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

EXHIBIT 99.1

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.