|
|
Other
amortization
|
|
1,609
|
|
|
935
|
|
|
Provision for loan
losses
|
|
995
|
|
|
1,858
|
|
|
Loans receivable
originated and purchased, held for sale
|
|
(46,998)
|
|
|
(79,224)
|
|
|
Proceeds from sale of
loans receivable, held for sale
|
|
48,720
|
|
|
102,254
|
|
|
Increase in deferred
income taxes
|
|
6,298
|
|
|
19,967
|
|
|
Excess tax benefits
from share-based payment arrangements
|
|
(164)
|
|
|
(414)
|
|
|
Allowance for equity
funds used during construction
|
|
(1,609)
|
|
|
(1,215)
|
|
|
Change in cash
overdraft
|
|
(1,038)
|
|
|
—
|
|
|
Changes in assets and
liabilities
|
|
|
|
|
|
Decrease in accounts
receivable and unbilled revenues, net
|
|
22,352
|
|
|
14,335
|
|
|
Increase in fuel oil
stock
|
|
(34,260)
|
|
|
(29,272)
|
|
|
Increase in
regulatory assets
|
|
(9,258)
|
|
|
(17,746)
|
|
|
Increase (decrease)
in accounts, interest and dividends payable
|
|
(9,307)
|
|
|
38,148
|
|
|
Change in prepaid and
accrued income taxes and utility revenue taxes
|
|
(19,474)
|
|
|
(50,933)
|
|
|
Decrease in defined
benefit pension and other postretirement benefit plans
liability
|
|
(818)
|
|
|
(702)
|
|
|
Change in other
assets and liabilities
|
|
(27,208)
|
|
|
(23,550)
|
|
|
Net cash provided
by operating activities
|
|
19,421
|
|
|
48,319
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
Available-for-sale
investment and mortgage-related securities purchased
|
|
(79,912)
|
|
|
(26,705)
|
|
|
Principal repayments
on available-for-sale investment and mortgage-related
securities
|
|
15,597
|
|
|
36,504
|
|
|
Proceeds from sale of
available-for-sale investment securities
|
|
79,564
|
|
|
—
|
|
|
Net increase in loans
held for investment
|
|
(37,887)
|
|
|
(66,934)
|
|
|
Proceeds from sale of
real estate acquired in settlement of loans
|
|
1,429
|
|
|
3,046
|
|
|
Capital
expenditures
|
|
(65,829)
|
|
|
(71,041)
|
|
|
Contributions in aid
of construction
|
|
6,958
|
|
|
11,710
|
|
|
Other
|
|
5,848
|
|
|
869
|
|
|
Net cash used in
investing activities
|
|
(74,232)
|
|
|
(112,551)
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
Net increase in
deposit liabilities
|
|
105,510
|
|
|
82,704
|
|
|
Net increase in
short-term borrowings with original maturities of three months or
less
|
|
30,887
|
|
|
50,244
|
|
|
Net increase
(decrease) in retail repurchase agreements
|
|
141
|
|
|
(2,680)
|
|
|
Proceeds from
issuance of long-term debt
|
|
—
|
|
|
50,000
|
|
|
Repayment of
long-term debt
|
|
—
|
|
|
(50,000)
|
|
|
Excess tax benefits
from share-based payment arrangements
|
|
164
|
|
|
414
|
|
|
Net proceeds from
issuance of common stock
|
|
3,054
|
|
|
4,703
|
|
|
Common stock
dividends
|
|
(31,435)
|
|
|
(24,394)
|
|
|
Preferred stock
dividends of subsidiaries
|
|
(473)
|
|
|
(473)
|
|
|
Other
|
|
(3,953)
|
|
|
(3,240)
|
|
|
Net cash provided
by financing activities
|
|
103,895
|
|
|
107,278
|
|
|
Net increase in cash
and cash equivalents
|
|
49,084
|
|
|
43,046
|
|
|
Cash and cash
equivalents, beginning of period
|
|
220,036
|
|
|
219,662
|
|
|
Cash and cash
equivalents, end of period
|
|
$
|
269,120
|
|
|
$
|
262,708
|
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto in HEI's Annual Report on SEC Form
10-K for the year ended December 31, 2013 and HEI's Quarterly
Report on SEC Form 10-Q for the quarter ended March 31, 2014, 2013
(when filed), as updated by SEC Forms 8-K. Cash flows for interim
periods are not necessarily indicative of cash flows to be expected
for future interim periods or the full year.
|
|
Hawaiian Electric
Company, Inc. (Hawaiian Electric) and Subsidiaries
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
(Unaudited)
|
|
|
Three months ended
March 31
|
|
2014
|
|
2013
|
|
(dollars
in thousands, except per barrel amounts)
|
|
|
|
|
|
Revenues
|
|
$
|
720,062
|
|
|
$
|
717,441
|
|
|
Expenses
|
|
|
|
|
|
Fuel oil
|
|
286,300
|
|
|
305,100
|
|
|
Purchased
power
|
|
164,916
|
|
|
153,364
|
|
|
Other operation and
maintenance
|
|
88,606
|
|
|
101,813
|
|
|
Depreciation
|
|
41,603
|
|
|
38,280
|
|
|
Taxes, other than
income taxes
|
|
67,971
|
|
|
67,763
|
|
|
Total
expenses
|
|
649,396
|
|
|
666,320
|
|
|
Operating
income
|
|
70,666
|
|
|
51,121
|
|
|
Allowance for equity
funds used during construction
|
|
1,609
|
|
|
1,215
|
|
|
Interest expense and
other charges, net
|
|
(15,723)
|
|
|
(14,519)
|
|
|
Allowance for
borrowed funds used during construction
|
|
614
|
|
|
730
|
|
|
Income before income
taxes
|
|
57,166
|
|
|
38,547
|
|
|
Income
taxes
|
|
21,247
|
|
|
13,619
|
|
|
Net
income
|
|
35,919
|
|
|
24,928
|
|
|
Preferred stock
dividends of subsidiaries
|
|
229
|
|
|
229
|
|
|
Net income
attributable to Hawaiian Electric
|
|
35,690
|
|
|
24,699
|
|
|
Preferred stock
dividends of Hawaiian Electric
|
|
270
|
|
|
270
|
|
|
Net income for
common stock
|
|
$
|
35,420
|
|
|
$
|
24,429
|
|
|
Comprehensive
income attributable to Hawaiian Electric
|
|
$
|
35,429
|
|
|
$
|
24,447
|
|
|
OTHER ELECTRIC
UTILITY INFORMATION
|
|
|
|
|
|
Kilowatthour sales
(millions)
|
|
|
|
|
|
Hawaiian
Electric
|
|
1,595
|
|
|
1,591
|
|
|
Hawaii Electric
Light
|
|
260
|
|
|
263
|
|
|
Maui
Electric
|
|
271
|
|
|
269
|
|
|
|
2,126
|
|
|
2,123
|
|
|
Wet-bulb temperature
(Oahu average; degrees Fahrenheit)
|
|
67.1
|
|
|
66.0
|
|
|
Cooling degree days
(Oahu)
|
|
828
|
|
|
789
|
|
|
Average fuel oil cost
per barrel
|
|
$
|
131.15
|
|
|
$
|
130.83
|
|
|
|
|
|
Twelve months
ended March 31
|
|
2014
|
|
2013
|
|
Return on average
common equity (%) (simple average)1
|
|
|
|
|
|
Hawaiian
Electric
|
|
9.21
|
|
|
6.97
|
|
|
Hawaii Electric
Light
|
|
7.64
|
|
|
5.07
|
|
|
Maui
Electric
|
|
7.68
|
|
|
7.41
|
|
|
Hawaiian Electric
Consolidated
|
|
8.69
|
|
|
6.68
|
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto incorporated by reference in
Hawaiian Electric's Annual Report on SEC Form 10-K for the year
ended December 31, 2013 and the consolidated financial statements
and the notes thereto in Hawaiian Electric's Quarterly Report on
SEC Form 10-Q for the quarter ended March 31, 2014 (when filed), as
updated by SEC Forms 8-K. Results of operations for interim periods
are not necessarily indicative of results to be expected for future
interim periods or the full year.
|
|
1
|
On a core basis, the
2014 and 2013 return on average common equity (twelve months ended
March 31) were 9.2% and 8.9%, respectively for Hawaiian Electric;
7.6% and 6.3%, respectively for Hawaii Electric Light; 7.7% and
8.8%, respectively for Maui Electric and 8.7% and 8.4%
respectively, for Hawaiian Electric Consolidated. See
reconciliation of GAAP to non-GAAP measures.
|
|
Hawaiian Electric
Company, Inc. (Hawaiian Electric) and Subsidiaries
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
(Unaudited)
|
|
|
|
March 31,
|
|
December
31,
|
|
($ in thousands,
except par value)
|
|
2014
|
|
2013
|
|
Assets
|
|
|
|
|
|
Property, plant
and equipment
|
|
|
|
|
|
Utility property,
plant and equipment
|
|
|
|
|
|
Land
|
|
$
|
51,845
|
|
|
$
|
51,883
|
|
|
Plant and
equipment
|
|
5,762,899
|
|
|
5,701,875
|
|
|
Less accumulated
depreciation
|
|
(2,134,460)
|
|
|
(2,111,229)
|
|
|
Construction in
progress
|
|
148,602
|
|
|
143,233
|
|
|
Utility property,
plant and equipment, net
|
|
3,828,886
|
|
|
3,785,762
|
|
|
Nonutility property,
plant and equipment, less accumulated depreciation of $1,224 and
$1,223 at respective dates
|
|
6,566
|
|
|
6,567
|
|
|
Total property,
plant and equipment, net
|
|
3,835,452
|
|
|
3,792,329
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
|
17,359
|
|
|
62,825
|
|
|
Customer accounts
receivable, net
|
|
164,016
|
|
|
175,448
|
|
|
Accrued unbilled
revenues, net
|
|
131,864
|
|
|
144,124
|
|
|
Other accounts
receivable, net
|
|
16,690
|
|
|
14,062
|
|
|
Fuel oil stock, at
average cost
|
|
168,347
|
|
|
134,087
|
|
|
Materials and
supplies, at average cost
|
|
60,089
|
|
|
59,044
|
|
|
Prepayments and
other
|
|
32,299
|
|
|
52,857
|
|
|
Regulatory
assets
|
|
77,455
|
|
|
69,738
|
|
|
Total current
assets
|
|
668,119
|
|
|
712,185
|
|
|
Other long-term
assets
|
|
|
|
|
|
Regulatory
assets
|
|
502,508
|
|
|
506,186
|
|
|
Unamortized debt
expense
|
|
9,124
|
|
|
9,003
|
|
|
Other
|
|
67,386
|
|
|
67,426
|
|
|
Total other
long-term assets
|
|
579,018
|
|
|
582,615
|
|
|
Total
assets
|
|
$
|
5,082,589
|
|
|
$
|
5,087,129
|
|
|
Capitalization and
liabilities
|
|
|
|
|
|
Capitalization
|
|
|
|
|
|
Common stock ($6 2/3
par value, authorized 50,000,000 shares; outstanding 15,429,105
shares)
|
|
$
|
102,880
|
|
|
$
|
102,880
|
|
|
Premium on capital
stock
|
|
541,449
|
|
|
541,452
|
|
|
Retained
earnings
|
|
961,337
|
|
|
948,624
|
|
|
Accumulated other
comprehensive income, net of income taxes-retirement benefit
plans
|
|
617
|
|
|
608
|
|
|
Common stock
equity
|
|
1,606,283
|
|
|
1,593,564
|
|
|
Cumulative preferred
stock — not subject to mandatory redemption
|
|
34,293
|
|
|
34,293
|
|
|
Long-term debt,
net
|
|
1,206,545
|
|
|
1,206,545
|
|
|
Total
capitalization
|
|
2,847,121
|
|
|
2,834,402
|
|
|
Current
liabilities
|
|
|
|
|
|
Current portion of
long-term debt
|
|
11,400
|
|
|
11,400
|
|
|
Short-term borrowings
from non-affiliates
|
|
34,996
|
|
|
—
|
|
|
Accounts
payable
|
|
182,826
|
|
|
189,559
|
|
|
Interest and
preferred dividends payable
|
|
24,100
|
|
|
21,652
|
|
|
Taxes
accrued
|
|
193,734
|
|
|
249,445
|
|
|
Regulatory
liabilities
|
|
1,437
|
|
|
1,916
|
|
|
Other
|
|
62,476
|
|
|
63,881
|
|
|
Total current
liabilities
|
|
510,969
|
|
|
537,853
|
|
|
Deferred credits
and other liabilities
|
|
|
|
|
|
Deferred income
taxes
|
|
515,041
|
|
|
507,161
|
|
|
Regulatory
liabilities
|
|
349,479
|
|
|
347,383
|
|
|
Unamortized tax
credits
|
|
75,544
|
|
|
73,539
|
|
|
Defined benefit
pension and other postretirement benefit plans liability
|
|
257,601
|
|
|
262,162
|
|
|
Other
|
|
88,814
|
|
|
91,735
|
|
|
Total deferred
credits and other liabilities
|
|
1,286,479
|
|
|
1,281,980
|
|
|
Contributions in aid
of construction
|
|
438,020
|
|
|
432,894
|
|
|
Total
capitalization and liabilities
|
|
$
|
5,082,589
|
|
|
$
|
5,087,129
|
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto incorporated by reference in
Hawaiian Electric's Annual Report on SEC Form 10-K for the year
ended December 31, 2013 and the consolidated financial statements
and the notes thereto in Hawaiian Electric's Quarterly Report on
SEC Form 10-Q for the quarter ended March 31, 2014 (when filed), as
updated by SEC Forms 8-K.
|
|
Hawaiian Electric
Company, Inc. (Hawaiian Electric) and Subsidiaries
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Unaudited)
|
|
|
Three months ended
March 31,
|
|
2014
|
|
2013
|
|
(in thousands)
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
Net income
|
|
$
|
35,919
|
|
|
$
|
24,928
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
|
|
Depreciation of
property, plant and equipment
|
|
41,603
|
|
|
38,280
|
|
|
Other
amortization
|
|
1,621
|
|
|
957
|
|
|
Increase in deferred
income taxes
|
|
20,344
|
|
|
17,975
|
|
|
Change in tax
credits, net
|
|
2,032
|
|
|
1,382
|
|
|
Allowance for equity
funds used during construction
|
|
(1,609)
|
|
|
(1,215)
|
|
|
Change in cash
overdraft
|
|
(1,038)
|
|
|
—
|
|
|
Changes in assets and
liabilities
|
|
|
|
|
|
Decrease in accounts
receivable
|
|
8,804
|
|
|
38,703
|
|
|
Decrease (increase)
in accrued unbilled revenues
|
|
12,260
|
|
|
(1,317)
|
|
|
Increase in fuel oil
stock
|
|
(34,260)
|
|
|
(29,272)
|
|
|
Increase in materials
and supplies
|
|
(1,045)
|
|
|
(3,345)
|
|
|
Increase in
regulatory assets
|
|
(9,258)
|
|
|
(17,746)
|
|
|
Increase (decrease)
in accounts payable
|
|
(16,024)
|
|
|
38,934
|
|
|
Change in prepaid and
accrued income taxes and utility revenue taxes
|
|
(47,526)
|
|
|
(53,666)
|
|
|
Decrease in defined
benefit pension and other postretirement benefit plans
liability
|
|
(205)
|
|
|
(47)
|
|
|
Change in other
assets and liabilities
|
|
(10,981)
|
|
|
(1,050)
|
|
|
Net cash provided
by operating activities
|
|
637
|
|
|
53,501
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
Capital
expenditures
|
|
(64,462)
|
|
|
(67,915)
|
|
|
Contributions in aid
of construction
|
|
6,958
|
|
|
11,710
|
|
|
Net cash used in
investing activities
|
|
(57,504)
|
|
|
(56,205)
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
Common stock
dividends
|
|
(22,707)
|
|
|
(20,070)
|
|
|
Preferred stock
dividends of Hawaiian Electric and subsidiaries
|
|
(499)
|
|
|
(499)
|
|
|
Net increase in
short-term borrowings from non-affiliates and affiliate with
original maturities of three months or less
|
|
34,996
|
|
|
43,052
|
|
|
Other
|
|
(389)
|
|
|
2
|
|
|
Net cash provided
by financing activities
|
|
11,401
|
|
|
22,485
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(45,466)
|
|
|
19,781
|
|
|
Cash and cash
equivalents, beginning of period
|
|
62,825
|
|
|
17,159
|
|
|
Cash and cash
equivalents, end of period
|
|
$
|
17,359
|
|
|
$
|
36,940
|
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto incorporated by reference in
Hawaiian Electric's Annual Report on SEC Form 10-K for the year
ended December 31, 2013 and the consolidated financial statements
and the notes thereto in Hawaiian Electric's Quarterly Report on
SEC Form 10-Q for the quarter ended March 31, 2014 (when filed), as
updated by SEC Forms 8-K. Cash flows for interim periods are not
necessarily indicative of cash flows to be expected for future
interim periods or the full year.
|
|
American Savings
Bank, F.S.B.
|
|
STATEMENTS OF INCOME
DATA
|
|
(Unaudited)
|
|
|
|
Three months
ended
|
|
(in
thousands)
|
|
March 31,
2014
|
|
December 31,
2013
|
|
March 31,
2013
|
|
Interest and
dividend income
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
43,682
|
|
|
$
|
43,405
|
|
|
$
|
42,603
|
|
|
Interest and
dividends on investment and mortgage-related securities
|
|
3,035
|
|
|
3,372
|
|
|
3,464
|
|
|
Total interest and
dividend income
|
|
46,717
|
|
|
46,777
|
|
|
46,067
|
|
|
Interest
expense
|
|
|
|
|
|
|
|
Interest on deposit
liabilities
|
|
1,225
|
|
|
1,222
|
|
|
1,312
|
|
|
Interest on other
borrowings
|
|
1,405
|
|
|
1,437
|
|
|
1,164
|
|
|
Total interest
expense
|
|
2,630
|
|
|
2,659
|
|
|
2,476
|
|
|
Net interest
income
|
|
44,087
|
|
|
44,118
|
|
|
43,591
|
|
|
Provision for loan
losses
|
|
995
|
|
|
554
|
|
|
1,858
|
|
|
Net interest
income after provision for loan losses
|
|
43,092
|
|
|
43,564
|
|
|
41,733
|
|
|
Noninterest
income
|
|
|
|
|
|
|
|
Fees from other
financial services
|
|
5,128
|
|
|
5,732
|
|
|
7,643
|
|
|
Fee income on deposit
liabilities
|
|
4,421
|
|
|
4,797
|
|
|
4,314
|
|
|
Fee income on other
financial products
|
|
2,290
|
|
|
2,117
|
|
|
1,794
|
|
|
Mortgage banking
income
|
|
628
|
|
|
1,413
|
|
|
3,346
|
|
|
Gains on sale of
securities
|
|
2,847
|
|
|
—
|
|
|
—
|
|
|
Other income,
net
|
|
1,588
|
|
|
1,470
|
|
|
1,592
|
|
|
Total noninterest
income
|
|
16,902
|
|
|
15,529
|
|
|
18,689
|
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
|
20,286
|
|
|
22,195
|
|
|
20,088
|
|
|
Occupancy
|
|
3,953
|
|
|
4,197
|
|
|
4,123
|
|
|
Data
processing
|
|
3,060
|
|
|
2,970
|
|
|
2,987
|
|
|
Services
|
|
2,273
|
|
|
2,160
|
|
|
2,103
|
|
|
Equipment
|
|
1,645
|
|
|
1,826
|
|
|
1,774
|
|
|
Other
expense
|
|
7,153
|
|
|
7,951
|
|
|
7,595
|
|
|
Total noninterest
expense
|
|
38,370
|
|
|
41,299
|
|
|
38,670
|
|
|
Income before
income taxes
|
|
21,624
|
|
|
17,794
|
|
|
$
|
21,752
|
|
|
Income
taxes
|
|
7,085
|
|
|
5,610
|
|
|
7,597
|
|
|
Net
income
|
|
$
|
14,539
|
|
|
$
|
12,184
|
|
|
$
|
14,155
|
|
|
Comprehensive
income
|
|
$
|
15,563
|
|
|
$
|
23,802
|
|
|
$
|
15,484
|
|
|
OTHER BANK
INFORMATION (annualized %, except as of period end)
|
|
|
|
|
|
Return on average
assets
|
|
1.10
|
|
|
0.94
|
|
|
1.12
|
|
|
Return on average
equity
|
|
11.03
|
|
|
9.56
|
|
|
11.28
|
|
|
Return on average
tangible common equity
|
|
13.06
|
|
|
11.39
|
|
|
13.49
|
|
|
Net interest
margin
|
|
3.64
|
|
|
3.67
|
|
|
3.78
|
|
|
Net charge-offs to
average loans outstanding
|
|
0.02
|
|
|
0.15
|
|
|
0.12
|
|
|
As of period
end
|
|
|
|
|
|
|
|
Nonperforming assets
to loans outstanding and real estate owned *
|
|
1.12
|
|
|
1.20
|
|
|
1.89
|
|
|
Allowance for loan
losses to loans outstanding
|
|
0.98
|
|
|
0.97
|
|
|
1.11
|
|
|
Tier-1 leverage ratio
*
|
|
9.0
|
|
|
9.1
|
|
|
9.1
|
|
|
Total risk-based
capital ratio *
|
|
12.7
|
|
|
12.1
|
|
|
12.8
|
|
|
Tangible common
equity to total assets
|
|
8.44
|
|
|
8.50
|
|
|
8.38
|
|
|
Dividend paid to HEI
(through ASHI) (for the periods presented, in
millions)
|
|
$
|
9
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
* Regulatory
basis
|
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto in HEI's Annual Report on SEC Form
10-K for the year ended December 31, 2013 and HEI's Quarterly
Report on SEC Form 10-Q for the quarter ended March 31, 2014 (when
filed), as updated by SEC Forms 8-K. 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.
|
|
BALANCE SHEETS
DATA
|
|
(Unaudited)
|
|
|
(in thousands)
|
|
March 31,
2014
|
December 31,
2013
|
|
Assets
|
|
Cash and cash
equivalents (including $40 million of securities purchased under
resale agreements at March 31, 2014)
|
|
|
|
$
|
251,083
|
|
|
|
|
$
|
156,603
|
|
|
Available-for-sale
investment and mortgage-related securities
|
|
|
|
517,534
|
|
|
|
|
529,007
|
|
|
Investment in stock
of Federal Home Loan Bank of Seattle
|
|
|
|
86,697
|
|
|
|
|
92,546
|
|
|
Loans receivable held
for investment
|
|
|
|
4,188,460
|
|
|
|
|
4,150,229
|
|
|
Allowance for loan
losses
|
|
|
|
(40,923)
|
|
|
|
|
(40,116)
|
|
|
Loans receivable held
for investment, net
|
|
|
|
4,147,537
|
|
|
|
|
4,110,113
|
|
|
Loans held for sale,
at lower of cost or fair value
|
|
|
|
4,363
|
|
|
|
|
5,302
|
|
|
Other
|
|
|
|
282,079
|
|
|
|
|
268,063
|
|
|
Goodwill
|
|
|
|
82,190
|
|
|
|
|
82,190
|
|
|
Total
assets
|
|
|
|
$
|
5,371,483
|
|
|
|
|
$
|
5,243,824
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
shareholder's equity
|
|
|
|
|
|
|
|
|
|
Deposit
liabilities—noninterest-bearing
|
|
|
|
$
|
1,284,957
|
|
|
|
|
$
|
1,214,418
|
|
|
Deposit
liabilities—interest-bearing
|
|
|
|
3,193,030
|
|
|
|
|
3,158,059
|
|
|
Other
borrowings
|
|
|
|
244,642
|
|
|
|
|
244,514
|
|
|
Other
|
|
|
|
120,324
|
|
|
|
|
105,679
|
|
|
Total
liabilities
|
|
|
|
4,842,953
|
|
|
|
|
4,722,670
|
|
|
Common
stock
|
|
|
|
336,617
|
|
|
|
|
336,054
|
|
|
Retained
earnings
|
|
|
|
203,086
|
|
|
|
|
197,297
|
|
|
Accumulated other
comprehensive loss, net of tax benefits
|
|
|
|
|
|
|
|
|
|
Net unrealized losses
on securities
|
|
$
|
(2,858)
|
|
|
|
|
$
|
(3,663)
|
|
|
|
|
Retirement benefit
plans
|
|
(8,315)
|
|
|
(11,173)
|
|
|
(8,534)
|
|
|
(12,197)
|
|
|
Total
shareholder's equity
|
|
|
|
528,530
|
|
|
|
|
521,154
|
|
|
Total liabilities
and shareholder's equity
|
|
|
|
$
|
5,371,483
|
|
|
|
|
$
|
5,243,824
|
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto in HEI's Annual Report on SEC Form
10-K for the year ended December 31, 2013 and HEI's Quarterly
Report on SEC Form 10-Q for the quarter ended March 31, 2014 (when
filed), as updated by SEC Forms 8-K.
|
EXPLANATION OF HEI'S USE OF CERTAIN UNAUDITED NON-GAAP
MEASURES
HEI and Hawaiian Electric Company management use certain
non-GAAP measures to evaluate the performance of the utility and
HEI. Management believes these non-GAAP measures provide
useful information and are a better indicator of the companies'
core operating activities. Core earnings and other financial
measures as presented here may not be comparable to similarly
titled measures used by other companies. The accompanying
tables provide a reconciliation of reported GAAP1
earnings to non-GAAP core earnings for both the utility and HEI
consolidated and the corresponding adjusted return on average
common equity (ROACE).
The reconciling adjustments from GAAP earnings to core earnings
are limited to the settlement charge for the partial write-off of
utility assets in the fourth quarter of 2012. For more
information on the settlement charge recorded in 2012, see the Form
8-K filed on March 20, 2013.
Management does not consider these items to be representative of
the company's fundamental core earnings.
The accompanying table also provides the calculation of utility
GAAP O&M adjusted for "O&M-related net income neutral
items" which are O&M expenses covered by specific surcharges or
by third parties. This item is grossed-up in revenue and
expense and does not impact net income.
|
RECONCILIATION OF
GAAP1 TO NON-GAAP MEASURES
|
|
Hawaiian Electric
Industries, Inc. and Subsidiaries (HEI)
|
|
Unaudited
|
|
($ in
millions)
|
|
|
|
|
Twelve months ended
March 31,
|
2014
|
2013
|
|
HEI CONSOLIDATED
NET INCOME
|
|
|
|
GAAP (as
reported)
|
$
|
173.8
|
|
$
|
134.0
|
|
|
Excluding special
items (after-tax):
|
|
|
|
Settlement agreement
for the partial writedown of certain utility assets
|
—
|
|
24.4
|
|
|
Non-GAAP
(core)
|
$
|
173.8
|
|
$
|
158.5
|
|
|
HEI CONSOLIDATED
RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple
average)
|
|
Based on
GAAP
|
10.4%
|
|
8.5%
|
|
|
Based on non-GAAP
(core)2
|
10.4%
|
|
10.0%
|
|
|
|
|
Note: Columns
may not foot due to rounding
|
|
|
1
|
Accounting principles
generally accepted in the United States of America
|
|
2
|
Calculated as core
net income divided by average GAAP common equity
|
|
|
|
RECONCILIATION OF GAAP1 TO NON-GAAP
MEASURES
|
|
Hawaiian Electric Company, Inc. and
Subsidiaries
|
|
Unaudited
|
|
($ in millions)
|
|
|
Twelve months ended March 31,
|
|
2014
|
2013
|
|
HAWAIIAN ELECTRIC CONSOLIDATED NET
INCOME
|
|
|
|
|
GAAP (as reported)
|
|
$
|
133.9
|
$
|
96.4
|
|
Excluding special items
(after-tax):
|
|
|
|
|
Settlement agreement for the partial
writedown of certain utility assets
|
|
—
|
24.4
|
|
Non-GAAP (core)
|
|
$
|
133.9
|
$
|
120.8
|
|
|
|
|
|
|
|
|
|
|
HAWAIIAN ELECTRIC CONSOLIDATED RETURN ON AVERAGE
COMMON EQUITY (ROACE) (simple average):
|
|
|
|
|
Based on GAAP
|
|
8.7%
|
6.7%
|
|
Based on non-GAAP
(core)2
|
|
8.7%
|
8.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaiian
Electric
|
|
Hawaii Electric Light
|
|
Maui Electric
|
|
Twelve months ended March 31,
|
2014
|
2013
|
|
2014
|
2013
|
|
2014
|
2013
|
|
NET INCOME
|
|
|
|
|
|
|
|
|
|
GAAP (as reported)
|
$
|
94.6
|
$
|
65.1
|
|
$
|
20.9
|
$
|
14.0
|
|
$
|
18.5
|
$
|
17.3
|
|
Excluding special items
(after-tax):
|
|
|
|
|
|
|
|
|
|
Settlement agreement for the partial
writedown of certain utility assets
|
—
|
17.7
|
|
—
|
3.4
|
|
—
|
3.4
|
|
Non-GAAP (core)
|
$
|
94.6
|
$
|
82.8
|
|
$
|
20.9
|
$
|
17.4
|
|
$
|
18.5
|
$
|
20.7
|
|
|
|
|
|
|
|
|
|
|
RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple
average):
|
|
|
|
|
|
|
|
|
|
Based on GAAP
|
9.2
%
|
7.0
%
|
|
7.6
%
|
5.1%
|
|
7.7
%
|
7.4
%
|
|
Based on non-GAAP
(core)2
|
9.2
%
|
8.9
%
|
|
7.6
%
|
6.3%
|
|
7.7
%
|
8.8
%
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|
2014
|
2013
|
|
HAWAIIAN ELECTRIC CONSOLIDATED OTHER OPERATION AND
MAINTENANCE (O&M) EXPENSE
|
|
|
|
|
GAAP (as reported)
|
|
$ 88.6
|
$101.8
|
|
Excluding O&M-related net income
neutral items3
|
|
(2.0)
|
(1.6)
|
|
Adjusted O&M expense (Non-GAAP
measure)
|
|
$ 86.6
|
$ 100.2
|
|
Note: Columns may not foot due to
rounding
|
|
|
1
|
Accounting principles
generally accepted in the United States of America
|
|
2
|
Calculated as core
net income divided by average GAAP common equity
|
|
3
|
Expenses covered by
surcharges or by third parties recorded in revenues
|
|
Contact:
|
Shelee M.T.
Kimura
|
|
|
Manager, Investor
Relations &
|
Telephone: (808)
543-7384
|
|
Strategic
Planning
|
E-mail:
skimura@hei.com
|
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SOURCE Hawaiian Electric Industries, Inc.