<PAGE>
================================================================================
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: August 3, 1998
================================================================================
Exact Name of Registrant Commission I.R.S. Employer
as Specified in Its Charter File Number Identification No.
- --------------------------- ----------- ------------------
Hawaiian Electric Industries, Inc. 1-8503 99-0208097
================================================================================
State of Hawaii
----------------------------------------------
(State or other jurisdiction of incorporation)
900 Richards Street, Honolulu, Hawaii 96813
----------------------------------------------------------------
(Address of principal executive offices and zip code)
Registrantis telephone number, including area code: (808) 543-5662
None
-------------------------------------------------------------
(Former name or former address, if changed since last report.)
================================================================================
<PAGE>
Item 5. Other Events
On August 3, 1998, HEI issued the following news release:
HAWAIIAN ELECTRIC INDUSTRIES, INC. REPORTS SETTLEMENT WITH INSURANCE CARRIERS
HONOLULU o Hawaiian Electric Industries, Inc. (NYSE - HE) today announced
it had settled its claims against three insurance carriers relating to the
Company's 1994 settlement of a lawsuit concerning the Company's formerly owned
property and casualty insurance subsidiary. The Company will receive an
aggregate settlement of $24.5 million, or $14 million net of estimated
expenses and income taxes. The Company will recognize the settlement, net of
estimated expenses and income taxes, as income from discontinued operations.
The settlement is expected to add approximately $0.43 to the Company's basic
earnings per share in the third quarter of 1998. All parties have denied, and
continue to deny, liability.
Hawaiian Electric Industries is a diversified holding company that delivers
essential services to the people of Hawaii. Its core businesses are electric
utilities and a savings bank. Other smaller subsidiaries include maritime
freight transportation, residential real estate development and passive
investments. A subsidiary was formed in 1995 to pursue independent power and
integrated energy services projects in Asia and the Pacific.
SIGNATURE
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
-----------------------
Robert F. Mougeot
Financial Vice President and
Chief Financial Officer of HEI
(Principal Financial Officer of HEI)
Date: August 3, 1998
1
