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Powell Industries Inc (POWL) SEC Filing 10-Q Quarterly report for the period ending Thursday, December 31, 2020

Powell Industries Inc

CIK: 80420 Ticker: POWL

Exhibit 99.1
powelllogoa131.jpg        PRESS RELEASE
For Immediate 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 20201 FIRST QUARTER RESULTS

HOUSTON — February 2, 2021 — 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 2021
first quarter ended December 31, 2020.

Fiscal First Quarter Key Highlights:
Revenues totaled $107 million;
Backlog as of December 31, 2020 totaled $465 million;
Net Loss was $364 thousand, or a $0.03 loss per diluted share;
Cash and short-term investments as of December 31, 2020 totaled $150 million.

Brett A. Cope, Powell’s Chairman and Chief Executive Officer, stated, “Despite ongoing challenges of the pandemic and traditional seasonality in year-end capital activity, we are encouraged by the sequential uptick in new awards. The $91 million in new orders further supports our strong backlog and improves our ability to plan the business for better financial performance over the balance of fiscal 2021. Although our core Oil, Gas and Petrochemical end markets remain challenged, we continue to experience more stable activity across the other sectors we serve, including Utility and Traction. While this moderate shift in mix may have an impact on the quality of our backlog looking forward, our ongoing strong execution of
1

The following information was filed by Powell Industries Inc (POWL) on Tuesday, February 2, 2021 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (Unaudited)
Commitments And Contingencies
Commitments And Contingencies (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 Receivable (Details)
Detail Of Selected Balance Sheet Accounts - Activity In Product Warranty Accrual (Details)
Detail Of Selected Balance Sheet Accounts - Components Of Inventories (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Calculation Of The Effective Tax Rate (Details)
Leases
Leases (Tables)
Leases - Lease Costs (Details)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Summary Of 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)
Overview And Summary Of Significant Accounting Policies
Overview And Summary Of Significant Accounting Policies (Policies)
Revenue
Revenue (Tables)
Revenue - Contract Balances (Details)
Revenue - Disaggregation Of Revenue (Details)
Revenue - Narrative (Details)
Revenue - Performance Obligations (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)

Material Contracts, Statements, Certifications & more

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

Ticker: POWL
CIK: 80420
Form Type: 10-Q Quarterly Report
Accession Number: 0000080420-21-000013
Submitted to the SEC: Wed Feb 03 2021 2:51:11 PM EST
Accepted by the SEC: Wed Feb 03 2021
Period: Thursday, December 31, 2020
Industry: Switchgear And Switchboard Apparatus

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