Powell Industries Announces Fiscal 2013 Second Quarter Results

        Powell Industries Announces Fiscal 2013 Second Quarter Results

PR Newswire

HOUSTON, May 7, 2013

HOUSTON, May 7, 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 second quarter ending March 31, 2013.

Revenues for the second quarter of fiscal 2013 were $153.9 million compared to
revenues of $181.5 million for the second quarter of fiscal 2012. Net income
for the second quarter of fiscal 2013 was $6.8 million, or $0.57 per diluted
share, compared to $7.4 million, or $0.63 per diluted share, in the second
quarter of fiscal 2012. Net income for the second quarter of fiscal 2013
includes $1.7 million received from the settlement of the Company's claim
pertaining to the Asset Purchase Agreement, dated October 21, 2009, to acquire
the business and certain assets of PowerComm, Inc.

Michael A. Lucas, Chief Executive Officer, stated, "Revenues in the second
quarter were consistent with our first quarter volume and in line with our
expectations. The oil and gas market continues to be our primary source of
new business opportunities and customer inquiries on new projects remain
strong, although resource constraints across the industry and changing
customer schedules make planning and executing projects challenging. The
global economy and competitive pressures internationally are adversely
impacting the quality and number of projects in our U.K. business. Overall,
however, based on the strength in our U.S. and Canadian markets, we continue
to be optimistic and anticipate strong order activity through the balance of
this year and into 2014."

New orders placed during the second quarter of fiscal 2013 totaled $124
million compared to $272 million in the first quarter of fiscal 2013 and $203
million in the second quarter of fiscal 2012. New orders placed during the
first half of fiscal 2013 totaled $396 million compared to $392 million in the
first half for fiscal 2012. The Company's backlog as of March 31, 2013 was
$522 million compared to $554 million as of December 31, 2012 and $497 million
at the end of last year's second 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 condition, as well as possible
additional customer schedule changes, Powell Industries has reduced its
expected full year fiscal 2013 revenues to range between $675 million and $700
million but has raised its expected full year fiscal 2013 earnings to range
between $2.30 and $2.55 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, May 8, 2013
at 11:00 a.m. eastern time. To participate in the conference call, dial
480-629-9645 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 15, 2013. To access the replay, dial 303-590-3030 using a passcode
of 4614375#.

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.

POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                           Three Months Ended        Six Months Ended
                           March 31,    March 31,    March 31,    March 31,
                           2013         2012         2013         2012
(In thousands, except per
share data)
                           (Unaudited)               (Unaudited)
Revenues                   $ 153,915    $ 181,486    $ 307,856    $ 338,942
Cost of goods sold         122,200      147,249      242,357      284,327
Gross profit               31,715       34,237       65,499       54,615
Selling, general and       24,060       21,523       46,433       41,286
administrative expenses
Amortization of intangible 413          704          828          1,407
assets
Operating income           7,242        12,010       18,238       11,922
Other income               (1,709)      ---          (1,709)      ---
Interest expense           43           68           104          144
Interest income            (2)          (34)         (21)         (63)
Income before income taxes 8,910        11,976       19,864       11,841
Income tax provision       2,092        4,565        5,661        6,175
Net income                 $   6,818  $   7,411  $  14,203   $   5,666
Earnings per share:
 Basic              $    0.57 $    0.63 $    1.19 $    0.48
 Diluted            $    0.57 $    0.63 $    1.18 $    0.48
Weighted average shares:
 Basic              11,953       11,762       11,946       11,765
 Diluted            12,029       11,835       12,021       11,836
SELECTED FINANCIAL DATA:
Capital Expenditures       $ 19,895     $  9,501    $ 33,270     $ 18,879
Depreciation and           $  2,352    $  3,257    $  5,427    $  6,433
amortization



POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
                                                   March 31,     September 30,
                                                   2013          2012
(In thousands)                                     (Unaudited)
Assets:
 Current assets                             $ 343,583    $ 346,410
 Property, plant and equipment (net)        105,863       78,652
 Other assets                               23,979        23,250
 Total assets                       $  473,425   $ 448,312
Liabilities & equity:
 Current liabilities                        $ 141,282    $ 130,873
 Long-term debt and capital lease           3,200         3,630
obligations, net of current maturities
 Deferred and other long-term liabilities   4,285         3,706
 Stockholders' equity                       324,658       310,103
 Total liabilities and equity       $ 473,425    $ 448,312



POWELL INDUSTRIES, INC. & SUBSIDIARIES
BUSINESS SEGMENTS
                                 Three Months Ended     Six Months Ended
                                 March 31,   March 31,  March 31,  March 31,

                                 2013        2012       2013       2012
(In thousands)                   (Unaudited)            (Unaudited)
Revenues:
Electrical Power Products       $ 145,259   $ 173,974  $ 291,395  $ 324,638
Process Control Systems          8,656       7,512      16,461     14,304
Total revenues                   $ 153,915   $ 181,486  $ 307,856  $ 338,942
Income before income taxes:
Electrical Power Products       $   8,830 $  11,665 $  19,984 $  11,644
Process Control Systems          80          311        (120)      197
Total income before income taxes $   8,910 $  11,976 $  19,864 $  11,841



                                           March 31,   September 30,
                                           2013        2012
(In thousands)                             (Unaudited)
Identifiable tangible assets:
 Electrical Power Products          $ 299,713  $ 304,894
 Process Control Systems            12,573      14,539
 Corporate                          147,600     114,455
 Total identifiable tangible assets $ 459,886  $ 433,888
Backlog:
 Electrical Power Products          $ 434,145  $ 361,853
 Process Control Systems            87,676      74,838
 Total backlog                      $ 521,821  $ 436,691



Contacts: Don R. Madison, CFO
          Powell Industries, Inc.
          713-947-4422
          Ken Dennard / ken@dennardlascar.com
          Karen Roan / kroan@dennardlascar.com
          Dennard- Lascar Associates
          713-529-6600





SOURCE Powell Industries, Inc.

Website: http://www.powellind.com