UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT: February 6, 2008
(Date of earliest event reported)

POWELL INDUSTRIES, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware (State or other jurisdiction of incorporation or organization)		001-12488 (Commission File Number)		88-0106100 (I.R.S. Employer Identification Number)
8550 Mosley Drive Houston, Texas (Address of Principal Executive Offices)				77075-1180 (Zip Code)

(713) 944-6900

(Registrant’s Telephone Number, Including Area Code)

N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Action (17CFR240.14D-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c))

 

 

Item 2.02		– Results of Operations and Financial Condition

On February 6, 2008, Powell Industries, Inc. (NASDAQ: POWL) held a conference call to discuss the results of its fiscal 2008 first quarter ended December 31, 2007, as reflected in the attached press release dated February 6, 2008 released earlier that day. A replay of the Company’s audio webcast can be accessed through the “Investor Relations/Events” tab at www.powellind.com. The webcast and the press release contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, the Company is subject to certain risk factors, including but not limited to competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. The information in this Current Report is being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. Pursuant to general instruction B.2. of Form 8-K, the information in this Current Report shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement pursuant to the Securities Act of 1933.

Item 9.01		– Exhibits

On February 6, 2008, the Company announced results for its fiscal 2008 first quarter ended December 31, 2007. A copy of the press release announcing the results is attached hereto as Exhibit 99.1 and incorporated herein by this reference.

(c) Exhibits:

Exhibit
Number				Description
	99.1			Press Release dated February 6, 2008

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 thereunto duly authorized.

Exhibit 99.1

		Press Release

		Contacts:		Don R. Madison, CFO
FOR IMMEDIATE RELEASE				Powell Industries, Inc.
				713-947-4422
				Ken Dennard / ksdennard@drg-e.com
				Karen Roan / kcroan@drg-e.com
				DRG&E / 713-529-6600

POWELL INDUSTRIES ANNOUNCES FISCAL 2008
FIRST QUARTER RESULTS

HOUSTON — FEBRUARY 6, 2008 — Powell Industries, Inc. (NASDAQ: POWL), a leading manufacturer of equipment and systems for the management and control of electrical energy and other critical processes, today announced results for the fiscal 2008 first quarter ended December 31, 2007.

     Revenues for the first quarter of fiscal 2008 were $147.1 million compared to revenues of $122.8 million for the first quarter of fiscal 2007. Net income for the first quarter was $3.6 million, or $0.32 per diluted share, compared to net income of $2.0 million, or $0.18 per diluted share, in the first quarter of fiscal 2007.

     Thomas W. Powell, Chairman and Chief Executive Officer, stated, “We continue to be extremely pleased with the strength in our business. Our markets remain vigorous, and many of our projects are exceptionally complex and long-term in nature. All indications are that activity will remain at current levels, and we are confident that we will continue to experience healthy growth for the foreseeable future.”

     The Electrical Power Products segment recorded revenues of $141.1 million in the fiscal 2008 first quarter compared to $117.3 million in the first quarter of fiscal 2007. Income before income taxes for Electrical Power Products in the first quarter totaled $5.6 million versus income before income taxes of $3.2 million in last year’s first quarter.

     The Company’s backlog as of December 31, 2007 was a record $502 million compared to $464 million as of September 30, 2007 and compared to $384 million at the end of last year’s first quarter ended December 31, 2006. New orders placed during the first quarter of fiscal 2008 totaled $185 million compared to $200 million in the fourth quarter of fiscal 2007 and compared to $148 million in the first quarter of fiscal 2007.

OUTLOOK

     The following statements are based on the current expectations of the Company. These statements are forward-looking and actual results may differ materially as further elaborated in the last paragraph below.

     Powell Industries expects full year fiscal 2008 revenues to range between $625 million and $650 million and full year fiscal 2008 earnings to range between $1.65 and $1.90 per diluted share.

CONFERENCE CALL

     Powell Industries has scheduled a conference call for Wednesday, February 6, 2008 at 11:00 a.m. eastern time. To participate in the conference call, dial 303-275-2170 at least 10 minutes before the call begins and ask for the Powell Industries conference call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until February 13, 2008. To access the replay, dial 303-590-3000 using a passcode of 11108076#.

     Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting http://www.powellind.com. To listen to the live call on the web, please visit the website at least fifteen minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call and will remain available for approximately 90 days at http://www.powellind.com.

     Powell Industries, Inc., headquartered in Houston, designs, manufactures and packages systems and equipment for the control, distribution and management of electrical energy and other dynamic processes. Powell provides products and services to large industrial customers such as utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations, commuter railways and other vehicular transportation facilities. For more information, please visit www.powellind.com.

     Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that

such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, including but not limited to the results of the Company’s internal investigation relating to the accounting errors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company’s filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.

- Tables to follow -

POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

		Three Months Ended
		December 31,
		2007				2006
(In thousands, except per share data)		(Unaudited)
Revenues		$	147,121			$	122,776
Cost of goods sold			120,426				102,686
Gross profit			26,695				20,090
Selling, general and administrative expenses			20,111				16,274
Income before interest, income taxes and minority interest			6,584				3,816
Interest expense			865				688
Interest income			(115	)			(180	)
Income before income taxes and minority interest			5,834				3,308
Income tax provision			2,129				1,220
Minority interest			119				59
Net income		$	3,586			$	2,029
Net earnings per common share:
Basic		$	0.32			$	0.19
Diluted		$	0.32			$	0.18
Weighted average shares:
Basic			11,155				10,942
Diluted			11,372				11,121
SELECTED FINANCIAL DATA:
Depreciation and amortization		$	2,897			$	2,498
Capital Expenditures		$	746			$	5,430

POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

		December 31,				September 30,
		2007				2007
(In thousands)		(Unaudited)
Assets:
Current assets		$	259,007			$	236,886
Property, plant and equipment (net)			65,929				67,401
Other assets			35,663				36,728
Total assets		$	360,599			$	341,015
Liabilities & stockholders’ equity:
Current liabilities		$	134,601			$	135,612
Long-term debt and capital lease obligations, net of current maturities			41,608				27,372
Deferred and other long-term liabilities			4,246				4,184
Stockholders’ equity and minority interest			180,144				173,847
Total liabilities and stockholders’ equity		$	360,599			$	341,015

POWELL INDUSTRIES, INC. & SUBSIDIARIES
BUSINESS SEGMENTS

		Three Months Ended
		December 31,
		2007				2006
(In thousands)		(Unaudited)
Revenues:
Electrical Power Products		$	141,089			$	117,343
Process Control Systems			6,032				5,433
Total revenues		$	147,121			$	122,776
Income before income taxes:
Electrical Power Products		$	5,614			$	3,225
Process Control Systems			220				83
Total income before income taxes		$	5,834			$	3,308

		December 31,				September 30,
		2007				2007
(In thousands)		(Unaudited)
Identifiable tangible assets:
Electrical Power Products		$	300,444			$	279,901
Process Control Systems			9,720				7,365
Corporate			20,883				23,460
Total identifiable tangible assets		$	331,047			$	310,726
Backlog:
Electrical Power Products		$	476,678			$	434,902
Process Control Systems			25,040				29,596
Total backlog		$	501,718			$	464,498

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