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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: November 5, 2001
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Exact Name of Registrant Commission I.R.S. Employer
as Specified in Its Charter File Number Identification No.
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Hawaiian Electric Industries, Inc. 1-8503 99-0208097
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State of Hawaii
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(State or other jurisdiction of incorporation)
900 Richards Street, Honolulu, Hawaii 96813
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (808) 543-5662
None
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
Income statements adjusted/restated for the discontinued international power
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segment
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In order to provide further financial information concerning the discontinuance
of Hawaiian Electric Industries, Inc.'s international power segment, the
following prior period income statements (for the quarters ended March 31, June
30 and September 30, 2001 and 2000; the quarter ended December 31, 2000; the
nine months ended September 30, 2001; and the year ended December 31, 2000) have
been adjusted/restated to reflect the discontinuation of the international power
segment as required by accounting principles generally accepted in the United
States of America.
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
Reports on SEC Form 10-Q for the quarters ended March 31, 2001, June 30, 2001
and September 30, 2001.
Results of operations for interim periods are not necessarily indicative of
results to be expected for future interim periods or the full year.
Nine months
Quarters ended ended
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(in thousands, March 31, June 30, September 30, September 30,
except per share amounts) 2001 2001 2001 2001
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Revenues
Electric utility $ 318,423 $ 313,651 $ 341,386 $ 973,460
Bank 115,754 112,250 108,034 336,038
Other (840) 1,438 (2,128) (1,530)
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433,337 427,339 447,292 1,307,968
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Expenses
Electric utility 270,413 263,623 287,064 821,100
Bank 95,605 94,678 88,546 278,829
Other 2,385 4,338 2,631 9,354
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368,403 362,639 378,241 1,109,283
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Operating income (loss)
Electric utility 48,010 50,028 54,322 152,360
Bank 20,149 17,572 19,488 57,209
Other (3,225) (2,900) (4,759) (10,884)
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64,934 64,700 69,051 198,685
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Interest expense--
other than bank (19,585) (19,939) (19,937) (59,461)
Allowance for borrowed funds
used during construction 676 511 524 1,711
Preferred stock dividends of subsidiaries (502) (501) (501) (1,504)
Preferred securities distributions of
trust subsidiaries (4,009) (4,009) (4,008) (12,026)
Allowance for equity funds
used during construction 1,265 955 998 3,218
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Income from continuing operations
before income taxes 42,779 41,717 46,127 130,623
Income taxes 15,015 15,605 17,461 48,081
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Income from continuing operations 27,764 26,112 28,666 82,542
Discontinued operations, net of income taxes
Loss from operations (19) (524) (711) (1,254)
Net loss on disposals - - (20,821) (20,821)
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Loss from discontinued operations (19) (524) (21,532) (22,075)
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Net income $ 27,745 $ 25,588 $ 7,134 $ 60,467
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Per common share
Basic earnings (loss)
Continuing operations $ 0.84 $ 0.78 $ 0.85 $ 2.47
Discontinued operations - (0.02) (0.64) (0.66)
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$ 0.84 $ 0.76 $ 0.21 $ 1.81
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Diluted earnings (loss)
Continuing operations $ 0.83 $ 0.78 $ 0.84 $ 2.46
Discontinued operations - (0.02) (0.63) (0.66)
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$ 0.83 $ 0.76 $ 0.21 $ 1.80
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Weighted-average number of
common shares outstanding 33,159 33,481 33,716 33,454
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Adjusted weighted-average shares 33,312 33,646 33,925 33,634
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Income (loss) from continuing operations by segment
Electric utility $ 21,425 $ 22,716 $ 25,695 $ 69,836
Bank 11,875 10,207 11,072 33,154
Other (5,536) (6,811) (8,101) (20,448)
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Income from continuing operations $ 27,764 $ 26,112 $ 28,666 $ 82,542
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Hawaiian Electric Industries, Inc. and subsidiaries
Income Statement
(Unaudited)
Quarters ended Year ended
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(in thousands, March 31, June 30, September 30, December 31, December 31,
except per share amounts) 2000 2000 2000 2000 2000
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Revenues
Electric utility $ 289,405 $ 307,845 $ 337,324 $ 342,596 $ 1,277,170
Bank 110,267 108,699 114,300 117,616 450,882
Other 740 755 383 2,381 4,259
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400,412 417,299 452,007 462,593 1,732,311
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Expenses
Electric utility 237,775 256,230 284,031 306,043 1,084,079
Bank 91,077 92,384 97,321 100,059 380,841
Other 2,726 2,973 1,011 3,148 9,858
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331,578 351,587 382,363 409,250 1,474,778
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Operating income (loss)
Electric utility 51,630 51,615 53,293 36,553 193,091
Bank 19,190 16,315 16,979 17,557 70,041
Other (1,986) (2,218) (628) (767) (5,599)
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68,834 65,712 69,644 53,343 257,533
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Interest expense--
other than bank (18,863) (19,882) (18,842) (19,711) (77,298)
Allowance for borrowed funds
used during construction 691 722 807 702 2,922
Preferred stock dividends of subsidiaries (498) (506) (501) (502) (2,007)
Preferred securities distributions of
trust subsidiaries (4,009) (4,009) (4,008) (4,009) (16,035)
Allowance for equity funds
used during construction 1,269 1,328 1,505 1,278 5,380
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Income from continuing operations
before income taxes 47,424 43,365 48,605 31,101 170,495
Income taxes 17,790 16,278 17,404 9,687 61,159
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Income from continuing operations 29,634 27,087 31,201 21,414 109,336
Discontinued operations, net of income taxes
Loss from operations (658) (7,991) (9,152) (45,791) (63,592)
Net loss on disposals - - - - -
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Loss from discontinued operations (658) (7,991) (9,152) (45,791) (63,592)
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Net income $ 28,976 $ 19,096 $ 22,049 $ (24,377) $ 45,744
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Per common share
Basic earnings (loss)
Continuing operations $ 0.92 $ 0.84 $ 0.96 $ 0.65 $ 3.36
Discontinued operations (0.02) (0.25) (0.28) (1.39) (1.95)
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$ 0.90 $ 0.59 $ 0.68 $ (0.74) $ 1.41
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Diluted earnings (loss)
Continuing operations $ 0.92 $ 0.84 $ 0.95 $ 0.65 $ 3.35
Discontinued operations (0.02) (0.25) (0.28) (1.39) (1.95)
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$ 0.90 $ 0.59 $ 0.67 $ (0.74) $ 1.40
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Weighted-average number of
common shares outstanding 32,266 32,403 32,642 32,864 32,545
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Adjusted weighted-average shares 32,372 32,542 32,777 33,013 32,687
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Income (loss) from continuing operations by segment
Electric utility $ 23,725 $ 24,014 $ 25,020 $ 14,527 $ 87,286
Bank 11,221 9,396 9,815 10,198 40,630
Other (5,312) (6,323) (3,634) (3,311) (18,580)
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Income from continuing operations $ 29,634 $ 27,087 $ 31,201 $ 21,414 $ 109,336
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HAWAIIAN ELECTRIC INDUSTRIES, INC.
(Registrant)
/s/ Robert F. Mougeot
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Robert F. Mougeot
Financial Vice President, Treasurer
and Chief Financial Officer
(Principal Financial Officer)
Date: November 5, 2001
3