Delaware (State or other jurisdiction of incorporation or organization) |
001-12488 (Commission File Number) |
88-0106100 (I.R.S. Employer Identification Number) |
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8550 Mosley Drive Houston, Texas (Address of Principal Executive Offices) |
77075-1180 (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Action (17CFR240.14D-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c)) |
Exhibit | ||||
Number | Description | |||
99.1 | Press Release dated May 3, 2011 |
POWELL INDUSTRIES, INC. |
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Date: May 4, 2011 | By: | /s/ DON R. MADISON | ||
Don R. Madison | ||||
Executive Vice President Chief Financial and Administrative Officer (Principal Accounting and Financial Officer) | ||||
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Press Release |
Contacts: | Don R. Madison, CFO | |||
Powell Industries, Inc. | ||||
713-947-4422 | ||||
FOR IMMEDIATE RELEASE |
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Ken Dennard / ksdennard@drg-l.com | ||||
Karen Roan / kcroan@drg-l.com | ||||
DRG&L / 713-529-6600 |
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | |||||||||||||
(In thousands, except per share data) | (Unaudited) | (Unaudited) | ||||||||||||||
Revenues |
$ | 125,598 | $ | 142,135 | $ | 250,272 | $ | 278,051 | ||||||||
Cost of goods sold |
99,955 | 105,602 | 198,764 | 203,701 | ||||||||||||
Gross profit |
25,643 | 36,533 | 51,508 | 74,350 | ||||||||||||
Selling, general and administrative expenses |
21,538 | 19,958 | 42,466 | 41,737 | ||||||||||||
Amortization of intangible assets |
1,254 | 1,199 | 2,421 | 2,061 | ||||||||||||
Operating income |
2,851 | 15,376 | 6,621 | 30,552 | ||||||||||||
Other income |
(1,229 | ) | | (1,229 | ) | | ||||||||||
Interest expense |
94 | 228 | 208 | 410 | ||||||||||||
Interest income |
(62 | ) | (115 | ) | (107 | ) | (157 | ) | ||||||||
Income before income taxes |
4,048 | 15,263 | 7,749 | 30,299 | ||||||||||||
Income tax provision |
1,549 | 5,378 | 2,818 | 10,669 | ||||||||||||
Net income |
2,499 | 9,885 | 4,931 | 19,630 | ||||||||||||
Net income attributable to noncontrolling interest |
| (25 | ) | | (126 | ) | ||||||||||
Net income attributable to Powell Industries, Inc. |
$ | 2,499 | $ | 9,860 | $ | 4,931 | $ | 19,504 | ||||||||
Earnings per share attributable to Powell Industries, Inc.: |
||||||||||||||||
Basic |
$ | 0.21 | $ | 0.86 | $ | 0.42 | $ | 1.70 | ||||||||
Diluted |
$ | 0.21 | $ | 0.85 | $ | 0.42 | $ | 1.68 | ||||||||
Weighted average shares: |
||||||||||||||||
Basic |
11,666 | 11,523 | 11,653 | 11,498 | ||||||||||||
Diluted |
11,799 | 11,659 | 11,787 | 11,639 | ||||||||||||
SELECTED FINANCIAL DATA: |
||||||||||||||||
Capital Expenditures |
$ | 1,904 | $ | 846 | $ | 2,667 | $ | 1,460 | ||||||||
Depreciation and amortization |
$ | 3,938 | $ | 3,497 | $ | 7,493 | $ | 6,369 | ||||||||
March 31, | September 30, | |||||||
2011 | 2010 | |||||||
(In thousands) | (Unaudited) | |||||||
Assets: |
||||||||
Current assets |
$ | 317,192 | $ | 302,191 | ||||
Property, plant and equipment (net) |
61,440 | 63,676 | ||||||
Other assets |
34,555 | 34,845 | ||||||
Total assets |
$ | 413,187 | $ | 400,712 | ||||
Liabilities & equity: |
||||||||
Current liabilities |
$ | 118,775 | $ | 114,746 | ||||
Long-term debt and capital lease obligations, net of current maturities |
4,543 | 5,202 | ||||||
Deferred and other long-term liabilities |
4,075 | 3,461 | ||||||
Stockholders equity |
285,794 | 277,303 | ||||||
Total liabilities and equity |
$ | 413,187 | $ | 400,712 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
March 31, 2011 | March 31, 2010 | March 31, 2011 | March 31, 2010 | |||||||||||||
(In thousands) | (Unaudited) | (Unaudited) | ||||||||||||||
Revenues: |
||||||||||||||||
Electrical Power Products |
$ | 119,063 | $ | 133,401 | $ | 236,206 | $ | 261,530 | ||||||||
Process Control Systems |
6,535 | 8,734 | 14,066 | 16,521 | ||||||||||||
Total revenues |
$ | 125,598 | $ | 142,135 | $ | 250,272 | $ | 278,051 | ||||||||
Income before income taxes: |
||||||||||||||||
Electrical Power Products |
$ | 4,194 | $ | 14,320 | $ | 8,279 | $ | 28,168 | ||||||||
Process Control Systems |
(146 | ) | 943 | (530 | ) | 2,131 | ||||||||||
Total income before income taxes |
$ | 4,048 | $ | 15,263 | $ | 7,749 | $ | 30,299 | ||||||||
March 31, | September 30, | |||||||
2011 | 2010 | |||||||
(In thousands) | (Unaudited) | |||||||
Identifiable tangible assets: |
||||||||
Electrical Power Products |
$ | 240,925 | $ | 230,111 | ||||
Process Control Systems |
8,521 | 9,617 | ||||||
Corporate |
136,817 | 133,635 | ||||||
Total identifiable tangible assets |
$ | 386,263 | $ | 373,363 | ||||
Backlog: |
||||||||
Electrical Power Products |
$ | 381,032 | $ | 245,433 | ||||
Process Control Systems |
55,545 | 36,870 | ||||||
Total backlog |
$ | 436,577 | $ | 282,303 | ||||
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