-----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, QqoAU+gdqjA3ng4TNS/gKiRgb0hQWy5FpyMWZByGu3iDo6rvrJ0y3d6QcZYKbGNh dDL0SixmECm+rUkcP0GY6Q== 0000898430-01-500215.txt : 20010424 0000898430-01-500215.hdr.sgml : 20010424 ACCESSION NUMBER: 0000898430-01-500215 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010423 ITEM INFORMATION: FILED AS OF DATE: 20010423 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: 1608947 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: 1608948 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 d8k.txt CURRENT REPORT DATED 04/23/2001 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 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: April 23, 2001 ----------------
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 News release On April 23, 2001, HEI issued the following news release: HAWAIIAN ELECTRIC INDUSTRIES, INC. REPORTS FIRST QUARTER 2001 EARNINGS HONOLULU--Hawaiian Electric Industries, Inc. (NYSE--HE) today reported net income for the three months ended March 31, 2001 of $27.7 million, or 84 cents per share, compared with $29.0 million, or 90 cents per share, in the same quarter of 2000. "The company had a mixed first quarter, with earnings down 4.2%. Despite a 1.7% increase in kilowatthour sales, utility net income was down 9.7% as purchased power and other operation and maintenance expenses at the utility increased," said Robert F. Clarke, HEI chairman, president and chief executive officer. "However, our savings bank had a good quarter with net income up 5.8%, mainly due to higher interest and fee income," said Clarke. Electric utility net income in the first quarter was $21.4 million versus $23.7 million in the same period last year. Higher kilowatthour sales were largely a result of warmer weather. "However, purchased power and maintenance expenses were higher in the first quarter of 2001 as compared with the same period in 2000 due to the timing of overhauls by both the company and its major independent power supplier on Oahu," said Clarke. Savings bank net income in the first quarter was $11.9 million compared to $11.2 million in the same period last year. Interest income increased 5.0% due to an increase in interest earning assets of 1.9%. However, the bank's interest rate spread--the difference between the yield on earning assets and cost of funds--was lower at 3.01% in the recent quarter versus 3.28% for the same period in 2000. International power results were relatively flat for the quarter, excluding a gain from a $1.5 million partial release of a loan guarantee that was previously recorded. A $0.6 million tax benefit related to this reversal is included in the other segment results. HEI will hold its annual meeting tomorrow at 9:30 a.m. in Honolulu, Hawaii to elect five directors and an independent auditor. HEI is a diversified holding company. Its core businesses are electric utilities, a savings bank and an international power subsidiary. 1 FORWARD-LOOKING STATEMENTS This release may contain "forward-looking statements," that are subject to risks and uncertainties. Forward looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions, and/or include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions. Forward-looking statements in this release should be read in conjunction with "Forward-looking statements" set forth on page vi of HEI's Form 10-K for the year ended December 31, 2000 (incorporated by reference herein) that discusses important factors that could cause HEI's results to differ materially from those anticipated in such statements. Forward- looking statements speak only as of the date of this release. 2 HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Quarters ended Twelve months ended March 31, March 31, ------------------ ---------------------- 2001 2000 2001 2000 -------- -------- ---------- ---------- (in thousands, except per share amounts) Revenues Electric utility.................. $318,423 $289,405 $1,306,188 $1,106,818 Savings bank...................... 115,754 110,267 456,369 419,900 International power............... 1,969 1,665 (11,726) 5,137 Other............................. (1,279) 538 1,185 41,063 -------- -------- ---------- ---------- 434,867 401,875 1,752,016 1,572,918 -------- -------- ---------- ---------- Expenses Electric utility.................. 270,413 237,775 1,116,717 921,375 Savings bank...................... 95,605 91,077 385,369 355,489 International power............... 773 2,115 87,698 9,702 Other............................. 2,359 2,706 9,370 38,311 -------- -------- ---------- ---------- 369,150 333,673 1,599,154 1,324,877 -------- -------- ---------- ---------- Operating income (loss) Electric utility.................. 48,010 51,630 189,471 185,443 Savings bank...................... 20,149 19,190 71,000 64,411 International power............... 1,196 (450) (99,424) (4,565) Other............................. (3,638) (2,168) (8,185) 2,752 -------- -------- ---------- ---------- 65,717 68,202 152,862 248,041 -------- -------- ---------- ---------- Interest expense--other than sav- ings bank........................ (20,005) (19,072) (79,554) (73,815) Allowance for borrowed funds used during construction.............. 676 691 2,907 2,627 Preferred stock dividends of sub- sidiaries........................ (502) (498) (2,011) (2,006) Preferred securities distributions of trust subsidiaries............ (4,009) (4,009) (16,035) (16,035) Allowance for equity funds used during construction.............. 1,265 1,269 5,376 4,458 -------- -------- ---------- ---------- Income from continuing operations before income taxes.............. 43,142 46,583 63,545 163,270 Income taxes...................... 15,397 17,607 19,032 62,154 -------- -------- ---------- ---------- Income from continuing opera- tions............................ 27,745 28,976 44,513 101,116 Discontinued operations-gain on disposal......................... -- -- -- 3,953 -------- -------- ---------- ---------- Net income................... $ 27,745 $ 28,976 $ 44,513 $ 105,069 ======== ======== ========== ========== Per common share Basic earnings Continuing operations.......... $ 0.84 $ 0.90 $ 1.36 $ 3.14 Discontinued operations........ -- -- -- 0.12 -------- -------- ---------- ---------- $ 0.84 $ 0.90 $ 1.36 $ 3.26 ======== ======== ========== ========== Diluted earnings Continuing operations.......... $ 0.83 $ 0.90 $ 1.35 $ 3.13 Discontinued operations........ -- -- -- 0.12 -------- -------- ---------- ---------- $ 0.83 $ 0.90 $ 1.35 $ 3.25 ======== ======== ========== ========== Dividends........................ $ 0.62 $ 0.62 $ 2.48 $ 2.48 ======== ======== ========== ========== Weighted average number of common shares outstanding............... 33,159 32,266 32,766 32,216 ======== ======== ========== ========== Adjusted weighted average shares.. 33,312 32,372 32,904 32,323 ======== ======== ========== ========== Income from continuing operations by segment Electric utility................. $ 21,425 $ 23,725 $ 84,986 $ 81,866 Savings bank..................... 11,875 11,221 41,284 38,108 International power.............. 434 (921) (102,231) (5,221) Other............................ (5,989) (5,049) 20,474 (13,637) -------- -------- ---------- ---------- Income from continuing opera- tions............................ $ 27,745 $ 28,976 $ 44,513 $ 101,116 ======== ======== ========== ==========
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 year ended December 31, 2000 and the consolidated financial statements and the notes thereto in HEI's Quarterly Report on SEC Form 10-Q for the quarter ended March 31, 2001 (when filed). Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year. Net income for the quarter and the twelve months ended March 31, 2000 does not include equity in net losses of EPHE Philippines Energy Company, Inc. (EPHE, owner of approximately 91.7% of the common shares of East Asia Power Resources Corporation). An indirect subsidiary of HEI Power Corp. (HEIPC) acquired a 50% interest in EPHE on March 7, 2000. The accounts of HEIPC and subsidiaries are consolidated on a one month lag due to the time needed to consolidate the subsidiaries. 3 HAWAIIAN ELECTRIC INDUSTRIES, INC. SUPPLEMENTAL DATA TO 1ST QUARTER 2001 EARNING RELEASE (Unaudited)
Hawaiian Electric Company, Inc. (HECO) and subsidiaries Three months Consolidated Statements of Income ended March 31, - ------------------------------------------------------- ------------------ 2001 2000 -------- -------- (in thousands) Operating revenues............................................ $317,293 $288,421 -------- -------- Operating expenses Fuel oil.................................................... 88,245 75,155 Purchased power............................................. 81,916 70,226 Other operation............................................. 29,774 27,741 Maintenance................................................. 15,197 12,533 Depreciation................................................ 24,609 24,334 Taxes, other than income taxes.............................. 30,491 27,361 Income taxes................................................ 13,604 15,193 -------- -------- 283,836 252,543 -------- -------- Operating income.............................................. 33,457 35,878 -------- -------- Other income Allowance for equity funds used during construction......... 1,265 1,269 Other, net.................................................. 977 575 -------- -------- 2,242 1,844 -------- -------- Income before interest and other charges...................... 35,699 37,722 -------- -------- Interest and other charges Interest on long-term debt.................................. 9,929 9,932 Amortization of net bond premium and expense................ 530 442 Other interest charges...................................... 2,073 1,897 Allowance for borrowed funds used during construction....... (676) (691) Preferred stock dividends of subsidiaries................... 229 228 Preferred securities distributions of trust subsidiaries.... 1,919 1,919 -------- -------- 14,004 13,727 -------- -------- Income before preferred stock dividends of HECO............... 21,695 23,995 Preferred stock dividends of HECO............................. 270 270 -------- -------- Net income for common stock................................... $ 21,425 $ 23,725 ======== ======== Other electric utility information Kilowatthour sales (millions)................................. 2,241 2,203 Cooling degree days (Oahu).................................... 910 828
4
American Savings Bank, F.S.B. and subsidiaries Three months Consolidated Income statement data ended March 31, - ----------------------------------------------------------- ------------------ 2001 2000 -------- -------- Interest income............................................... $107,601 $102,508 Interest expense.............................................. 60,500 55,718 -------- -------- Net interest income....................................... 47,101 46,790 Provision for loan losses..................................... (3,000) (3,000) Other income.................................................. 8,153 7,759 Operating, administrative and general expenses................ (32,105) (32,359) -------- -------- Operating income.......................................... 20,149 19,190 Minority interest............................................. 59 57 Income taxes.................................................. 6,862 6,562 -------- -------- Income before preferred stock dividends....................... 13,228 12,571 Preferred stock dividends..................................... 1,353 1,350 -------- -------- Net income................................................ $ 11,875 $ 11,221 ======== ========
(End of news release) 5 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/ Richard A. von Gnechten __________________________ __________________________ Robert F. Mougeot Richard A. von Gnechten Financial Vice President, Treasurer Financial Vice President and Chief Financial Officer (Principal Financial Officer of (Principal Financial Officer of HEI) HECO) Date: April 23, 2001 Date: April 23, 2001 6 -----END PRIVACY-ENHANCED MESSAGE-----