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

POWELL INDUSTRIES, INC.

Delaware		001-12488		88-0106100
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification Number)

8550 Mosley Drive Houston, Texas		77075-1180
(Address of Principal Executive Offices)		(Zip Code)

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 December 9, 2009, Powell Industries, Inc. (NASDAQ: POWL) issued a press release regarding the Company’s results of operations for its fiscal 2009 fourth quarter ended September 30, 2009. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Current Report, including the exhibit, is being furnished pursuant to Item 2.02 of Form 8-K and General Instruction B.2 thereunder. The information in this Current Report shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be deemed incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01 — Financial Statements and Exhibits

(d) Exhibits. The following exhibit is furnished as part of this Report.

Exhibit
Number		Description
99.1		Press Release dated December 9, 2009

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

POWELL INDUSTRIES ANNOUNCES FISCAL 2009
FOURTH QUARTER AND YEAR-END RESULTS

HOUSTON — DECEMBER 9, 2009 — 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 2009 fourth quarter and year ended September 30, 2009.

     Revenues for the fourth quarter of fiscal 2009 were $165.3 million compared to revenues of $167.1 million for the fourth quarter of fiscal 2008. Net income for the fourth quarter was $9.9 million, or $0.85 per diluted share, compared to net income of $8.3 million, or $0.72 per diluted share, in the fourth quarter of fiscal 2008.

     Patrick L. McDonald, President and Chief Executive Officer, stated, “We are very pleased with the operating results of the past year. Fiscal 2009 was an all-time record year for the company in terms of revenues, earnings, and cash flow; and much of the credit goes to the hard work and dedication of all our employees. The entire organization worked to refine and implement business processes that improved customer service, margins, and cash flow.

     “The next fiscal year will be more challenging. We enter the year with a much lower backlog, and uncertainties in the economic climate continue to influence project opportunities. While our markets are impacted by the capital project investment cycle, we continue to work closely with our customers to provide project solutions when and where they need them.”

     The Company’s backlog as of September 30, 2009 was $365.8 million compared to $425.7 million as of June 30, 2009 and compared to $518.6 million as of September 30, 2008. New orders placed during the fourth quarter of fiscal 2009 totaled $100 million compared to

$103 million in the third quarter of fiscal 2009 and compared to $136 million in the fourth quarter of fiscal 2008.

YEAR-TO-DATE RESULTS

     Revenues for fiscal 2009 were $665.9 million compared to revenues of $638.7 million for fiscal 2008. Net income was $39.7 million, or $3.43 per diluted share, compared to net income of $25.8 million, or $2.26 per diluted share, in fiscal 2008.

OUTLOOK

     The Company will discuss its outlook for fiscal year 2010, which will reflect the anticipated closing of the acquisition of the business and assets of PowerComm Inc., on December 16, 2009 at its fourth quarter and year-end earnings conference call.

CONFERENCE CALL

     Powell Industries has scheduled a conference call for Wednesday, December 16, 2009 at 11:00 a.m. eastern time. To participate in the conference call, dial 480-629-9866 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 December 23, 2009. To access the replay, dial 303-590-3030 using a passcode of 4185563#.

     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.

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

		Three Months Ended								Years Ended
		September 30,								September 30,
		2009				2008				2009				2008
(In thousands, except per share data)		(Unaudited)								(Unaudited)
Revenues		$	165,321			$	167,127			$	665,851			$	638,704
Cost of goods sold			129,725				133,110				520,802				512,298
Gross profit			35,596				34,017				145,049				126,406
Selling, general and administrative expenses			21,152				21,155				83,414				84,001
Income before interest, income taxes and minority interest			14,444				12,862				61,635				42,405
Interest expense			177				559				1,107				2,892
Interest income			(38	)			(95	)			(131	)			(355	)
Income before income taxes and minority interest			14,305				12,398				60,659				39,868
Income tax provision			4,463				3,954				20,734				14,072
Minority interest in net income (loss)			(32	)			105				208				(51	)
Net income		$	9,874			$	8,339			$	39,717			$	25,847
Net earnings per common share:
Basic		$	0.86			$	0.73			$	3.48			$	2.29
Diluted		$	0.85			$	0.72			$	3.43			$	2.26
Weighted average shares:
Basic			11,448				11,361				11,424				11,265
Diluted			11,625				11,506				11,591				11,452
SELECTED FINANCIAL DATA:
Depreciation and amortization		$	2,758			$	2,938			$	10,962			$	11,873
Capital expenditures		$	1,669			$	1,459			$	8,081			$	3,428

POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

		September 30,				September 30,
		2009				2008
(In thousands)		(Unaudited)
Assets:
Current assets		$	315,003			$	303,435
Property, plant and equipment (net)			61,036				61,546
Other assets			28,801				32,653
Total assets		$	404,840			$	397,634
Liabilities & stockholders’ equity:
Current liabilities		$	149,142			$	152,736
Long-term debt and capital lease obligations, net of current maturities			4,800				33,944
Deferred and other long-term liabilities			3,681				3,832
Stockholders’ equity and minority interest			247,217				207,122
Total liabilities and stockholders’ equity		$	404,840			$	397,634

POWELL INDUSTRIES, INC. & SUBSIDIARIES
BUSINESS SEGMENTS

		Three Months Ended								Years Ended
		September 30,								September 30,
		2009				2008				2009				2008
(In thousands)		(Unaudited)								(Unaudited)
Revenues:
Electrical Power Products		$	159,567			$	159,771			$	637,845			$	611,470
Process Control Systems			5,754				7,356				28,006				27,234
Total revenues		$	165,321			$	167,127			$	665,851			$	638,704
Income before income taxes:
Electrical Power Products		$	13,707			$	12,958			$	56,700			$	38,241
Process Control Systems			598				(560	)			3,959				1,627
Total income before income taxes		$	14,305			$	12,398			$	60,659			$	39,868

		September 30,				September 30,
		2009				2008
(In thousands)		(Unaudited)
Identifiable tangible assets:
Electrical Power Products		$	258,012			$	342,105
Process Control Systems			6,863				8,734
Corporate			117,398				20,507
Total identifiable tangible assets		$	382,273			$	371,346
Backlog:
Electrical Power Products		$	329,558			$	493,025
Process Control Systems			36,198				25,535
Total backlog		$	365,756			$	518,560

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