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: May 7, 2008
(Date of earliest event reported)

POWELL INDUSTRIES, INC.

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 May 7, 2008, Powell Industries, Inc. (NASDAQ: POWL) held a conference call to discuss the results of its fiscal 2008 second quarter ended March 31, 2008, as reflected in the attached press release dated May 7, 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 May 7, 2008, the Company announced results for its fiscal 2008 second quarter ended March 31, 2008. 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 May 7, 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.

		POWELL INDUSTRIES, INC.
Date: May 7, 2008		By:		/s/ DON R. MADISON
				Don R. Madison
				Executive Vice President
				Chief Financial and Administrative Officer
				(Principal Accounting and Financial Officer)

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
SECOND QUARTER RESULTS

HOUSTON — MAY 7, 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 second quarter ended March 31, 2008.

     Revenues for the second quarter of fiscal 2008 were $160.3 million compared to revenues of $141.9 million for the second quarter of fiscal 2007. Net income for the second quarter was $6.0 million, or $0.53 per diluted share, compared to net income of $2.3 million, or $0.20 per diluted share, in the second quarter of fiscal 2007.

     Thomas W. Powell, Chairman and Chief Executive Officer, stated, “We are pleased to report much improved results for the second quarter, where we continued to see strength in all of our major markets. Our Electrical Power Products business is operating at record levels, and we continue to have success in improving our productivity and throughput while remaining responsive to our customers’ needs. Our products and services are very well positioned to meet the requirements of our key market sectors, and we expect to continue to participate in the growth in these markets for the foreseeable future. In addition, we are pleased to report that the Power/Vac^® transition is complete, with that entire product line now being designed and built in Houston.”

     The Electrical Power Products segment recorded revenues of $154.1 million in the fiscal 2008 second quarter compared to $136.0 million in the second quarter of fiscal 2007. Income before income taxes for Electrical Power Products in the second quarter totaled $8.4 million versus income before income taxes of $3.1 million in last year’s second quarter.

     The Company’s backlog as of March 31, 2008 was a record $537 million compared to $502 million as of December 31, 2007 and compared to $408 million at the end of last year’s second quarter. New orders placed during the second quarter of fiscal 2008 totaled $196 million compared to $185 million in the first quarter of fiscal 2008 and compared to $168 million in the second quarter of fiscal 2007.

YEAR-TO-DATE RESULTS

     Revenues for the first six months of fiscal 2008 were $307.5 million compared to revenues of $264.7 million for the first half of fiscal 2007. Net income for the first six months was $9.6 million, or $0.84 per diluted share, compared to net income of $4.3 million, or $0.39 per diluted share, in the comparable period of fiscal 2007.

     The Electrical Power Products segment recorded revenues of $295.2 million in the first six months of fiscal 2008 compared to $253.4 million in the first half of fiscal 2007. Income before income taxes for Electrical Power Products in the first half of fiscal 2008 totaled $14.0 million versus income before income taxes of $6.3 million in the comparable period 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.

     Based on its backlog and current business conditions, Powell Industries is raising its guidance and now expects full year fiscal 2008 revenues to range between $650 million and $660 million and full year fiscal 2008 earnings to range between $1.85 and $2.10 per diluted share.

CONFERENCE CALL

     Powell Industries has scheduled a conference call for Wednesday, May 7, 2008 at 11:00 a.m. eastern time. To participate in the conference call, dial 303-275-2125 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 May 14, 2008. To access the replay, dial 303-590-3000 using a passcode of 11113198#.

     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, 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								Six Months Ended
		March 31, 2008				March 31, 2007				March 31, 2008				March 31, 2007
(In thousands, except per share data)		(Unaudited)								(Unaudited)
Revenues		$	160,333			$	141,912			$	307,454			$	264,688
Cost of goods sold			129,641				119,147				250,067				221,833
Gross profit			30,692				22,765				57,387				42,855
Selling, general and administrative expenses			20,961				18,452				41,072				34,726
Income before interest, income taxes and minority interest			9,731				4,313				16,315				8,129
Interest expense			771				919				1,636				1,607
Interest income			(86	)			(120	)			(201	)			(300	)
Income before income taxes and minority interest			9,046				3,514				14,880				6,822
Income tax provision			3,236				1,210				5,365				2,430
Minority interest in net income (loss)			(219	)			50				(100	)			109
Net income		$	6,029			$	2,254			$	9,615			$	4,283
Net earnings per common share:
Basic		$	0.54			$	0.20			$	0.86			$	0.39
Diluted		$	0.53			$	0.20			$	0.84			$	0.39
Weighted average shares:
Basic			11,232				11,033				11,194				10,987
Diluted			11,416				11,123				11,398				11,090
SELECTED FINANCIAL DATA:
Capital Expenditures		$	784			$	4,248			$	1,530			$	9,678
Depreciation and amortization		$	3,055			$	2,692			$	5,952			$	5,190

POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

		March 31,				September 30,
		2008				2007
(In thousands)		(Unaudited)
Assets:
Current assets		$	274,918			$	236,886
Property, plant and equipment (net)			64,607				67,401
Other assets			33,785				36,728
Total assets		$	373,310			$	341,015
Liabilities & stockholders’ equity:
Current liabilities		$	148,690			$	135,612
Long-term debt and capital lease obligations, net of current maturities			32,299				27,372
Deferred and other long-term liabilities			4,232				4,184
Stockholders’ equity and minority interest			188,089				173,847
Total liabilities and stockholders’ equity		$	373,310			$	341,015

POWELL INDUSTRIES, INC. & SUBSIDIARIES
BUSINESS SEGMENTS

		Three Months Ended								Six Months Ended
		March 31, 2008				March 31, 2007				March 31, 2008				March 31, 2007
(In thousands)		(Unaudited)								(Unaudited)
Revenues:
Electrical Power Products		$	154,094			$	136,034			$	295,183			$	253,377
Process Control Systems			6,239				5,878				12,271				11,311
Total revenues		$	160,333			$	141,912			$	307,454			$	264,688
Income before income taxes and minority interest:
Electrical Power Products		$	8,425			$	3,113			$	14,039			$	6,338
Process Control Systems			621				401				841				484
Total income before income taxes and minority interest		$	9,046			$	3,514			$	14,880			$	6,822

		March 31,				September 30,
		2008				2007
(In thousands)		(Unaudited)
Identifiable tangible assets:
Electrical Power Products		$	315,235			$	279,901
Process Control Systems			9,347				7,365
Corporate			20,400				23,460
Total identifiable tangible assets		$	344,982			$	310,726
Backlog:
Electrical Power Products		$	511,221			$	434,902
Process Control Systems			25,308				29,596
Total backlog		$	536,529			$	464,498

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