HONOLULU, Nov. 6, 2014 /PRNewswire/ -- Hawaiian Electric
Industries, Inc. (NYSE - HE) (HEI) today reported
consolidated net income for common stock for the third quarter of
2014 of $47.8 million, or
$0.46 diluted earnings per share
(EPS), compared to $48.2 million, or
$0.48 diluted EPS for the third
quarter of 2013.
"At the utility, we continue to work aggressively to lower
customer bills by reducing Hawaii's dependence on imported oil. The
recent energy plans we filed with the PUC are providing the
starting point to launch important initiatives with a broad set of
stakeholders to achieve our shared vision for Hawaii's clean energy future," said
Constance H. Lau, HEI president and
chief executive officer. "In addition, we are proud of our
dedicated utility company employees who worked tirelessly to
restore power and help customers after Tropical Storm Iselle while
completing our energy plans on time," added Lau.
"American Savings Bank continued to deliver profitable growth
with year-to-date annualized loan growth of 5.9% and strong credit
quality. American paid dividends of $9 million to HEI in
the quarter while maintaining strong capital levels," said Lau.
HAWAIIAN ELECTRIC COMPANY CONTINUES INVESTMENTS FOR IMPROVED
RELIABILITY TO BETTER SERVE OUR CUSTOMERS
Hawaiian Electric Company's1 net income for the third
quarter of 2014 was $38.9 million compared to $37.8 million in the third quarter of 2013.
The $1.1 million increase from the
prior year was driven by the following items (on an after-tax
basis):
- Net revenues2 were $8
million higher compared to the third quarter of 2013
primarily due to $7 million in 2014
revenues attributable to the recovery of costs for clean energy and
reliability investments and $1
million for better fuel efficiency performance.
These increases were partially offset by the following (on an
after-tax basis):
- Operations and maintenance (O&M) expenses3 were
$2 million higher in the third
quarter of 2014 compared to the same quarter last year. This
is largely due to consulting costs associated with recent
regulatory filings, storm restoration expenses and the initial
phase of our smart grid installations as part of our grid
modernization program, partially offset by lower customer service
expenses, lower overhaul costs and savings from the deactivation of
generating units;
- Depreciation expense for the third quarter of 2014 was
$2 million higher as a result of
increasing investments for the integration of more renewable
energy, improved customer reliability and greater system
efficiency; and
- A favorable deferred income tax adjustment of $3 million recorded in the third quarter of 2013
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 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.
3 Excludes net income neutral expenses covered by
surcharges or by third parties of $3
million in the third quarter of 2014 and $2 million in the third quarter of 2013. See
"Explanation of HEI's Use of Certain Unaudited Non-GAAP measures"
and the related reconciliation.
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 2014 was $13.3 million compared to $11.7 million in the second, or linked, quarter
of 2014 and $15.3 million in the
third quarter of 2013.
Third quarter 2014 net income was $1.6
million higher than the linked quarter primarily driven by
(on an after-tax basis) higher mortgage banking and fee income of
$1 million and higher net interest
income of $1 million due to higher
loan balances and the recognition of interest associated with the
payoff of a non-performing commercial loan.
Compared to the third quarter of 2013, net income decreased
by $2.0 million. The decrease was primarily driven
by (on an after-tax basis): $1
million higher provision for loan losses, $1 million
lower fee income on other financial products and mortgage banking
income and $1 million net gain on the strategic sale of the
credit card portfolio in the third quarter of 2013, partially
offset by $1 million higher net
interest income.
Overall, American achieved solid profitability with a
year-to-date annualized return on average equity of 9.9% and a
return on average assets of 0.98%.
Please also refer to the American news release issued on
October 30, 2014.
HOLDING AND OTHER COMPANIES
The holding and other companies' net losses were $4.3 million in the third quarter of 2014
compared to $4.9 million in the third
quarter of 2013. The lower net loss was primarily due to lower
interest expense.
BOARD DECLARES QUARTERLY DIVIDEND
On November 5, 2014, the board of
directors maintained HEI's quarterly cash dividend of 31 cents
per share, payable on December 10,
2014, to shareholders of record at the close of business on
November 21, 2014 (ex-dividend date
is November 19, 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
November 5, 2014 of $28.12, HEI's yield is 4.41%.
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 2014 earnings and 2014
EPS guidance on Thursday, November 6,
2014 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 (800) 299-9086,
passcode: 92619059 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 November
20, 2014, by dialing (888) 286-8010, passcode:
41279979.
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, HEI's Quarterly Report on Form 10-Q
for the quarter ended September 30, 2014 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
September 30
|
|
Nine months ended
September 30
|
(in thousands, except per share amounts)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Revenues
|
|
|
|
|
|
|
|
Electric
utility
|
$
|
803,565
|
|
$
|
764,054
|
|
$
|
2,262,056
|
|
$
|
2,210,020
|
Bank
|
63,536
|
|
65,058
|
|
187,771
|
|
195,841
|
Other
|
(5)
|
|
56
|
|
(325)
|
|
106
|
Total
revenues
|
867,096
|
|
829,168
|
|
2,449,502
|
|
2,405,967
|
Expenses
|
|
|
|
|
|
|
|
Electric
utility
|
727,409
|
|
694,201
|
|
2,045,166
|
|
2,030,071
|
Bank
|
43,964
|
|
42,223
|
|
129,528
|
|
126,550
|
Other
|
4,621
|
|
4,706
|
|
13,125
|
|
12,276
|
Total
expenses
|
775,994
|
|
741,130
|
|
2,187,819
|
|
2,168,897
|
Operating income
(loss)
|
|
|
|
|
|
|
|
Electric
utility
|
76,156
|
|
69,853
|
|
216,890
|
|
179,949
|
Bank
|
19,572
|
|
22,835
|
|
58,243
|
|
69,291
|
Other
|
(4,626)
|
|
(4,650)
|
|
(13,450)
|
|
(12,170)
|
Total operating
income
|
91,102
|
|
88,038
|
|
261,683
|
|
237,070
|
Interest expense,
net—other than on deposit liabilities and other bank
borrowings
|
(19,170)
|
|
(19,043)
|
|
(58,648)
|
|
(56,216)
|
Allowance for
borrowed funds used during construction
|
740
|
|
498
|
|
1,877
|
|
1,626
|
Allowance for equity
funds used during construction
|
1,937
|
|
1,255
|
|
4,933
|
|
4,030
|
Income before
income taxes
|
74,609
|
|
70,748
|
|
209,845
|
|
186,510
|
Income
taxes
|
26,323
|
|
22,041
|
|
73,265
|
|
62,590
|
Net
income
|
48,286
|
|
48,707
|
|
136,580
|
|
123,920
|
Preferred stock
dividends of subsidiaries
|
471
|
|
471
|
|
1,417
|
|
1,417
|
Net income for
common stock
|
$
|
47,815
|
|
$
|
48,236
|
|
$
|
135,163
|
|
$
|
122,503
|
Basic earnings per
common share
|
$
|
0.47
|
|
$
|
0.49
|
|
$
|
1.33
|
|
$
|
1.24
|
Diluted earnings
per common share
|
$
|
0.46
|
|
$
|
0.48
|
|
$
|
1.32
|
|
$
|
1.23
|
Dividends per
common share
|
$
|
0.31
|
|
$
|
0.31
|
|
$
|
0.93
|
|
$
|
0.93
|
Weighted-average
number of common shares outstanding
|
102,416
|
|
99,204
|
|
101,768
|
|
98,670
|
Adjusted
weighted-average shares
|
103,026
|
|
99,818
|
|
102,478
|
|
99,290
|
Net income (loss)
for common stock by segment
|
|
|
|
|
|
|
|
Electric
utility
|
$
|
38,879
|
|
$
|
37,817
|
|
$
|
108,529
|
|
$
|
90,939
|
Bank
|
13,260
|
|
15,276
|
|
39,475
|
|
45,350
|
Other
|
(4,324)
|
|
(4,857)
|
|
(12,841)
|
|
(13,786)
|
Net income for
common stock
|
$
|
47,815
|
|
$
|
48,236
|
|
$
|
135,163
|
|
$
|
122,503
|
Comprehensive income
attributable to Hawaiian Electric Industries, Inc.
|
$
|
46,504
|
|
$
|
47,339
|
|
$
|
137,919
|
|
$
|
113,240
|
Return on average
common equity (twelve months ended)1
|
|
|
|
|
10.1%
|
|
8.4%
|
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, 2013 and HEI's Quarterly Reports on
SEC Form 10-Q for the quarters ended March
31, 2014, June 30, 2014 and
September 30, 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 September 30) were 10.1% and 9.9%,
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,
2014
|
|
December 31,
2013
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
192,555
|
|
$
|
220,036
|
Accounts receivable
and unbilled revenues, net
|
365,728
|
|
346,785
|
Available-for-sale
investment and mortgage-related securities
|
531,603
|
|
529,007
|
Investment in stock
of Federal Home Loan Bank of Seattle
|
75,063
|
|
92,546
|
Loans receivable held
for investment, net
|
4,291,960
|
|
4,110,113
|
Loans held for sale,
at lower of cost or fair value
|
2,328
|
|
5,302
|
Property, plant and
equipment, net of accumulated depreciation of $2,241,677 and
$2,192,422 at the respective dates
|
4,048,106
|
|
3,865,514
|
Regulatory
assets
|
575,712
|
|
575,924
|
Other
|
505,226
|
|
512,627
|
Goodwill
|
82,190
|
|
82,190
|
Total
assets
|
$
|
10,670,471
|
|
$
|
10,340,044
|
Liabilities and
shareholders' equity
|
|
|
|
Liabilities
|
|
|
|
Accounts
payable
|
$
|
177,495
|
|
$
|
212,331
|
Interest and
dividends payable
|
26,051
|
|
26,716
|
Deposit
liabilities
|
4,533,797
|
|
4,372,477
|
Short-term
borrowings—other than bank
|
150,576
|
|
105,482
|
Other bank
borrowings
|
263,204
|
|
244,514
|
Long-term debt,
net—other than bank
|
1,517,946
|
|
1,492,945
|
Deferred income
taxes
|
585,432
|
|
529,260
|
Regulatory
liabilities
|
357,090
|
|
349,299
|
Contributions in aid
of construction
|
448,811
|
|
432,894
|
Defined benefit
pension and other postretirement benefit plans liability
|
274,909
|
|
288,539
|
Other
|
499,459
|
|
524,224
|
Total
liabilities
|
8,834,770
|
|
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:
102,562,464 shares and 101,259,800 shares at the respective
dates
|
1,519,256
|
|
1,488,126
|
Retained
earnings
|
296,146
|
|
255,694
|
Accumulated other
comprehensive loss, net of tax benefits
|
(13,994)
|
|
(16,750)
|
Total
shareholders' equity
|
1,801,408
|
|
1,727,070
|
Total liabilities
and shareholders' equity
|
$
|
10,670,471
|
|
$
|
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 Reports on
SEC Form 10-Q for the quarters ended March
31, 2014, June 30, 2014 and
September 30, 2014 (when filed), as
updated by SEC Forms 8-K.
|
|
Hawaiian Electric
Industries, Inc. (HEI) and Subsidiaries
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
Nine months ended
September 30
|
2014
|
|
2013
|
(in thousands)
|
|
|
|
Cash flows from
operating activities
|
|
|
|
Net income
|
$
|
136,580
|
|
$
|
123,920
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
Depreciation of
property, plant and equipment
|
129,574
|
|
120,355
|
Other
amortization
|
5,454
|
|
2,352
|
Provision for loan
losses
|
3,566
|
|
953
|
Loans receivable
originated and purchased, held for sale
|
(102,523)
|
|
(199,772)
|
Proceeds from sale of
loans receivable, held for sale
|
106,918
|
|
223,221
|
Gain on sale of
credit card portfolio
|
—
|
|
(2,251)
|
Increase in deferred
income taxes
|
48,900
|
|
60,580
|
Excess tax benefits
from share-based payment arrangements
|
(271)
|
|
(469)
|
Allowance for equity
funds used during construction
|
(4,933)
|
|
(4,030)
|
Change in cash
overdraft
|
(1,038)
|
|
—
|
Changes in assets and
liabilities
|
|
|
|
Decrease (increase)
in accounts receivable and unbilled revenues, net
|
(18,943)
|
|
12,740
|
Decrease in fuel oil
stock
|
15,784
|
|
24,332
|
Increase in
regulatory assets
|
(17,531)
|
|
(53,314)
|
Decrease in accounts,
interest and dividends payable
|
(75,812)
|
|
(21,708)
|
Change in prepaid and
accrued income taxes and utility revenue taxes
|
(2,044)
|
|
(19,212)
|
Decrease in defined
benefit pension and other postretirement benefit plans
liability
|
(2,594)
|
|
(509)
|
Change in other
assets and liabilities
|
(47,677)
|
|
(20,462)
|
Net cash provided
by operating activities
|
173,410
|
|
246,726
|
Cash flows from
investing activities
|
|
|
|
Available-for-sale
investment and mortgage-related securities purchased
|
(130,578)
|
|
(39,721)
|
Principal repayments
on available-for-sale investment and mortgage-related
securities
|
52,678
|
|
84,487
|
Proceeds from sale of
available-for-sale investment securities
|
79,564
|
|
71,367
|
Redemption of stock
from Federal Home Loan Bank of Seattle
|
17,482
|
|
2,609
|
Net increase in loans
held for investment
|
(184,766)
|
|
(293,996)
|
Proceeds from sale of
real estate acquired in settlement of loans
|
2,930
|
|
8,777
|
Capital
expenditures
|
(236,003)
|
|
(247,392)
|
Contributions in aid
of construction
|
21,740
|
|
23,633
|
Proceeds from sale of
credit card portfolio
|
—
|
|
26,386
|
Other
|
(39)
|
|
426
|
Net cash used in
investing activities
|
(376,992)
|
|
(363,424)
|
Cash flows from
financing activities
|
|
|
|
Net increase in
deposit liabilities
|
161,320
|
|
80,926
|
Net increase in
short-term borrowings with original maturities of three months or
less
|
45,094
|
|
47,648
|
Net decrease in
retail repurchase agreements
|
(6,306)
|
|
(6,314)
|
Proceeds from other
bank borrowings
|
90,000
|
|
120,000
|
Repayments of other
bank borrowings
|
(65,000)
|
|
(70,000)
|
Proceeds from
issuance of long-term debt
|
125,000
|
|
50,000
|
Repayment of
long-term debt
|
(100,000)
|
|
(50,000)
|
Excess tax benefits
from share-based payment arrangements
|
271
|
|
469
|
Net proceeds from
issuance of common stock
|
26,910
|
|
18,383
|
Common stock
dividends
|
(94,674)
|
|
(73,584)
|
Preferred stock
dividends of subsidiaries
|
(1,417)
|
|
(1,417)
|
Other
|
(5,097)
|
|
(4,033)
|
Net cash provided
by financing activities
|
176,101
|
|
112,078
|
Net decrease in cash
and cash equivalents
|
(27,481)
|
|
(4,620)
|
Cash and cash
equivalents, beginning of period
|
220,036
|
|
219,662
|
Cash and cash
equivalents, end of period
|
$
|
192,555
|
|
$
|
215,042
|
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 Reports on
SEC Form 10-Q for the quarters ended March
31, 2014, June 30, 2014 and
September 30, 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.
|
|
Hawaiian Electric
Company, Inc. (Hawaiian Electric) and Subsidiaries
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Unaudited)
|
|
|
Three months ended
September 30
|
|
Nine months ended
September 30
|
(dollars
in thousands, except per barrel amounts)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Revenues
|
$
|
803,565
|
|
$
|
764,054
|
|
$
|
2,262,056
|
|
$
|
2,210,020
|
Expenses
|
|
|
|
|
|
|
|
Fuel oil
|
309,432
|
|
283,360
|
|
865,989
|
|
877,738
|
Purchased
power
|
192,882
|
|
194,861
|
|
546,121
|
|
526,669
|
Other operation and
maintenance
|
108,313
|
|
104,513
|
|
295,483
|
|
300,723
|
Depreciation
|
41,594
|
|
38,995
|
|
124,790
|
|
115,865
|
Taxes, other than
income taxes
|
75,188
|
|
72,472
|
|
212,783
|
|
209,076
|
Total
expenses
|
727,409
|
|
694,201
|
|
2,045,166
|
|
2,030,071
|
Operating
income
|
76,156
|
|
69,853
|
|
216,890
|
|
179,949
|
Allowance for equity
funds used during construction
|
1,937
|
|
1,255
|
|
4,933
|
|
4,030
|
Interest expense and
other charges, net
|
(16,414)
|
|
(15,033)
|
|
(48,989)
|
|
(43,960)
|
Allowance for
borrowed funds used during construction
|
740
|
|
498
|
|
1,877
|
|
1,626
|
Income before income
taxes
|
62,419
|
|
56,573
|
|
174,711
|
|
141,645
|
Income
taxes
|
23,042
|
|
18,258
|
|
64,686
|
|
49,210
|
Net
income
|
39,377
|
|
38,315
|
|
110,025
|
|
92,435
|
Preferred stock
dividends of subsidiaries
|
228
|
|
228
|
|
686
|
|
686
|
Net income
attributable to Hawaiian Electric
|
39,149
|
|
38,087
|
|
109,339
|
|
91,749
|
Preferred stock
dividends of Hawaiian Electric
|
270
|
|
270
|
|
810
|
|
810
|
Net income for
common stock
|
$
38,879
|
|
$
37,817
|
|
$
|
108,529
|
|
$
|
90,939
|
Comprehensive
income attributable to Hawaiian Electric
|
$
|
38,889
|
|
$
|
37,834
|
|
$
|
108,561
|
|
$
|
90,991
|
OTHER ELECTRIC
UTILITY INFORMATION
|
|
|
|
|
|
|
|
Kilowatthour sales
(millions)
|
|
|
|
|
|
|
|
Hawaiian
Electric
|
1,815
|
|
1,807
|
|
5,062
|
|
5,100
|
Hawaii
Electric Light
|
273
|
|
275
|
|
793
|
|
803
|
Maui
Electric
|
296
|
|
294
|
|
844
|
|
843
|
|
2,384
|
|
2,376
|
|
6,699
|
|
6,746
|
Wet-bulb temperature
(Oahu average; degrees Fahrenheit)
|
72.2
|
|
70.6
|
|
69.5
|
|
68.6
|
Cooling degree days
(Oahu)
|
1,631
|
|
1,468
|
|
3,703
|
|
3,371
|
Average fuel oil cost
per barrel
|
$
|
133.26
|
|
$
|
127.42
|
|
$
|
132.19
|
|
$
|
130.15
|
|
|
|
|
|
|
|
|
Twelve months
ended September 30
|
|
2014
|
|
2013
|
Return on average
common equity (%) (simple average)1
|
|
|
|
|
Hawaiian
Electric
|
|
|
9.63
|
|
6.69
|
Hawaii
Electric Light
|
|
|
6.77
|
|
5.41
|
Maui
Electric
|
|
|
8.55
|
|
6.79
|
Hawaiian
Electric Consolidated
|
|
|
8.96
|
|
6.46
|
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 Reports on SEC Form
10-Q for the quarters ended March 31,
2014, June 30, 2014 and
September 30, 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 September 30) were 9.6% and 8.5%, respectively
for Hawaiian Electric; 6.8% and 6.6%, respectively for Hawaii
Electric Light; 8.6% and 8.2%, respectively for Maui Electric and
9.0% and 8.1% 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,
2014
|
|
December 31,
2013
|
Assets
|
|
|
|
Property, plant
and equipment
|
|
|
|
Utility property,
plant and equipment
|
|
|
|
Land
|
$
|
52,344
|
|
$
|
51,883
|
Plant and
equipment
|
5,902,397
|
|
5,701,875
|
Less accumulated
depreciation
|
(2,167,545)
|
|
(2,111,229)
|
Construction in
progress
|
179,190
|
|
143,233
|
Utility property,
plant and equipment, net
|
3,966,386
|
|
3,785,762
|
Nonutility property,
plant and equipment, less accumulated depreciation of $1,229 and
$1,223 at respective dates
|
6,561
|
|
6,567
|
Total property,
plant and equipment, net
|
3,972,947
|
|
3,792,329
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
18,387
|
|
62,825
|
Customer accounts
receivable, net
|
189,733
|
|
175,448
|
Accrued unbilled
revenues, net
|
143,153
|
|
144,124
|
Other accounts
receivable, net
|
19,508
|
|
14,062
|
Fuel oil stock, at
average cost
|
118,303
|
|
134,087
|
Materials and
supplies, at average cost
|
60,639
|
|
59,044
|
Prepayments and
other
|
50,270
|
|
52,857
|
Regulatory
assets
|
54,700
|
|
69,738
|
Total current
assets
|
654,693
|
|
712,185
|
Other long-term
assets
|
|
|
|
Regulatory
assets
|
521,012
|
|
506,186
|
Unamortized debt
expense
|
8,619
|
|
9,003
|
Other
|
67,891
|
|
67,426
|
Total other
long-term assets
|
597,522
|
|
582,615
|
Total
assets
|
$
|
5,225,162
|
|
$
|
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
|
541,447
|
|
541,452
|
Retained
earnings
|
990,784
|
|
948,624
|
Accumulated other
comprehensive income, net of income taxes-retirement benefit
plans
|
640
|
|
608
|
Common stock
equity
|
1,635,751
|
|
1,593,564
|
Cumulative preferred
stock — not subject to mandatory redemption
|
34,293
|
|
34,293
|
Long-term debt,
net
|
1,206,546
|
|
1,206,545
|
Total
capitalization
|
2,876,590
|
|
2,834,402
|
Current
liabilities
|
|
|
|
Current portion of
long-term debt
|
11,400
|
|
11,400
|
Short-term borrowings
from non-affiliates
|
84,987
|
|
—
|
Accounts
payable
|
151,978
|
|
189,559
|
Interest and
preferred dividends payable
|
24,401
|
|
21,652
|
Taxes
accrued
|
236,481
|
|
249,445
|
Regulatory
liabilities
|
528
|
|
1,916
|
Other
|
62,400
|
|
63,881
|
Total current
liabilities
|
572,175
|
|
537,853
|
Deferred credits
and other liabilities
|
|
|
|
Deferred income
taxes
|
565,499
|
|
507,161
|
Regulatory
liabilities
|
356,562
|
|
347,383
|
Unamortized tax
credits
|
79,268
|
|
73,539
|
Defined benefit
pension and other postretirement benefit plans liability
|
248,338
|
|
262,162
|
Other
|
77,919
|
|
91,735
|
Total deferred
credits and other liabilities
|
1,327,586
|
|
1,281,980
|
Contributions in aid
of construction
|
448,811
|
|
432,894
|
Total
capitalization and liabilities
|
$
|
5,225,162
|
|
$
|
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 Reports on SEC Form
10-Q for the quarters ended March 31,
2014, June 30, 2014 and
September 30, 2014 (when filed), as
updated by SEC Forms 8-K.
|
|
Hawaiian Electric
Company, Inc. (Hawaiian Electric) and Subsidiaries
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
Nine months ended
September 30
|
2014
|
|
2013
|
(in thousands)
|
|
|
|
Cash flows from
operating activities
|
|
|
|
Net income
|
$
|
110,025
|
|
$
|
92,435
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
Depreciation of
property, plant and equipment
|
124,790
|
|
115,865
|
Other
amortization
|
4,662
|
|
2,470
|
Increase in deferred
income taxes
|
67,392
|
|
48,014
|
Change in tax
credits, net
|
5,816
|
|
4,510
|
Allowance for equity
funds used during construction
|
(4,933)
|
|
(4,030)
|
Change in cash
overdraft
|
(1,038)
|
|
—
|
Changes in assets and
liabilities
|
|
|
|
Decrease (increase)
in accounts receivable
|
(19,731)
|
|
42,077
|
Decrease (increase)
in accrued unbilled revenues
|
971
|
|
(5,603)
|
Decrease in fuel oil
stock
|
15,784
|
|
24,332
|
Increase in materials
and supplies
|
(1,595)
|
|
(8,349)
|
Increase in
regulatory assets
|
(17,531)
|
|
(53,314)
|
Decrease in accounts
payable
|
(77,893)
|
|
(22,974)
|
Change in prepaid and
accrued income taxes and utility revenue taxes
|
(18,075)
|
|
(15,416)
|
Increase (decrease)
in defined benefit pension and other postretirement benefit plans
liability
|
(748)
|
|
1,488
|
Change in other
assets and liabilities
|
(41,629)
|
|
(10,195)
|
Net cash provided
by operating activities
|
146,267
|
|
211,310
|
Cash flows from
investing activities
|
|
|
|
Capital
expenditures
|
(229,105)
|
|
(237,869)
|
Contributions in aid
of construction
|
21,740
|
|
23,633
|
Other
|
—
|
|
427
|
Net cash used in
investing activities
|
(207,365)
|
|
(213,809)
|
Cash flows from
financing activities
|
|
|
|
Common stock
dividends
|
(66,369)
|
|
(61,183)
|
Preferred stock
dividends of Hawaiian Electric and subsidiaries
|
(1,496)
|
|
(1,496)
|
Net increase in
short-term borrowings from non-affiliates and affiliate with
original maturities of three months or less
|
84,987
|
|
73,246
|
Other
|
(462)
|
|
(42)
|
Net cash provided
by financing activities
|
16,660
|
|
10,525
|
Net increase
(decrease) in cash and cash equivalents
|
(44,438)
|
|
8,026
|
Cash and cash
equivalents, beginning of period
|
62,825
|
|
17,159
|
Cash and cash
equivalents, end of period
|
$
|
18,387
|
|
$
|
25,185
|
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 Reports on SEC Form
10-Q for the quarters ended March 31,
2014, June 30, 2014 and
September 30, 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
|
|
Nine months ended
September30
|
(in thousands)
|
September 30,
2014
|
|
June 30,
2014
|
|
September 30,
2013
|
|
2014
|
|
2013
|
Interest and
dividend income
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
|
45,532
|
|
$
|
43,851
|
|
$
|
43,337
|
|
$
|
133,065
|
|
$
|
129,564
|
Interest and
dividends on investment and mortgage-related securities
|
2,773
|
|
2,950
|
|
3,025
|
|
8,758
|
|
9,723
|
Total interest and
dividend income
|
48,305
|
|
46,801
|
|
46,362
|
|
141,823
|
|
139,287
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
Interest on deposit
liabilities
|
1,312
|
|
1,237
|
|
1,262
|
|
3,774
|
|
3,870
|
Interest on other
borrowings
|
1,438
|
|
1,420
|
|
1,206
|
|
4,263
|
|
3,548
|
Total interest
expense
|
2,750
|
|
2,657
|
|
2,468
|
|
8,037
|
|
7,418
|
Net interest
income
|
45,555
|
|
44,144
|
|
43,894
|
|
133,786
|
|
131,869
|
Provision for loan
losses
|
1,550
|
|
1,021
|
|
54
|
|
3,566
|
|
953
|
Net interest
income after provision for loan losses
|
44,005
|
|
43,123
|
|
43,840
|
|
130,220
|
|
130,916
|
Noninterest
income
|
|
|
|
|
|
|
|
|
|
Fees from other
financial services
|
5,642
|
|
5,217
|
|
5,728
|
|
15,987
|
|
21,367
|
Fee income on deposit
liabilities
|
5,109
|
|
4,645
|
|
4,819
|
|
14,175
|
|
13,566
|
Fee income on other
financial products
|
1,971
|
|
2,064
|
|
2,714
|
|
6,325
|
|
6,288
|
Mortgage banking
income
|
875
|
|
246
|
|
1,547
|
|
1,749
|
|
6,896
|
Gain on sale of
securities
|
—
|
|
—
|
|
—
|
|
2,847
|
|
1,226
|
Other income,
net
|
1,634
|
|
1,643
|
|
3,888
|
|
4,865
|
|
7,211
|
Total noninterest
income
|
15,231
|
|
13,815
|
|
18,696
|
|
45,948
|
|
56,554
|
Noninterest
expense
|
|
|
|
|
|
|
|
|
|
Compensation and
employee benefits
|
19,892
|
|
19,872
|
|
20,564
|
|
60,050
|
|
60,715
|
Occupancy
|
4,517
|
|
4,489
|
|
4,208
|
|
12,959
|
|
12,550
|
Data
processing
|
2,684
|
|
2,971
|
|
2,168
|
|
8,715
|
|
7,982
|
Services
|
2,580
|
|
2,855
|
|
2,424
|
|
7,708
|
|
6,855
|
Equipment
|
1,672
|
|
1,609
|
|
1,825
|
|
4,926
|
|
5,469
|
Office supplies,
printing and postage
|
1,415
|
|
1,456
|
|
907
|
|
4,487
|
|
2,806
|
Marketing
|
948
|
|
1,031
|
|
692
|
|
2,690
|
|
2,054
|
Communication
|
412
|
|
448
|
|
479
|
|
1,363
|
|
1,374
|
Other
expense
|
5,544
|
|
5,159
|
|
6,461
|
|
15,026
|
|
18,400
|
Total noninterest
expense
|
39,664
|
|
39,890
|
|
39,728
|
|
117,924
|
|
118,205
|
Income before
income taxes
|
19,572
|
|
17,048
|
|
22,808
|
|
58,244
|
|
69,265
|
Income
taxes
|
6,312
|
|
5,372
|
|
7,532
|
|
18,769
|
|
23,915
|
Net
income
|
$
|
13,260
|
|
$
|
11,676
|
|
$
|
15,276
|
|
$
|
39,475
|
|
$
|
45,350
|
Comprehensive
income
|
$
|
11,811
|
|
$
|
14,434
|
|
$
|
14,107
|
|
$
|
41,808
|
|
$
|
36,931
|
OTHER BANK
INFORMATION (annualized %, except as of period end)
|
|
|
Return on average
assets
|
0.98
|
|
0.87
|
|
1.20
|
|
0.98
|
|
1.19
|
Return on average
equity
|
9.87
|
|
8.78
|
|
12.13
|
|
9.89
|
|
11.99
|
Return on average
tangible common equity
|
11.65
|
|
10.39
|
|
14.50
|
|
11.70
|
|
14.33
|
Net interest
margin
|
3.62
|
|
3.55
|
|
3.73
|
|
3.60
|
|
3.77
|
Net charge-offs
(recoveries) to average loans outstanding
|
0.04
|
|
(0.04)
|
|
—
|
|
0.01
|
|
0.06
|
As of period
end
|
|
|
|
|
|
|
|
|
|
Nonperforming assets
to loans outstanding and real estate owned *
|
0.88
|
|
1.05
|
|
1.33
|
|
|
|
|
Allowance for loan
losses to loans outstanding
|
1.00
|
|
0.99
|
|
1.01
|
|
|
|
|
Tier-1 leverage ratio
*
|
9.1
|
|
9.0
|
|
9.3
|
|
|
|
|
Total risk-based
capital ratio *
|
12.6
|
|
12.6
|
|
12.5
|
|
|
|
|
Tangible common
equity to total assets
|
8.49
|
|
8.46
|
|
8.36
|
|
|
|
|
Dividend paid to HEI
(via ASHI) ($ 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 Reports on
SEC Form 10-Q for the quarters ended March
31, 2014, June 30, 2014 and
September 30, 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)
|
September 30,
2014
|
|
December 31,
2013
|
Assets
|
|
|
|
|
|
|
|
Cash and due from
banks
|
|
|
$
|
98,879
|
|
|
|
$
|
108,998
|
Interest-bearing
deposits
|
|
|
74,654
|
|
|
|
47,605
|
Available-for-sale
investment and mortgage-related securities
|
|
|
531,603
|
|
|
|
529,007
|
Investment in stock
of Federal Home Loan Bank of Seattle
|
|
|
75,063
|
|
|
|
92,546
|
Loans receivable held
for investment
|
|
|
4,335,421
|
|
|
|
4,150,229
|
Allowance for loan
losses
|
|
|
(43,461)
|
|
|
|
(40,116)
|
Loans receivable held
for investment, net
|
|
|
4,291,960
|
|
|
|
4,110,113
|
Loans held for sale,
at lower of cost or fair value
|
|
|
2,328
|
|
|
|
5,302
|
Other
|
|
|
285,659
|
|
|
|
268,063
|
Goodwill
|
|
|
82,190
|
|
|
|
82,190
|
Total
assets
|
|
|
$
|
5,442,336
|
|
|
|
$
|
5,243,824
|
|
|
|
|
|
|
|
|
Liabilities and
shareholder's equity
|
|
|
|
|
|
|
|
Deposit
liabilities—noninterest-bearing
|
|
|
$
|
1,298,726
|
|
|
|
$
|
1,214,418
|
Deposit
liabilities—interest-bearing
|
|
|
3,235,071
|
|
|
|
3,158,059
|
Other
borrowings
|
|
|
263,204
|
|
|
|
244,514
|
Other
|
|
|
107,814
|
|
|
|
105,679
|
Total
liabilities
|
|
|
4,904,815
|
|
|
|
4,722,670
|
Common
stock
|
|
|
1
|
|
|
|
1
|
Additional paid in
capital
|
|
|
337,862
|
|
|
|
336,053
|
Retained
earnings
|
|
|
209,522
|
|
|
|
197,297
|
Accumulated other
comprehensive loss, net of tax benefits
|
|
|
|
|
|
|
|
Net unrealized losses
on securities
|
$
|
(1,972)
|
|
|
|
$
|
(3,663)
|
|
|
Retirement benefit
plans
|
(7,892)
|
|
(9,864)
|
|
(8,534)
|
|
(12,197)
|
Total
shareholder's equity
|
|
|
537,521
|
|
|
|
521,154
|
Total liabilities
and shareholder's equity
|
|
|
$
|
5,442,336
|
|
|
|
$
|
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 Reports on
SEC Form 10-Q for the quarters ended March
31, 2014, June 30, 2014 and
September 30, 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
September 30
|
2014
|
|
2013
|
HEI CONSOLIDATED
NET INCOME
|
|
|
|
GAAP (as
reported)
|
$
|
174.2
|
|
$
|
136.3
|
Excluding special
items (after-tax):
|
|
|
|
Settlement agreement
for the partial writedown of certain utility assets
|
—
|
|
24.4
|
Non-GAAP
(core)
|
$
|
174.2
|
|
$
|
160.8
|
HEI CONSOLIDATED
RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple
average)
|
Based on
GAAP
|
10.1%
|
|
8.4%
|
Based on non-GAAP
(core)2
|
10.1%
|
|
9.9%
|
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
September 30
|
2014
|
|
2013
|
HAWAIIAN ELECTRIC
CONSOLIDATED NET INCOME
|
|
|
|
GAAP (as
reported)
|
$
|
140.5
|
|
$
|
95.2
|
Excluding special
items (after-tax):
|
|
|
|
Settlement agreement
for the partial writedown of certain utility assets
|
—
|
|
24.4
|
Non-GAAP
(core)
|
$
|
140.5
|
|
$
|
119.6
|
|
|
|
|
HAWAIIAN ELECTRIC
CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple
average):
|
|
|
|
Based on
GAAP
|
9.0%
|
|
6.5%
|
Based on non-GAAP
(core)2
|
9.0%
|
|
8.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaiian
Electric
|
|
Hawaii Electric
Light
|
|
Maui
Electric
|
Twelve months ended
September 30
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
|
|
2014
|
|
2013
|
NET
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP (as
reported)
|
$
|
101.0
|
|
$
|
63.9
|
|
|
$
|
18.7
|
|
$
|
15.1
|
|
|
$
|
20.8
|
|
$
|
16.1
|
Excluding special
items (after-tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement agreement
for the partial writedown of certain utility assets
|
—
|
|
17.7
|
|
|
—
|
|
3.4
|
|
|
—
|
|
3.4
|
Non-GAAP
(core)
|
$
|
101.0
|
|
$
|
81.6
|
|
|
$
|
18.7
|
|
$
|
18.5
|
|
|
$
|
20.8
|
|
$
|
19.5
|
|
|
|
|
|
|
|
|
|
|
|
|
RETURN ON AVERAGE
COMMON EQUITY (ROACE) (simple average):
|
|
|
|
|
|
|
Based on
GAAP
|
9.6%
|
|
6.7%
|
|
|
6.8%
|
|
5.4%
|
|
|
8.6%
|
|
6.8%
|
Based on non-GAAP
(core)2
|
9.6%
|
|
8.5%
|
|
|
6.8%
|
|
6.6%
|
|
|
8.6%
|
|
8.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
HAWAIIAN ELECTRIC
CONSOLIDATED OTHER OPERATION AND MAINTENANCE (O&M)
EXPENSE
|
GAAP (as
reported)
|
|
|
|
|
|
|
|
|
|
|
$
|
108.3
|
|
$
|
104.5
|
Excluding
O&M-related net income neutral items3
|
|
|
|
|
|
|
|
|
|
|
(2.5)
|
|
(1.5)
|
Adjusted O&M
expense (Non-GAAP measure)
|
|
|
|
|
|
|
|
|
|
|
$
|
105.8
|
|
$
|
103.0
|
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
|
|
|
3 Expenses
covered by surcharges or by third parties recorded in
revenues
|
|
|
|
|
|
Contact:
|
Clifford H.
Chen
|
|
|
Manager, Investor
Relations &
|
Telephone: (808)
543-7384
|
|
Strategic
Planning
|
E-mail:
cchen@hei.com
|
|
|
|
|
|
|
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SOURCE Hawaiian Electric Industries, Inc.