HONOLULU, Nov. 7, 2013 /PRNewswire/ -- Hawaiian
Electric Industries, Inc. (NYSE - HE) (HEI) today reported
consolidated net income for common stock for the third quarter of
2013 of $48.2 million, or
$0.48 diluted earnings per share
(EPS), compared to $47.7 million, or
$0.49 diluted EPS for the third
quarter of 2012.
"HEI continued to deliver solid results in the third quarter of
2013. Higher consolidated net income was driven by higher
bank earnings which helped offset lower utility earnings. EPS
declined by one cent due to an
increased number of shares which were issued through our dividend
reinvestment program to support the capital needs of Hawaiian
Electric, Hawaii Electric Light and Maui Electric Company. In
the first nine months of 2013, HEI's three utilities have made
local infrastructure investments totaling more than
$235 million to ensure safe and reliable service as they
integrate more clean energy," said Constance H. Lau, HEI president and chief
executive officer.
Through the first nine months of the year, more than 18% of the
electricity used by the utilities' customers came from renewable
resources, ahead of the state's 2015 goal of 15%. "Our goal is to
ensure reliable electric service while pursuing more low-cost clean
energy and decreasing the use of imported fossil fuel as quickly as
possible. At the same time, we are committed to increasing
efficiencies and are working hard to lower our customers' electric
bills," said Lau.
"At American Savings Bank, year-over-year results were solid as
we increased loans to customers at an annualized rate of 9.3% and
improved credit quality resulted in a lower provision expense for
loan losses helping to offset a challenging bank regulatory and
interest rate environment," said Lau.
HAWAIIAN ELECTRIC COMPANY CONTINUES INVESTMENTS TO INTEGRATE
MORE CLEAN ENERGY AND BETTER SERVE CUSTOMERS
Hawaiian Electric Company's1 net income
for the third quarter of 2013 was $37.8 million compared to $38.4 million in the third quarter of 2012.
The $0.6 million decline from the
prior year was driven by the following items (on an after-tax
basis):
- $2 million higher depreciation
expense resulting from additional infrastructure investments for
improved reliability and the integration of more clean energy;
and
- $2 million higher operations and
maintenance (O&M) expenses2 compared to
the same quarter last year largely due to the timing of overhauls
and higher customer service expenses, partially offset by lower
expenses for substation and generating station maintenance.
These were largely offset by (after-tax):
- $2 million higher net
revenues3 compared to the third quarter of
2012 primarily due to additional recovery of costs, net of lower
revenues related to the Maui Electric final rate case decision and
lower fuel efficiency performance; and
- A favorable deferred income tax adjustment of $3 million recorded in the third quarter of 2013
compared to a favorable tax settlement of $1
million recorded in the third quarter of 2012, both related
to prior years.
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 expenses covered by surcharges or by third
parties. In both the third quarter of 2013 and 2012, these expenses
were $2 million.
3 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.
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 third
quarter of 2013 was $15.3 million compared to $15.9 million in the second, or linked, quarter
of 2013 and $14.2 million in the
third quarter of 2012.
Third quarter 2013 net income was $0.6
million lower than the linked quarter primarily driven by
$1 million (after-tax) lower fees
from other financial services as expected under the Durbin
Amendment of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010, which placed a cap on interchange fees that
became effective for American on July
1, 2013. In the quarter, American completed the
strategic sale of its credit card portfolio and launched a new,
more competitive offering for its customers. Compared to the
linked quarter (on an after-tax basis), the aggregate impact of the
transaction was nominal as the net gain of less than $1 million in the third quarter of 2013 was
roughly equivalent to the lower provision expense in the second
quarter of 2013 related to the release of credit card
reserves. For the full year, the net gain is expected to be
largely offset by lower credit card-related income for the
remainder of the year.
Compared to the third quarter of 2012, net income improved
by $1.1 million. The increase was primarily driven
by a lower provision for loan losses, a net gain on the sale of the
credit card portfolio mentioned above and higher fee income on
other financial products. These were largely offset by lower
mortgage banking income and lower fees from other financial
services due to the lower interchange fees mentioned above.
Overall, American achieved solid profitability in the third
quarter of 2013 with a return on average equity of 12.1% and a
return on average assets of 1.20%. American's solid results
enabled it to pay dividends of $10 million to HEI in the
quarter while maintaining healthy capital levels.
Also, refer to the American news release issued on October 30, 2013.
HOLDING AND OTHER COMPANIES
The holding and other companies' net losses were $4.9 million in both the third quarter of
2013 and 2012.
BOARD DECLARES QUARTERLY DIVIDEND
On November 6, 2013, the board of
directors maintained HEI's quarterly cash dividend of 31 cents
per share, payable on December 11,
2013, to shareholders of record at the close of business on
November 20, 2013 (ex-dividend date
is November 18, 2013). 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
November 6, 2013 of $26.90, HEI's yield is 4.6%.
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 third quarter 2013 earnings and 2013
EPS guidance on Thursday, November 7, 2013, at 12:00 p.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) 280-4960, passcode:
82443306 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. (Hawaiian
Electric) 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, Hawaiian Electric's and American's
press releases, HEI's and Hawaiian Electric'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 into
this document or into HEI's and Hawaiian Electric'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 into
this document or into HEI's and Hawaiian Electric'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 November 21,
2013, by dialing (888) 286-8010, passcode:
68694218.
HEI supplies power to approximately 450,000 customers or 95% of
Hawaii's population through its
electric utilities, Hawaiian Electric, 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 quarters
ended June 30, 2013 and March 31,
2013, respectively, 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,
Hawaiian Electric, 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 September 30
|
|
Nine months
ended September 30
|
|
(in thousands, except per share amounts)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Revenues
|
|
|
|
|
|
|
|
|
Electric
utility
|
$
|
766,115
|
|
$
|
801,095
|
|
$
|
2,216,076
|
|
$
|
2,340,257
|
|
Bank
|
65,058
|
|
66,596
|
|
195,841
|
|
196,569
|
|
Other
|
56
|
|
29
|
|
106
|
|
22
|
|
Total
revenues
|
831,229
|
|
867,720
|
|
2,412,023
|
|
2,536,848
|
|
Expenses
|
|
|
|
|
|
|
|
|
Electric
utility
|
694,201
|
|
726,276
|
|
2,030,071
|
|
2,146,688
|
|
Bank
|
42,223
|
|
44,974
|
|
126,550
|
|
130,161
|
|
Other
|
4,706
|
|
4,768
|
|
12,276
|
|
13,075
|
|
Total
expenses
|
741,130
|
|
776,018
|
|
2,168,897
|
|
2,289,924
|
|
Operating income
(loss)
|
|
|
|
|
|
|
|
|
Electric
utility
|
71,914
|
|
74,819
|
|
186,005
|
|
193,569
|
|
Bank
|
22,835
|
|
21,622
|
|
69,291
|
|
66,408
|
|
Other
|
(4,650)
|
|
(4,739)
|
|
(12,170)
|
|
(13,053)
|
|
Total operating
income
|
90,099
|
|
91,702
|
|
243,126
|
|
246,924
|
|
Interest
expense—other than on deposit liabilities and other bank
borrowings
|
(20,304)
|
|
(20,020)
|
|
(59,705)
|
|
(58,758)
|
|
Allowance for
borrowed funds used during construction
|
498
|
|
688
|
|
1,626
|
|
2,451
|
|
Allowance for equity
funds used during construction
|
1,255
|
|
1,611
|
|
4,030
|
|
5,548
|
|
Income before
income taxes
|
71,548
|
|
73,981
|
|
189,077
|
|
196,165
|
|
Income
taxes
|
22,841
|
|
25,804
|
|
65,157
|
|
69,926
|
|
Net
income
|
48,707
|
|
48,177
|
|
123,920
|
|
126,239
|
|
Preferred stock
dividends of subsidiaries
|
471
|
|
471
|
|
1,417
|
|
1,417
|
|
Net income for
common stock
|
$
|
48,236
|
|
$
|
47,706
|
|
$
|
122,503
|
|
$
|
124,822
|
|
Basic earnings per
common share
|
$
|
0.49
|
|
$
|
0.49
|
|
$
|
1.24
|
|
$
|
1.29
|
|
Diluted earnings per
common share
|
$
|
0.48
|
|
$
|
0.49
|
|
$
|
1.23
|
|
$
|
1.29
|
|
Dividends per common
share
|
$
|
0.31
|
|
$
|
0.31
|
|
$
|
0.93
|
|
$
|
0.93
|
|
Weighted-average
number of common shares outstanding
|
99,204
|
|
97,157
|
|
98,670
|
|
96,674
|
|
Adjusted
weighted-average shares
|
99,818
|
|
97,518
|
|
99,290
|
|
97,097
|
|
Net income (loss) for
common stock by segment
|
|
|
|
|
|
|
|
|
Electric
utility
|
$
|
37,817
|
|
$
|
38,375
|
|
$
|
90,939
|
|
$
|
95,051
|
|
Bank
|
15,276
|
|
14,208
|
|
45,350
|
|
44,274
|
|
Other
|
(4,857)
|
|
(4,877)
|
|
(13,786)
|
|
(14,503)
|
|
Net income for common
stock
|
$
|
48,236
|
|
$
|
47,706
|
|
$
|
122,503
|
|
$
|
124,822
|
|
Comprehensive income
attributable to Hawaiian Electric Industries, Inc.
|
$
|
47,339
|
|
$
|
49,292
|
|
$
|
113,240
|
|
$
|
128,269
|
|
Return on average
common equity (twelve months ended)1
|
|
|
|
|
8.4%
|
|
10.1%
|
|
|
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,
June 30, 2013 and September 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 September 30) were 9.9% and 10.5%, respectively.
See reconciliation of GAAP to non-GAAP measures.
|
|
Hawaiian Electric
Industries, Inc. (HEI) and Subsidiaries
CONSOLIDATED BALANCE
SHEETS
(Unaudited)
|
|
(dollars in thousands)
|
September 30,
2013
|
|
December 31,
2012
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
|
215,042
|
|
$
|
219,662
|
|
Accounts receivable
and unbilled revenues, net
|
350,083
|
|
362,823
|
|
Available-for-sale
investment and mortgage-related securities
|
535,264
|
|
671,358
|
|
Investment in stock
of Federal Home Loan Bank of Seattle
|
93,413
|
|
96,022
|
|
Loans receivable held
for investment, net
|
4,005,132
|
|
3,737,233
|
|
Loans held for sale,
at lower of cost or fair value
|
5,829
|
|
26,005
|
|
Property, plant and
equipment, net of accumulated depreciation of $2,173,583 in 2013
and $2,125,286 in 2012
|
3,776,305
|
|
3,594,829
|
|
Regulatory
assets
|
890,419
|
|
864,596
|
|
Other
|
475,335
|
|
494,414
|
|
Goodwill
|
82,190
|
|
82,190
|
|
Total
assets
|
$
|
10,429,012
|
|
$
|
10,149,132
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
Liabilities
|
|
|
|
|
Accounts
payable
|
$
|
206,803
|
|
$
|
212,379
|
|
Interest and
dividends payable
|
27,232
|
|
26,258
|
|
Deposit
liabilities
|
4,310,842
|
|
4,229,916
|
|
Short-term
borrowings—other than bank
|
131,341
|
|
83,693
|
|
Other bank
borrowings
|
239,612
|
|
195,926
|
|
Long-term debt,
net—other than bank
|
1,422,880
|
|
1,422,872
|
|
Deferred income
taxes
|
493,662
|
|
439,329
|
|
Regulatory
liabilities
|
337,720
|
|
322,074
|
|
Contributions in aid
of construction
|
425,916
|
|
405,520
|
|
Defined benefit
pension and other postretirement benefit plans liability
|
630,904
|
|
656,394
|
|
Other
|
512,342
|
|
526,613
|
|
Total
liabilities
|
8,739,254
|
|
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:
99,541,518 shares in 2013 and 97,928,403 shares in 2012
|
1,443,583
|
|
1,403,484
|
|
Retained
earnings
|
247,568
|
|
216,804
|
|
Accumulated other
comprehensive income (loss), net of taxes
|
(35,686)
|
|
(26,423)
|
|
Total shareholders'
equity
|
1,655,465
|
|
1,593,865
|
|
Total liabilities and
shareholders' equity
|
$
|
10,429,012
|
|
$
|
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,
June 30, 2013 and September 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)
|
|
Nine
months ended September 30
|
2013
|
|
2012
|
|
(in thousands)
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
Net income
|
$
|
123,920
|
|
$
|
126,239
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
|
Depreciation of
property, plant and equipment
|
120,355
|
|
112,946
|
|
Other
amortization
|
2,352
|
|
4,811
|
|
Provision for loan
losses
|
953
|
|
9,504
|
|
Loans receivable
originated and purchased, held for sale
|
(199,772)
|
|
(304,289)
|
|
Proceeds from sale of
loans receivable, held for sale
|
223,221
|
|
302,844
|
|
Gain on sale of
credit card portfolio
|
(2,251)
|
|
—
|
|
Change in deferred
income taxes
|
60,580
|
|
82,582
|
|
Excess tax benefits
from share-based payment arrangements
|
(469)
|
|
(65)
|
|
Allowance for equity
funds used during construction
|
(4,030)
|
|
(5,548)
|
|
Changes in assets and
liabilities
|
|
|
|
|
Decrease (increase)
in accounts receivable and unbilled revenues, net
|
12,740
|
|
(30,610)
|
|
Decrease (increase)
in fuel oil stock
|
24,332
|
|
(31,372)
|
|
Increase in
regulatory assets
|
(53,314)
|
|
(57,793)
|
|
Decrease in accounts,
interest and dividends payable
|
(21,708)
|
|
(5,905)
|
|
Decrease in prepaid
and accrued income taxes and utility revenue taxes
|
(19,212)
|
|
(5,121)
|
|
Contributions to
defined benefit pension and other postretirement benefit
plans
|
(62,279)
|
|
(64,006)
|
|
Other increase in
defined benefit pension and other postretirement benefit plans
liability
|
61,770
|
|
49,950
|
|
Change in other
assets and liabilities
|
(20,462)
|
|
(62,563)
|
|
Net cash provided
by operating activities
|
246,726
|
|
121,604
|
|
Cash flows from
investing activities
|
|
|
|
|
Available-for-sale
investment and mortgage-related securities purchased
|
(39,721)
|
|
(146,794)
|
|
Principal repayments
on available-for-sale investment and mortgage-related
securities
|
84,487
|
|
104,310
|
|
Proceeds from sale of
available-for-sale investment and mortgage-related
securities
|
71,367
|
|
3,548
|
|
Net increase in loans
held for investment
|
(293,996)
|
|
(75,982)
|
|
Proceeds from sale of
real estate acquired in settlement of loans
|
8,777
|
|
9,659
|
|
Capital
expenditures
|
(247,392)
|
|
(225,961)
|
|
Contributions in aid
of construction
|
23,633
|
|
33,106
|
|
Proceeds from sale of
credit card portfolio
|
26,386
|
|
—
|
|
Other
|
3,035
|
|
865
|
|
Net cash used in
investing activities
|
(363,424)
|
|
(297,249)
|
|
Cash flows from
financing activities
|
|
|
|
|
Net increase in
deposit liabilities
|
80,926
|
|
56,756
|
|
Net increase in
short-term borrowings with original maturities of three months or
less
|
47,648
|
|
13,398
|
|
Net decrease in
retail repurchase agreements
|
(6,314)
|
|
(22,011)
|
|
Proceeds from other
bank borrowings
|
120,000
|
|
—
|
|
Repayments of other
bank borrowings
|
(70,000)
|
|
—
|
|
Proceeds from
issuance of long-term debt
|
50,000
|
|
457,000
|
|
Repayment of
long-term debt
|
(50,000)
|
|
(368,500)
|
|
Excess tax benefits
from share-based payment arrangements
|
469
|
|
65
|
|
Net proceeds from
issuance of common stock
|
18,383
|
|
16,881
|
|
Common stock
dividends
|
(73,584)
|
|
(71,966)
|
|
Preferred stock
dividends of subsidiaries
|
(1,417)
|
|
(1,417)
|
|
Other
|
(4,033)
|
|
(6,314)
|
|
Net cash provided
by financing activities
|
112,078
|
|
73,892
|
|
Net decrease in cash
and cash equivalents
|
(4,620)
|
|
(101,753)
|
|
Cash and cash
equivalents, beginning of period
|
219,662
|
|
270,265
|
|
Cash and cash
equivalents, end of period
|
$
|
215,042
|
|
$
|
168,512
|
|
|
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,
June 30, 2013 and September 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. (Hawaiian Electric) and Subsidiaries
CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
|
|
Three months
ended September 30
|
|
Nine months
ended September 30
|
|
(in thousands)
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
Operating
revenues
|
$
|
763,933
|
|
799,203
|
|
2,208,923
|
|
$
|
2,334,826
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
Fuel oil
|
283,360
|
|
327,173
|
|
877,738
|
|
986,076
|
|
Purchased
power
|
194,861
|
|
186,699
|
|
526,669
|
|
539,840
|
|
Other
operation
|
72,008
|
|
70,441
|
|
209,615
|
|
196,806
|
|
Maintenance
|
31,513
|
|
30,368
|
|
88,555
|
|
91,641
|
|
Depreciation
|
38,995
|
|
35,941
|
|
115,865
|
|
108,556
|
|
Taxes, other than
income taxes
|
72,382
|
|
74,850
|
|
208,828
|
|
222,149
|
|
Income
taxes
|
18,928
|
|
22,352
|
|
51,356
|
|
58,291
|
|
Total operating
expenses
|
712,047
|
|
747,824
|
|
2,078,626
|
|
2,203,359
|
|
Operating
income
|
51,886
|
|
51,379
|
|
130,297
|
|
131,467
|
|
Other
income
|
|
|
|
|
|
|
|
|
Allowance for equity
funds used during construction
|
1,255
|
|
1,611
|
|
4,030
|
|
5,548
|
|
Other, net
|
1,099
|
|
1,087
|
|
4,351
|
|
3,810
|
|
Income tax
expense
|
(129)
|
|
(42)
|
|
(420)
|
|
(137)
|
|
Total other
income
|
2,225
|
|
2,656
|
|
7,961
|
|
9,221
|
|
Interest and other
charges
|
|
|
|
|
|
|
|
|
Interest on long-term
debt
|
14,615
|
|
14,694
|
|
43,843
|
|
44,400
|
|
Amortization of net
bond premium and expense
|
646
|
|
870
|
|
1,940
|
|
2,276
|
|
Other interest
charges (credits)
|
1,033
|
|
286
|
|
1,666
|
|
(84)
|
|
Allowance for
borrowed funds used during construction
|
(498)
|
|
(688)
|
|
(1,626)
|
|
(2,451)
|
|
Total interest and
other charges
|
15,796
|
|
15,162
|
|
45,823
|
|
44,141
|
|
Net
income
|
38,315
|
|
38,873
|
|
92,435
|
|
96,547
|
|
Preferred stock
dividends of subsidiaries
|
228
|
|
228
|
|
686
|
|
686
|
|
Net income
attributable to Hawaiian Electric
|
38,087
|
|
38,645
|
|
91,749
|
|
95,861
|
|
Preferred stock
dividends of Hawaiian Electric
|
270
|
|
270
|
|
810
|
|
810
|
|
Net income for
common stock
|
$
|
37,817
|
|
$
|
38,375
|
|
$
|
90,939
|
|
$
|
95,051
|
|
Comprehensive
income attributable to Hawaiian Electric
|
$
|
37,834
|
|
$
|
38,452
|
|
$
|
90,991
|
|
$
|
95,280
|
|
OTHER ELECTRIC
UTILITY INFORMATION
|
|
|
|
|
|
|
|
|
Kilowatthour sales
(millions)
|
|
|
|
|
|
|
|
|
Hawaiian
Electric
|
1,807
|
|
1,796
|
|
5,100
|
|
5,205
|
|
Hawaii
Electric Light
|
275
|
|
274
|
|
803
|
|
810
|
|
Maui
Electric
|
294
|
|
292
|
|
843
|
|
855
|
|
2,376
|
|
2,362
|
|
6,746
|
|
6,870
|
|
Wet-bulb temperature
(Oahu average; degrees Fahrenheit)
|
70.6
|
|
70.8
|
|
68.6
|
|
68.7
|
|
Cooling degree days
(Oahu)
|
1,468
|
|
1,419
|
|
3,371
|
|
3,430
|
|
Average fuel oil cost
per barrel
|
$
|
127.42
|
|
$
|
139.68
|
|
$
|
130.15
|
|
$
|
139.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
September
30
|
|
Return on average
common equity (%) (simple average)1
|
|
|
|
|
2013
|
|
2012
|
|
Hawaiian
Electric
|
|
|
|
|
6.69
|
|
9.40
|
|
Hawaii
Electric Light
|
|
|
|
|
5.41
|
|
7.53
|
|
Maui
Electric
|
|
|
|
|
6.79
|
|
7.14
|
|
Hawaiian
Electric Consolidated
|
|
|
|
|
6.46
|
|
8.64
|
|
|
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, 2012 and the consolidated financial statements
and the notes thereto in Hawaiian Electric's Quarterly Reports on
SEC Form 10-Q for the quarters ended March 31, 2013, June 30, 2013
and September 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
September 30) were 8.5% and 10.0%, respectively for Hawaiian
Electric; 6.6% and 7.5%, respectively for Hawaii Electric
Light; 8.2% and 7.1%, respectively for Maui Electric and 8.1% and
9.0% 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)
|
|
(dollars in thousands, except par value)
|
September 30,
2013
|
|
December 31,
2012
|
|
Assets
|
|
|
|
|
Utility plant, at
cost
|
|
|
|
|
Land
|
$
|
51,834
|
|
$
|
51,568
|
|
Plant and
equipment
|
5,593,801
|
|
5,364,400
|
|
Less accumulated
depreciation
|
(2,093,575)
|
|
(2,040,789)
|
|
Construction in
progress
|
151,077
|
|
151,378
|
|
Net utility
plant
|
3,703,137
|
|
3,526,557
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
25,185
|
|
17,159
|
|
Customer accounts
receivable, net
|
187,704
|
|
210,779
|
|
Accrued unbilled
revenues, net
|
139,901
|
|
134,298
|
|
Other accounts
receivable, net
|
9,174
|
|
28,176
|
|
Fuel oil stock, at
average cost
|
137,087
|
|
161,419
|
|
Materials and
supplies, at average cost
|
59,434
|
|
51,085
|
|
Prepayments and
other
|
45,376
|
|
32,865
|
|
Regulatory
assets
|
45,723
|
|
51,267
|
|
Total current
assets
|
649,584
|
|
687,048
|
|
Other long-term
assets
|
|
|
|
|
Regulatory
assets
|
844,696
|
|
813,329
|
|
Unamortized debt
expense
|
9,674
|
|
10,554
|
|
Other
|
62,667
|
|
71,305
|
|
Total other
long-term assets
|
917,037
|
|
895,188
|
|
Total
assets
|
$
|
5,269,758
|
|
$
|
5,108,793
|
|
Capitalization and
liabilities
|
|
|
|
|
Capitalization
|
|
|
|
|
Common stock ($6 2/3
par value, authorized 50,000,000 shares; outstanding 14,665,264
shares)
|
$
|
97,788
|
|
$
|
97,788
|
|
Premium on capital
stock
|
468,045
|
|
468,045
|
|
Retained
earnings
|
937,029
|
|
907,273
|
|
Accumulated other
comprehensive loss, net of income tax benefits-retirement benefit
plans
|
(918)
|
|
(970)
|
|
Common stock
equity
|
1,501,944
|
|
1,472,136
|
|
Cumulative preferred
stock — not subject to mandatory redemption
|
34,293
|
|
34,293
|
|
Long-term debt,
net
|
1,147,880
|
|
1,147,872
|
|
Total
capitalization
|
2,684,117
|
|
2,654,301
|
|
Current
liabilities
|
|
|
|
|
Short-term borrowings
from non-affiliates
|
73,246
|
|
—
|
|
Accounts
payable
|
180,957
|
|
186,824
|
|
Interest and
preferred dividends payable
|
22,397
|
|
21,092
|
|
Taxes
accrued
|
233,453
|
|
251,066
|
|
Other
|
78,534
|
|
62,879
|
|
Total current
liabilities
|
588,587
|
|
521,861
|
|
Deferred credits
and other liabilities
|
|
|
|
|
Deferred income
taxes
|
478,601
|
|
417,611
|
|
Regulatory
liabilities
|
329,131
|
|
322,074
|
|
Unamortized tax
credits
|
71,038
|
|
66,584
|
|
Defined benefit
pension and other postretirement benefit plans liability
|
596,240
|
|
620,205
|
|
Other
|
96,128
|
|
100,637
|
|
Total deferred
credits and other liabilities
|
1,571,138
|
|
1,527,111
|
|
Contributions in aid
of construction
|
425,916
|
|
405,520
|
|
Total
capitalization and liabilities
|
$
|
5,269,758
|
|
$
|
5,108,793
|
|
|
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, 2012 and the consolidated financial statements
and the notes thereto in Hawaiian Electric's Quarterly Reports on
SEC Form 10-Q for the quarters ended March 31, 2013, June 30, 2013
and September 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. (Hawaiian Electric) and Subsidiaries
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
Nine months ended
September 30,
|
|
2013
|
|
2012
|
|
(in thousands)
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
Net income
|
|
$
|
92,435
|
|
$
|
96,547
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
|
|
Depreciation of
property, plant and equipment
|
|
115,865
|
|
108,556
|
|
Other
amortization
|
|
2,470
|
|
4,074
|
|
Change in deferred
income taxes
|
|
48,014
|
|
82,717
|
|
Change in tax
credits, net
|
|
4,510
|
|
3,642
|
|
Allowance for equity
funds used during construction
|
|
(4,030)
|
|
(5,548)
|
|
Changes in assets and
liabilities
|
|
|
|
|
|
Decrease
(increase) in accounts receivable
|
|
42,077
|
|
(36,907)
|
|
Decrease
(increase) in accrued unbilled revenues
|
|
(5,603)
|
|
5,736
|
|
Decrease
(increase) in fuel oil stock
|
|
24,332
|
|
(31,372)
|
|
Increase
in materials and supplies
|
|
(8,349)
|
|
(7,305)
|
|
Increase
in regulatory assets
|
|
(53,314)
|
|
(57,793)
|
|
Decrease
in accounts payable
|
|
(22,974)
|
|
(3,481)
|
|
Decrease
in prepaid and accrued income taxes and utility revenue
taxes
|
|
(15,416)
|
|
(20,665)
|
|
Contributions to defined benefit pension and other postretirement
benefit plans
|
|
(60,876)
|
|
(62,417)
|
|
Other
increase in defined benefit pension and other postretirement
benefit plans liability
|
|
62,364
|
|
49,861
|
|
Change
in other assets and liabilities
|
|
(10,195)
|
|
(45,633)
|
|
Net cash provided
by operating activities
|
|
211,310
|
|
80,012
|
|
Cash flows from
investing activities
|
|
|
|
|
|
Capital
expenditures
|
|
(237,869)
|
|
(220,970)
|
|
Contributions in aid
of construction
|
|
23,633
|
|
33,106
|
|
Other
|
|
427
|
|
—
|
|
Net cash used in
investing activities
|
|
(213,809)
|
|
(187,864)
|
|
Cash flows from
financing activities
|
|
|
|
|
|
Common stock
dividends
|
|
(61,183)
|
|
(54,783)
|
|
Preferred stock
dividends of Hawaiian Electric and subsidiaries
|
|
(1,496)
|
|
(1,496)
|
|
Proceeds from
issuance of long-term debt
|
|
—
|
|
457,000
|
|
Repayment of
long-term debt
|
|
—
|
|
(368,500)
|
|
Net increase in
short-term borrowings from non-affiliates and affiliate with
original maturities of three months or less
|
|
73,246
|
|
44,719
|
|
Other
|
|
(42)
|
|
(2,172)
|
|
Net cash provided
by financing activities
|
|
10,525
|
|
74,768
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
8,026
|
|
(33,084)
|
|
Cash and cash
equivalents, beginning of period
|
|
17,159
|
|
48,806
|
|
Cash and cash
equivalents, end of period
|
|
$
|
25,185
|
|
$
|
15,722
|
|
|
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, 2012 and the consolidated financial statements
and the notes thereto in Hawaiian Electric's Quarterly Reports on
SEC Form 10-Q for the quarters ended March 31, 2013, June 30, 2013
and September 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
|
|
Nine months
ended
September 30
|
|
(in thousands)
|
|
September 30,
2013
|
|
June 30,
2013
|
|
September 30,
2012
|
|
2013
|
|
2012
|
|
Interest and
dividend income
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
|
$
|
43,337
|
|
$
|
43,624
|
|
$
|
43,880
|
|
$
|
129,564
|
|
$
|
133,241
|
|
Interest and dividend
on investment and mortgage-related securities
|
|
3,025
|
|
3,234
|
|
3,432
|
|
9,723
|
|
10,534
|
|
Total interest and
dividend income
|
|
46,362
|
|
46,858
|
|
47,312
|
|
139,287
|
|
143,775
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposit
liabilities
|
|
1,262
|
|
1,296
|
|
1,540
|
|
3,870
|
|
5,015
|
|
Interest on other
borrowings
|
|
1,206
|
|
1,178
|
|
1,201
|
|
3,548
|
|
3,676
|
|
Total interest
expense
|
|
2,468
|
|
2,474
|
|
2,741
|
|
7,418
|
|
8,691
|
|
Net interest
income
|
|
43,894
|
|
44,384
|
|
44,571
|
|
131,869
|
|
135,084
|
|
Provision for loan
losses
|
|
54
|
|
(959)
|
|
3,580
|
|
953
|
|
9,504
|
|
Net interest
income after provision for loan losses
|
|
43,840
|
|
45,343
|
|
40,991
|
|
130,916
|
|
125,580
|
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
|
|
Fees from other
financial services
|
|
5,728
|
|
7,996
|
|
7,674
|
|
21,367
|
|
22,474
|
|
Fee income on deposit
liabilities
|
|
4,819
|
|
4,433
|
|
4,527
|
|
13,566
|
|
13,127
|
|
Fee income on other
financial products
|
|
2,714
|
|
1,780
|
|
1,660
|
|
6,288
|
|
4,741
|
|
Mortgage banking
income
|
|
1,547
|
|
2,003
|
|
4,077
|
|
6,896
|
|
8,297
|
|
Gain on sale of
securities
|
|
—
|
|
1,226
|
|
—
|
|
1,226
|
|
134
|
|
Other
income
|
|
3,888
|
|
1,731
|
|
1,346
|
|
7,211
|
|
4,021
|
|
Total noninterest
income
|
|
18,696
|
|
19,169
|
|
19,284
|
|
56,554
|
|
52,794
|
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
|
20,564
|
|
20,063
|
|
18,684
|
|
60,715
|
|
56,026
|
|
Occupancy
|
|
4,208
|
|
4,219
|
|
4,400
|
|
12,550
|
|
12,866
|
|
Data
processing
|
|
2,168
|
|
2,827
|
|
2,644
|
|
7,982
|
|
7,244
|
|
Services
|
|
2,424
|
|
2,328
|
|
3,062
|
|
6,855
|
|
7,066
|
|
Equipment
|
|
1,825
|
|
1,870
|
|
1,762
|
|
5,469
|
|
5,299
|
|
Other
expense
|
|
8,539
|
|
8,500
|
|
8,096
|
|
24,634
|
|
22,909
|
|
Total noninterest
expense
|
|
39,728
|
|
39,807
|
|
38,648
|
|
118,205
|
|
111,410
|
|
Income before
income taxes
|
|
22,808
|
|
24,705
|
|
21,627
|
|
69,265
|
|
66,964
|
|
Income
taxes
|
|
7,532
|
|
8,786
|
|
7,419
|
|
23,915
|
|
22,690
|
|
Net
income
|
|
$
|
15,276
|
|
$
|
15,919
|
|
$
|
14,208
|
|
$
|
45,350
|
|
$
|
44,274
|
|
Comprehensive
income
|
|
$
|
14,107
|
|
$
|
7,340
|
|
$
|
15,517
|
|
$
|
36,931
|
|
$
|
46,872
|
|
OTHER BANK
INFORMATION (annualized %, except as of period end)
|
|
|
|
|
|
|
|
|
|
Return on average
assets
|
|
1.20
|
|
1.25
|
|
1.15
|
|
1.19
|
|
1.19
|
|
Return on average
equity
|
|
12.13
|
|
12.56
|
|
11.24
|
|
11.99
|
|
11.81
|
|
Return on average
tangible common equity
|
|
14.50
|
|
15.00
|
|
13.41
|
|
14.33
|
|
14.14
|
|
Net interest
margin
|
|
3.73
|
|
3.79
|
|
3.92
|
|
3.77
|
|
3.98
|
|
Net charge-offs to
average loans outstanding
|
|
—
|
|
0.08
|
|
0.35
|
|
0.06
|
|
0.27
|
|
Efficiency
ratio
|
|
63
|
|
62
|
|
60
|
|
62
|
|
59
|
|
As of period
end
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to loans outstanding and real estate owned *
|
|
1.33
|
|
1.56
|
|
1.73
|
|
|
|
|
|
Allowance for loan
losses to loans outstanding
|
|
1.01
|
|
1.04
|
|
1.06
|
|
|
|
|
|
Tier-1 leverage ratio
*
|
|
9.3
|
|
9.3
|
|
9.3
|
|
|
|
|
|
Total risk-based
capital ratio *
|
|
12.5
|
|
12.5
|
|
12.9
|
|
|
|
|
|
Tangible common
equity to total assets
|
|
8.36
|
|
8.42
|
|
8.72
|
|
|
|
|
|
Dividend paid to HEI
(via ASHI) ($ in millions)
|
|
10
|
|
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, 2012 and HEI's Quarterly
Reports on SEC Form 10-Q for the quarters ended March 31, 2013,
June 30, 2013 and September 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)
|
|
(in thousands)
|
September 30,
2013
|
|
December 31,
2012
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
|
189,524
|
|
$
|
184,430
|
|
Available-for-sale
investment and mortgage-related securities
|
535,264
|
|
671,358
|
|
Investment in stock
of Federal Home Loan Bank of Seattle
|
93,413
|
|
96,022
|
|
Loans receivable held
for investment
|
4,046,184
|
|
3,779,218
|
|
Allowance for loan
losses
|
(41,052)
|
|
(41,985)
|
|
Loans
receivable held for investment, net
|
4,005,132
|
|
3,737,233
|
|
Loans held for sale,
at lower of cost or fair value
|
5,829
|
|
26,005
|
|
Other
|
248,020
|
|
244,435
|
|
Goodwill
|
82,190
|
|
82,190
|
|
Total
assets
|
$
|
5,159,372
|
|
$
|
5,041,673
|
|
|
|
|
|
Liabilities and
shareholder's equity
|
|
|
|
|
Deposit
liabilities—noninterest-bearing
|
$
|
1,205,526
|
|
$
|
1,164,308
|
|
Deposit
liabilities—interest-bearing
|
3,105,316
|
|
3,065,608
|
|
Other
borrowings
|
239,612
|
|
195,926
|
|
Other
|
102,172
|
|
117,752
|
|
Total
liabilities
|
4,652,626
|
|
4,543,594
|
|
|
|
|
|
Common
stock
|
335,448
|
|
333,712
|
|
Retained
earnings
|
195,113
|
|
179,763
|
|
Accumulated other
comprehensive income (loss), net of taxes
|
(23,815)
|
|
(15,396)
|
|
Total
shareholder's equity
|
506,746
|
|
498,079
|
|
Total
liabilities and shareholder's equity
|
$
|
5,159,372
|
|
$
|
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,
June 30, 2013 and September 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 Hawaiian Electric 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 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
GAAP TO NON-GAAP MEASURES
|
|
|
(Unaudited)
|
|
|
|
Net
Income
|
|
Twelve months
ended
|
|
September
30,
|
|
(in
millions)
|
2013
|
2012
|
|
GAAP (as
reported)
|
$
|
136.3
|
|
$
|
159.0
|
|
|
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)
|
$
|
160.8
|
|
$
|
164.8
|
|
|
Note:
Columns may not foot due to rounding
|
|
|
Twelve months
ended
|
|
September
30,
|
|
Other
measures:
|
2013
|
2012
|
|
Return on average
common equity (ROACE) (simple average):
|
|
Based on
GAAP
|
8.4%
|
|
10.1%
|
|
|
Based on non-GAAP
(core)2
|
9.9%
|
|
10.5%
|
|
|
|
|
1
U.S. Generally Accepted Accounting Principles.
|
|
2
Calculated as core net income divided by average GAAP common
equity.
|
|
Hawaiian Electric
Company, Inc. and Subsidiaries
|
|
|
RECONCILIATION OF
GAAP1 TO NON-GAAP MEASURES
|
|
|
(Unaudited)
|
|
|
|
|
|
Net
Income
|
|
|
Twelve months
ended
|
|
|
September
30,
|
|
(in
millions)
|
|
2013
|
2012
|
|
GAAP (as
reported)
|
|
$
|
95.2
|
|
$
|
120.9
|
|
|
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)
|
|
$
|
119.6
|
|
$
|
126.6
|
|
|
Note:
Columns may not foot due to rounding
|
|
|
|
|
|
Twelve months
ended
|
|
|
September
30,
|
|
Other
measures:
|
|
2013
|
2012
|
|
Return on average
common equity (ROACE) (simple average):
|
|
|
Based on
GAAP
|
|
6.5%
|
|
8.6%
|
|
|
Based on non-GAAP
(core)2
|
|
8.1%
|
|
9.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaiian
Electric
|
|
Hawaii Electric
Light
|
|
Maui
Electric
|
|
|
Net
Income
|
|
Net
Income
|
|
Net
Income
|
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
(in
millions)
|
|
2013
|
2012
|
|
2013
|
2012
|
|
2013
|
2012
|
|
GAAP (as
reported)
|
|
$
|
63.9
|
|
$
|
82.6
|
|
|
$
|
15.1
|
|
$
|
21.3
|
|
|
$
|
16.1
|
|
$
|
17.0
|
|
|
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)
|
|
$
|
81.6
|
|
$
|
88.3
|
|
|
$
|
18.5
|
|
$
|
21.3
|
|
|
$
|
19.5
|
|
$
|
17.0
|
|
|
Note:
Columns may not foot due to rounding
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
Other
measures:
|
|
2013
|
2012
|
|
2013
|
2012
|
|
2013
|
2012
|
|
Return on average
common equity (ROACE)
(simple
average):
|
|
|
|
|
|
|
|
|
Based on
GAAP
|
|
6.7%
|
|
9.4%
|
|
|
5.4%
|
|
7.5%
|
|
|
6.8%
|
|
7.1%
|
|
|
Based on non-GAAP
(core)2
|
|
8.5%
|
|
10.0%
|
|
|
6.6%
|
|
7.5%
|
|
|
8.2%
|
|
7.1%
|
|
|
|
|
|
|
|
|
|
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 & Strategic Planning
Telephone: (808) 543-7384
Email: skimura@hei.com
(Logo:
http://photos.prnewswire.com/prnh/20110411/LA80136LOGO)
SOURCE Hawaiian Electric Industries, Inc.