e8vk
 
 
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 1, 2011
(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       77075-1180
Houston, Texas        
(Address of Principal
Executive Offices)
      (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 1, 2011, Powell Industries, Inc. (NASDAQ: POWL) issued a press release regarding the Company’s results of operations for its fiscal 2011 first quarter ended December 31, 2010. 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 February 1, 2011

 


 

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: February 2, 2011  By:   /s/ DON R. MADISON    
    Don R. Madison   
    Executive Vice President Chief Financial and Administrative Officer (Principal Accounting and Financial Officer)   
 

 

exv99w1
Exhibit 99.1
     
(LOGO)   Press Release
         
FOR IMMEDIATE RELEASE
  Contacts:   Don R. Madison, CFO Powell Industries, Inc.
 
      713-947-4422
 
       
 
      Ken Dennard / ksdennard@drg-l.com
 
      Karen Roan / kcroan@drg-l.com
 
      DRG&L / 713-529-6600
POWELL INDUSTRIES ANNOUNCES FISCAL 2011
FIRST QUARTER RESULTS
HOUSTON — FEBRUARY 1, 2011 — 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 2011 first quarter ending December 31, 2010.
     Revenues for the first quarter of fiscal 2011 were $124.7 million compared to revenues of $135.9 million for the first quarter of fiscal 2010. Net income for the first quarter was $2.4 million, or $0.21 per diluted share, compared to net income of $9.6 million, or $0.83 per diluted share, in the first quarter of fiscal 2010.
     Patrick L. McDonald, President and Chief Executive Officer, stated, “Our first quarter results reflect our expectations of a challenging environment in fiscal 2011. We are a backlog driven company, and both revenues and earnings were impacted by the relative size and competitive nature of our beginning backlog, which was at its lowest level since 2007. The orders that comprised that backlog were obtained in a very competitive market environment. We are pleased that orders and backlog have increased substantially from year-end levels, positioning us for stronger performance in the coming quarters.
     “We are encouraged by the increasing activity in the market and are certainly making the most of opportunities as they are presented to us, although we think it is too soon to know if our first quarter order activity represents a sustainable shift in market direction. We do believe that a great deal of pent-up demand exists and that we will participate in much of that business as new investment activity strengthens.”
     New orders placed during the first quarter of fiscal 2011 totaled $186 million compared to $106 million in the fourth quarter of fiscal 2010 and compared to $108 million in the first

 


 

quarter of fiscal 2010. The Company’s backlog as of December 31, 2010 was $344 million compared to $282 million as of September 30, 2010 and compared to $342 million at the end of last year’s first quarter. A substantial single multi-million dollar project is included in current quarter orders and backlog.
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 expects full year fiscal 2011 revenues to range between $475 million and $525 million and full year fiscal 2011 earnings to range between $1.25 and $1.75 per diluted share.
CONFERENCE CALL
     Powell Industries has scheduled a conference call for Wednesday, February 2, 2011 at 11:00 a.m. eastern time. To participate in the conference call, dial 480-629-9725 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 9, 2011. To access the replay, dial 303-590-3030 using a passcode of 4403962#.
     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 STATEMENT OF OPERATIONS
                 
    Three Months Ended  
    December 31,  
    2010     2009  
(In thousands, except per share data)   (Unaudited)  
Revenues
  $ 124,674     $ 135,916  
 
               
Cost of goods sold
    98,809       98,099  
 
           
 
               
Gross profit
    25,865       37,817  
 
               
Selling, general and administrative expenses
    20,928       21,779  
Amortization of intangible assets
    1,167       862  
 
           
 
               
Operating income
    3,770       15,176  
 
               
Interest expense
    114       182  
 
               
Interest income
    (45 )     (42 )
 
           
 
               
Income before income taxes
    3,701       15,036  
 
               
Income tax provision
    1,269       5,291  
 
           
 
               
Net income
    2,432       9,745  
 
               
Net income attributable to noncontrolling interest
          (101 )
 
           
 
               
Net income attributable to Powell Industries, Inc.
  $ 2,432     $ 9,644  
 
           
 
               
Net earnings per common share attributable to Powell Industries, Inc.:
               
 
               
Basic
  $ 0.21     $ 0.84  
 
           
Diluted
  $ 0.21     $ 0.83  
 
           
 
               
Weighted average shares:
               
 
               
Basic
    11,640       11,476  
 
           
Diluted
    11,773       11,626  
 
           
 
               
 
               
SELECTED FINANCIAL DATA:
               
 
               
Depreciation and amortization
  $ 3,555     $ 2,872  
 
           
Capital Expenditures
  $ 763     $ 614  
 
           

 


 

POWELL INDUSTRIES, INC. & SUBSIDIARIES
 
CONDENSED CONSOLIDATED BALANCE SHEETS
                 
    December 31,     September 30,  
    2010     2010  
(In thousands)   (Unaudited)          
Assets:
               
 
               
Current assets
  $ 301,691     $ 302,191  
 
               
Property, plant and equipment (net)
    61,994       63,676  
 
               
Other assets
    35,180       34,845  
 
           
 
               
Total assets
  $ 398,865     $ 400,712  
 
           
 
               
Liabilities & equity:
               
 
               
Current liabilities
  $ 109,410     $ 114,746  
 
               
Long-term debt and capital lease obligations, net of current maturities
    4,675       5,202  
 
               
Deferred and other long-term liabilities
    3,691       3,461  
 
               
Stockholders’ equity
    281,089       277,303  
 
           
 
               
Total liabilities and stockholders’ equity
  $ 398,865     $ 400,712  
 
           

 


 

POWELL INDUSTRIES, INC. & SUBSIDIARIES
 
BUSINESS SEGMENTS
                 
    Three Months Ended  
    December 31,  
    2010     2009  
(In thousands)   (Unaudited)  
Revenues:
               
 
               
Electrical Power Products
  $ 117,143     $ 128,129  
Process Control Systems
    7,531       7,787  
 
           
 
               
Total revenues
  $ 124,674     $ 135,916  
 
           
 
               
Income before income taxes:
               
 
               
Electrical Power Products
  $ 4,085     $ 13,848  
Process Control Systems
    (384 )     1,188  
 
           
 
               
Total income before income taxes
  $ 3,701     $ 15,036  
 
           
                 
    December 31,     September 30,  
    2010     2010  
(In thousands)   (Unaudited)  
Identifiable tangible assets:
               
 
               
Electrical Power Products
  $ 223,597     $ 230,111  
Process Control Systems
    9,186       9,617  
Corporate
    138,191       133,635  
 
           
 
               
Total identifiable tangible assets
  $ 370,974     $ 373,363  
 
           
 
               
Backlog:
               
 
               
Electrical Power Products
  $ 307,534     $ 245,433  
Process Control Systems
    36,535       36,870  
 
           
 
               
Total backlog
  $ 344,069     $ 282,303  
 
           
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