Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,514.37 65.12 0.40%
S&P 500 1,879.55 7.66 0.41%
NASDAQ 4,161.46 39.91 0.97%
Ticker Volume Price Price Delta
STOXX 50 3,190.41 -9.28 -0.29%
FTSE 100 6,671.94 -9.82 -0.15%
DAX 9,574.61 -25.48 -0.27%
Ticker Volume Price Price Delta
NIKKEI 14,546.27 157.50 1.09%
TOPIX 1,173.81 11.31 0.97%
HANG SENG 22,509.64 -221.04 -0.97%

Powell Industries Announces Fiscal 2013 First Quarter Results



        Powell Industries Announces Fiscal 2013 First Quarter Results

Company reports record orders and backlog

PR Newswire

HOUSTON, Feb. 5, 2013

HOUSTON, Feb. 5, 2013 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL),
a leading supplier of custom engineered solutions for the management and
control of electrical energy and other critical processes, today announced
results for the fiscal 2013 first quarter ending December 31, 2012. 

Revenues for the first quarter of fiscal 2013 were $153.9 million compared to
revenues of $157.5 million for the first quarter of fiscal 2012.  The Company
reported net income for the first quarter of $7.4 million, or $0.62 per share,
compared to a net loss of ($1.7) million, or ($0.15) per diluted share, in the
first quarter of fiscal 2012.

Michael A. Lucas, Chief Executive Officer, stated, "We began fiscal 2013 with
a solid first quarter.  We booked a record $272 million as a number of
opportunities we have been expecting for several months were converted to
orders.  Backlog at the end of the quarter was a new record, surpassing the
last record achieved in 2008.  Revenues in the first quarter were slightly
below a year ago, yet outstanding project execution throughout the Company
drove better than expected earnings. 

"Strength in the oil and gas market continues to be our primary source of new
business opportunities, and we anticipate strong order activity through this
year and into 2014.  Some revenues may be pushed out of the second quarter
into the latter half of the year due to changes in project timing based on
customer schedules.   Overall, we expect a strong second half of the year."  

New orders placed during the first quarter of fiscal 2013 totaled $272 million
compared to $186 million in the fourth quarter of fiscal 2012 and compared to
$189 million in the first quarter of fiscal 2012.  The Company's backlog as of
December 31, 2012 was $554 million compared to $437 million as of September
30, 2012 and compared to $474 million at the end of last year's first
quarter. 

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 has
raised the low end of its previous outlook for both revenue and earnings and
now expects full year fiscal 2013 revenues to range between $700 million and
$725 million and full year fiscal 2013 earnings to range between $2.25 and
$2.50 per diluted share.  Included in the Company's earnings outlook is an
estimate of $0.25 per diluted share for one-time costs related to the start-up
of two new manufacturing facilities.

CONFERENCE CALL
Powell Industries has scheduled a conference call for Wednesday, February 6,
2013 at 11:00 a.m. eastern time.  To participate in the conference call, dial
480-629-9819 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, 2013.  To access the replay, dial 303-590-3030 using a
passcode of 4592331#.

Investors, analysts and the general public will also have the opportunity to
listen to the conference call over the Internet by visiting 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 powellind.com.

Powell Industries, Inc., headquartered in Houston, engineers packaged
solutions and systems for the control, distribution and management of
electrical energy and other dynamic processes.  Powell markets include 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 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.

 

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, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                                             Three Months Ended

                                             December 31,
                                             2012           2011
(In thousands, except per share data)        (Unaudited)
Revenues                                     $ 153,941      $ 157,456
Cost of goods sold                           120,157        137,078
Gross profit                                 33,784         20,378
Selling, general and administrative expenses 22,373         19,763
Amortization of intangible assets            415            703
Operating income (loss)                      10,996         (88)
Interest expense                             61             76
Interest income                              (19)           (29)
Income (loss) before income taxes            10,954         (135)
Income tax provision                         3,569          1,610
Net income (loss)                            $     7,385    $    (1,745)
Net earnings (loss) per common share:
        Basic                                $        0.62  $     (0.15)
        Diluted                              $        0.62  $     (0.15)
Weighted average shares:
        Basic                                11,922         11,764
        Diluted                              11,964         11,764
SELECTED FINANCIAL DATA:
Depreciation and amortization                $    3,075     $    3,176
Capital Expenditures                         $  13,375      $    9,378

 

 

 

POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
                                                   December 31,  September 30,
                                                   2012          2012
(In thousands)                                     (Unaudited)
Assets:
     Current assets                                $  327,826    $  346,410
     Property, plant and equipment (net)           89,194        78,652
     Other assets                                  23,261        23,250
        Total assets                               $  440,281    $  448,312
Liabilities & equity:
     Current liabilities                           $  114,796    $  130,873
     Long-term debt and capital lease obligations, 3,200         3,630
net of current maturities
     Deferred and other long-term liabilities      4,151         3,706
     Stockholders' equity                          318,134       310,103
        Total liabilities and stockholders' equity $  440,281    $  448,312

 

 

 

POWELL INDUSTRIES, INC. & SUBSIDIARIES
BUSINESS SEGMENTS
                                                 Three Months Ended

                                                 December 31,
                                                 2012          2011
(In thousands)                                   (Unaudited)
Revenues:
                Electrical Power Products        $ 146,136     $ 150,664
                Process Control Systems          7,805         6,792
                Total revenues                   $ 153,941     $ 157,456
Income (loss) before income taxes:
                Electrical Power Products        $    11,154   $          (21)
                Process Control Systems          (200)         (114)
                Total income (loss) before       $    10,954   $        (135)
income taxes
                                                 December 31,  September 30,
                                                 2012          2012
(In thousands)                                   (Unaudited)
Identifiable tangible assets:
                Electrical Power Products        $  290,715    $  304,894
                Process Control Systems          12,068        14,539
                Corporate                        123,507       114,455
                Total identifiable tangible      $  426,290    $  433,888
assets
Backlog:
                Electrical Power Products        $  464,807    $  361,853
                Process Control Systems          88,875        74,838
                Total backlog                    $  553,682    $  436,691

SOURCE Powell Industries, Inc.

Website: http://www.powellind.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement