-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, O4o6GPmtvqex3AyQ6mNGrwsFCRgKMerkjAx5RbRqrF2yPgoks7qt5cC+8l2wyKoM LeQrefzthsx76Db84QK3gQ== 0000898430-95-001679.txt : 19950823 0000898430-95-001679.hdr.sgml : 19950823 ACCESSION NUMBER: 0000898430-95-001679 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 19940930 FILED AS OF DATE: 19950822 SROS: NYSE SROS: PSE 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: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-08503 FILM NUMBER: 95565922 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: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-04955 FILM NUMBER: 95565923 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 10-Q/A 1 FORM 10-Q/A PERIOD 09-30-94 - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q/A [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1994 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Exact Name of Registrant as Commission I.R.S. Employer Specified in Its Charter File Number Identification No. - ------------------------------ ----------- ------------------ HAWAIIAN ELECTRIC INDUSTRIES, INC. 1-8503 99-0208097 and Principal Subsidiary HAWAIIAN ELECTRIC COMPANY, INC. 1-4955 99-0040500 STATE OF HAWAII - -------------------------------------------------------------------------------- (State or other jurisdiction of incorporation or organization) 900 RICHARDS STREET, HONOLULU, HAWAII 96813 - -------------------------------------------------------------------------------- (Address of principal executive offices and zip code) HAWAIIAN ELECTRIC INDUSTRIES, INC. ----- (808) 543-5662 HAWAIIAN ELECTRIC COMPANY, INC. ------- (808) 543-7771 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) NONE - -------------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report) - -------------------------------------------------------------------------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ------ ------ APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class of Common Stock Outstanding November 3, 1994 - -------------------------------------------------------------------------------- Hawaiian Electric Industries, Inc. (Without Par Value)....... 28,452,227 Shares Hawaiian Electric Company, Inc. ($6 2/3 Par Value)........ 11,258,290 Shares (not publicly traded) Item 6. Exhibits and reports on Form 8-K (a) Exhibits
HEI Hawaiian Electric Industries, Inc. and subsidiaries Exhibit 11(a) Computation of earnings per share of common stock, three and nine months ended September 30, 1994 and 1993 HECO Hawaiian Electric Company, Inc. and subsidiaries Exhibit 11(b) Computation of earnings per share of common stock HEI Hawaiian Electric Industries, Inc. and subsidiaries Exhibit 12(a) Computation of ratio of earnings to fixed charges, nine months ended September 30, 1994 and 1993 HECO Hawaiian Electric Company, Inc. and subsidiaries Exhibit 12(b) Computation of ratio of earnings to fixed charges, nine months ended September 30, 1994 and 1993 HEI Hawaiian Electric Industries, Inc. and subsidiaries Exhibit 27(a) Financial data schedule, September 30, 1994 and nine months ended September 30, 1994 HECO Hawaiian Electric Company, Inc. and subsidiaries Exhibit 27(b) Financial data schedule, September 30, 1994 and nine months ended September 30, 1994
(b) Reports on Form 8-K During the quarter, no Current Report, Form 8-K, was filed with the SEC. 38 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) By /s/ Robert F. Mougeot By /s/ Ernest T. Shiraki ------------------------------ --------------------------- Robert F. Mougeot Ernest T. Shiraki Financial Vice President and Controller Chief Financial Officer (Principal Accounting (Principal Financial Officer of HEI) Officer of HECO) Date: August 22, 1995 Date: August 22, 1995 39 EX-11.(A) 2 HEI COMPUTATION OF EARNINGS PER SHARE HEI Exhibit 11(a) ----------------- Hawaiian Electric Industries, Inc. and subsidiaries COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK (unaudited)
Three months ended Nine months ended September 30, September 30, ------------------------ ---------------------- (in thousands, except for per share data) 1994 1993 1994 1993 - --------------------------------------------------------------------------------------------------------- Income from continuing operations............... $22,691 $16,088 $52,111 $44,357 Income from discontinued operations............. -- -- -- 1,800 ------- ------- ------- ------- Net income...................................... $22,691 $16,088 $52,111 $46,157 ======= ======= ======= ======= Average number of common shares outstanding..... 28,255 26,247 28,014 25,402 ======= ======= ======= ======= Earnings per common share: Continuing operations.......................... $ 0.80 $ 0.61 $ 1.86 $ 1.75 Discontinued operations........................ -- -- -- 0.07 ------- ------- ------- ------- $ 0.80 $ 0.61 $ 1.86 $ 1.82 ======= ======= ======= =======
EX-11.(B) 3 HECO COMPUTATION OF EARNINGS PER SHARE HECO Exhibit 11(b) ------------------ Hawaiian Electric Company, Inc. and subsidiaries COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK (unaudited) Hawaiian Electric Industries, Inc. owns all of the outstanding common stock of Hawaiian Electric Company, Inc. (HECO). Therefore, per share data with respect to shares of common stock of HECO are not meaningful. EX-12.(A) 4 HEI COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES HEI Exhibit 12(a) ----------------- Hawaiian Electric Industries, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited)
Nine months ended September 30, ----------------------------------------------- (dollars in thousands) 1994 (1) 1994 (2) 1993 (1) 1993 (2) - ------------------------------------------------------------------------------------------------ Fixed charges Total interest charges The Company (3)............................ $ 58,970 $115,432 $ 49,573 $108,989 Proportionate share of fifty-percent- owned persons............................ 302 302 454 454 Interest component of rentals................. 2,824 2,824 2,954 2,954 Pretax preferred stock dividend requirements of subsidiaries............................. 9,095 9,095 8,149 8,149 -------- --------- -------- -------- Total fixed charges........................... $ 71,191 $127,653 $ 61,130 $120,546 ======== ========= ======== ======== Earnings Pretax income from continuing operations...... $ 91,710 $ 91,710 $ 77,210 $ 77,210 Fixed charges, as shown....................... 71,191 127,653 61,130 120,546 Interest capitalized The Company................................ (3,488) (3,488) (2,993) (2,993) Proportionate share of fifty-percent- owned persons............................ (302) (302) (298) (298) -------- --------- -------- -------- Earnings available for fixed charges......... $159,111 $215,573 $135,049 $194,465 ======== ========= ======== ======== Ratio of earnings to fixed charges........... 2.23 1.69 2.21 1.61 ======== ========= ======== ========
(1) Excluding interest on ASB deposits. (2) Including interest on ASB deposits. (3) Total interest charges exclude interest on nonrecourse debt issued in connection with leveraged leases which is not included in interest expense in HEI's consolidated statement of income. EX-12.(B) 5 HECO COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES HECO Exhibit 12(b) ------------------ Hawaiian Electric Company, Inc. and subsidiaries COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (unaudited)
Nine months ended September 30, ---------------------- (dollars in thousands) 1994 1993 - ------------------------------------------------------------------------------------------- Fixed charges Total interest charges........................................... $ 27,770 $25,276 Interest component of rentals.................................... 622 761 Pretax preferred stock dividend requirements of subsidiaries..... 3,491 2,468 -------- ------- Total fixed charges.............................................. $ 31,883 $28,505 ======== ======= Earnings Income before preferred stock dividends of HECO.................. $ 47,041 $41,803 Income taxes (see note below).................................... 31,155 25,234 Fixed charges, as shown.......................................... 31,883 28,505 AFUDC for borrowed funds......................................... (2,886) (2,984) -------- ------- Earnings available for fixed charges............................. $107,193 $92,558 ======== ======= Ratio of earnings to fixed charges............................... 3.36 3.25 ======== ======= Note: Income taxes is comprised of the following: Expense relating to operating income from regulated activities. $ 31,216 $25,283 Benefit relating to loss from nonregulated activities.......... (61) (49) -------- ------- $ 31,155 $25,234 ======== =======
EX-27.(A) 6 HEI FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from Hawaiian Electric Industries, Inc. and subsidiaries' consolidated balance sheet as of September 30, 1994 and consolidated statement of income for the nine months ended September 30, 1994 and is qualified in its entirety by reference to such financial statements. 0000354707 HAWAIIAN ELECTRIC INDUSTRIES, INC. 1,000 9-MOS DEC-31-1994 JAN-01-1994 SEP-30-1994 84,197 786,894 132,194 (2,294) 40,726 0 2,364,080 (731,475) 4,947,873 0 713,685 538,544 46,139 48,293 131,721 4,947,873 0 868,754 0 740,845 (3,927) 2,263 40,126 91,710 39,599 52,111 0 0 0 52,111 1.86 1.86
EX-27.(B) 7 HECO FINANCIAL DATA SCHEDULE
UT This schedule contains summary financial information extracted from Hawaiian Electric Company, Inc. and subsidiaries' consolidated balance sheet as of September 30, 1994 and consolidated statement of income and consolidated statement of cash flows for the nine months ended September 30, 1994 and is qualified in its entirety by reference to such financial statements. 0000046207 HAWAIIAN ELECTRIC CO., INC. 1,000 9-MOS DEC-31-1994 JAN-01-1994 SEP-30-1994 PER-BOOK 1,545,324 0 153,664 9,872 114,533 1,823,393 75,065 220,243 300,346 595,654 43,915 48,293 474,097 3,800 0 109,047 10,933 2,224 0 0 535,430 1,823,393 665,826 31,216 571,135 602,351 63,475 10,587 74,062 27,021 47,041 3,249 43,792 18,847 32,831 75,982 0 0
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