HONOLULU, Aug. 8, 2013 /PRNewswire/ -- Hawaiian Electric
Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net
income for common stock for the second quarter of 2013 of
$40.6 million, or $0.41 diluted earnings per share (EPS), compared
to $38.8 million, or $0.40 diluted EPS for the second quarter of
2012.
"HEI's stable financial results in the quarter were consistent
with our expectations. Higher bank earnings compared to the same
quarter last year helped offset slightly lower utility earnings
which were primarily driven by a customer refund recorded in the
quarter. At American Savings Bank, higher earnings were
supported by good loan growth and declining credit costs in an
improving local economy. This helped offset the continued
impact of low interest rates. As a result, the bank continued
to deliver strong profitability metrics while maintaining solid
capital levels," said Constance H.
Lau, HEI president and chief executive officer.
At Hawaiian Electric Company, year-to-date renewable energy
provided nearly 18% of customers' electricity usage, already
greater than the 2015 renewable portfolio standard of 15%, and even
higher on Hawaii Island at 49% and Maui
County at 28%. "A key element of our utility strategy
is to seek to lower our customers' bills by aggressively acquiring
and integrating local renewable energy at lower and more stable
prices than oil. As a result, and consistent with our state's
energy policies, our utilities have achieved unprecedented levels
of renewable energy, and we recognize the importance of further
accelerating our move to less costly renewables," said Lau. In
order to add even more lower-cost renewable energy as quickly as
possible, Hawaiian Electric Company is seeking accelerated approval
for five purchase power agreements totaling 64 MW that are priced
lower than the existing cost of oil-fired generation.
"In addition to moving to a renewable energy future, we are
pursuing many other strategies to better serve customers. To
ensure safe and reliable service, we made $140 million of infrastructure investments in the
first half of 2013. This includes the ongoing execution of
our asset management program which is designed to modernize our
grid in a cost effective manner and improve service levels.
Our utilities have also been focused on achieving operational and
cost efficiencies and have been exploring the possibility of using
lower cost liquefied natural gas to help reduce customer
bills. We have to keep pushing the envelope to lower the cost
for our customers. It's what our companies are committed to
and what our utility customers deserve," added Lau.
HAWAIIAN ELECTRIC COMPANY CONTINUES INVESTMENTS TO INTEGRATE
MORE RENEWABLE ENERGY AND BETTER SERVE CUSTOMERS
Hawaiian Electric Company's1 net income for the
second quarter of 2013 was $28.7 million compared to $29.4 million in the second quarter of
2012. The following items were significant factors in the
quarter (on an after-tax basis):
- Net revenues2 were flat compared to the
second quarter of 2012 as $3 million
for additional recovery of costs at the Oahu utility was offset by a net $3 million decrease at the Maui County utility primarily due to the
customer refund granted in its recent final rate case
decision.
- Depreciation expense was $2
million higher with increasing investments for improved
customer reliability, greater system efficiency and integration of
more renewable energy.
- Operations and maintenance (O&M)
expenses3 were $2
million lower in the second quarter of 2013 compared to the
same quarter last year largely due to temporary delays in overhauls
and reversals of previously expensed costs. These reductions
in expenses were partially offset by higher customer service
costs.
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 Net revenues represent the after-tax impact of
"Operating revenues" less the following operating 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.
3 Excludes expenses covered by surcharges or by third
parties. In the second quarter of 2013 and 2012, these expenses
were $2 million and $1 million, respectively.
AMERICAN SAVINGS BANK CONTINUES TO DELIVER SOLID
PERFORMANCE
American Savings Bank's (American) net income for the second
quarter of 2013 was $15.9 million compared to $14.2 million in both the first, or linked,
quarter of 2013 and in the second quarter of 2012. Second
quarter 2013 net income was $1.8
million higher than the linked quarter primarily driven by
(on an after-tax basis) a lower provision for loan losses of
$2 million, $1
million of which related to the strategic third quarter sale
of American's credit card portfolio, and $1
million higher gains on sales of investment
securities. These increases were largely offset by lower
mortgage banking income and higher noninterest expense.
Compared to the second quarter of 2012, net income improved
by $1.7 million. The increase was primarily driven
by a lower provision for loan losses and higher gains on sales of
investment securities as discussed above. These increases
were partially offset by higher noninterest expense due to targeted
staffing and information technology expense increases.
Overall, American achieved solid profitability in the second
quarter of 2013 with a return on average equity of 12.6% and a
return on average assets of 1.25%.
Also, refer to the American news release issued on July 30, 2013.
HOLDING AND OTHER COMPANIES
The holding and other companies' net losses were $4.0 million in the second quarter of 2013
compared to $4.8 million in the
second quarter of 2012. The lower net loss was due to
lower administrative and general expenses and interest expense.
WEBCAST AND CONFERENCE CALL
Hawaiian Electric Industries, Inc. will conduct a webcast and
conference call to review its second quarter 2013 earnings on
Thursday, August 8, 2013, at 11:00
a.m. Hawaii time
(5:00 p.m. Eastern time). The event can be accessed
through HEI's website at www.hei.com or by dialing
(877) 415-3186, passcode: 97287517 for the
teleconference call. The presentation for the webcast will be
on HEI's website under the headings "Investor Relations," "News
& Events" and "Presentations & Webcasts." HEI and
Hawaiian Electric Company, Inc. (HECO) intend to continue to use
HEI's website, www.hei.com, as a means of disclosing material
information, as well as other important 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, HECO's and American's press releases, HEI's and HECO'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 HECO'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 HECO's
SEC filings.
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 22,
2013, by dialing (888) 286-8010, passcode:
60955453.
HEI supplies power to approximately 450,000 customers or 95% of
Hawaii's population through its
electric utilities, HECO, 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, 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, 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 Quarterly Report on Form 10-Q for the quarter
ended March 31, 2013 and HEI's subsequent 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, HECO, 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
|
|
Six months
|
|
|
|
|
ended June
30
|
|
ended June
30
|
|
(in thousands, except
per share amounts)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Electric
utility
|
|
$
730,688
|
|
$
789,552
|
|
$1,449,961
|
|
$1,539,162
|
|
Bank
|
|
|
66,027
|
|
64,721
|
|
130,783
|
|
129,973
|
|
Other
|
|
15
|
|
(5)
|
|
50
|
|
(7)
|
|
Total revenues
|
|
796,730
|
|
854,268
|
|
1,580,794
|
|
1,669,128
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
Electric
utility
|
|
669,550
|
|
728,056
|
|
1,335,870
|
|
1,420,412
|
|
Bank
|
|
|
41,322
|
|
42,847
|
|
84,327
|
|
85,187
|
|
Other
|
|
3,488
|
|
3,959
|
|
7,570
|
|
8,307
|
|
Total expenses
|
|
714,360
|
|
774,862
|
|
1,427,767
|
|
1,513,906
|
|
Operating income
(loss)
|
|
|
|
|
|
|
|
|
|
Electric
utility
|
|
61,138
|
|
61,496
|
|
114,091
|
|
118,750
|
|
Bank
|
|
|
24,705
|
|
21,874
|
|
46,456
|
|
44,786
|
|
Other
|
|
(3,473)
|
|
(3,964)
|
|
(7,520)
|
|
(8,314)
|
|
Total operating
income
|
|
82,370
|
|
79,406
|
|
153,027
|
|
155,222
|
|
Interest
expense–other than on deposit liabilities
|
|
|
|
|
|
|
|
|
|
and other bank
borrowings
|
|
(19,613)
|
|
(20,199)
|
|
(39,401)
|
|
(38,738)
|
|
Allowance for
borrowed funds used during construction
|
|
398
|
|
893
|
|
1,128
|
|
1,763
|
|
Allowance for equity
funds used during construction
|
|
1,560
|
|
1,997
|
|
2,775
|
|
3,937
|
|
Income before
income taxes
|
|
64,715
|
|
62,097
|
|
117,529
|
|
122,184
|
|
Income
taxes
|
|
23,654
|
|
22,824
|
|
42,316
|
|
44,122
|
|
Net
income
|
|
41,061
|
|
39,273
|
|
75,213
|
|
78,062
|
|
Preferred stock
dividends of subsidiaries
|
|
473
|
|
473
|
|
946
|
|
946
|
|
Net income for
common stock
|
|
$
40,588
|
|
$
38,800
|
|
$
74,267
|
|
$
77,116
|
|
Basic earnings per
common share
|
|
$
0.41
|
|
$
0.40
|
|
$
0.75
|
|
$
0.80
|
|
Diluted earnings per
common share
|
|
$
0.41
|
|
$
0.40
|
|
$
0.75
|
|
$
0.80
|
|
Dividends per common
share
|
|
$
0.31
|
|
$
0.31
|
|
$
0.62
|
|
$
0.62
|
|
Weighted-average
number of common shares outstanding
|
|
98,660
|
|
96,693
|
|
98,399
|
|
96,430
|
|
Adjusted
weighted-average shares
|
|
99,249
|
|
96,979
|
|
98,961
|
|
96,819
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) for
common stock by segment
|
|
|
|
|
|
|
|
|
|
Electric
utility
|
|
$
28,693
|
|
$
29,376
|
|
$
53,122
|
|
$
56,676
|
|
Bank
|
|
15,919
|
|
14,189
|
|
30,074
|
|
30,066
|
|
Other
|
|
(4,024)
|
|
(4,765)
|
|
(8,929)
|
|
(9,626)
|
|
Net income for common
stock
|
|
$
40,588
|
|
$
38,800
|
|
$
74,267
|
|
$
77,116
|
|
Comprehensive income
attributable to Hawaiian Electric Industries, Inc.
|
|
$
32,283
|
|
$
40,350
|
|
$
65,901
|
|
$
78,977
|
|
Return on average
common equity (twelve months ended)1
|
|
|
|
|
|
8.5%
|
|
10.4%
|
|
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, 2012 and HEI's Quarterly Reports on SEC Form 10-Q for the
quarters ended March 31, 2013 and June 30, 2013 (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, 2013
and 2012 return on average common equity (twelve months ended June
30) were 10.0% and 10.7%, respectively. See reconciliation of GAAP to non-GAAP
measures.
|
|
Hawaiian Electric
Industries, Inc. (HEI) and Subsidiaries
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
(Unaudited)
|
|
|
|
June 30,
|
December
31,
|
|
(dollars in
thousands)
|
2013
|
2012
|
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
153,712
|
$
219,662
|
|
Accounts receivable
and unbilled revenues, net
|
359,259
|
362,823
|
|
Available-for-sale
investment and mortgage-related securities
|
560,172
|
671,358
|
|
Investment in stock
of Federal Home Loan Bank of Seattle
|
94,281
|
96,022
|
|
Loans receivable held
for investment, net
|
3,912,630
|
3,737,233
|
|
Loans held for sale,
at lower of cost or fair value
|
34,073
|
26,005
|
|
Property, plant and
equipment, net of accumulated depreciation of
|
|
|
|
$2,161,681 in 2013 and
$2,125,286 in 2012
|
3,701,905
|
3,594,829
|
|
Regulatory
assets
|
885,025
|
864,596
|
|
Other
|
454,898
|
494,414
|
|
Goodwill
|
82,190
|
82,190
|
|
Total assets
|
$
10,238,145
|
$
10,149,132
|
|
Liabilities and
shareholders' equity
|
|
|
|
Liabilities
|
|
|
|
Accounts
payable
|
$
175,038
|
$
212,379
|
|
Interest and
dividends payable
|
25,503
|
26,258
|
|
Deposit
liabilities
|
4,276,243
|
4,229,916
|
|
Short-term
borrowings—other than bank
|
125,786
|
83,693
|
|
Other bank
borrowings
|
187,884
|
195,926
|
|
Long-term debt,
net—other than bank
|
1,422,877
|
1,422,872
|
|
Deferred income
taxes
|
474,197
|
439,329
|
|
Regulatory
liabilities
|
336,065
|
322,074
|
|
Contributions in aid
of construction
|
419,337
|
405,520
|
|
Defined benefit
pension and other postretirement benefit plans liability
|
639,898
|
656,394
|
|
Other
|
496,375
|
526,613
|
|
Total liabilities
|
8,579,203
|
8,520,974
|
|
|
|
|
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: 99,044,053 shares in 2013 and 97,928,403
shares in 2012
|
1,429,371
|
1,403,484
|
|
Retained
earnings
|
230,067
|
216,804
|
|
Accumulated other
comprehensive loss, net of tax benefits
|
(34,789)
|
(26,423)
|
|
Total shareholders'
equity
|
1,624,649
|
1,593,865
|
|
Total liabilities and
shareholders' equity
|
$
10,238,145
|
$
10,149,132
|
|
|
|
|
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, 2012 and HEI's Quarterly Reports on SEC Form 10-Q for the
quarters ended March 31, 2013
and June 30, 2013 (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.
|
|
Hawaiian Electric
Industries, Inc. (HEI) and Subsidiaries
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
(Unaudited)
|
|
|
|
Six months ended June
30
|
2013
|
2012
|
|
(in
thousands)
|
|
|
|
Cash flows from
operating activities
|
|
|
|
Net
income
|
$
75,213
|
$
78,062
|
|
Adjustments to
reconcile net income to net cash provided by (used in) operating
activities
|
|
|
|
Depreciation of
property, plant and equipment
|
79,843
|
75,517
|
|
Other
amortization
|
2,868
|
2,999
|
|
Provision for loan
losses
|
899
|
5,924
|
|
Loans receivable
originated and purchased, held for sale
|
(128,276)
|
(161,344)
|
|
Proceeds from sale of
loans receivable, held for sale
|
148,243
|
161,713
|
|
Change in deferred
income taxes
|
40,403
|
41,541
|
|
Change in excess tax
benefits from share-based payment arrangements
|
(445)
|
(40)
|
|
Allowance for equity
funds used during construction
|
(2,775)
|
(3,937)
|
|
Changes in assets and
liabilities
|
|
|
|
Decrease (increase) in accounts receivable and unbilled revenues,
net
|
3,564
|
(42,428)
|
|
Decrease (increase) in fuel oil stock
|
43,974
|
(35,893)
|
|
Increase in regulatory assets
|
(37,586)
|
(35,476)
|
|
Increase (decrease) in accounts, interest and dividends
payable
|
(43,384)
|
3,578
|
|
Change in prepaid and accrued income taxes and utility revenue
taxes
|
(33,822)
|
(12,998)
|
|
Contributions to defined benefit pension and other postretirement
benefit plans
|
(41,521)
|
(53,356)
|
|
Other increase in defined benefit pension and other postretirement
benefit plans liability
|
41,191
|
31,204
|
|
Change in other assets and liabilities
|
(17,597)
|
(58,638)
|
|
Net cash provided
by (used in) operating activities
|
130,792
|
(3,572)
|
|
Cash flows from
investing activities
|
|
|
|
Available-for-sale
investment and mortgage-related securities purchased
|
(39,721)
|
(93,808)
|
|
Principal repayments
on available-for-sale investment and mortgage-related
securities
|
62,819
|
75,407
|
|
Proceeds from sale of
available-for-sale investment and mortgage-related
ssecurities
|
71,367
|
3,548
|
|
Net increase in loans
held for investment
|
(201,184)
|
(61,214)
|
|
Proceeds from sale of
real estate acquired in settlement of loans
|
5,712
|
6,036
|
|
Capital
expenditures
|
(158,830)
|
(145,263)
|
|
Contributions in aid
of construction
|
17,188
|
26,981
|
|
Other
|
2,364
|
-
|
|
Net cash used in
investing activities
|
(240,285)
|
(188,313)
|
|
Cash flows from
financing activities
|
|
|
|
Net increase in
deposit liabilities
|
46,326
|
66,709
|
|
Net increase in
short-term borrowings with original maturities of three months or
less
|
42,093
|
27,419
|
|
Net decrease in
retail repurchase agreements
|
(8,054)
|
(14,556)
|
|
Proceeds from other
bank borrowings
|
25,000
|
-
|
|
Repayments of other
bank borrowings
|
(25,000)
|
-
|
|
Proceeds from
issuance of long-term debt
|
50,000
|
417,000
|
|
Repayment of
long-term debt
|
(50,000)
|
(328,500)
|
|
Change in excess tax
benefits from share-based payment arrangements
|
445
|
40
|
|
Net proceeds from
issuance of common stock
|
11,994
|
11,909
|
|
Common stock
dividends
|
(48,921)
|
(47,851)
|
|
Preferred stock
dividends of subsidiaries
|
(946)
|
(946)
|
|
Other
|
606
|
(2,055)
|
|
Net cash provided
by financing activities
|
43,543
|
129,169
|
|
Net decrease in cash
and cash equivalents
|
(65,950)
|
(62,716)
|
|
Cash and cash
equivalents, beginning of period
|
219,662
|
270,265
|
|
Cash and cash
equivalents, end of period
|
$
153,712
|
$
207,549
|
|
|
|
|
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, 2012 and HEI's Quarterly Reports on SEC Form
10-Q for the quarters ended March
31, 2013 and June 30, 2013 (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.
|
|
Hawaiian Electric
Company, Inc. (HECO) and Subsidiaries
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
Three months
ended
|
|
Six months
ended
|
|
|
|
June 30
|
|
June 30
|
|
(dollars in
thousands, except per barrel amounts)
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Operating
revenues
|
|
$
728,793
|
|
$
787,685
|
|
$
1,444,990
|
|
$
1,535,623
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
Fuel oil
|
|
289,278
|
|
331,064
|
|
594,378
|
|
658,903
|
|
Purchased
power
|
|
178,444
|
|
188,352
|
|
331,808
|
|
353,141
|
|
Other
operation
|
|
66,184
|
|
64,516
|
|
137,607
|
|
126,365
|
|
Maintenance
|
|
27,340
|
|
31,235
|
|
57,042
|
|
61,273
|
|
Depreciation
|
|
38,590
|
|
36,133
|
|
76,870
|
|
72,615
|
|
Taxes, other than
income taxes
|
|
68,759
|
|
76,304
|
|
136,446
|
|
147,299
|
|
Income
taxes
|
|
18,333
|
|
18,574
|
|
32,428
|
|
35,939
|
|
Total operating
expenses
|
|
686,928
|
|
746,178
|
|
1,366,579
|
|
1,455,535
|
|
Operating
income
|
|
41,865
|
|
41,507
|
|
78,411
|
|
80,088
|
|
Other
income
|
|
|
|
|
|
|
|
|
|
Allowance for equity
funds used during construction
|
|
1,560
|
|
1,997
|
|
2,775
|
|
3,937
|
|
Other, net
|
|
940
|
|
1,414
|
|
3,252
|
|
2,723
|
|
Income tax benefit
(expense)
|
|
8
|
|
(51)
|
|
(291)
|
|
(95)
|
|
Total other
income
|
|
2,508
|
|
3,360
|
|
5,736
|
|
6,565
|
|
Interest and other
charges
|
|
|
|
|
|
|
|
|
|
Interest on long-term
debt
|
|
14,614
|
|
15,323
|
|
29,228
|
|
29,706
|
|
Amortization of net
bond premium and expense
|
|
647
|
|
661
|
|
1,294
|
|
1,406
|
|
Other interest
charges (credits)
|
|
318
|
|
(99)
|
|
633
|
|
(370)
|
|
Allowance for
borrowed funds used during construction
|
|
(398)
|
|
(893)
|
|
(1,128)
|
|
(1,763)
|
|
Total interest and other
charges
|
|
15,181
|
|
14,992
|
|
30,027
|
|
28,979
|
|
Net
income
|
|
29,192
|
|
29,875
|
|
54,120
|
|
57,674
|
|
Preferred stock
dividends of subsidiaries
|
|
229
|
|
229
|
|
458
|
|
458
|
|
Net income
attributable to HECO
|
|
28,963
|
|
29,646
|
|
53,662
|
|
57,216
|
|
Preferred stock
dividends of HECO
|
|
270
|
|
270
|
|
540
|
|
540
|
|
Net income for
common stock
|
|
$
28,693
|
|
$
29,376
|
|
$
53,122
|
|
$
56,676
|
|
Comprehensive
income attributable to HECO
|
|
$
28,710
|
|
$
29,451
|
|
$
53,157
|
|
$
56,828
|
|
OTHER ELECTRIC
UTILITY INFORMATION
|
|
|
|
|
|
|
|
|
|
Kilowatthour sales
(millions)
|
|
|
|
|
|
|
|
|
|
HECO
|
|
1,702
|
|
1,713
|
|
3,293
|
|
3,409
|
|
HELCO
|
|
265
|
|
265
|
|
528
|
|
536
|
|
MECO
|
|
280
|
|
279
|
|
549
|
|
563
|
|
|
|
2,247
|
|
2,257
|
|
4,370
|
|
4,508
|
|
Wet-bulb temperature
(Oahu average; degrees Fahrenheit)
|
69.3
|
|
68.0
|
|
67.6
|
|
67.6
|
|
Cooling degree days
(Oahu)
|
|
1,114
|
|
1,150
|
|
1,903
|
|
2,011
|
|
Average fuel oil cost
per barrel
|
|
$129.94
|
|
$145.27
|
|
$131.49
|
|
$139.63
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
|
|
|
|
June 30
|
|
Return on average
common equity (%) (simple average)1
|
|
|
|
|
2013
|
|
2012
|
|
HECO
|
|
|
|
|
|
6.80
|
|
9.44
|
|
HELCO
|
|
|
|
|
|
5.18
|
|
8.77
|
|
MECO
|
|
|
|
|
|
7.39
|
|
6.11
|
|
HECO
Consolidated
|
|
|
|
|
|
6.58
|
|
8.73
|
|
|
|
|
|
|
|
|
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto incorporated by reference in
HECO's Annual Report on SEC Form 10-K for the year ended December 31, 2012 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, 2013 and June 30, 2013
(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
2013 and 2012 return on average common equity (twelve months ended
June 30) were 8.7% and 10.1%, respectively for HECO; 6.4%
and 8.8%, respectively for HELCO;
8.8% and 6.1%, respectively for MECO and 8.3% and 9.1%
respectively, for HECO Consolidated. See reconciliation of
GAAP to non-GAAP
measures.
|
|
|
|
Hawaiian Electric
Company, Inc. (HECO) and Subsidiaries
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
(Unaudited)
|
|
|
|
June 30,
|
December
31,
|
|
(dollars in
thousands, except par value)
|
2013
|
2012
|
|
Assets
|
|
|
|
Utility plant, at
cost
|
|
|
|
Land
|
$
51,622
|
$
51,568
|
|
Plant and
equipment
|
5,492,118
|
5,364,400
|
|
Less accumulated
depreciation
|
(2,082,532)
|
(2,040,789)
|
|
Construction in
progress
|
166,902
|
151,378
|
|
Net utility
plant
|
3,628,110
|
3,526,557
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
8,617
|
17,159
|
|
Customer accounts
receivable, net
|
196,643
|
210,779
|
|
Accrued unbilled
revenues, net
|
139,187
|
134,298
|
|
Other accounts
receivable, net
|
10,059
|
28,176
|
|
Fuel oil stock, at
average cost
|
117,445
|
161,419
|
|
Materials and
supplies, at average cost
|
58,224
|
51,085
|
|
Prepayments and
other
|
38,301
|
32,865
|
|
Regulatory
assets
|
63,672
|
51,267
|
|
Total current
assets
|
632,148
|
687,048
|
|
Other long-term
assets
|
|
|
|
Regulatory
assets
|
821,353
|
813,329
|
|
Unamortized debt
expense
|
9,948
|
10,554
|
|
Other
|
70,260
|
71,305
|
|
Total other long-term
assets
|
901,561
|
895,188
|
|
Total assets
|
$
5,161,819
|
$
5,108,793
|
|
Capitalization and
liabilities
|
|
|
|
Capitalization
|
|
|
|
Common stock, $6 2/3
par value, authorized 50,000,000 shares;
outstanding
|
|
|
|
14,665,264 in 2013 and 2012
|
$
97,788
|
$
97,788
|
|
Premium on capital
stock
|
468,045
|
468,045
|
|
Retained
earnings
|
919,606
|
907,273
|
|
Accumulated other
comprehensive loss, net of tax benefits
|
(935)
|
(970)
|
|
Common stock
equity
|
1,484,504
|
1,472,136
|
|
Cumulative preferred
stock – not subject to mandatory redemption
|
34,293
|
34,293
|
|
Long-term debt,
net
|
1,147,877
|
1,147,872
|
|
Total
capitalization
|
2,666,674
|
2,654,301
|
|
Current
liabilities
|
|
|
|
Short-term borrowings
from nonaffiliates
|
53,992
|
-
|
|
Accounts
payable
|
150,877
|
186,824
|
|
Interest and
preferred dividends payable
|
20,325
|
21,092
|
|
Taxes
accrued
|
218,850
|
251,066
|
|
Other
|
77,895
|
62,879
|
|
Total current
liabilities
|
521,939
|
521,861
|
|
Deferred credits
and other liabilities
|
|
|
|
Deferred income
taxes
|
456,952
|
417,611
|
|
Regulatory
liabilities
|
327,254
|
322,074
|
|
Unamortized tax
credits
|
69,526
|
66,584
|
|
Defined benefit
pension and other postretirement benefit plans liability
|
605,026
|
620,205
|
|
Other
|
95,111
|
100,637
|
|
Total deferred credits
and other liabilities
|
1,553,869
|
1,527,111
|
|
Contributions in aid
of construction
|
419,337
|
405,520
|
|
Total capitalization and liabilities
|
$
5,161,819
|
$
5,108,793
|
|
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto incorporated by reference in HECO's Annual Report on SEC Form 10-K
for the year ended December 31, 2012 and the consolidated
financial statements and the notes
thereto in HECO's Quarterly Reports on SEC Form 10-Q for the
quarter ended March 31, 2013 and
June 30, 2013 (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.
|
|
Hawaiian Electric
Company, Inc. (HECO) and Subsidiaries
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
(Unaudited)
|
|
|
|
Six months ended June
30
|
2013
|
2012
|
|
(in
thousands)
|
|
|
|
Cash flows from
operating activities
|
|
|
|
Net income
|
$
54,120
|
$
57,674
|
|
Adjustments to
reconcile net income to net cash provided by (used
in)
|
|
|
|
operating activities
|
|
|
|
Depreciation of
property, plant and equipment
|
76,870
|
72,615
|
|
Other
amortization
|
2,884
|
2,770
|
|
Change in deferred
income taxes
|
38,780
|
42,524
|
|
Change in tax credits,
net
|
2,997
|
2,880
|
|
Allowance for equity
funds used during construction
|
(2,775)
|
(3,937)
|
|
Changes in assets and
liabilities
|
|
|
|
Decrease (increase) in accounts receivable
|
32,253
|
(10,958)
|
|
Increase in accrued unbilled revenues
|
(4,889)
|
(32,053)
|
|
Decrease (increase) in fuel oil stock
|
43,974
|
(35,893)
|
|
Increase in materials and supplies
|
(7,139)
|
(7,599)
|
|
Increase in regulatory assets
|
(37,586)
|
(35,476)
|
|
Increase (decrease) in accounts payable
|
(41,234)
|
5,931
|
|
Change in prepaid and accrued income taxes and utility revenue
taxes
|
(38,123)
|
(21,141)
|
|
Contributions to defined benefit pension and other postretirement
benefit plans
|
(40,586)
|
(52,086)
|
|
Other increase in defined benefit pension and other postretirement
benefit plans liability
|
41,575
|
31,166
|
|
Change in other assets and liabilities
|
(9,419)
|
(37,942)
|
|
Net cash provided
by (used in) operating activities
|
111,702
|
(21,525)
|
|
Cash flows from
investing activities
|
|
|
|
Capital
expenditures
|
(150,251)
|
(141,618)
|
|
Contributions in aid
of construction
|
17,188
|
26,981
|
|
Other
|
623
|
-
|
|
Net cash used in
investing activities
|
(132,440)
|
(114,637)
|
|
Cash flows from
financing activities
|
|
|
|
Common stock
dividends
|
(40,789)
|
(36,522)
|
|
Preferred stock
dividends of HECO and subsidiaries
|
(998)
|
(998)
|
|
Proceeds from
issuance of long-term debt
|
-
|
417,000
|
|
Repayment of
long-term debt
|
-
|
(328,500)
|
|
Net increase in
short-term borrowings from nonaffiliates and
|
|
|
|
affiliate with original maturities of three months or
less
|
53,992
|
44,242
|
|
Other
|
(9)
|
(1,929)
|
|
Net cash provided
by financing activities
|
12,196
|
93,293
|
|
Net decrease in cash
and cash equivalents
|
(8,542)
|
(42,869)
|
|
Cash and cash
equivalents, beginning of the period
|
17,159
|
48,806
|
|
Cash and cash
equivalents, end of period
|
$
8,617
|
$
5,937
|
|
|
|
|
This information
should be read in conjunction with the consolidated financial
statements and the notes thereto incorporated by reference in
HECO's Annual Report on SEC Form
10-K for the year ended December 31, 2012 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, 2013 and June 30, 2013 (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.
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS OF
INCOME DATA
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
Three months
ended
|
|
Six months
ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June 30
|
|
(in
thousands)
|
|
2013
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Interest
income
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
43,624
|
|
$
42,603
|
|
$
44,473
|
|
$ 86,227
|
|
$ 89,361
|
|
Interest on
investment and mortgage-related securities
|
|
3,234
|
|
3,464
|
|
3,297
|
|
6,698
|
|
7,102
|
|
Total interest
income
|
|
46,858
|
|
46,067
|
|
47,770
|
|
92,925
|
|
96,463
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposit
liabilities
|
|
1,296
|
|
1,312
|
|
1,696
|
|
2,608
|
|
3,475
|
|
Interest on other
borrowings
|
|
1,178
|
|
1,164
|
|
1,214
|
|
2,342
|
|
2,475
|
|
Total interest
expense
|
|
2,474
|
|
2,476
|
|
2,910
|
|
4,950
|
|
5,950
|
|
Net interest
income
|
|
44,384
|
|
43,591
|
|
44,860
|
|
87,975
|
|
90,513
|
|
Provision (credit)
for loan losses
|
|
(959)
|
|
1,858
|
|
2,378
|
|
899
|
|
5,924
|
|
Net interest
income after provision (credit) for loan losses
|
|
45,343
|
|
41,733
|
|
42,482
|
|
87,076
|
|
84,589
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
Fees from other
financial services
|
|
7,996
|
|
7,643
|
|
7,463
|
|
15,639
|
|
14,800
|
|
Fee income on deposit
liabilities
|
|
4,433
|
|
4,314
|
|
4,322
|
|
8,747
|
|
8,600
|
|
Fee income on other
financial products
|
|
1,780
|
|
1,794
|
|
1,532
|
|
3,574
|
|
3,081
|
|
Mortgage banking
income
|
|
2,003
|
|
3,346
|
|
2,185
|
|
5,349
|
|
4,220
|
|
Gain on sale of
securities
|
|
1,226
|
|
-
|
|
134
|
|
1,226
|
|
134
|
|
Other
income
|
|
1,731
|
|
1,592
|
|
1,315
|
|
3,323
|
|
2,675
|
|
Total noninterest
income
|
|
19,169
|
|
18,689
|
|
16,951
|
|
37,858
|
|
33,510
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
|
20,063
|
|
20,088
|
|
18,696
|
|
40,151
|
|
37,342
|
|
Occupancy
|
|
4,219
|
|
4,123
|
|
4,241
|
|
8,342
|
|
8,466
|
|
Data
processing
|
|
2,827
|
|
2,987
|
|
2,489
|
|
5,814
|
|
4,600
|
|
Services
|
|
2,328
|
|
2,103
|
|
2,221
|
|
4,431
|
|
4,004
|
|
Equipment
|
|
1,870
|
|
1,774
|
|
1,807
|
|
3,644
|
|
3,537
|
|
Other
expense
|
|
8,500
|
|
7,595
|
|
8,106
|
|
16,095
|
|
14,813
|
|
Total noninterest
expense
|
|
39,807
|
|
38,670
|
|
37,560
|
|
78,477
|
|
72,762
|
|
Income before
income taxes
|
|
24,705
|
|
21,752
|
|
21,873
|
|
46,457
|
|
45,337
|
|
Income
taxes
|
|
8,786
|
|
7,597
|
|
7,684
|
|
16,383
|
|
15,271
|
|
Net
income
|
|
$
15,919
|
|
$
14,155
|
|
$
14,189
|
|
$ 30,074
|
|
$ 30,066
|
|
Comprehensive
income
|
|
$
7,340
|
|
$
15,484
|
|
$
15,456
|
|
$ 22,824
|
|
$ 31,355
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER BANK
INFORMATION (annualized %, except as of period end)
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.25
|
|
1.12
|
|
1.15
|
|
1.19
|
|
1.22
|
|
Return on average
equity
|
|
12.56
|
|
11.28
|
|
11.35
|
|
11.93
|
|
12.11
|
|
Return on average
tangible common equity
|
|
15.00
|
|
13.49
|
|
13.58
|
|
14.25
|
|
14.50
|
|
Net interest
margin
|
|
3.79
|
|
3.78
|
|
3.97
|
|
3.79
|
|
4.01
|
|
Net charge-offs to
average loans outstanding
|
|
0.08
|
|
0.12
|
|
0.19
|
|
0.10
|
|
0.24
|
|
Efficiency
ratio
|
|
62
|
|
61
|
|
60
|
|
62
|
|
58
|
|
As of period
end
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to loans outstanding and real estate owned *
|
1.56
|
|
1.89
|
|
1.84
|
|
|
|
|
|
Allowance for loan
losses to loans outstanding
|
|
1.04
|
|
1.11
|
|
1.06
|
|
|
|
|
|
Tier-1 leverage ratio
*
|
|
9.3
|
|
9.1
|
|
9.2
|
|
|
|
|
|
Total risk-based
capital ratio *
|
|
12.5
|
|
12.8
|
|
12.8
|
|
|
|
|
|
Tangible common
equity to total assets
|
|
8.42
|
|
8.38
|
|
8.58
|
|
|
|
|
|
Dividend paid to HEI
(via ASHI) ($ in millions)
|
|
10
|
|
10
|
|
10
|
|
20
|
|
20
|
|
* 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, 2012 and HEI's Quarterly Reports on SEC Form 10-Q for the
quarters ended March 31, 2013 and June 30, 2013 (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)
|
|
|
|
June 30,
|
December
31,
|
|
(in
thousands)
|
2013
|
2012
|
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
143,912
|
$
184,430
|
|
Available-for-sale
investment and mortgage-related securities
|
560,172
|
671,358
|
|
Investment in stock
of Federal Home Loan Bank of Seattle
|
94,281
|
96,022
|
|
Loans receivable held
for investment
|
3,953,634
|
3,779,218
|
|
Allowance for loan losses
|
(41,004)
|
(41,985)
|
|
Loans receivable held
for investment, net
|
3,912,630
|
3,737,233
|
|
Loans held for sale,
at lower of cost or fair value
|
34,073
|
26,005
|
|
Other
|
241,513
|
244,435
|
|
Goodwill
|
82,190
|
82,190
|
|
Total
assets
|
$
5,068,771
|
$
5,041,673
|
|
|
|
|
Liabilities and
shareholder's equity
|
|
|
|
Deposit
liabilities–noninterest-bearing
|
$
1,168,937
|
$
1,164,308
|
|
Deposit
liabilities–interest-bearing
|
3,107,306
|
3,065,608
|
|
Other
borrowings
|
187,884
|
195,926
|
|
Other
|
102,516
|
117,752
|
|
Total
liabilities
|
4,566,643
|
4,543,594
|
|
|
|
|
Common
stock
|
334,937
|
333,712
|
|
Retained
earnings
|
189,837
|
179,763
|
|
Accumulated other
comprehensive loss, net of tax benefits
|
(22,646)
|
(15,396)
|
|
Total shareholder's
equity
|
502,128
|
498,079
|
|
Total liabilities and
shareholder's equity
|
$
5,068,771
|
$
5,041,673
|
|
|
|
|
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, 2012 and HEI's Quarterly Reports on SEC Form
10-Q for the quarters ended March 31,
2013 and June 30, 2013 (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.
|
EXPLANATION OF HEI'S USE OF CERTAIN UNAUDITED NON-GAAP
MEASURES
HEI and HECO management use certain non-GAAP measures to
evaluate the performance of the utility. Management believes these
non-GAAP measures provide useful information and are a better
indicator of the utility's core operating activities. Core earnings
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 charges for the partial write-off of
utility assets in 2012 and 2011. 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.
|
|
|
Hawaiian Electric
Industries, Inc. (HEI) and Subsidiaries
|
|
RECONCILIATION OF
GAAPTO NON-GAAP MEASURES
|
|
(Unaudited)
|
|
|
|
|
Net
Income
|
|
Twelve months
ended
|
|
June 30,
|
|
(in
millions)
|
2013
|
2012
|
|
|
|
|
GAAP (as
reported)
|
$
135.8
|
$
159.7
|
|
|
|
|
Excluding special
items (after-tax):
|
|
|
|
Settlement agreement
for the partial writedown of certain utility assets
|
24.4
|
-
|
|
|
|
|
Settlement agreement
for the partial writedown of the East Oahu Transmission Project
(EOTP) Phase I costs
|
-
|
5.7
|
|
|
|
|
Non-GAAP
(core)
|
$
160.2
|
$
165.5
|
|
|
|
|
Note:
Columns may not foot due to rounding
|
|
|
|
|
|
Twelve months
ended
|
|
June 30,
|
|
Other
measures:
|
2013
|
2012
|
|
|
|
|
Return on average
common equity (ROACE) (simple average):
|
|
Based on
GAAP
|
8.5%
|
10.4%
|
|
Based on non-GAAP
(core)2
|
10.0%
|
10.7%
|
|
|
|
|
1 U.S.
Generally Accepted Accounting Principles.
|
|
2
Calculated as core net income divided by average GAAP common
equity.
|
|
Hawaiian Electric
Company, Inc. (HECO) and Subsidiaries
|
|
RECONCILIATION OF
GAAP1TO NON-GAAP MEASURES
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
|
|
|
|
|
June
30,
|
|
|
|
|
|
|
|
(in
millions)
|
|
2013
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP (as
reported)
|
|
$
95.7
|
$
120.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding special
items (after-tax):
|
|
|
|
|
|
|
|
|
|
|
Settlement agreement
for the partial writedown of certain utility assets
|
|
24.4
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement agreement
for the partial writedown of the EOTP Phase I costs
|
|
-
|
5.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
(core)
|
|
$
120.2
|
$
126.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Columns may not foot due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
|
|
|
|
|
|
June
30,
|
|
|
|
|
|
|
|
Other
measures:
|
|
2013
|
2012
|
|
|
|
|
|
|
|
Return on average
common equity (ROACE) (simple average):
|
|
|
|
|
|
|
|
Based on
GAAP
|
|
6.6%
|
8.7%
|
|
|
|
|
|
|
|
Based on non-GAAP
(core)2
|
|
8.3%
|
9.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaiian Electric
Company, Inc. (HECO, Oahu)
|
|
Hawaii Electric
Light Company, Inc. (HELCO)
|
|
Maui Electric
Company, Limited (MECO)
|
|
|
Net
Income
|
|
Net
Income
|
|
Net
Income
|
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
(in
millions)
|
|
2013
|
2012
|
|
2013
|
2012
|
|
2013
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
GAAP (as
reported)
|
|
$
64.0
|
$
81.5
|
|
$
14.4
|
$
24.6
|
|
$
17.3
|
$
14.3
|
|
|
|
|
|
|
|
|
|
|
|
Excluding special
items (after-tax):
|
|
|
|
|
|
|
|
|
|
|
Settlement agreement
for the partial writedown of certain utility assets
|
|
17.7
|
-
|
|
3.4
|
-
|
|
3.4
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Settlement agreement
for the partial writedown of the EOTP Phase I costs
|
|
-
|
5.7
|
|
-
|
-
|
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
(core)
|
|
$
81.7
|
$
87.3
|
|
$
17.8
|
$
24.6
|
|
$
20.7
|
$
14.3
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Columns may not foot due to rounding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
Other
measures:
|
|
2013
|
2012
|
|
2013
|
2012
|
|
2013
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
common equity (ROACE) (simple average):
|
|
|
|
|
|
|
|
Based on
GAAP
|
|
6.8%
|
9.4%
|
|
5.2%
|
8.8%
|
|
7.4%
|
6.1%
|
|
Based on non-GAAP
(core)2
|
|
8.7%
|
10.1%
|
|
6.4%
|
8.8%
|
|
8.8%
|
6.1%
|
|
|
|
|
|
|
|
|
|
|
|
1 U.S.
Generally Accepted Accounting Principles.
|
|
2
Calculated as core net income divided by average GAAP common
equity.
|
|
Contact:
|
Shelee M.T.
Kimura
|
|
|
Manager, Investor
Relations &
|
Telephone: (808)
543-7384
|
|
Strategic
Planning
|
E-mail:
skimura@hei.com
|
(Logo:
http://photos.prnewswire.com/prnh/20110411/LA80136LOGO)
SOURCE Hawaiian Electric Industries, Inc.