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Powell Industries Inc (POWL) SEC Filing 10-K Annual report for the fiscal year ending Sunday, September 30, 2012

Powell Industries Inc

CIK: 80420 Ticker: POWL

EXHIBIT 99.1

 

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   PRESS RELEASE

 

     Contacts:       Don R. Madison, CFO
FOR IMMEDIATE RELEASE       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 ANNOUNCES FISCAL 2012

FOURTH QUARTER AND YEAR-END RESULTS

HOUSTON — DECEMBER 4, 2012 — 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 2012 fourth quarter and year ending September 30, 2012.

Revenues for the fourth quarter of fiscal 2012 were $184.2 million compared to revenues of $171.2 million for the fourth quarter of fiscal 2011. Net income for the fourth quarter of 2012 was $11.9 million, or $0.99 per diluted share, compared to a net loss of $7.0 million, or ($0.59) per share, including charges, in the fourth quarter of last year. Excluding charges incurred in the fourth quarter of fiscal 2011, net earnings were $1.9 million, or $0.16 per diluted share. A Non-GAAP Earnings Reconciliation is included in the financial tables below.

Michael A. Lucas, President and Chief Executive Officer, stated. “We are pleased with our fiscal 2012 record revenues and our year over year earnings improvement. We appreciate the solid performance from our team throughout the entire organization for this excellent outcome. While we enter the new fiscal year with a healthy backlog, we are watchful as to the impact that global economic pressures could have on the business climate.

“In our markets, the oil and gas sector remains the main source of new orders, and we expect the present pace of activity in new spending in this sector to continue through 2013 and into 2014. Electric utilities and other industrial markets, however, have yet to show any significant signs of new investment.”

New orders placed during the fourth quarter of fiscal 2012 totaled $186 million compared to $133 million in the third quarter of fiscal 2012 and compared to $125 million in the fourth quarter of fiscal 2011. The Company’s backlog as of September 30, 2012 was $437 million compared to $433 million as of June 30, 2012 and compared to $443 million at the end of last year’s fourth quarter.


The following information was filed by Powell Industries Inc (POWL) on Wednesday, December 5, 2012 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Business And Organization
Business Segments
Business Segments (details)
Business Segments (schedule Of Business Segments Detailed Information) (details)
Business Segments (schedule Of Long-lived Assets, By Geographical Areas) (details)
Business Segments (schedule Of Revenue From External Customers, By Geographical Areas) (details)
Business Segments (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (schedule Of Future Minimum Annual Rental Commitments Under Leases) (details)
Commitments And Contingencies (tables)
Derivative Instruments And Hedging Strategies
Detail Of Selected Balance Sheet Accounts
Detail Of Selected Balance Sheet Accounts (activity In Allowance For Doubtful Accounts)(details)
Detail Of Selected Balance Sheet Accounts (activity In Product Warranty Accrual)
Detail Of Selected Balance Sheet Accounts (components Of Inventories)
Detail Of Selected Balance Sheet Accounts (cost And Estimated Earnings On Uncompleted Contracts)
Detail Of Selected Balance Sheet Accounts (details)
Detail Of Selected Balance Sheet Accounts (schedule Of Property, Plant And Equipment) (details)
Detail Of Selected Balance Sheet Accounts (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (components Of Net Periodic Postretirement Benefit Cost)
Employee Benefit Plans (details)
Employee Benefit Plans (schedule Of Amounts In Accumulated Other Comprehensive Income To Be Recognized Over Next Fiscal Year)
Employee Benefit Plans (schedule Of Amounts Recognized In Accumulated Other Comprehensive Income)
Employee Benefit Plans (schedule Of Changes In Accumulated Postretirement Benefit Obligations, Changes In Fair Falue Of Plan Assets And Funded Status)
Employee Benefit Plans (schedule Of Future Expected Benefit Payments)
Employee Benefit Plans (schedule Of Weighted-average Assumptions Used To Determine Benefit Costs)
Employee Benefit Plans (schedule Of Weighted-average Assumptions Used To Determine Benefit Obligations)
Employee Benefit Plans (tables)
Fair Value Measurements
Fair Value Measurements (details)
Fair Value Measurements (tables)
Income Taxes
Income Taxes (details)
Income Taxes (reconciliation Of Unrecognized Tax Liabilities) (details)
Income Taxes (schedule Of Components Of Deferred Income Tax Assets And Liabilities) (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 Interest, Income Taxes And Minority Interest) (details)
Income Taxes (tables)
Intangible Assets
Intangible Assets (details)
Intangible Assets (schedule Of Estimated Amortization Expense) (details)
Intangible Assets (schedule Of Intangible Assets Subject To Amortization) (details)
Intangible Assets (tables)
Long Term Debt (details)
Long-term Debt
Long-term Debt (components Of Long-term Debt) (details)
Long-term Debt (schedule Of Maturities Of Long-term Debt) (details)
Long-term Debt (tables)
Quarterly Results Of Operations
Quarterly Results Of Operations (details)
Quarterly Results Of Operations (tables)
Stock Based Compensation (restricted Stock Units) (details)
Stock Based Compensation (restricted Stock) (details)
Stock Based Compensation (schedule Of Restricted Stock Units Activity) (details)
Stock Based Compensation (stock Options) (details)
Stock Based Compensation (tables)
Stock-based Compensation
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (supplemental Disclosures Of Cash Flow Information) (details)
Summary Of Significant Accounting Policies (tables)
Ticker: POWL
CIK: 80420
Form Type: 10-K Annual Report
Accession Number: 0001562762-12-000007
Submitted to the SEC: Wed Dec 05 2012 1:11:57 PM EST
Accepted by the SEC: Wed Dec 05 2012
Period: Sunday, September 30, 2012
Industry: Switchgear And Switchboard Apparatus

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