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: October 21, 2002
 
Exact Name of Registrant
as Specified in Its Charter
  
Commission File Number
  
I.R.S. Employer
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 93813
(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 October 21, 2002, HEI issued the following news release:
 
HAWAIIAN ELECTRIC INDUSTRIES, INC. REPORTS THIRD QUARTER 2002 EARNINGS
 
HONOLULU—Hawaiian Electric Industries, Inc. (NYSE-HE) today reported income from continuing operations for the three months ended September 30, 2002 of $32.8 million, or 90 cents per share, compared with $28.7 million, or 85 cents per share in the same quarter of 2001. For the nine months ended September 30, 2002, income from continuing operations was $90.7 million, or $2.51 per share, compared with $82.5 million, or $2.47 per share in the same period last year.
 
“Thirty-two percent net income growth from our bank this quarter versus the same quarter last year boosted HEI’s income from continuing operations by 14%,” said Robert F. Clarke, HEI chairman, president and chief executive officer. “Lower interest expense at the holding company also contributed to HEI’s income from continuing operations growth.” Utility results were stable this quarter as compared with the same quarter of 2001. “Although income from continuing operations was up 14% this quarter, earnings per share from continuing operations were up only 6% due to an 8% increase in the average number of shares outstanding, primarily resulting from HEI’s November 2001 common stock offering.”
 
Electric utility net income during the quarter was $25.6 million versus $25.7 million in the same quarter last year. Electric utility net income for the nine months was consistent with the same period last year at $69.8 million.
 
“Increases in usage and the number of residential customers caused kilowatthour sales to grow by 1.8% for the quarter despite slightly cooler weather,” said Clarke. Increased operation and maintenance expenses and depreciation as compared with the same quarter last year offset the earnings impact of the kilowatthour sales increase. Other operations expense was higher primarily due to a $1.6 million decrease in net pension credits. In addition, maintenance expenses were higher primarily due to the timing and larger scope of generating unit overhauls.
 
Bank net income in the third quarter was $14.7 million compared to $11.1 million in the same quarter last year. Bank net income for the nine months was $42.8 million versus $33.2 million in the same period of 2001.
 
“Our bank’s net income continues to benefit from favorable interest rates that kept its cost of funds low,” said Clarke. The interest rate spread was 3.28% in the recent quarter versus 3.08% for the same quarter of 2001. “Also, delinquencies have been at five-year lows, which translated into a lower provision for loan losses in the third quarter as compared with the same quarter last year,” added Clarke. Increased financial services and deposit fee income were partially offset by increases in general and administrative expenses and writedowns of mortgage servicing rights as loans have experienced high prepayments in the current low interest rate environment. The adoption of new accounting rules established by the Financial Accounting Standards Board calling for the discontinuation of goodwill amortization added $1 million of the $3.6 million increase in bank net income for the third quarter as compared to the same quarter last year. For the nine months, the discontinuation of goodwill amortization resulted in a $2.9 million increase in bank net income.

1

 
Continued low interest rates and record mortgage refinancing volume are, however, beginning to pressure the bank’s interest rate spread as the bank’s loan portfolio reprices lower while deposit rates are already at low levels.
 
HEI is the largest Hawaii-based company, providing electric utility services to 95% of Hawaii’s residents and a wide array of banking services to consumers and businesses through the state’s third largest bank.
 
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 future revenues, expenses, earnings or losses or growth rates), ongoing business strategies or prospects and possible future actions, which may be provided by management, 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 assumptions about 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 “Forward-looking statements” (which is incorporated by reference herein) set forth on page v of HEI’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 and in HEI’s future periodic reports that discuss 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)
 
    
Three months
ended September 30,
     
Nine months
ended September 30,
     
Twelve months
ended September 30,
  
    
2002
     
2001
     
2002
     
2001
     
2002
     
2001
  
    
(in thousands, except per share amounts)
  
Revenues
                                                      
Electric utility
   
$
333,636
 
   
$
341,386
 
   
$
919,643
 
   
$
973,460
 
   
$
1,235,487
 
   
$
1,316,056
 
Bank
   
 
99,722
 
   
 
108,034
 
   
 
300,633
 
   
 
336,038
 
   
 
409,197
 
   
 
453,654
 
Other
   
 
(1,798
)
   
 
(2,128
)
   
 
(2,278
)
   
 
(1,530
)
   
 
(7,377
)
   
 
851
 
    
  
  
  
  
  
    
 
431,560
 
   
 
447,292
 
   
 
1,217,998
 
   
 
1,307,968
 
   
 
1,637,307
 
   
 
1,770,561
 
    
  
  
  
  
  
Expenses
                                                      
Electric utility
   
 
280,047
 
   
 
287,064
 
   
 
769,497
 
   
 
821,100
 
   
 
1,043,756
 
   
 
1,127,143
 
Bank
   
 
75,156
 
   
 
88,546
 
   
 
229,527
 
   
 
278,829
 
   
 
313,201
 
   
 
378,888
 
Other
   
 
4,650
 
   
 
2,631
 
   
 
13,913
 
   
 
9,354
 
   
 
17,801
 
   
 
12,502
 
    
  
  
  
  
  
    
 
359,853
 
   
 
378,241
 
   
 
1,012,937
 
   
 
1,109,283
 
   
 
1,374,758
 
   
 
1,518,533
 
    
  
  
  
  
  
Operating income (loss)
                                                      
Electric utility
   
 
53,589
 
   
 
54,322
 
   
 
150,146
 
   
 
152,360
 
   
 
191,731
 
   
 
188,913
 
Bank
   
 
24,566
 
   
 
19,488
 
   
 
71,106
 
   
 
57,209
 
   
 
95,996
 
   
 
74,766
 
Other
   
 
(6,448
)
   
 
(4,759
)
   
 
(16,191
)
   
 
(10,884
)
   
 
(25,178
)
   
 
(11,651
)
    
  
  
  
  
  
    
 
71,707
 
   
 
69,051
 
   
 
205,061
 
   
 
198,685
 
   
 
262,549
 
   
 
252,028
 
    
  
  
  
  
  
Interest expense—other than bank
   
 
(17,751
)
   
 
(19,937
)
   
 
(54,618
)
   
 
(59,461
)
   
 
(73,883
)
   
 
(79,172
)
Allowance for borrowed funds used during construction
   
 
549
 
   
 
524
 
   
 
1,392
 
   
 
1,711
 
   
 
1,939
 
   
 
2,413
 
Preferred stock dividends of subsidiaries
   
 
(501
)
   
 
(501
)
   
 
(1,504
)
   
 
(1,504
)
   
 
(2,006
)
   
 
(2,006
)
Preferred securities distributions of trust subsidiaries
   
 
(4,008
)
   
 
(4,008
)
   
 
(12,026
)
   
 
(12,026
)
   
 
(16,035
)
   
 
(16,035
)
Allowance for equity funds used during construction
   
 
1,162
 
   
 
998
 
   
 
2,977
 
   
 
3,218
 
   
 
3,998
 
   
 
4,496
 
    
  
  
  
  
  
Income from continuing operations before income taxes
   
 
51,158
 
   
 
46,127
 
   
 
141,282
 
   
 
130,623
 
   
 
176,562
 
   
 
161,724
 
Income taxes
   
 
18,381
 
   
 
17,461
 
   
 
50,602
 
   
 
48,081
 
   
 
60,678
 
   
 
57,768
 
    
  
  
  
  
  
Income from continuing operations
   
 
32,777
 
   
 
28,666
 
   
 
90,680
 
   
 
82,542
 
   
 
115,884
 
   
 
103,956
 
Discontinued operations, net of income taxes
                                                      
Loss from operations
   
 
—  
 
   
 
(711
)
   
 
—  
 
   
 
(1,254
)
   
 
—  
 
   
 
(47,045
)
Net loss on disposals
   
 
—  
 
   
 
(20,821
)
   
 
—  
 
   
 
(20,821
)
   
 
(1,966
)
   
 
(20,821
)
    
  
  
  
  
  
Loss from discontinued operations
   
 
—  
 
   
 
(21,532
)
   
 
—  
 
   
 
(22,075
)
   
 
(1,966
)
   
 
(67,866
)
    
  
  
  
  
  
Net income
   
$
32,777
 
   
$
7,134
 
   
$
90,680
 
   
$
60,467
 
   
$
113,918
 
   
$
36,090
 
    
  
  
  
  
  
Per common share
                                                      
Basic earnings (loss)
                                                      
Continuing operations
   
$
0.90
 
   
$
0.85
 
   
$
2.51
 
   
$
2.47
 
   
$
3.24
 
   
$
3.12
 
Discontinued operations
   
 
—  
 
   
 
(0.64
)
   
 
—  
 
   
 
(0.66
)
   
 
(0.06
)
   
 
(2.04
)
    
  
  
  
  
  
    
$
0.90
 
   
$
0.21
 
   
$
2.51
 
   
$
1.81
 
   
$
3.18
 
   
$
1.08
 
    
  
  
  
  
  
Diluted earnings (loss)
                                                      
Continuing operations
   
$
0.89
 
   
$
0.84
 
   
$
2.49
 
   
$
2.46
 
   
$
3.22
 
   
$
3.11
 
Discontinued operations
   
 
—  
 
   
 
(0.63
)
   
 
—  
 
   
 
(0.66
)
   
 
(0.05
)
   
 
(2.03
)
    
  
  
  
  
  
    
$
0.89
 
   
$
0.21
 
   
$
2.49
 
   
$
1.80
 
   
$
3.17
 
   
$
1.08
 
    
  
  
  
  
  
Dividends
   
$
0.62
 
   
$
0.62
 
   
$
1.86
 
   
$
1.86
 
   
$
2.48
 
   
$
2.48
 
    
  
  
  
  
  
Weighted-average number of common shares outstanding
   
 
36,435
 
   
 
33,716
 
   
 
36,150
 
   
 
33,454
 
   
 
35,770
 
   
 
33,305
 
    
  
  
  
  
  
Adjusted weighted-average shares
   
 
36,627
 
   
 
33,925
 
   
 
36,350
 
   
 
33,634
 
   
 
35,957
 
   
 
33,471
 
    
  
  
  
  
  
Income (loss) from continuing operations by segment
                                                      
Electric utility
   
$
25,610
 
   
$
25,695
 
   
$
69,819
 
   
$
69,836
 
   
$
88,283
 
   
$
84,363
 
Bank
   
 
14,652
 
   
 
11,072
 
   
 
42,815
 
   
 
33,154
 
   
 
58,192
 
   
 
43,352
 
Other
   
 
(7,485
)
   
 
(8,101
)
   
 
(21,954
)
   
 
(20,448
)
   
 
(30,591
)
   
 
(23,759
)
    
  
  
  
  
  
Income from continuing operations
   
$
32,777
 
   
$
28,666
 
   
$
90,680
 
   
$
82,542
 
   
$
115,884
 
   
$
103,956
 
    
  
  
  
  
  
 
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, 2001 and the consolidated financial statements and the notes thereto in HEI's Quarterly Report on SEC Form 10-Q for the quarters ended March 31, 2002, June 30, 2002 and September 30, 2002 (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.

3

 
HAWAIIAN ELECTRIC INDUSTRIES, INC. AND SUBSIDIARIES
 
GOODWILL
(Unaudited)
 
The Company adopted the provisions of Statement of Financial Accounting Standards (SFAS) No. 142, “Goodwill and Other Intangible Assets” on January 1, 2002. SFAS No. 142 requires that goodwill and intangible assets with indefinite useful lives no longer be amortized, but instead be tested for impairment at least annually.
 
The Company's $83.2 million of goodwill is in the bank segment and was tested for impairment as of January 1, 2002 and will be tested for impairment annually in the fourth quarter using data as of September 30, 2002. As of January 1, 2002, there was no impairment of goodwill. The fair value of the bank was estimated using a valuation method based on a market approach, which takes into consideration market values of comparable publicly traded companies and recent transactions of companies in the industry.
 
Application of the provisions of SFAS No. 142 has affected the comparability of current period results of operations with prior periods because the goodwill in the bank segment is no longer being amortized over a 25 year period. Thus, the following “transitional” disclosures present net income and earnings per common share “adjusted” as shown below:
 
    
Three months ended
September 30,
   
Nine months ended
September 30,
   
Twelve months ended
September 30,
    
2002
   
2001
   
2002
   
2001
   
2002
   
2001
    
(in thousands, except per share amounts)
Consolidated
                                          
Reported net income
   
$
32,777
   
$
7,134
   
$
90,680
   
$
60,467
   
$
113,918
   
$
36,090
Goodwill amortization, net of tax benefits
   
 
—  
   
 
961
   
 
—  
   
 
2,877
   
 
968
   
 
3,831
    
  
  
  
  
  
Adjusted net income
   
$
32,777
   
$
8,095
   
$
90,680
   
$
63,344
   
$
114,886
   
$
39,921
    
  
  
  
  
  
Per common share
                                          
Reported basic earnings
   
$
0.90
   
$
0.21
   
$
2.51
   
$
1.81
   
$
3.18
   
$
1.08
Goodwill amortization, net of tax benefits
   
 
—  
   
 
0.03
   
 
—  
   
 
0.08
   
 
0.03
   
 
0.12
    
  
  
  
  
  
Adjusted basic earnings
   
$
0.90
   
$
0.24
   
$
2.51
   
$
1.89
   
$
3.21
   
$
1.20
    
  
  
  
  
  
Per common share
                                          
Reported diluted earnings
   
$
0.89
   
$
0.21
   
$
2.49
   
$
1.80
   
$
3.17
   
$
1.08
Goodwill amortization, net of tax benefits
   
 
—  
   
 
0.03
   
 
—  
   
 
0.08
   
 
0.03
   
 
0.11
    
  
  
  
  
  
Adjusted diluted earnings
   
$
0.89
   
$
0.24
   
$
2.49
   
$
1.88
   
$
3.20
   
$
1.19
    
  
  
  
  
  
Bank
                                          
Reported net income
   
$
14,652
   
$
11,072
   
$
42,815
   
$
33,154
   
$
58,192
   
$
43,352
Goodwill amortization, net of tax benefits
   
 
—  
   
 
961
   
 
—  
   
 
2,877
   
 
968
   
 
3,831
    
  
  
  
  
  
Adjusted net income
   
$
14,652
   
$
12,033
   
$
42,815
   
$
36,031
   
$
59,160
   
$
47,183
    
  
  
  
  
  

4

 
HAWAIIAN ELECTRIC COMPANY, INC. (HECO) AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
    
Three months ended
September 30,
     
Nine months ended
September 30,
  
    
2002
     
2001
     
2002
     
2001
  
    
(in thousands)
  
Operating revenues
   
$
332,453
 
   
$
340,231
 
   
$
916,402
 
   
$
969,979
 
    
  
  
  
Operating expenses
                                    
Fuel oil
   
 
85,311
 
   
 
96,665
 
   
 
218,901
 
   
 
266,995
 
Purchased power
   
 
87,123
 
   
 
87,670
 
   
 
240,744
 
   
 
253,067
 
Other operation
   
 
33,888
 
   
 
30,729
 
   
 
95,573
 
   
 
90,599
 
Maintenance
   
 
15,705
 
   
 
14,540
 
   
 
45,727
 
   
 
42,752
 
Depreciation
   
 
26,340
 
   
 
25,363
 
   
 
79,063
 
   
 
75,335
 
Taxes, other than income taxes
   
 
31,287
 
   
 
31,494
 
   
 
88,769
 
   
 
91,411
 
Income taxes
   
 
16,287
 
   
 
16,244
 
   
 
44,110
 
   
 
44,210
 
    
  
  
  
    
 
295,941
 
   
 
302,705
 
   
 
812,887
 
   
 
864,369
 
    
  
  
  
Operating income
   
 
36,512
 
   
 
37,526
 
   
 
103,515
 
   
 
105,610
 
    
  
  
  
Other income
                                    
Allowance for equity funds used during construction
   
 
1,162
 
   
 
998
 
   
 
2,977
 
   
 
3,218
 
Other, net
   
 
858
 
   
 
530
 
   
 
2,435
 
   
 
2,467
 
    
  
  
  
    
 
2,020
 
   
 
1,528
 
   
 
5,412
 
   
 
5,685
 
    
  
  
  
Income before interest and other charges
   
 
38,532
 
   
 
39,054
 
   
 
108,927
 
   
 
111,295
 
    
  
  
  
Interest and other charges
                                    
Interest on long-term debt
   
 
10,127
 
   
 
10,126
 
   
 
30,430
 
   
 
30,127
 
Amortization of net bond premium and expense
   
 
498
 
   
 
509
 
   
 
1,505
 
   
 
1,546
 
Other interest charges
   
 
430
 
   
 
832
 
   
 
1,313
 
   
 
4,245
 
Allowance for borrowed funds used during construction
   
 
(549
)
   
 
(524
)
   
 
(1,392
)
   
 
(1,711
)
Preferred stock dividends of subsidiaries
   
 
228
 
   
 
228
 
   
 
686
 
   
 
686
 
Preferred securities distributions of trust subsidiaries
   
 
1,918
 
   
 
1,918
 
   
 
5,756
 
   
 
5,756
 
    
  
  
  
    
 
12,652
 
   
 
13,089
 
   
 
38,298
 
   
 
40,649
 
    
  
  
  
Income before preferred stock dividends of HECO
   
 
25,880
 
   
 
25,965
 
   
 
70,629
 
   
 
70,646
 
Preferred stock dividends of HECO
   
 
270
 
   
 
270
 
   
 
810
 
   
 
810
 
    
  
  
  
Net income for common stock
   
$
25,610
 
   
$
25,695
 
   
$
69,819
 
   
$
69,836
 
    
  
  
  
OTHER ELECTRIC UTILITY INFORMATION
                                    
Kilowatthour sales (millions)
   
 
2,515
 
   
 
2,471
 
   
 
7,117
 
   
 
7,010
 
Cooling degree days (Oahu)
   
 
1,539
 
   
 
1,578
 
   
 
3,611
 
   
 
3,711
 

5

AMERICAN SAVINGS BANK, F.S.B. AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
    
Three months ended
September 30,
     
Nine months ended September 30,
  
    
2002
     
2001
     
2002
     
2001
  
           
(in thousands)
         
Interest and dividend income:
                                    
Interest and fees on loans
   
$
50,210
 
   
$
53,760
 
   
$
152,300
 
   
$
178,665
 
Interest on mortgage-related securities
   
 
35,503
 
   
 
39,136
 
   
 
103,634
 
   
 
115,331
 
Interest and dividends on investment securities
   
 
1,880
 
   
 
4,071
 
   
 
5,979
 
   
 
13,163
 
    
  
  
  
Total interest and dividend income
   
 
87,593
 
   
 
96,967
 
   
 
261,913
 
   
 
307,159
 
    
  
  
  
Interest expense:
                                    
Interest on deposit liabilities
   
 
17,833
 
   
 
29,015
 
   
 
57,331
 
   
 
92,241
 
Interest on Federal Home Loan Bank advances
   
 
14,905
 
   
 
16,540
 
   
 
43,327
 
   
 
54,267
 
Interest on securities sold under repurchase agreements
   
 
5,683
 
   
 
6,563
 
   
 
15,256
 
   
 
22,922
 
    
  
  
  
Total interest expense
   
 
38,421
 
   
 
52,118
 
   
 
115,914
 
   
 
169,430
 
    
  
  
  
 
Net interest income
   
 
49,172
 
   
 
44,849
 
   
 
145,999
 
   
 
137,729
 
Provision for loan losses
   
 
1,500
 
   
 
3,000
 
   
 
8,000
 
   
 
9,000
 
    
  
  
  
Net interest income after provision for loan losses
   
 
47,672
 
   
 
41,849
 
   
 
137,999
 
   
 
128,729
 
    
  
  
  
 
Other income:
                                    
Fees from other financial services
   
 
5,416
 
   
 
4,512
 
   
 
15,381
 
   
 
12,594
 
Fees from deposit liabilities
   
 
4,091
 
   
 
2,309
 
   
 
11,717
 
   
 
6,713
 
Fee income on other financial products
   
 
2,592
 
   
 
2,282
 
   
 
7,647
 
   
 
5,850
 
Fee income on loans serviced by others, net
   
 
(882
)
   
 
663
 
   
 
(369
)
   
 
1,794
 
Gain (loss) on sale of securities
   
 
(913
)
   
 
(268
)
   
 
(640
)
   
 
3,731
 
Loss on investments
   
 
—  
 
   
 
—  
 
   
 
—  
 
   
 
(6,164
)
Other income
   
 
1,825
 
   
 
1,569
 
   
 
4,984
 
   
 
4,361
 
    
  
  
  
Total other income
   
 
12,129
 
   
 
11,067
 
   
 
38,720
 
   
 
28,879
 
    
  
  
  
 
General and administrative expenses:
                                    
Compensation and employee benefits
   
 
14,753
 
   
 
13,090
 
   
 
44,046
 
   
 
38,647
 
Occupancy and equipment
   
 
7,896
 
   
 
7,225
 
   
 
22,387
 
   
 
21,324
 
Data processing
   
 
2,579
 
   
 
2,416
 
   
 
8,228
 
   
 
7,515
 
Consulting
   
 
1,582
 
   
 
671
 
   
 
4,374
 
   
 
2,298
 
Amortization of goodwill and core deposit intangibles
   
 
433
 
   
 
1,676
 
   
 
1,298
 
   
 
5,021
 
Other
   
 
7,992
 
   
 
8,350
 
   
 
25,280
 
   
 
25,594
 
    
  
  
  
Total general and administrative expenses
   
 
35,235
 
   
 
33,428
 
   
 
105,613
 
   
 
100,399
 
    
  
  
  
 
Income before minority interest and income taxes
   
 
24,566
 
   
 
19,488
 
   
 
71,106
 
   
 
57,209
 
Minority interests
   
 
42
 
   
 
48
 
   
 
131
 
   
 
162
 
Income taxes
   
 
8,519
 
   
 
7,015
 
   
 
24,102
 
   
 
19,835
 
    
  
  
  
Income before preferred stock dividends
   
 
16,005
 
   
 
12,425
 
   
 
46,873
 
   
 
37,212
 
Preferred stock dividends
   
 
1,353
 
   
 
1,353
 
   
 
4,058
 
   
 
4,058
 
    
  
  
  
Net income for common stock
   
$
14,652
 
   
$
11,072
 
   
$
42,815
 
   
$
33,154
 
    
  
  
  
Interest rate spread (%)
   
 
3.28
 
   
 
3.08
 
   
 
3.28
 
   
 
3.10
 

6

 
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.
(Registrant)
  
HAWAIIAN ELECTRIC COMPANY, INC.
(Registrant)
/s/    CURTIS Y. HARADA         
      
/s/    ERNEST T. SHIRAKI         
Curtis Y. Harada
      
Ernest T. Shiraki
Controller
      
Controller
(Principal Accounting Officer of HEI)
      
(Principal Accounting Officer of HECO)
 
Date: October 21, 2002
      
 
Date: October 21, 2002
 

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