-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JulXTcVtjnYgIyXDHt86det+LfZCr7vi1V1oAgfokMpLa1cLP+5Eta0yi9tklUc1 yumvyEy48Ml+FYOkAJU1CQ== 0000898430-00-000163.txt : 20000203 0000898430-00-000163.hdr.sgml : 20000203 ACCESSION NUMBER: 0000898430-00-000163 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000124 ITEM INFORMATION: FILED AS OF DATE: 20000125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN ELECTRIC INDUSTRIES INC CENTRAL INDEX KEY: 0000354707 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 990208097 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08503 FILM NUMBER: 512650 BUSINESS ADDRESS: STREET 1: 900 RICHARDS ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085435662 MAIL ADDRESS: STREET 1: 900 RICHARDS STREET CITY: HONOLULU STATE: HI ZIP: 96813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWAIIAN ELECTRIC CO INC CENTRAL INDEX KEY: 0000046207 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 990040500 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-04955 FILM NUMBER: 512651 BUSINESS ADDRESS: STREET 1: 900 RICHARDS ST CITY: HONOLULU STATE: HI ZIP: 96813 BUSINESS PHONE: 8085437771 MAIL ADDRESS: STREET 1: 900 RICHARDS STREET CITY: HONOLULU STATE: HI ZIP: 96813 FORMER COMPANY: FORMER CONFORMED NAME: HAWAIIAN ELECTRIC CO LTD DATE OF NAME CHANGE: 19670212 8-K 1 FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: January 24, 2000 ================================================================================ Exact Name of Registrant Commission I.R.S. Employer as Specified in Its Charter File Number Identification No. - --------------------------- ----------- ------------------ Hawaiian Electric Industries, Inc. 1-8503 99-0208097 Hawaiian Electric Company, Inc. 1-4955 99-0040500 ================================================================================ State of Hawaii ---------------------------------------------- (State or other jurisdiction of incorporation) 900 Richards Street, Honolulu, Hawaii 96813 ---------------------------------------------------------------- (Address of principal executive offices and zip code) Registrant's telephone number, including area code: (808) 543-5662 - Hawaiian Electric Industries, Inc. (HEI) (808) 543-7771 - Hawaiian Electric Company, Inc. (HECO) None ---------------------------------------------------------------- (Former name or former address, if changed since last report.) ================================================================================ Item 5. Other Events On January 24, 2000, HEI issued the following news release: HAWAIIAN ELECTRIC INDUSTRIES, INC. REPORTS 1999 EARNINGS HONOLULU -- Hawaiian Electric Industries, Inc. (NYSE - HE) today reported net income from continuing operations of $92.9 million, or $2.89 per share, for 1999 compared with $94.6 million, or $2.96 per share, for 1998. "Earnings from continuing operations were slightly down in 1999. However, our utilities and savings bank had a strong fourth quarter. We continue to see signs that Hawaii's economy is slowly improving. In fact, as of September, the state's leading economic indicator has risen for six consecutive months, " said Robert F. Clarke, HEI chairman, president and chief executive officer. Net income amounted to $96.8 million, or $3.01 per share, for 1999 compared with $84.8 million, or $2.65 per share for 1998. In 1999, the Company reversed $4.0 million of a reserve established in 1998 for the discontinuance of its residential real estate operation. In 1998, the after-tax loss recorded for the discontinuance of its residential real estate operation was offset in part by an after-tax gain from the settlement of HEI's claims against three insurance carriers. "This year utility sales were up. However, due to increases in maintenance and depreciation expenses, utility earnings were down 7% for the year. Meanwhile, savings bank earnings were up 17% primarily due to higher net interest income resulting from an improved interest rate spread " said Clarke. Electric utility net income in 1999 amounted to $75.2 million compared with $80.8 million in 1998. Kilowatthour sales for the year were 1% higher than in 1998. HEI's savings bank subsidiary reported net income of $35.4 million in 1999 compared with $30.3 million in 1998. The bank's interest rate spread - the difference between the yield on earning assets and cost of funds - was 3.19% in 1999 versus 3.11% in 1998. HEI's international power subsidiary reported a net loss of $5.1 million in 1999 compared with a $4.0 million net loss in 1998, reflecting higher business development expenses. On November 10, 1999, HEI closed its sale of Young Brothers, Limited and most of the assets of Hawaiian Tug & Barge Corp. to Saltchuk Resources, Inc. of Seattle, Washington. HEI recovered its investment on the sale. HEI is a diversified holding company. Its core businesses are electric utilities, a savings bank and an international power subsidiary. 1 Hawaiian Electric Industries, Inc. and subsidiaries CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Three months Years ended ended December 31, ended December 31, (in thousands, except per share amounts) 1999 1998 1999 1998 - ------------------------------------------------------------------------------------------------------------------- Revenues Electric utility $ 287,858 $ 253,789 $ 1,055,204 $ 1,016,283 Savings bank 105,250 103,559 409,913 409,883 International power 1,207 1,154 4,464 4,773 Other 14,590 13,822 53,709 54,226 ----------- ----------- ----------- ----------- 408,905 372,324 1,523,290 1,485,165 ----------- ----------- ----------- ----------- Expenses Electric utility 244,853 211,864 880,490 838,833 Savings bank 90,737 91,988 349,561 356,233 International power 2,444 1,671 9,195 7,937 Other 6,293 15,029 50,173 57,516 ----------- ----------- ----------- ----------- 344,327 320,552 1,289,419 1,260,519 ----------- ----------- ----------- ----------- Operating income (loss) Electric utility 43,005 41,925 174,714 177,450 Savings bank 14,513 11,571 60,352 53,650 International power (1,237) (517) (4,731) (3,164) Other 8,297 (1,207) 3,536 (3,290) ----------- ----------- ----------- ----------- 64,578 51,772 233,871 224,646 ----------- ----------- ----------- ----------- Interest expense--electric utility and other (18,143) (17,179) (72,631) (70,524) Allowance for borrowed funds used during construction 621 770 2,576 5,915 Preferred stock dividends of subsidiaries (511) (1,498) (2,135) (6,005) Preferred securities distributions of trust subsidiaries (4,009) (3,268) (16,025) (12,557) Allowance for equity funds used during construction 1,026 1,325 4,228 10,106 ----------- ----------- ----------- ----------- Income from continuing operations before income taxes 43,562 31,922 149,884 151,581 Income taxes 15,810 10,813 56,990 56,953 ----------- ----------- ----------- ----------- Income from continuing operations 27,752 21,109 92,894 94,628 ----------- ----------- ----------- ----------- Discontinued operations, net of income taxes Loss from operations -- -- -- (13,598) Net gain on disposals 3,953 -- 3,953 3,781 ----------- ----------- ----------- ----------- Gain (loss) from discontinued operations 3,953 -- 3,953 (9,817) ----------- ----------- ----------- ----------- Net income $ 31,705 $ 21,109 $ 96,847 $ 84,811 =========== =========== =========== =========== Per common share Basic earnings (loss) Continuing operations $ 0.86 $ 0.66 $ 2.89 $ 2.96 Discontinued operations 0.12 -- 0.12 (0.31) ----------- ----------- ----------- ----------- $ 0.98 $ 0.66 $ 3.01 $ 2.65 =========== =========== =========== =========== Diluted earnings (loss) Continuing operations $ 0.86 $ 0.66 $ 2.88 $ 2.95 Discontinued operations 0.12 -- 0.12 (0.31) ----------- ----------- ----------- ----------- $ 0.98 $ 0.66 $ 3.00 $ 2.64 =========== =========== =========== =========== Dividends $ 0.62 $ 0.62 $ 2.48 $ 2.48 =========== =========== =========== =========== Weighted average number of common shares outstanding 32,213 32,081 32,188 32,014 =========== =========== =========== =========== Adjusted weighted average shares 32,308 32,199 32,291 32,129 =========== =========== =========== =========== Income from continuing operations by segment Electric utility $ 18,602 $ 17,849 $ 75,222 $ 80,776 Savings bank 9,331 6,647 35,412 30,263 International power (1,429) (639) (5,089) (4,031) Other 1,248 (2,748) (12,651) (12,380) ----------- ----------- ----------- ----------- Income from continuing operations $ 27,752 $ 21,109 $ 92,894 $ 94,628 =========== =========== =========== ===========
This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HEI's Annual Report on SEC Form 10-K for the years ended December 31, 1998 and December 31, 1999 (when filed) and the consolidated financial statements and the notes thereto in HEI's Quarterly Reports on SEC Forms 10-Q for the quarters ended March 31, 1999, June 30, 1999 and September 30, 1999. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof. HAWAIIAN ELECTRIC INDUSTRIES, INC. HAWAIIAN ELECTRIC COMPANY, INC. (Registrant) (Registrant) /s/ Robert F. Mougeot /s/ Paul Oyer - ---------------------------------- ------------------------------------ Robert F. Mougeot Paul A. Oyer Financial Vice President and Financial Vice President and Chief Financial Officer Treasurer (Principal Financial Officer of HEI) (Principal Financial Officer of HECO) Date: January 24, 2000 Date: January 24, 2000 3 -----END PRIVACY-ENHANCED MESSAGE-----