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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: June 10, 2002
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Exact Name of Registrant Commission I.R.S. Employer
as Specified in Its Charter File Number Identification No.
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Hawaiian Electric Industries, Inc. 1-8503 99-0208097
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State of Hawaii
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(State or other jurisdiction of incorporation)
900 Richards Street, Honolulu, Hawaii 96813
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (808) 543-5662
None
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(Former name or former address, if changed since last report.)
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Item 5. Other Events
News release
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On June 10, 2002 HEI issued the following news release:
HAWAIIAN ELECTRIC INDUSTRIES, INC. REPORTS INACCURACIES IN JUNE 7, 2002 PACIFIC
BUSINESS NEWS ARTICLE
HONOLULU -- Hawaiian Electric Industries, Inc. (NYSE - HE) reports that a June
7, 2002 Pacific Business News article entitled "ASB, broker in legal battle over
investments," contains false information about the losses incurred by the
company and its wholly-owned subsidiary, American Savings Bank, F.S.B.
"The article falsely states that HEI and American lost $98 million of a $114
million investment and half of American's capital," stated Robert F. Clarke, HEI
chairman, president & CEO. "This greatly exaggerates the actual losses and
grossly misrepresents the effect of the disputed investments on American Savings
Bank's capital structure. American Savings Bank has always been considered
`well-capitalized' under all applicable banking regulations. It holds that
status today." Clarke added, "Because there are numerous inaccuracies in the
Pacific Business News article, it should be disregarded."
For accurate information, investors and interested parties should refer to HEI's
public filings with the Securities and Exchange Commission beginning in July
2000.
HEI is the largest Hawaii-based company, providing electric utility services to
95% of Hawaii's residents and a wide array of banking services to consumers and
businesses through the state's third largest bank.
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SIGNATURES
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/ Curtis Y. Harada
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Curtis Y. Harada
Controller
(Principal Accounting Officer)
Date: June 10, 2002
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