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08.08.2013 22:15:00
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Hawaiian Electric Industries Reports Second Quarter 2013 Earnings
HONOLULU, Aug. 8, 2013 /PRNewswire/ -- Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net income for common stock for the second quarter of 2013 of $40.6 million, or $0.41 diluted earnings per share (EPS), compared to $38.8 million, or $0.40 diluted EPS for the second quarter of 2012.
"HEI's stable financial results in the quarter were consistent with our expectations. Higher bank earnings compared to the same quarter last year helped offset slightly lower utility earnings which were primarily driven by a customer refund recorded in the quarter. At American Savings Bank, higher earnings were supported by good loan growth and declining credit costs in an improving local economy. This helped offset the continued impact of low interest rates. As a result, the bank continued to deliver strong profitability metrics while maintaining solid capital levels," said Constance H. Lau, HEI president and chief executive officer.
At Hawaiian Electric Company, year-to-date renewable energy provided nearly 18% of customers' electricity usage, already greater than the 2015 renewable portfolio standard of 15%, and even higher on Hawaii Island at 49% and Maui County at 28%. "A key element of our utility strategy is to seek to lower our customers' bills by aggressively acquiring and integrating local renewable energy at lower and more stable prices than oil. As a result, and consistent with our state's energy policies, our utilities have achieved unprecedented levels of renewable energy, and we recognize the importance of further accelerating our move to less costly renewables," said Lau. In order to add even more lower-cost renewable energy as quickly as possible, Hawaiian Electric Company is seeking accelerated approval for five purchase power agreements totaling 64 MW that are priced lower than the existing cost of oil-fired generation.
"In addition to moving to a renewable energy future, we are pursuing many other strategies to better serve customers. To ensure safe and reliable service, we made $140 million of infrastructure investments in the first half of 2013. This includes the ongoing execution of our asset management program which is designed to modernize our grid in a cost effective manner and improve service levels. Our utilities have also been focused on achieving operational and cost efficiencies and have been exploring the possibility of using lower cost liquefied natural gas to help reduce customer bills. We have to keep pushing the envelope to lower the cost for our customers. It's what our companies are committed to and what our utility customers deserve," added Lau.
HAWAIIAN ELECTRIC COMPANY CONTINUES INVESTMENTS TO INTEGRATE MORE RENEWABLE ENERGY AND BETTER SERVE CUSTOMERS
Hawaiian Electric Company's1 net income for the second quarter of 2013 was $28.7 million comparedto $29.4 million in the second quarter of 2012. The following items were significant factors in the quarter (on an after-tax basis):
- Net revenues2 were flat compared to the second quarter of 2012 as $3 million for additional recovery of costs at the Oahu utility was offset by a net $3 million decrease at the Maui County utility primarily due to the customer refund granted in its recent final rate case decision.
- Depreciation expense was $2 million higher with increasing investments for improved customer reliability, greater system efficiency and integration of more renewable energy.
- Operations and maintenance (O&M) expenses3 were $2 million lower in the second quarter of 2013 compared to the same quarter last year largely due to temporary delays in overhauls and reversals of previously expensed costs. These reductions in expenses were partially offset by higher customer service costs.
1 Hawaiian Electric Company, unless otherwise defined, refers to the three utilities, Hawaiian Electric Company, Inc. on Oahu, Maui Electric Company, Limited, and Hawaii Electric Light Company, Inc.
2 Net revenues represent the after-tax impact of "Operating revenues" less the following operating expenses which are largely pass through items in revenues: "fuel oil", "purchased power" and "taxes, other than income taxes" as shown on the Hawaiian Electric Company Consolidated Statements of Income.
3 Excludes expenses covered by surcharges or by third parties. In the second quarter of 2013 and 2012, these expenses were $2 million and $1 million, respectively.
AMERICAN SAVINGS BANK CONTINUES TO DELIVER SOLID PERFORMANCE
American Savings Bank's (American) net income for the second quarter of 2013 was $15.9 million compared to $14.2 million in both the first, or linked, quarter of 2013 and in the second quarter of 2012. Second quarter 2013 net income was $1.8 million higher than the linked quarter primarily driven by (on an after-tax basis) a lower provision for loan losses of $2 million, $1 million of which related to the strategic third quarter sale of American's credit card portfolio, and $1 million higher gains on sales of investment securities. These increases were largely offset by lower mortgage banking income and higher noninterest expense.
Compared to the second quarter of 2012, net income improved by $1.7 million. The increase was primarily driven by a lower provision for loan losses and higher gains on sales of investment securities as discussed above. These increases were partially offset by higher noninterest expense due to targeted staffing and information technology expense increases.
Overall, American achieved solid profitability in the second quarter of 2013 with a return on average equity of 12.6% and a return on average assets of 1.25%.
Also, refer to the American news release issued on July 30, 2013.
HOLDING AND OTHER COMPANIES
The holding and other companies' net losses were $4.0 million in the second quarter of 2013 compared to $4.8 million in the second quarter of 2012. The lower net loss was due to lower administrative and general expenses and interest expense.
WEBCAST AND CONFERENCE CALL
Hawaiian Electric Industries, Inc. will conduct a webcast and conference call to review its second quarter 2013 earnings on Thursday, August 8, 2013, at 11:00 a.m.Hawaii time (5:00 p.m. Eastern time). The event can be accessed through HEI's website at www.hei.com or by dialing (877) 415-3186, passcode: 97287517 for the teleconference call. The presentation for the webcast will be on HEI's website under the headings "Investor Relations," "News & Events" and "Presentations & Webcasts." HEI and Hawaiian Electric Company, Inc. (HECO) intend to continue to use HEI's website, www.hei.com, as a means of disclosing material information, as well as other important information. Such disclosures will be included on HEI's website in the Investor Relations section. Accordingly, investors should routinely monitor such portions of HEI's website, in addition to following HEI's, HECO's and American's press releases, HEI's and HECO's Securities and Exchange Commission (SEC) filings and HEI's public conference calls and webcasts. Also, at the Investor Relations section of HEI's website, investors may sign up to receive e-mail alerts (based on each investor's selected preferences). The information on HEI's website is not incorporated by reference in this document or in HEI's and HECO's SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms in order to review documents filed with and issued by the PUC. No information on the PUC website is incorporated by reference in this document or in HEI's and HECO's SEC filings.
An online replay of the webcast will be available at the same website beginning about two hours after the event. Replays of the teleconference call will also be available approximately two hours after the event through August 22, 2013, by dialing (888) 286-8010, passcode: 60955453.
HEI supplies power to approximately 450,000 customers or 95% of Hawaii's population through its electric utilities, HECO, Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited and provides a wide array of banking and other financial services to consumers and businesses through American, one of Hawaii's largest financial institutions.
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, 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 and HEI's subsequent 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, HECO, American and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries | ||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||
(Unaudited) | Three months | Six months | ||||||||
ended June 30 | ended June 30 | |||||||||
(in thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||
Revenues | ||||||||||
Electric utility | $ 730,688 | $ 789,552 | $1,449,961 | $1,539,162 | ||||||
Bank | 66,027 | 64,721 | 130,783 | 129,973 | ||||||
Other | 15 | (5) | 50 | (7) | ||||||
Total revenues | 796,730 | 854,268 | 1,580,794 | 1,669,128 | ||||||
Expenses | ||||||||||
Electric utility | 669,550 | 728,056 | 1,335,870 | 1,420,412 | ||||||
Bank | 41,322 | 42,847 | 84,327 | 85,187 | ||||||
Other | 3,488 | 3,959 | 7,570 | 8,307 | ||||||
Total expenses | 714,360 | 774,862 | 1,427,767 | 1,513,906 | ||||||
Operating income (loss) | ||||||||||
Electric utility | 61,138 | 61,496 | 114,091 | 118,750 | ||||||
Bank | 24,705 | 21,874 | 46,456 | 44,786 | ||||||
Other | (3,473) | (3,964) | (7,520) | (8,314) | ||||||
Total operating income | 82,370 | 79,406 | 153,027 | 155,222 | ||||||
Interest expense–other than on deposit liabilities | ||||||||||
and other bank borrowings | (19,613) | (20,199) | (39,401) | (38,738) | ||||||
Allowance for borrowed funds used during construction | 398 | 893 | 1,128 | 1,763 | ||||||
Allowance for equity funds used during construction | 1,560 | 1,997 | 2,775 | 3,937 | ||||||
Income before income taxes | 64,715 | 62,097 | 117,529 | 122,184 | ||||||
Income taxes | 23,654 | 22,824 | 42,316 | 44,122 | ||||||
Net income | 41,061 | 39,273 | 75,213 | 78,062 | ||||||
Preferred stock dividends of subsidiaries | 473 | 473 | 946 | 946 | ||||||
Net income for common stock | $ 40,588 | $ 38,800 | $ 74,267 | $ 77,116 | ||||||
Basic earnings per common share | $ 0.41 | $ 0.40 | $ 0.75 | $ 0.80 | ||||||
Diluted earnings per common share | $ 0.41 | $ 0.40 | $ 0.75 | $ 0.80 | ||||||
Dividends per common share | $ 0.31 | $ 0.31 | $ 0.62 | $ 0.62 | ||||||
Weighted-average number of common shares outstanding | 98,660 | 96,693 | 98,399 | 96,430 | ||||||
Adjusted weighted-average shares | 99,249 | 96,979 | 98,961 | 96,819 | ||||||
Net income (loss) for common stock by segment | ||||||||||
Electric utility | $ 28,693 | $ 29,376 | $ 53,122 | $ 56,676 | ||||||
Bank | 15,919 | 14,189 | 30,074 | 30,066 | ||||||
Other | (4,024) | (4,765) | (8,929) | (9,626) | ||||||
Net income for common stock | $ 40,588 | $ 38,800 | $ 74,267 | $ 77,116 | ||||||
Comprehensive income attributable to Hawaiian Electric Industries, Inc. | $ 32,283 | $ 40,350 | $ 65,901 | $ 78,977 | ||||||
Return on average common equity (twelve months ended)1 | 8.5% | 10.4% | ||||||||
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2012 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 2013 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year. | ||||||||||
1 | On a core basis, 2013 and 2012 return on average common equity (twelve months ended June 30) were 10.0% and 10.7%, respectively. See reconciliation of GAAP to non-GAAP measures. | |||||||||
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries | ||
CONSOLIDATED BALANCE SHEETS | ||
(Unaudited) | ||
June 30, | December 31, | |
(dollars in thousands) | 2013 | 2012 |
Assets | ||
Cash and cash equivalents | $ 153,712 | $ 219,662 |
Accounts receivable and unbilled revenues, net | 359,259 | 362,823 |
Available-for-sale investment and mortgage-related securities | 560,172 | 671,358 |
Investment in stock of Federal Home Loan Bank of Seattle | 94,281 | 96,022 |
Loans receivable held for investment, net | 3,912,630 | 3,737,233 |
Loans held for sale, at lower of cost or fair value | 34,073 | 26,005 |
Property, plant and equipment, net of accumulated depreciation of | ||
$2,161,681 in 2013 and $2,125,286 in 2012 | 3,701,905 | 3,594,829 |
Regulatory assets | 885,025 | 864,596 |
Other | 454,898 | 494,414 |
Goodwill | 82,190 | 82,190 |
Total assets | $ 10,238,145 | $ 10,149,132 |
Liabilities and shareholders' equity | ||
Liabilities | ||
Accounts payable | $ 175,038 | $ 212,379 |
Interest and dividends payable | 25,503 | 26,258 |
Deposit liabilities | 4,276,243 | 4,229,916 |
Short-term borrowings—other than bank | 125,786 | 83,693 |
Other bank borrowings | 187,884 | 195,926 |
Long-term debt, net—other than bank | 1,422,877 | 1,422,872 |
Deferred income taxes | 474,197 | 439,329 |
Regulatory liabilities | 336,065 | 322,074 |
Contributions in aid of construction | 419,337 | 405,520 |
Defined benefit pension and other postretirement benefit plans liability | 639,898 | 656,394 |
Other | 496,375 | 526,613 |
Total liabilities | 8,579,203 | 8,520,974 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 34,293 | 34,293 |
Shareholders' equity | ||
Preferred stock, no par value, authorized 10,000,000 shares; issued: none | - | - |
Common stock, no par value, authorized 200,000,000 shares; issued | ||
and outstanding: 99,044,053 shares in 2013 and 97,928,403 shares in 2012 | 1,429,371 | 1,403,484 |
Retained earnings | 230,067 | 216,804 |
Accumulated other comprehensive loss, net of tax benefits | (34,789) | (26,423) |
Total shareholders' equity | 1,624,649 | 1,593,865 |
Total liabilities and shareholders' equity | $ 10,238,145 | $ 10,149,132 |
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2012 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 2013 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year. |
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
(Unaudited) | ||
Six months ended June 30 | 2013 | 2012 |
(in thousands) | ||
Cash flows from operating activities | ||
Net income | $ 75,213 | $ 78,062 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Depreciation of property, plant and equipment | 79,843 | 75,517 |
Other amortization | 2,868 | 2,999 |
Provision for loan losses | 899 | 5,924 |
Loans receivable originated and purchased, held for sale | (128,276) | (161,344) |
Proceeds from sale of loans receivable, held for sale | 148,243 | 161,713 |
Change in deferred income taxes | 40,403 | 41,541 |
Change in excess tax benefits from share-based payment arrangements | (445) | (40) |
Allowance for equity funds used during construction | (2,775) | (3,937) |
Changes in assets and liabilities | ||
Decrease (increase) in accounts receivable and unbilled revenues, net | 3,564 | (42,428) |
Decrease (increase) in fuel oil stock | 43,974 | (35,893) |
Increase in regulatory assets | (37,586) | (35,476) |
Increase (decrease) in accounts, interest and dividends payable | (43,384) | 3,578 |
Change in prepaid and accrued income taxes and utility revenue taxes | (33,822) | (12,998) |
Contributions to defined benefit pension and other postretirement benefit plans | (41,521) | (53,356) |
Other increase in defined benefit pension and other postretirement benefit plans liability | 41,191 | 31,204 |
Change in other assets and liabilities | (17,597) | (58,638) |
Net cash provided by (used in) operating activities | 130,792 | (3,572) |
Cash flows from investing activities | ||
Available-for-sale investment and mortgage-related securities purchased | (39,721) | (93,808) |
Principal repayments on available-for-sale investment and mortgage-related securities | 62,819 | 75,407 |
Proceeds from sale of available-for-sale investment and mortgage-related ssecurities | 71,367 | 3,548 |
Net increase in loans held for investment | (201,184) | (61,214) |
Proceeds from sale of real estate acquired in settlement of loans | 5,712 | 6,036 |
Capital expenditures | (158,830) | (145,263) |
Contributions in aid of construction | 17,188 | 26,981 |
Other | 2,364 | - |
Net cash used in investing activities | (240,285) | (188,313) |
Cash flows from financing activities | ||
Net increase in deposit liabilities | 46,326 | 66,709 |
Net increase in short-term borrowings with original maturities of three months or less | 42,093 | 27,419 |
Net decrease in retail repurchase agreements | (8,054) | (14,556) |
Proceeds from other bank borrowings | 25,000 | - |
Repayments of other bank borrowings | (25,000) | - |
Proceeds from issuance of long-term debt | 50,000 | 417,000 |
Repayment of long-term debt | (50,000) | (328,500) |
Change in excess tax benefits from share-based payment arrangements | 445 | 40 |
Net proceeds from issuance of common stock | 11,994 | 11,909 |
Common stock dividends | (48,921) | (47,851) |
Preferred stock dividends of subsidiaries | (946) | (946) |
Other | 606 | (2,055) |
Net cash provided by financing activities | 43,543 | 129,169 |
Net decrease in cash and cash equivalents | (65,950) | (62,716) |
Cash and cash equivalents, beginning of period | 219,662 | 270,265 |
Cash and cash equivalents, end of period | $ 153,712 | $ 207,549 |
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2012 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 2013 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year. |
Hawaiian Electric Company, Inc. (HECO) and Subsidiaries | |||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||
(Unaudited) | Three months ended | Six months ended | |||||||
June 30 | June 30 | ||||||||
(dollars in thousands, except per barrel amounts) | 2013 | 2012 | 2013 | 2012 | |||||
Operating revenues | $ 728,793 | $ 787,685 | $ 1,444,990 | $ 1,535,623 | |||||
Operating expenses | |||||||||
Fuel oil | 289,278 | 331,064 | 594,378 | 658,903 | |||||
Purchased power | 178,444 | 188,352 | 331,808 | 353,141 | |||||
Other operation | 66,184 | 64,516 | 137,607 | 126,365 | |||||
Maintenance | 27,340 | 31,235 | 57,042 | 61,273 | |||||
Depreciation | 38,590 | 36,133 | 76,870 | 72,615 | |||||
Taxes, other than income taxes | 68,759 | 76,304 | 136,446 | 147,299 | |||||
Income taxes | 18,333 | 18,574 | 32,428 | 35,939 | |||||
Total operating expenses | 686,928 | 746,178 | 1,366,579 | 1,455,535 | |||||
Operating income | 41,865 | 41,507 | 78,411 | 80,088 | |||||
Other income | |||||||||
Allowance for equity funds used during construction | 1,560 | 1,997 | 2,775 | 3,937 | |||||
Other, net | 940 | 1,414 | 3,252 | 2,723 | |||||
Income tax benefit (expense) | 8 | (51) | (291) | (95) | |||||
Total other income | 2,508 | 3,360 | 5,736 | 6,565 | |||||
Interest and other charges | |||||||||
Interest on long-term debt | 14,614 | 15,323 | 29,228 | 29,706 | |||||
Amortization of net bond premium and expense | 647 | 661 | 1,294 | 1,406 | |||||
Other interest charges (credits) | 318 | (99) | 633 | (370) | |||||
Allowance for borrowed funds used during construction | (398) | (893) | (1,128) | (1,763) | |||||
Total interest and other charges | 15,181 | 14,992 | 30,027 | 28,979 | |||||
Net income | 29,192 | 29,875 | 54,120 | 57,674 | |||||
Preferred stock dividends of subsidiaries | 229 | 229 | 458 | 458 | |||||
Net income attributable to HECO | 28,963 | 29,646 | 53,662 | 57,216 | |||||
Preferred stock dividends of HECO | 270 | 270 | 540 | 540 | |||||
Net income for common stock | $ 28,693 | $ 29,376 | $ 53,122 | $ 56,676 | |||||
Comprehensive income attributable to HECO | $ 28,710 | $ 29,451 | $ 53,157 | $ 56,828 | |||||
OTHER ELECTRIC UTILITY INFORMATION | |||||||||
Kilowatthour sales (millions) | |||||||||
HECO | 1,702 | 1,713 | 3,293 | 3,409 | |||||
HELCO | 265 | 265 | 528 | 536 | |||||
MECO | 280 | 279 | 549 | 563 | |||||
2,247 | 2,257 | 4,370 | 4,508 | ||||||
Wet-bulb temperature (Oahu average; degrees Fahrenheit) | 69.3 | 68.0 | 67.6 | 67.6 | |||||
Cooling degree days (Oahu) | 1,114 | 1,150 | 1,903 | 2,011 | |||||
Average fuel oil cost per barrel | $129.94 | $145.27 | $131.49 | $139.63 | |||||
Twelve months ended | |||||||||
June 30 | |||||||||
Return on average common equity (%) (simple average)1 | 2013 | 2012 | |||||||
HECO | 6.80 | 9.44 | |||||||
HELCO | 5.18 | 8.77 | |||||||
MECO | 7.39 | 6.11 | |||||||
HECO Consolidated | 6.58 | 8.73 | |||||||
This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HECO's Annual Report on SEC Form 10-K for the year ended December 31, 2012 and the consolidated financial statements and the notes thereto in HECO's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 2013 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year. | |||||||||||
1 | On a core basis, the 2013 and 2012 return on average common equity (twelve months ended June 30) were 8.7% and 10.1%, respectively for HECO; 6.4% and 8.8%, respectively for HELCO; 8.8% and 6.1%, respectively for MECO and 8.3% and 9.1% respectively, for HECO Consolidated. See reconciliation of GAAP to non-GAAP measures. | ||||||||||
Hawaiian Electric Company, Inc. (HECO) and Subsidiaries | ||
CONSOLIDATED BALANCE SHEETS | ||
(Unaudited) | ||
June 30, | December 31, | |
(dollars in thousands, except par value) | 2013 | 2012 |
Assets | ||
Utility plant, at cost | ||
Land | $ 51,622 | $ 51,568 |
Plant and equipment | 5,492,118 | 5,364,400 |
Less accumulated depreciation | (2,082,532) | (2,040,789) |
Construction in progress | 166,902 | 151,378 |
Net utility plant | 3,628,110 | 3,526,557 |
Current assets | ||
Cash and cash equivalents | 8,617 | 17,159 |
Customer accounts receivable, net | 196,643 | 210,779 |
Accrued unbilled revenues, net | 139,187 | 134,298 |
Other accounts receivable, net | 10,059 | 28,176 |
Fuel oil stock, at average cost | 117,445 | 161,419 |
Materials and supplies, at average cost | 58,224 | 51,085 |
Prepayments and other | 38,301 | 32,865 |
Regulatory assets | 63,672 | 51,267 |
Total current assets | 632,148 | 687,048 |
Other long-term assets | ||
Regulatory assets | 821,353 | 813,329 |
Unamortized debt expense | 9,948 | 10,554 |
Other | 70,260 | 71,305 |
Total other long-term assets | 901,561 | 895,188 |
Total assets | $ 5,161,819 | $ 5,108,793 |
Capitalization and liabilities | ||
Capitalization | ||
Common stock, $6 2/3 par value, authorized 50,000,000 shares; outstanding | ||
14,665,264 in 2013 and 2012 | $ 97,788 | $ 97,788 |
Premium on capital stock | 468,045 | 468,045 |
Retained earnings | 919,606 | 907,273 |
Accumulated other comprehensive loss, net of tax benefits | (935) | (970) |
Common stock equity | 1,484,504 | 1,472,136 |
Cumulative preferred stock – not subject to mandatory redemption | 34,293 | 34,293 |
Long-term debt, net | 1,147,877 | 1,147,872 |
Total capitalization | 2,666,674 | 2,654,301 |
Current liabilities | ||
Short-term borrowings from nonaffiliates | 53,992 | - |
Accounts payable | 150,877 | 186,824 |
Interest and preferred dividends payable | 20,325 | 21,092 |
Taxes accrued | 218,850 | 251,066 |
Other | 77,895 | 62,879 |
Total current liabilities | 521,939 | 521,861 |
Deferred credits and other liabilities | ||
Deferred income taxes | 456,952 | 417,611 |
Regulatory liabilities | 327,254 | 322,074 |
Unamortized tax credits | 69,526 | 66,584 |
Defined benefit pension and other postretirement benefit plans liability | 605,026 | 620,205 |
Other | 95,111 | 100,637 |
Total deferred credits and other liabilities | 1,553,869 | 1,527,111 |
Contributions in aid of construction | 419,337 | 405,520 |
Total capitalization and liabilities | $ 5,161,819 | $ 5,108,793 |
This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HECO's Annual Report on SEC Form 10-K for the year ended December 31, 2012 and the consolidated financial statements and the notes thereto in HECO's Quarterly Reports on SEC Form 10-Q for the quarter ended March 31, 2013 and June 30, 2013 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year. |
Hawaiian Electric Company, Inc. (HECO) and Subsidiaries | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
(Unaudited) | ||
Six months ended June 30 | 2013 | 2012 |
(in thousands) | ||
Cash flows from operating activities | ||
Net income | $ 54,120 | $ 57,674 |
Adjustments to reconcile net income to net cash provided by (used in) | ||
operating activities | ||
Depreciation of property, plant and equipment | 76,870 | 72,615 |
Other amortization | 2,884 | 2,770 |
Change in deferred income taxes | 38,780 | 42,524 |
Change in tax credits, net | 2,997 | 2,880 |
Allowance for equity funds used during construction | (2,775) | (3,937) |
Changes in assets and liabilities | ||
Decrease (increase) in accounts receivable | 32,253 | (10,958) |
Increase in accrued unbilled revenues | (4,889) | (32,053) |
Decrease (increase) in fuel oil stock | 43,974 | (35,893) |
Increase in materials and supplies | (7,139) | (7,599) |
Increase in regulatory assets | (37,586) | (35,476) |
Increase (decrease) in accounts payable | (41,234) | 5,931 |
Change in prepaid and accrued income taxes and utility revenue taxes | (38,123) | (21,141) |
Contributions to defined benefit pension and other postretirement benefit plans | (40,586) | (52,086) |
Other increase in defined benefit pension and other postretirement benefit plans liability | 41,575 | 31,166 |
Change in other assets and liabilities | (9,419) | (37,942) |
Net cash provided by (used in) operating activities | 111,702 | (21,525) |
Cash flows from investing activities | ||
Capital expenditures | (150,251) | (141,618) |
Contributions in aid of construction | 17,188 | 26,981 |
Other | 623 | - |
Net cash used in investing activities | (132,440) | (114,637) |
Cash flows from financing activities | ||
Common stock dividends | (40,789) | (36,522) |
Preferred stock dividends of HECO and subsidiaries | (998) | (998) |
Proceeds from issuance of long-term debt | - | 417,000 |
Repayment of long-term debt | - | (328,500) |
Net increase in short-term borrowings from nonaffiliates and | ||
affiliate with original maturities of three months or less | 53,992 | 44,242 |
Other | (9) | (1,929) |
Net cash provided by financing activities | 12,196 | 93,293 |
Net decrease in cash and cash equivalents | (8,542) | (42,869) |
Cash and cash equivalents, beginning of the period | 17,159 | 48,806 |
Cash and cash equivalents, end of period | $ 8,617 | $ 5,937 |
This information should be read in conjunction with the consolidated financial statements and the notes thereto incorporated by reference in HECO's Annual Report on SEC Form 10-K for the year ended December 31, 2012 and the consolidated financial statements and the notes thereto in HECO's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 2013 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year. |
American Savings Bank, F.S.B. | ||||||||||
STATEMENTS OF INCOME DATA | ||||||||||
(Unaudited) | Three months ended | Six months ended | ||||||||
June 30, | March 31, | June 30, | June 30 | |||||||
(in thousands) | 2013 | 2013 | 2012 | 2013 | 2012 | |||||
Interest income | ||||||||||
Interest and fees on loans | $ 43,624 | $ 42,603 | $ 44,473 | $ 86,227 | $ 89,361 | |||||
Interest on investment and mortgage-related securities | 3,234 | 3,464 | 3,297 | 6,698 | 7,102 | |||||
Total interest income | 46,858 | 46,067 | 47,770 | 92,925 | 96,463 | |||||
Interest expense | ||||||||||
Interest on deposit liabilities | 1,296 | 1,312 | 1,696 | 2,608 | 3,475 | |||||
Interest on other borrowings | 1,178 | 1,164 | 1,214 | 2,342 | 2,475 | |||||
Total interest expense | 2,474 | 2,476 | 2,910 | 4,950 | 5,950 | |||||
Net interest income | 44,384 | 43,591 | 44,860 | 87,975 | 90,513 | |||||
Provision (credit) for loan losses | (959) | 1,858 | 2,378 | 899 | 5,924 | |||||
Net interest income after provision (credit) for loan losses | 45,343 | 41,733 | 42,482 | 87,076 | 84,589 | |||||
Noninterest income | ||||||||||
Fees from other financial services | 7,996 | 7,643 | 7,463 | 15,639 | 14,800 | |||||
Fee income on deposit liabilities | 4,433 | 4,314 | 4,322 | 8,747 | 8,600 | |||||
Fee income on other financial products | 1,780 | 1,794 | 1,532 | 3,574 | 3,081 | |||||
Mortgage banking income | 2,003 | 3,346 | 2,185 | 5,349 | 4,220 | |||||
Gain on sale of securities | 1,226 | - | 134 | 1,226 | 134 | |||||
Other income | 1,731 | 1,592 | 1,315 | 3,323 | 2,675 | |||||
Total noninterest income | 19,169 | 18,689 | 16,951 | 37,858 | 33,510 | |||||
Noninterest expense | ||||||||||
Compensation and employee benefits | 20,063 | 20,088 | 18,696 | 40,151 | 37,342 | |||||
Occupancy | 4,219 | 4,123 | 4,241 | 8,342 | 8,466 | |||||
Data processing | 2,827 | 2,987 | 2,489 | 5,814 | 4,600 | |||||
Services | 2,328 | 2,103 | 2,221 | 4,431 | 4,004 | |||||
Equipment | 1,870 | 1,774 | 1,807 | 3,644 | 3,537 | |||||
Other expense | 8,500 | 7,595 | 8,106 | 16,095 | 14,813 | |||||
Total noninterest expense | 39,807 | 38,670 | 37,560 | 78,477 | 72,762 | |||||
Income before income taxes | 24,705 | 21,752 | 21,873 | 46,457 | 45,337 | |||||
Income taxes | 8,786 | 7,597 | 7,684 | 16,383 | 15,271 | |||||
Net income | $ 15,919 | $ 14,155 | $ 14,189 | $ 30,074 | $ 30,066 | |||||
Comprehensive income | $ 7,340 | $ 15,484 | $ 15,456 | $ 22,824 | $ 31,355 | |||||
OTHER BANK INFORMATION (annualized %, except as of period end) | ||||||||||
Return on average assets | 1.25 | 1.12 | 1.15 | 1.19 | 1.22 | |||||
Return on average equity | 12.56 | 11.28 | 11.35 | 11.93 | 12.11 | |||||
Return on average tangible common equity | 15.00 | 13.49 | 13.58 | 14.25 | 14.50 | |||||
Net interest margin | 3.79 | 3.78 | 3.97 | 3.79 | 4.01 | |||||
Net charge-offs to average loans outstanding | 0.08 | 0.12 | 0.19 | 0.10 | 0.24 | |||||
Efficiency ratio | 62 | 61 | 60 | 62 | 58 | |||||
As of period end | ||||||||||
Nonperforming assets to loans outstanding and real estate owned * | 1.56 | 1.89 | 1.84 | |||||||
Allowance for loan losses to loans outstanding | 1.04 | 1.11 | 1.06 | |||||||
Tier-1 leverage ratio * | 9.3 | 9.1 | 9.2 | |||||||
Total risk-based capital ratio * | 12.5 | 12.8 | 12.8 | |||||||
Tangible common equity to total assets | 8.42 | 8.38 | 8.58 | |||||||
Dividend paid to HEI (via ASHI) ($ in millions) | 10 | 10 | 10 | 20 | 20 | |||||
* Regulatory basis | ||||||||||
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2012 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 2013 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year. |
American Savings Bank, F.S.B. | ||
BALANCE SHEETS DATA | ||
(Unaudited) | ||
June 30, | December 31, | |
(in thousands) | 2013 | 2012 |
Assets | ||
Cash and cash equivalents | $ 143,912 | $ 184,430 |
Available-for-sale investment and mortgage-related securities | 560,172 | 671,358 |
Investment in stock of Federal Home Loan Bank of Seattle | 94,281 | 96,022 |
Loans receivable held for investment | 3,953,634 | 3,779,218 |
Allowance for loan losses | (41,004) | (41,985) |
Loans receivable held for investment, net | 3,912,630 | 3,737,233 |
Loans held for sale, at lower of cost or fair value | 34,073 | 26,005 |
Other | 241,513 | 244,435 |
Goodwill | 82,190 | 82,190 |
Total assets | $ 5,068,771 | $ 5,041,673 |
Liabilities and shareholder's equity | ||
Deposit liabilities–noninterest-bearing | $ 1,168,937 | $ 1,164,308 |
Deposit liabilities–interest-bearing | 3,107,306 | 3,065,608 |
Other borrowings | 187,884 | 195,926 |
Other | 102,516 | 117,752 |
Total liabilities | 4,566,643 | 4,543,594 |
Common stock | 334,937 | 333,712 |
Retained earnings | 189,837 | 179,763 |
Accumulated other comprehensive loss, net of tax benefits | (22,646) | (15,396) |
Total shareholder's equity | 502,128 | 498,079 |
Total liabilities and shareholder's equity | $ 5,068,771 | $ 5,041,673 |
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI's Annual Report on SEC Form 10-K for the year ended December 31, 2012 and HEI's Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2013 and June 30, 2013 (when filed), as updated by SEC Forms 8-K. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year. |
EXPLANATION OF HEI'S USE OF CERTAIN UNAUDITED NON-GAAP MEASURES
HEI and HECO management use certain non-GAAP measures to evaluate the performance of the utility. Management believes these non-GAAP measures provide useful information and are a better indicator of the utility's core operating activities. Core earnings as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP1 earnings to non-GAAP core earnings for both the utility and HEI consolidated and the corresponding adjusted return on average common equity (ROACE).
The reconciling adjustments from GAAP earnings to core earnings are limited to the settlement charges for the partial write-off of utility assets in 2012 and 2011. For more information on the settlement charge recorded in 2012, see the Form 8-K filed on March 20, 2013. Management does not consider these items to be representative of the company's fundamental core earnings.
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries | ||
RECONCILIATION OF GAAPTO NON-GAAP MEASURES | ||
(Unaudited) | ||
Net Income | ||
Twelve months ended | ||
June 30, | ||
(in millions) | 2013 | 2012 |
GAAP (as reported) | $ 135.8 | $ 159.7 |
Excluding special items (after-tax): | ||
Settlement agreement for the partial writedown of certain utility assets | 24.4 | - |
Settlement agreement for the partial writedown of the East Oahu Transmission Project (EOTP) Phase I costs | - | 5.7 |
Non-GAAP (core) | $ 160.2 | $ 165.5 |
Note: Columns may not foot due to rounding | ||
Twelve months ended | ||
June 30, | ||
Other measures: | 2013 | 2012 |
Return on average common equity (ROACE) (simple average): | ||
Based on GAAP | 8.5% | 10.4% |
Based on non-GAAP (core)2 | 10.0% | 10.7% |
1 U.S. Generally Accepted Accounting Principles. | ||
2 Calculated as core net income divided by average GAAP common equity. |
Hawaiian Electric Company, Inc. (HECO) and Subsidiaries | |||||||||
RECONCILIATION OF GAAP1TO NON-GAAP MEASURES | |||||||||
(Unaudited) | |||||||||
Net Income | |||||||||
Twelve months ended | |||||||||
June 30, | |||||||||
(in millions) | 2013 | 2012 | |||||||
GAAP (as reported) | $ 95.7 | $ 120.4 | |||||||
Excluding special items (after-tax): | |||||||||
Settlement agreement for the partial writedown of certain utility assets | 24.4 | - | |||||||
Settlement agreement for the partial writedown of the EOTP Phase I costs | - | 5.7 | |||||||
Non-GAAP (core) | $ 120.2 | $ 126.2 | |||||||
Note: Columns may not foot due to rounding | |||||||||
Twelve months ended | |||||||||
June 30, | |||||||||
Other measures: | 2013 | 2012 | |||||||
Return on average common equity (ROACE) (simple average): | |||||||||
Based on GAAP | 6.6% | 8.7% | |||||||
Based on non-GAAP (core)2 | 8.3% | 9.1% | |||||||
Hawaiian Electric Company, Inc. (HECO, Oahu) | Hawaii Electric Light Company, Inc. (HELCO) | Maui Electric Company, Limited (MECO) | |||||||
Net Income | Net Income | Net Income | |||||||
Twelve months ended | Twelve months ended | Twelve months ended | |||||||
June 30, | June 30, | June 30, | |||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||
GAAP (as reported) | $ 64.0 | $ 81.5 | $ 14.4 | $ 24.6 | $ 17.3 | $ 14.3 | |||
Excluding special items (after-tax): | |||||||||
Settlement agreement for the partial writedown of certain utility assets | 17.7 | - | 3.4 | - | 3.4 | - | |||
Settlement agreement for the partial writedown of the EOTP Phase I costs | - | 5.7 | - | - | - | - | |||
Non-GAAP (core) | $ 81.7 | $ 87.3 | $ 17.8 | $ 24.6 | $ 20.7 | $ 14.3 | |||
Note: Columns may not foot due to rounding | |||||||||
Twelve months ended | Twelve months ended | Twelve months ended | |||||||
June 30, | June 30, | June 30, | |||||||
Other measures: | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||
Return on average common equity (ROACE) (simple average): | |||||||||
Based on GAAP | 6.8% | 9.4% | 5.2% | 8.8% | 7.4% | 6.1% | |||
Based on non-GAAP (core)2 | 8.7% | 10.1% | 6.4% | 8.8% | 8.8% | 6.1% | |||
1 U.S. Generally Accepted Accounting Principles. | |||||||||
2 Calculated as core net income divided by average GAAP common equity. |
Contact: | Shelee M.T. Kimura | |
Manager, Investor Relations & | Telephone: (808) 543-7384 | |
Strategic Planning | E-mail: skimura@hei.com |
(Logo: http://photos.prnewswire.com/prnh/20110411/LA80136LOGO)
SOURCE Hawaiian Electric Industries, Inc.
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