HONOLULU, April 2, 2014 /PRNewswire/ -- Today the common
stock of Hawaiian Electric Industries, Inc. (NYSE: HE) has been
subject to abnormal trading volumes and substantial selling,
apparently based on the release of a research report that contained
multiple inaccuracies and made assertions about the potential need
for the company to cut its dividend.
While the company does not normally comment on statements made
in analyst research reports, we further wish to assure market
participants that the board of directors has not cut the dividend,
nor is a dividend cut currently contemplated. Decisions
with respect to dividends are made by the company's board of
directors on a quarterly basis based on the company's performance
and expectations at the time of the decision. The company and
its predecessor company have paid dividends continuously since
1901, and the dividend has been stable at $1.24 per share annually since 1998.
FORWARD-LOOKING STATEMENTS
This release may contain "forward-looking statements," which
include statements that are predictive in nature, depend upon or
refer to future events or conditions, and usually include words
such as "expects," "anticipates," "intends," "plans," "believes,"
"predicts," "estimates" or similar expressions. In addition,
any statements concerning future financial performance, including
the payment of dividends, ongoing business strategies or prospects
or possible future actions are also forward-looking
statements. Forward-looking statements are based on current
expectations and projections about future events and are subject to
risks, uncertainties and the accuracy of assumptions concerning HEI
and its subsidiaries, the performance of the industries in which
they do business and economic and market factors, among other
things. These forward-looking statements are not guarantees
of future performance.
Forward-looking statements in this release should be read in
conjunction with the "Forward-Looking Statements" and "Risk
Factors" discussions (which are incorporated by reference herein)
set forth in HEI's Annual Report on Form 10-K for the year ended
December 31, 2013 and HEI's future
periodic reports that discuss important factors that could cause
HEI's results to differ materially from those anticipated in such
statements. These forward-looking statements speak only as of
the date of the report, presentation or filing in which they are
made. Except to the extent required by the federal securities
laws, HEI undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
|
Shelee M.T.
Kimura
|
Telephone: (808)
543-7384
|
|
Manager, Investor
Relations & Strategic Planning
|
E-mail:
skimura@hei.com
|
Logo - http://photos.prnewswire.com/prnh/20110411/LA80136LOGO
SOURCE HEI