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In a release on August 6, the company noted that, excluding those charges, second quarter 2008 net income for common stock was $40.7 million, or $0.48 per share.
"The performance of our companies continues to be impacted by difficult economic conditions and delayed regulatory action. We continue to work hard to position our company to weather this economic storm and emerge with stronger, improved performance. Our utility is making investments in critical reliability projects and has sought timely cost recovery and return on those investments. As a result of these efforts, the utility received partial interim rate relief on August 3 from the Public Utilities Commission for our Oahu operations. Further rate relief, regulatory reforms and inclusion of major capital additions into rates are possible near year-end and are necessary for the utility to achieve industry-typical returns. At the bank, net interest margin expanded again in the second quarter to 4.16 percent. In addition, bank management continues to reduce the bank's cost structure to help offset rising credit costs, with plans now to lower its current run rate for noninterest expense1 by an additional $10-15 million annually by the end of 2010," said Constance H. Lau, HEI president and chief executive officer. "Although we had previously expected higher earnings at the utility in the second half of this year, the delay in recovery of CT-1 and deferral of regulatory reforms have pushed out the timing of expected improvement in utility earnings. The partial interim rate relief combined with expense controls should keep utility earnings for the second half consistent with the first half of 2009. Strong bank revenue and further reductions in bank noninterest expenses are expected to continue to help offset elevated credit costs in the second half of the year," added Lau.
HEI supplies power to over 400,000 customers or 95 percent of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., 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 Savings Bank, F.S.B., a financial institution.
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