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Powell Industries Inc (POWL) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, September 30, 2020

Powell Industries Inc

CIK: 80420 Ticker: POWL

Exhibit 99.1

powelllogoa101.jpg         PRESS RELEASE

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

Robert Winters or Ryan Coleman
Alpha IR Group
POWL@alpha-ir.com
312-445-2870



POWELL INDUSTRIES ANNOUNCES FISCAL 2020 FOURTH QUARTER RESULTS

HOUSTON — DECEMBER 8, 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
fourth quarter ended September 30, 2020.

Key Highlights:
Revenues for the fourth quarter of fiscal 2020 totaled $115 million,
Net Income in the fiscal fourth quarter of 2020 was $3.0 million or $0.25 per diluted share,
Cash and short-term investments as of September 30, 2020 totaled $179 million,
Backlog as of September 30, 2020 totaled $477 million.

Brett A. Cope, Powell’s Chairman and Chief Executive Officer, stated, “We closed our fiscal 2020 with another quarter of strong project execution despite the lower volume across our core Oil, Gas, & Petrochemical markets. Consolidated gross margins in our fiscal fourth quarter grew sequentially by 85 basis points, while we generated $18 million of free cash flow as we maintained our diligent focus on working capital initiatives and cost containment efforts. As we navigate through this current cycle, we continue to receive, and adjust to customer requested
1

The following information was filed by Powell Industries Inc (POWL) on Tuesday, December 8, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Powell Industries Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (Parenthetical)
Business And Organization
Commitments And Contingencies
Commitments And Contingencies - Narrative (Details)
Detail Of Selected Balance Sheet Accounts
Detail Of Selected Balance Sheet Accounts (Tables)
Detail Of Selected Balance Sheet Accounts - Activity In Allowance For Doubtful Accounts (Details)
Detail Of Selected Balance Sheet Accounts - Activity In Warranty Accrual (Details)
Detail Of Selected Balance Sheet Accounts - Components Of Inventories (Details)
Detail Of Selected Balance Sheet Accounts - Narrative (Details)
Detail Of Selected Balance Sheet Accounts - Schedule Of Property, Plant And Equipment (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans
Employee Benefit Plans (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Geographic Information (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Schedule Of Estimated Amortization Expense (Details)
Goodwill And Intangible Assets - Schedule Of Intangible Assets Subject To Amortization (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details)
Income Taxes - Schedule Of Components Of Deferred Income Tax Assets (Details)
Income Taxes - Schedule Of Components Of Income Tax Provision (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Income Before Income Taxes (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Costs (Details)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Narrative (Details)
Leases -Operating Lease Assets And Liabilities (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Components Of Long-Term Debt (Details)
Long-Term Debt - Narrative (Details)
Long-Term Debt - Schedule Of Maturities Of Long-Term Debt (Details)
Quarterly Information
Quarterly Information (Details)
Quarterly Information (Tables)
Revenue
Revenue (Tables)
Revenue - Contract Balances (Details)
Revenue - Contract Estimates (Details)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Performance Obligations (Details)
Revenue - Revenue Recognition (Details)
Segment Information
Segment Information - Schedule Of Long-Lived Assets By Geographical Areas (Details)
Segment Information - Schedule Of Revenues From External Customers By Geographical Areas (Details)
Separation Costs
Separation Costs (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Schedule Of Restricted Stock Units Activity (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - New Accounting Standards (Details)
Summary Of Significant Accounting Policies - Supplemental Disclosures Of Cash Flow Information (Details)
Ticker: POWL
CIK: 80420
Form Type: 10-K Annual Report
Accession Number: 0000080420-20-000036
Submitted to the SEC: Wed Dec 09 2020 2:33:15 PM EST
Accepted by the SEC: Wed Dec 09 2020
Period: Wednesday, September 30, 2020
Industry: Switchgear And Switchboard Apparatus

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