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Powell Industries Inc (POWL) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, September 30, 2015

Powell Industries Inc

CIK: 80420 Ticker: POWL

Exhibit 99.1

 

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FOR IMMEDIATE RELEASE    Contacts:   

Don R. Madison, CFO

Powell Industries, Inc.

713-947-4422

POWELL INDUSTRIES ANNOUNCES FISCAL 2015

FOURTH QUARTER AND YEAR-END RESULTS

HOUSTON — DECEMBER 1, 2015 — 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 2015 fourth quarter and year ended September 30, 2015.

Revenues from continuing operations for the fourth quarter of fiscal 2015 were $162.3 million compared to revenues of $162.8 million for the fourth quarter of fiscal 2014. Net income for the fourth quarter of 2015 was $6.3 million, or $0.54 per diluted share, compared to net income of $2.4 million, or $0.20 per diluted share, in the fourth quarter of fiscal 2014. Excluding special items, net income for the fourth quarter of fiscal 2015 was $5.2 million, or $0.45 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, “Fourth quarter performance was in line with our expectations as we recognized revenue from several large projects moving through production. We continued to see improvement in our operational efficiency, although we are incurring some premium costs to meet customer commitments. Entering the new fiscal year, we expect to see continued efficiency enhancement and operational improvement.

“We ended our fiscal 2015 with solid revenues and a healthy backlog. However, bookings reflect the lagging effect of reduced capital spending levels in the energy markets. Capital spending remains depressed and uncertain. We expect little change in the oil and gas industry outlook in fiscal 2016.”


The following information was filed by Powell Industries Inc (POWL) on Wednesday, December 2, 2015 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 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 And Liabilities 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)
Goodwill And Intangible Assets
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)
Goodwill And Intangible Assets (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 (schedule Of Valuation Allowance) (details)
Income Taxes (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)
Restructuring And Separation Costs
Restructuring And Separation Costs (narrative) (details)
Share Repurchase Program
Share Repurchase Program (narrative) (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: 0001564590-15-011208
Submitted to the SEC: Wed Dec 02 2015 3:26:02 PM EST
Accepted by the SEC: Wed Dec 02 2015
Period: Wednesday, September 30, 2015
Industry: Switchgear And Switchboard Apparatus

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