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Powell Industries Inc (POWL) SEC Filing 8-K Material Event for the period ending Tuesday, May 5, 2020

Powell Industries Inc

CIK: 80420 Ticker: POWL


Exhibit 99.1

powelllogoa12.jpgPRESS RELEASE

FOR IMMEDIATE RELEASE

Contacts:    Michael W. Metcalf, CFO
Powell Industries, Inc.
713-947-4422

Ken Dennard / Natalie Hairston
Dennard Lascar Investor Relations
POWL@dennardlascar.com
713-529-6600


POWELL INDUSTRIES ANNOUNCES
FISCAL 2020 SECOND QUARTER RESULTS
Highest Backlog in Company History

HOUSTON — MAY 5, 2020 — Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom engineered solutions for the management, control and distribution of electrical energy, today announced results for the fiscal 2020 second quarter ended March 31, 2020.
Revenues for the second quarter of fiscal 2020 were $151.6 million compared to revenues of $134.2 million for the first quarter of fiscal 2020 and revenues of $123.7 million for the second quarter of fiscal 2019. The Company reported net income for the second quarter of 2020 of $7.4 million, or $0.64 per diluted share, compared to net income of $2.8 million, or $0.24 per diluted share, for the first quarter of fiscal 2020 and net income of $1.0 million, or $0.08 per diluted share for the second quarter of fiscal 2019.
New orders placed during the second quarter of fiscal 2020 totaled $301 million compared to $137 million in the first quarter of fiscal 2020 and $197 million in the second quarter of fiscal 2019. The Company’s backlog as of March 31, 2020 was $566 million, an increase of 33%

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sequentially from $426 million at December 31, 2019 and compared to $397 million as of March 31, 2019.
Brett A. Cope, Powell’s Chairman and Chief Executive Officer, stated, “As the global community is battling the COVID-19 pandemic, our number one priority has been the safety of our employees, customers and their families. I am very proud of all of our employees for their swift response implementing safe work practices across all of our facilities. We have maintained all of our operations supporting our customers as an essential business, providing critical electrical distribution solutions.
Our second quarter results reflect strong operational momentum that we have been building upon for the last several years. Our backlog at the end of the second quarter, a new company record, of $566 million positions us favorably for the remainder of 2020 and into 2021. Despite the impacts associated with COVID-19 and recent oil price declines, we are in a strong financial position supported by a solid balance sheet and a team of people that has prior experience successfully working through challenging market cycles.”

OUTLOOK
Commenting on the company's outlook, Michael Metcalf, Powell’s Chief Financial Officer said, “The business recorded another strong quarter to close out the first half of fiscal 2020, generating record backlog in the second quarter of the year. Supported by Powell’s strong balance sheet and liquidity, we are well positioned to successfully execute on the backlog. In response to the recent challenges that have arisen as a result of COVID-19 and the impact on the global oil and gas markets, we remain committed to taking the necessary actions required in order to manage through the current market dynamics. We are confident that our focus on supply chain and project execution throughout the second half of the year will result in a profitable fiscal 2020 for the business.”


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CONFERENCE CALL
Powell Industries has scheduled a conference call for Wednesday, May 6, 2020 at 11:00 a.m. Eastern time. To participate in the conference call, dial 412-902-0030 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 13, 2020. To access the replay, dial 201-612-7415 using a passcode of 13701781#.
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 15 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, designs, manufactures and services custom-engineered equipment and systems for the distribution, control and monitoring of electrical energy.  Powell markets include large industrial customers such as utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations and commuter railways.   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.

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

 
Three Months Ended March 31,
 
Six Months Ended
March 31,
 
2020
 
2019
 
2020
 
2019
(In thousands, except per share data)
 
 
 
 
 
 
 
 
(Unaudited)
 
 
 
 
 
 
 
 
Revenues
$
151,570

 
$
123,737

 
$
285,720

 
$
233,088

Cost of goods sold
121,885

 
103,662

 
234,209

 
198,382

Gross profit
29,685

 
20,075

 
51,511

 
34,706

 
 
 
 
 
 
 
 
Selling, general and administrative expenses
18,573

 
17,195

 
35,861

 
33,123

Research and development expenses
1,783

 
1,663

 
3,258

 
3,357

Amortization of intangible assets
44

 
44

 
88

 
88

Operating income (loss)
9,285

 
1,173

 
12,304

 
(1,862
)
 
 
 
 
 
 
 
 
Interest expense
60

 
55

 
127

 
111

Interest income
(330
)
 
(245
)
 
(711
)
 
(402
)
Income (loss) before income taxes
9,555

 
1,363

 
12,888

 
(1,571
)
 
 
 
 
 
 
 
 
Income tax provision (benefit)
2,134

 
405

 
2,692

 
166

 
 
 
 
 
 
 
 
Net income (loss)
$
7,421

 
$
958

 
$
10,196

 
$
(1,737
)
 
 
 
 
 
 
 
 
Earnings (loss) per share:
 
 
 
 
 
 
 
Basic
$
0.64

 
$
0.08

 
$
0.88

 
$
(0.15
)
Diluted
$
0.64

 
$
0.08

 
$
0.87

 
$
(0.15
)
 
 
 
 
 
 
 
 
Weighted average shares:
 
 
 
 
 
 
 
Basic
11,621

 
11,570

 
11,617

 
11,560

Diluted
11,681

 
11,632

 
11,673

 
11,560

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SELECTED FINANCIAL DATA:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and Amortization
$
2,644

 
$
3,239

 
$
5,241

 
$
6,460

Capital Expenditures
$
1,080

 
$
1,208

 
$
3,502

 
$
1,972

Dividends Paid
$
3,015

 
$
2,996

 
$
6,028

 
$
5,988



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POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

 
 
 
 
 
March 31, 2020
 
September 30, 2019
(In thousands)
(Unaudited)
 
 
 
 
Assets:
 
 
 
 
 
 
 
   Cash, cash equivalents and short-term investments
$
120,571

 
$
124,681

 
 
 
 
   Other current assets
187,161

 
203,887

 
 
 
 
   Property, plant and equipment, net
115,192

 
120,812

 
 
 
 
   Long-term assets
23,673

 
18,031

 
 
 
 
      Total assets
$
446,597

 
$
467,411

 
 
 
 
 
 
 
 
Liabilities and equity:
 
 
 
 
 
 
 
   Current liabilities
$
132,996

 
$
157,896

 
 
 
 
   Long-term debt, net of current maturities
400

 
800

 
 
 
 
   Deferred and other long-term liabilities
13,070

 
9,562

 
 
 
 
   Stockholders’ equity
300,131

 
299,153

 
 
 
 
      Total liabilities and stockholders’ equity
$
446,597

 
$
467,411

 
 
 
 
 
 
 
 
SELECTED FINANCIAL DATA:
 
 
 
 
 
 
 
   Working capital
$
174,736

 
$
170,672

 
 
 
 




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Powell Industries Inc provided additional information to their SEC Filing as exhibits

Ticker: POWL
CIK: 80420
Form Type: 8-K Corporate News
Accession Number: 0000080420-20-000017
Submitted to the SEC: Tue May 05 2020 4:45:46 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, May 5, 2020
Industry: Switchgear And Switchboard Apparatus
Events:
  1. Earnings Release
  2. Financial Exhibit
  3. Other Events

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