TSC Ratings' Updates: Hawaiian Electric Industries

The revenue fell significantly faster than the industry average of 41.5%. Since the same quarter one year prior, revenue slightly dropped by 5.5%. Weakness in the company's revenue seems to have hurt the bottom line, decreasing earnings per share.

The gross profit margin for AA is rather low; currently it is at 21.00%. It has decreased from the same quarter the previous year. Along with this, the net profit margin of 7.20% significantly trails the industry average.

Net operating cash flow has decreased to $1,007.00 million or 25.35% when compared with the same quarter last year. In addition, when comparing the cash generation rate with the industry average, the firm's growth is significantly lower.

AA had been rated a buy since November 27, 2006. Additional ratings generated on September 30, 2008 are listed below.

Ticker		Company	Current	Change	Previous
AA		ALCOA INC	HOLD	Downgrade	BUY
AAWW		ATLAS AIR WORLDWIDE HLDG INC	HOLD	Downgrade	BUY
AGT		APOLLO GOLD CORP	SELL	Downgrade	HOLD
ALUS		ALSIUS CORP	SELL	Initiated
APII		ACTION PRODUCTS INTL INC	SELL	Downgrade	HOLD
BOOM		DYNAMIC MATERIALS CORP	HOLD	Downgrade	BUY
CAP		CAI INTERNATIONAL INC	SELL	Downgrade	HOLD
CENTA		CENTRAL GARDEN & PET CO	HOLD	Upgrade	SELL
CMC		COMMERCIAL METALS	HOLD	Downgrade	BUY
COVR		COVER-ALL TECHNOLOGIES INC	HOLD	Upgrade	SELL
CRM		SALESFORCE.COM INC	HOLD	Downgrade	BUY
CTSH		COGNIZANT TECH SOLUTIONS	HOLD	Downgrade	BUY
CYT		CYTEC INDUSTRIES INC	HOLD	Downgrade	BUY
DFNS		DEFENSE INDUSTRIES INTL INC	SELL	Downgrade	HOLD
DRUG		DRAGON PHARMACEUTICALS INC	SELL	Downgrade	HOLD
EFUT		E-FUTURE INFORMATION TECH	SELL	Initiated
EQT		EQUITABLE RESOURCES INC	HOLD	Downgrade	BUY
ESEA		EUROSEAS LTD	SELL	Downgrade	HOLD
FCNCA		FIRST CITIZENS BANCSH	BUY	Upgrade	HOLD
GETI		GENTEK INC	HOLD	Downgrade	BUY
GLP		GLOBAL PARTNERS LP	HOLD	Upgrade	SELL
GROW		U S GLOBAL INVESTORS INC	HOLD	Downgrade	BUY
HBE		HENRY BROS ELECTRONICS INC	HOLD	Downgrade	BUY
HE		HAWAIIAN ELECTRIC INDS	BUY	Upgrade	HOLD
HIL		HILL INTERNATIONAL INC	BUY	Upgrade	HOLD
HRZ		HORIZON LINES INC	HOLD	Upgrade	SELL
INFY		INFOSYS TECHNOLOGIES LTD	HOLD	Downgrade	BUY
INIS		INTERNATIONAL ISOTOPES INC	HOLD	Upgrade	SELL
INTC		INTEL CORP	HOLD	Downgrade	BUY
ISV		INSITE VISION INC	SELL	Downgrade	HOLD
KALU		KAISER ALUMINUM CORP	SELL	Downgrade	HOLD
KPPC		KAPSTONE PAPER & PACKAGING	HOLD	Downgrade	BUY
KRSL		KREISLER MANUFACTURING CORP	HOLD	Downgrade	BUY
MBR		MERCANTILE BANCORP INC/IL	HOLD	Downgrade	BUY
MIND		MITCHAM INDUSTRIES INC	HOLD	Downgrade	BUY
MIR		MIRANT CORP	SELL	Downgrade	HOLD
MTN		VAIL RESORTS INC	HOLD	Downgrade	BUY
MWA.B		MUELLER WATER PRODUCTS INC	SELL	Downgrade	HOLD
NGD		NEW GOLD INC	SELL	Initiated
NXY		NEXEN INC	HOLD	Downgrade	BUY
PDGI		PHARMANET DEVELOPMNT GRP INC	SELL	Downgrade	HOLD
PSEC		PROSPECT CAPITAL CORP	HOLD	Downgrade	BUY
PTEN		PATTERSON-UTI ENERGY INC	HOLD	Downgrade	BUY
PVFC		PVF CAPITAL CORP	SELL	Downgrade	HOLD
RRST		RRSAT GLOBAL COMM NTWRK LTD	HOLD	Upgrade	SELL
SAN		BANCO SANTANDER-CHILE	HOLD	Downgrade	BUY
SRT		STARTEK INC	SELL	Downgrade	HOLD
SWIR		SIERRA WIRELESS INC	HOLD	Downgrade	BUY
SWY		SAFEWAY INC	HOLD	Downgrade	BUY
TEL		TYCO ELECTRONICS LTD	SELL	Downgrade	HOLD
TLM		TALISMAN ENERGY INC	HOLD	Downgrade	BUY
TYPE		MONOTYPE IMAGING HOLDINGS	SELL	Downgrade	HOLD
UA		UNDER ARMOUR INC	HOLD	Upgrade	SELL
UGP		ULTRAPAR PARTICIPACOES SA	HOLD	Downgrade	BUY
VCP		VOTORANTIM CELULOSE E PAPEL	HOLD	Downgrade	BUY
VPRT		VISTAPRINT LTD	BUY	Upgrade	HOLD
WG		WILLBROS GROUP INC	HOLD	Downgrade	BUY

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