HAWAIIAN ELEC INDUSTRIES
			Symbol			HE

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Aggressive Cost Control Helps HEI’s Third Quarter Earnings

2009-11-02 05:00 ET - News Release

HONOLULU -- (Business Wire)

Hawaiian Electric Industries, Inc. (NYSE:HE) today reported consolidated net income for common stock for the third quarter of 2009 of $33.5 million, or $0.37 per share, compared to $37.3 million, or $0.44 cents per share for the third quarter of 2008.

“Given our expectations at the outset of the quarter for continued difficult economic conditions and delays in the regulatory process, our operating companies instituted disciplined efforts to control costs which contributed commendably to mitigating these effects and we are pleased with our companies’ overall performance,” said Constance H. Lau, HEI president and chief executive officer.

“At the utility, predominately short-term cost deferrals and reductions are helping us offset these challenges. In addition, kilowatthour sales benefited from more normal weather conditions than we saw in the first half of the year. At the bank, net income was down quarter over quarter but up significantly from the second quarter of 2009. In addition, the bank continued to make significant strides in its performance improvement initiative to reduce its cost structure that are helping offset elevated credit expenses during this difficult credit cycle,” said Lau.

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