Hawaiian Electric Industries issues statement on trading activity
On April 2nd, 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 performance.
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.