Hawaiian Electric Industries issues statement on trading activity
HONOLULU, April 2, 2014
HONOLULU, April 2, 2014 /PRNewswire/ -- Today the common stock of Hawaiian
Electric Industries, Inc. (NYSE: HE) has been subject to abnormal trading
volumes and substantial selling, apparently based on the release of a research
report that contained multiple inaccuracies and made assertions about the
potential need for the company to cut its dividend.
While the company does not normally comment on statements made in analyst
research reports, we further wish to assure market participants that the board
of directors has not cut the dividend, nor is a dividend cut currently
contemplated. Decisions with respect to dividends are made by the company's
board of directors on a quarterly basis based on the company's performance and
expectations at the time of the decision. The company and its predecessor
company have paid dividends continuously since 1901, and the dividend has been
stable at $1.24 per share annually since 1998.
This release may contain "forward-looking statements," which include
statements that are predictive in nature, depend upon or refer to future
events or conditions, and usually include words such as "expects,"
"anticipates," "intends," "plans," "believes," "predicts," "estimates" or
similar expressions. In addition, any statements concerning future financial
performance, including the payment of dividends, ongoing business strategies
or prospects or possible future actions are also forward-looking statements.
Forward-looking statements are based on current expectations and projections
about future events and are subject to risks, uncertainties and the accuracy
of assumptions concerning HEI and its subsidiaries, the performance of the
industries in which they do business and economic and market factors, among
other things. These forward-looking statements are not guarantees of future
Forward-looking statements in this release should be read in conjunction with
the "Forward-Looking Statements" and "Risk Factors" discussions (which are
incorporated by reference herein) set forth in HEI's Annual Report on Form
10-K for the year ended December 31, 2013 and HEI's future periodic reports
that discuss important factors that could cause HEI's results to differ
materially from those anticipated in such statements. These forward-looking
statements speak only as of the date of the report, presentation or filing in
which they are made. Except to the extent required by the federal securities
laws, HEI undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
Contact: Shelee M.T. Kimura Telephone: (808) 543-7384
Manager, Investor Relations & Strategic E-mail: email@example.com
Hawaiian Electric Industries, Inc.
Logo - http://photos.prnewswire.com/prnh/20110411/LA80136LOGO
Press spacebar to pause and continue. Press esc to stop.