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Powell Industries Inc (POWL) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, September 30, 2014

Powell Industries Inc

CIK: 80420 Ticker: POWL

Ex. 99.1

 

LOGO    PRESS RELEASE

 

FOR IMMEDIATE RELEASE     Contacts:   Don R. Madison, CFO
      Powell Industries, Inc.
      713-947-4422

POWELL INDUSTRIES ANNOUNCES FISCAL 2014

FOURTH QUARTER AND YEAR-END RESULTS

HOUSTON — DECEMBER 2, 2014 — 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 2014 fourth quarter and year ended September 30, 2014.

Revenues from continuing operations for the fourth quarter of fiscal 2014 were $162.8 million compared to revenues of $176.2 million for the fourth quarter of fiscal 2013. Income from continuing operations for the fourth quarter of 2014 was $2.4 million, or $0.20 per diluted share, compared to income from continuing operations of $17.3 million, or $1.44 per diluted share, in the fourth quarter of fiscal 2013 including special items. Excluding the special items, income from continuing operations for the fourth quarter of fiscal 2013 was $9.1 million, or $0.75 per diluted share. A reconciliation of this non-GAAP financial measure to net income is included in the financial tables below.

Michael A. Lucas, President and Chief Executive Officer, stated, “We are pleased that our fourth quarter results were better than anticipated, largely due to strong service related revenues along with lower than anticipated costs on a few large projects. Our operational improvement actions, both in the U.S. and Canada, are on track and are producing positive results. We remain focused on meeting customer schedules and improving efficiencies.

“Presently, demand for our products and services in our major markets remains solid as we ended fiscal 2014 with another quarter of strong bookings, resulting in record orders from continuing operations of $726 million for the full year. The recent decline in oil prices, however, may impact future capital projects as spending plans could be reduced if lower oil prices persist.”


The following information was filed by Powell Industries Inc (POWL) on Wednesday, December 3, 2014 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 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)
Commitments And Contingencies (schedule Of Future Minimum Annual Rental Commitments Under Leases) (details)
Commitments And Contingencies (tables)
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) (details)
Detail Of Selected Balance Sheet Accounts (components Of Inventories) (details)
Detail Of Selected Balance Sheet Accounts (cost And Estimated Earnings On Uncompleted Contracts) (details)
Detail Of Selected Balance Sheet Accounts (narrative) (details)
Detail Of Selected Balance Sheet Accounts (schedule Of Property, Plant And Equipment) (details)
Detail Of Selected Balance Sheet Accounts (tables)
Discontinued Operations
Discontinued Operations (narrative) (details)
Discontinued Operations (schedule Of Assets And Liabilities) (details)
Discontinued Operations (schedule Of Operating Results) (details)
Discontinued Operations (schedule Of Operating Results) (parenthetical) (details)
Discontinued Operations (tables)
Earnings Per Share
Earnings Per Share (computation Of Basic And Diluted Earnings Per Share) (details)
Earnings Per Share (tables)
Employee Benefit Plans
Employee Benefit Plans (narrative) (details)
Fair Value Measurements
Fair Value Measurements (fair Value Of Assets Measured On Recurring Basis) (details)
Fair Value Measurements (narrative) (details)
Fair Value Measurements (tables)
Geographic Information
Geographic Information (schedule Of Long-lived Assets By Geographical Areas) (details)
Geographic Information (schedule Of Revenues From External Customers By Geographical Areas) (details)
Geographic Information (tables)
Income Taxes
Income Taxes (narrative) (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 Income Taxes) (details)
Income Taxes (tables)
Intangible Assets
Intangible Assets (narrative) (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 (narrative) (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 Information
Quarterly Information (tables)
Quarterly Results Of Operations (details)
Stock-based Compensation
Stock-based Compensation (narrative) (details)
Stock-based Compensation (schedule Of Restricted Stock Units Activity) (details)
Stock-based Compensation (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (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: 0001564590-14-006033
Submitted to the SEC: Wed Dec 03 2014 12:46:11 PM EST
Accepted by the SEC: Wed Dec 03 2014
Period: Tuesday, September 30, 2014
Industry: Switchgear And Switchboard Apparatus

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