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: July 25, 2005

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 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.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

The news release dated July 25, 2005 filed under Item 8.01 “Other Events” herein is also furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.”

Items 8.01 Other Events.

On July 25, 2005, HEI issued the following news release:

HAWAIIAN ELECTRIC INDUSTRIES, INC. REPORTS SECOND QUARTER 2005 EARNINGS

HONOLULU — Hawaiian Electric Industries, Inc. (NYSE - HE) today reported net income from continuing operations for the three months ended June 30, 2005, of $28.3 million, or 35 cents per share, compared with $11.2 million, or 14 cents per share, in the same quarter of 2004. For the six months ended June 30, 2005, income from continuing operations was $52.4 million or 65 cents per share, compared with $42.2 million or 54 cents per share in the same period last year. The comparative results were impacted by the Company’s recognition in June 2004, of a cumulative $24 million charge to net income (30 cents per share) for an unfavorable tax ruling involving its bank’s real estate investment trust (REIT) subsidiary, which was settled in December 2004.

“Consistent with the continued expansion of the Hawaii economy in the second quarter, the utilities experienced increased demand and the bank experienced strong core deposit and loan growth, as well as good asset quality,” said Robert F. Clarke, HEI’s chairman, president and chief executive officer. “However, both companies face challenges—the utilities’ operations and maintenance costs have been higher compared with 2004 and the current interest rate environment continues to pressure the bank’s net interest margin.”

Hawaiian Electric Company’s net income for the second quarter of 2005 was $19.6 million compared with $21.7 million for the same quarter last year. Electric utility net income for the six months ended June 30, 2005, was $32.0 million compared with $41.8 million for the same period of 2004.

Kilowatthour sales were higher by 1.8% quarter-over-quarter. “Warmer weather and increases in visitor days drove demand for electricity from both residential and commercial customers,” said Clarke.

“Increased demand has been a double-edged sword. We have been running our peaking units longer, which requires more operations and maintenance costs. It is also bringing the need for new generation to the forefront,” added Clarke. “To address this need and as part of our broader plans to meet future energy needs, we are asking our customers to conserve energy and are also implementing load control programs.”

More than offsetting increased sales, however, were $8.8 million of higher other operations and maintenance expenses and $2.1 million of increased depreciation costs in the second quarter of 2005 compared with the second quarter of 2004. Other operations and maintenance expenses were higher primarily due to 1) an increased number of overhauls and inspections and higher generation station maintenance of $2.4 million; 2) $2.0 million higher retirement benefits expenses due primarily to a decrease in the discount rate assumption used to calculate the benefit obligation; and 3) $0.9 million higher substation maintenance and vegetation management expenses. The remaining increase in operations and maintenance expense of $3.5 million includes increased staffing and other costs to support increased demand, reliability, customer service and energy efficiency programs. Increased operations and maintenance is one reason why HECO filed a request with the Hawaii Public Utilities Commission in November 2004 to increase base rates on Oahu. Hearings are scheduled for September 2005 and an interim decision and order is expected in the fourth quarter of 2005.

Bank net income in the second quarter of 2005 was $13.6 million compared to a net loss of $6.9 million in the second quarter of 2004. Bank net income for the six months ended June 30, 2005 was $31.3 million, compared with $9.0 million in the same period last year. The bank’s 2004 results included the impact of the cumulative $24 million charge in June 2004, related to the unfavorable tax court ruling involving the bank’s REIT subsidiary described above.

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Bank net interest income increased to $48.8 million in the second quarter of 2005 compared with $48.0 million in the second quarter of 2004. “Strong growth in loans and core deposits offset margin compression from a flattening yield curve,” said Clarke. The bank’s interest rate spread declined to 3.01% in the second quarter of 2005, compared with 3.08% in the second quarter of 2004. Although yields on the loan portfolio were higher, they were more than offset by increased funding costs, a decline in the yield on mortgage-related securities and the suspension of dividends on FHLB stock in the second quarter.

“Continued strong asset quality offset the need to provision for the additional loan growth in the second quarter of 2005,” said Clarke. “Second quarter 2004 results, however, benefited from a $3.0 million release of loan loss reserves.”

Other income in the second quarter was $1.2 million lower than in the second quarter of 2004, primarily as a result of lower fee income on loans serviced for others.

General and administrative expenses for the quarter ended June 30, 2005, decreased by $2.5 million from the same period in 2004. Expenses for compensation, consulting and other services increased $2.5 million quarter-over-quarter, but were more than offset by $4.9 million less in interest on income taxes. Substantially all of the second quarter 2004 interest on income taxes is included in the charge involving the bank’s REIT subsidiary described above.

In December 2004, the bank’s preferred stock was converted to common equity. Accordingly, preferred stock dividends were lower by $1.4 million in the second quarter of 2005 compared with the same quarter of 2004.

The holding and other companies’ results were $(4.9) million in the second quarter of 2005 versus $(3.5) million in same quarter of 2004. The holding and other companies’ results for the six months ended June 30, 2005, were $(10.9) million compared with $(8.6) million for the same period of 2004. Second quarter of 2005 results were lower than the same quarter of 2004 due in part to the reduction of preferred dividends from the bank described above.

HEI supplies power to over 400,000 customers or 93% of the Hawaii market through its electric utilities, Hawaiian Electric Company, Hawaii Electric Light Company and Maui Electric Company and provides a wide array of banking and other financial services to consumers and businesses through American Savings Bank, the state’s third largest financial institution based on asset size.

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 the “Cautionary Statements and Risk Factors that May Affect Future Results” discussion (which is incorporated by reference herein) set forth on page iv of HEI’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2005, 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.

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Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(in thousands, except per share amounts)	Three months ended June 30,						Six months ended June 30,						Twelve months ended June 30,
	2005			2004			2005			2004			2005			2004
Revenues
Electric utility	$	429,730		$	370,605		$	804,505		$	717,218		$	1,637,958		$	1,430,462
Bank		91,946			89,982			189,170			179,240			374,214			362,755
Other		586			1,211			1,215			2,450			7,867			13,615
		522,262			461,798			994,890			898,908			2,020,039			1,806,832
Expenses
Electric utility		387,083			324,691			730,252			627,164			1,479,856			1,247,403
Bank		69,744			66,971			138,015			130,121			267,204			265,668
Other		3,986			3,190			8,503			6,840			18,682			15,952
		460,813			394,852			876,770			764,125			1,765,742			1,529,023
Operating income (loss)
Electric utility		42,647			45,914			74,253			90,054			158,102			183,059
Bank		22,202			23,011			51,155			49,119			107,010			97,087
Other		(3,400	)		(1,979	)		(7,288	)		(4,390	)		(10,815	)		(2,337	)
		61,449			66,946			118,120			134,783			254,297			277,809
Interest expense–other than bank		(19,130	)		(19,106	)		(37,965	)		(40,553	)		(74,588	)		(73,986	)
Allowance for borrowed funds used during construction		475			733			902			1,377			2,067			2,402
Preferred stock dividends of subsidiaries		(474	)		(475	)		(950	)		(950	)		(1,901	)		(1,953	)
Preferred securities distributions of trust subsidiaries		—			—			—			—			—			(8,017	)
Allowance for equity funds used during construction		1,182			1,673			2,269			3,122			4,941			5,412
Income from continuing operations before income taxes		43,502			49,771			82,376			97,779			184,816			201,667
Income taxes		15,167			38,533			29,946			55,609			66,817			91,536
Income from continuing operations		28,335			11,238			52,430			42,170			117,999			110,131
Loss from discontinued operations, net of income taxes		(755	)		—			(755	)		—			1,158			—
Net income	$	27,580		$	11,238		$	51,675		$	42,170		$	119,157		$	110,131
Per common share
Basic earnings (loss) - Continuing operations	$	0.35		$	0.14		$	0.65		$	0.54		$	1.46		$	1.43
- Discontinued operations		(0.01	)		—			(0.01	)		—			0.02			—
	$	0.34		$	0.14		$	0.64		$	0.54		$	1.48		$	1.43
Diluted earnings (loss) - Continuing operations	$	0.35		$	0.14		$	0.65		$	0.53		$	1.46		$	1.43
- Discontinued operations		(0.01	)		—			(0.01	)		—		$	0.01			—
	$	0.34		$	0.14		$	0.64		$	0.53		$	1.47		$	1.43
Dividends	$	0.31		$	0.31		$	0.62		$	0.62		$	1.24		$	1.24
Weighted-average number of common shares outstanding		80,814			80,350			80,741			78,544			80,637			76,906
Adjusted weighted-average shares		81,213			80,707			81,145			78,895			80,950			77,136
Income (loss) from continuing operations by segment
Electric utility	$	19,644		$	21,735		$	32,029		$	41,758		$	71,448		$	84,457
Bank		13,552			(6,949	)		31,313			8,978			63,397			38,237
Other		(4,861	)		(3,548	)		(10,912	)		(8,566	)		(16,846	)		(12,563	)
Income from continuing operations	$	28,335		$	11,238		$	52,430		$	42,170		$	117,999		$	110,131

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, 2004 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, 2005 and June 30, 2005 (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. In April 2004, the HEI Board of Directors approved a 2-for-1 stock split in the form of a 100% stock dividend with a distribution date of June 10, 2004. All share and per share information above reflects the stock split.

In June 2004, ASB recorded a cumulative after-tax charge to net income of $24 million for an unfavorable tax ruling involving its real estate investment trust subsidiary, which was settled in December 2004. As a result of the settlement, ASB recognized $3 million in additional net income in the fourth quarter of 2004.

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Hawaiian Electric Company, Inc. (HECO) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2005			2004			2005			2004
Operating revenues	$	428,807		$	369,393		$	802,497		$	715,337
Operating expenses
Fuel oil		148,775			114,496			264,401			211,582
Purchased power		106,369			94,267			207,585			186,506
Other operation		41,794			36,877			83,110			71,146
Maintenance		19,837			15,910			37,775			32,906
Depreciation		30,822			28,744			61,642			57,488
Taxes, other than income taxes		39,293			34,198			75,264			67,082
Income taxes		12,293			13,779			20,031			26,666
		399,183			338,271			749,808			653,376
Operating income		29,624			31,122			52,689			61,961
Other income
Allowance for equity funds used during construction		1,182			1,673			2,269			3,122
Other, net		777			1,088			1,620			1,729
		1,959			2,761			3,889			4,851
Income before interest and other charges		31,583			33,883			56,578			66,812
Interest and other charges
Interest on long-term debt		10,656			10,825			21,565			20,895
Amortization of net bond premium and expense		557			577			1,113			1,146
Other interest charges		702			980			1,775			3,392
Allowance for borrowed funds used during construction		(475	)		(733	)		(902	)		(1,377	)
Preferred stock dividends of subsidiaries		229			229			458			458
		11,669			11,878			24,009			24,514
Income before preferred stock dividends of HECO		19,914			22,005			32,569			42,298
Preferred stock dividends of HECO		270			270			540			540
Net income for common stock	$	19,644		$	21,735		$	32,029		$	41,758
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)		2,519			2,473			4,866			4,841
Cooling degree days (Oahu)		1,471			1,320			2,251			2,232
Average fuel cost per barrel	$	51.90		$	40.43		$	48.96		$	39.08

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, 2004 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, 2005 and June 30, 2005 (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.

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American Savings Bank, F.S.B. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three months ended June 30,					Six months ended June 30,
(in thousands)	2005		2004			2005			2004
Interest and dividend income
Interest and fees on loans	$	50,657	$	45,832		$	99,170		$	92,241
Interest on mortgage-related securities		26,636		27,559			60,464			54,636
Interest and dividends on investment securities		887		1,665			1,922			3,413
		78,180		75,056			161,556			150,290
Interest expense
Interest on deposit liabilities		12,460		11,464			24,477			23,674
Interest on Federal Home Loan Bank advances		11,291		10,347			22,116			20,844
Interest on securities sold under repurchase agreements		5,602		5,231			12,525			10,477
		29,353		27,042			59,118			54,995
Net interest income		48,827		48,014			102,438			95,295
Recovery of loan losses		—		(3,000	)		(3,100	)		(4,600	)
Net interest income after recovery of loan losses		48,827		51,014			105,538			99,895
Other income
Fees from other financial services		6,333		6,160			12,196			11,742
Fee income on deposit liabilities		4,092		4,276			8,263			8,657
Fee income on other financial products		2,154		2,646			4,589			5,622
Fee income on loans serviced for others, net		114		907			329			577
Gain on sale of securities		175		—			175			16
Other income		898		937			2,062			2,336
		13,766		14,926			27,614			28,950
General and administrative expenses
Compensation and employee benefits		17,441		15,704			34,068			31,459
Occupancy		4,088		4,273			8,106			8,529
Equipment		3,302		3,378			6,701			7,045
Data processing		2,503		2,777			5,548			5,600
Consulting and other services		3,941		3,190			7,608			5,721
Interest on income taxes		406		5,324			3,082			5,324
Other		8,710		8,283			16,884			16,048
		40,391		42,929			81,997			79,726
Income before minority interests and income taxes		22,202		23,011			51,155			49,119
Minority interests		18		23			45			49
Income taxes		8,631		28,584			19,793			37,387
Income before preferred stock dividends		13,553		(5,596	)		31,317			11,683
Preferred stock dividends		1		1,353			4			2,705
Net income (loss) for common stock	$	13,552	$	(6,949	)	$	31,313		$	8,978
Interest rate spread (%)		3.01		3.08			3.15			3.06

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, 2004 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, 2005 and June 30, 2005 (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.

In June 2004, ASB recorded a cumulative after-tax charge to net income of $24 million for an unfavorable tax ruling involving its real estate investment trust subsidiary, which was settled in December 2004.

# #

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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/ Eric K. Yeaman	/s/ Tayne S. Y. Sekimura
Eric K. Yeaman	Tayne S. Y. Sekimura
Financial Vice President, Treasurer and Chief Financial Officer	Financial Vice President
	(Principal Financial Officer of HECO)
(Principal Financial Officer of HEI)	Date: July 25, 2005
Date: July 25, 2005

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