HEI Exhibit 99.1

 

February 8, 2012

 

 

Contact:

Shelee M.T. Kimura

 

 

Manager, Investor Relations &

Telephone: (808) 543-7384

 

Strategic Planning

E-mail:  skimura@hei.com

 

 

 

HEI REPORTS 2011 & FOURTH QUARTER EARNINGS

& DECLARES DIVIDEND

 

Diluted Earnings Per Share of $1.44 for 2011

Utility Reinvests to Help Hawaii’s Move to Clean Energy

Bank Continues Strong Performance

Board of Directors Declares Dividend of $0.31 Per Share

 

HONOLULU — Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported consolidated net income for common stock for the full year of 2011 was $138.2 million, or $1.44 diluted earnings per share (EPS), compared to $113.5 million, or $1.21 diluted EPS for 2010.

Consolidated net income for the fourth quarter of 2011 was $34.2 million, or $0.36 diluted EPS, compared to $24.7 million, or $0.26 diluted EPS for the fourth quarter of 2010.

“Our improved earnings help us fund the upfront investments necessary to support Hawaii’s move to clean energy.  We are continuing to reinvest earnings in an aggressive infrastructure program to modernize the electric grid for reliability and to prepare it for significant amounts of renewable energy.  In 2011 alone, we invested over $200 million in utility infrastructure which is twice the utilities’ 2011 earnings,” said Constance H. Lau, HEI president and chief executive officer.

“With the majority of customer bill increases driven by fuel prices, it is crucial that we reduce our dependence on imported oil and continue to add as much cost effective renewable energy as possible as fast as we can.  This is critical to help moderate and stabilize the cost of energy for customers,” added Lau.  A typical Oahu electric bill of $158 at the beginning of 2011 increased about $57 due to higher fuel costs and only $4 from rate increases and other adjustments by the end of the year.  The utilities do not earn a profit on fuel purchases.  To help offset future impacts of higher fossil fuel costs, the Hawaiian Electric utilities added 146 megawatts of renewable energy in 2011 for a total of approximately 550 megawatts.  In 2011, renewable energy

 


The following information was filed by Hawaiian Electric Industries Inc (HE) on Thursday, February 9, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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