<PAGE>
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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
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(State or other jurisdiction of incorporation or organization)
900 RICHARDS STREET, HONOLULU, HAWAII 96813
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(Address of principal executive offices and zip code)
HAWAIIAN ELECTRIC INDUSTRIES, INC. ----- (808) 543-5662
HAWAIIAN ELECTRIC COMPANY, INC. ------- (808) 543-7771
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(Registrant's telephone number, including area code)
NONE
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(Former name, former address and former fiscal year, if changed since last
report)
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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
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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)
<PAGE>
Item 6. Exhibits and reports on Form 8-K
(a) Exhibits
<TABLE>
<CAPTION>
<S> <C>
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
</TABLE>
(b) Reports on Form 8-K
During the quarter, no Current Report, Form 8-K, was filed with the SEC.
38
<PAGE>
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
<PAGE>
HEI Exhibit 11(a)
-----------------
Hawaiian Electric Industries, Inc. and subsidiaries
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
(unaudited)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
------------------------ ----------------------
(in thousands, except for per share data) 1994 1993 1994 1993
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
======= ======= ======= =======
</TABLE>
<PAGE>
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.
<PAGE>
HEI Exhibit 12(a)
-----------------
Hawaiian Electric Industries, Inc. and subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
<TABLE>
<CAPTION>
Nine months ended September 30,
-----------------------------------------------
(dollars in thousands) 1994 (1) 1994 (2) 1993 (1) 1993 (2)
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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
======== ========= ======== ========
</TABLE>
(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.
<PAGE>
HECO Exhibit 12(b)
------------------
Hawaiian Electric Company, Inc. and subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
<TABLE>
<CAPTION>
Nine months ended
September 30,
----------------------
(dollars in thousands) 1994 1993
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<S> <C> <C>
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
======== =======
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
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.
</LEGEND>
<CIK> 0000354707
<NAME> HAWAIIAN ELECTRIC INDUSTRIES, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> SEP-30-1994
<CASH> 84,197
<SECURITIES> 786,894
<RECEIVABLES> 132,194
<ALLOWANCES> (2,294)
<INVENTORY> 40,726
<CURRENT-ASSETS> 0
<PP&E> 2,364,080
<DEPRECIATION> (731,475)
<TOTAL-ASSETS> 4,947,873
<CURRENT-LIABILITIES> 0
<BONDS> 713,685
<COMMON> 538,544
46,139
48,293
<OTHER-SE> 131,721
<TOTAL-LIABILITY-AND-EQUITY> 4,947,873
<SALES> 0
<TOTAL-REVENUES> 868,754
<CGS> 0
<TOTAL-COSTS> 740,845
<OTHER-EXPENSES> (3,927)
<LOSS-PROVISION> 2,263
<INTEREST-EXPENSE> 40,126
<INCOME-PRETAX> 91,710
<INCOME-TAX> 39,599
<INCOME-CONTINUING> 52,111
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 52,111
<EPS-PRIMARY> 1.86
<EPS-DILUTED> 1.86
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> UT
<LEGEND>
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.
</LEGEND>
<CIK> 0000046207
<NAME> HAWAIIAN ELECTRIC CO., INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> SEP-30-1994
<BOOK-VALUE> PER-BOOK
<TOTAL-NET-UTILITY-PLANT> 1,545,324
<OTHER-PROPERTY-AND-INVEST> 0
<TOTAL-CURRENT-ASSETS> 153,664
<TOTAL-DEFERRED-CHARGES> 9,872
<OTHER-ASSETS> 114,533
<TOTAL-ASSETS> 1,823,393
<COMMON> 75,065
<CAPITAL-SURPLUS-PAID-IN> 220,243
<RETAINED-EARNINGS> 300,346
<TOTAL-COMMON-STOCKHOLDERS-EQ> 595,654
43,915
48,293
<LONG-TERM-DEBT-NET> 474,097
<SHORT-TERM-NOTES> 3,800
<LONG-TERM-NOTES-PAYABLE> 0
<COMMERCIAL-PAPER-OBLIGATIONS> 109,047
<LONG-TERM-DEBT-CURRENT-PORT> 10,933
2,224
<CAPITAL-LEASE-OBLIGATIONS> 0
<LEASES-CURRENT> 0
<OTHER-ITEMS-CAPITAL-AND-LIAB> 535,430
<TOT-CAPITALIZATION-AND-LIAB> 1,823,393
<GROSS-OPERATING-REVENUE> 665,826
<INCOME-TAX-EXPENSE> 31,216
<OTHER-OPERATING-EXPENSES> 571,135
<TOTAL-OPERATING-EXPENSES> 602,351
<OPERATING-INCOME-LOSS> 63,475
<OTHER-INCOME-NET> 10,587
<INCOME-BEFORE-INTEREST-EXPEN> 74,062
<TOTAL-INTEREST-EXPENSE> 27,021
<NET-INCOME> 47,041
3,249
<EARNINGS-AVAILABLE-FOR-COMM> 43,792
<COMMON-STOCK-DIVIDENDS> 18,847
<TOTAL-INTEREST-ON-BONDS> 32,831
<CASH-FLOW-OPERATIONS> 75,982
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
