Delaware | 001-12488 | 88-0106100 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) | (I.R.S. Employer Identification Number) |
8550 Mosley Drive Houston, Texas |
77075-1180 |
|
(Address of Principal Executive Offices) |
(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)) |
Item 2.02 | Results of Operations and Financial Condition |
Item 9.01 | Financial Statements and Exhibits |
Exhibit | ||||
Number | Description | |||
99.1 | Press Release dated August 2, 2011 |
POWELL INDUSTRIES, INC. |
||||
Date: August 4, 2011 | By: | /s/ DON R. MADISON | ||
Don R. Madison | ||||
Executive Vice President Chief Financial and Administrative Officer (Principal Accounting and Financial Officer) | ||||
[POWELL GRAPHIC]
|
Press Release |
FOR IMMEDIATE RELEASE
|
Contacts: | Don R. Madison, CFO Powell Industries, Inc. 713-947-4422 |
||
Ken Dennard / ksdennard@drg-l.com Karen Roan / kcroan@drg-l.com DRG&L / 713-529-6600 |
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Three Months Ended | Nine Months Ended | |||||||||||||||
June 30, 2011 | June 30, 2010 | June 30, 2011 | June 30, 2010 | |||||||||||||
(In thousands, except per share data) | (Unaudited) | (Unaudited) | ||||||||||||||
Revenues |
$ | 142,135 | $ | 138,880 | $ | 392,407 | $ | 416,931 | ||||||||
Cost of goods sold |
118,637 | 100,636 | 317,401 | 304,337 | ||||||||||||
Gross profit |
23,498 | 38,244 | 75,006 | 112,594 | ||||||||||||
Selling, general and administrative expenses |
19,410 | 21,084 | 61,876 | 62,821 | ||||||||||||
Amortization of intangible assets |
1,237 | 1,132 | 3,658 | 3,193 | ||||||||||||
Operating income |
2,851 | 16,028 | 9,472 | 46,580 | ||||||||||||
Other income |
| | (1,229 | ) | | |||||||||||
Interest expense |
88 | 228 | 296 | 638 | ||||||||||||
Interest income |
(66 | ) | (49 | ) | (173 | ) | (206 | ) | ||||||||
Income before income taxes |
2,829 | 15,849 | 10,578 | 46,148 | ||||||||||||
Income tax provision |
1,122 | 5,530 | 3,940 | 16,199 | ||||||||||||
Net income |
1,707 | 10,319 | 6,638 | 29,949 | ||||||||||||
Net income attributable to noncontrolling interest |
| (33 | ) | | (159 | ) | ||||||||||
Net income attributable to Powell Industries, Inc. |
$ | 1,707 | $ | 10,286 | $ | 6,638 | $ | 29,790 | ||||||||
Earnings per share attributable to Powell Industries, Inc.: |
||||||||||||||||
Basic |
$ | 0.15 | $ | 0.89 | $ | 0.57 | $ | 2.59 | ||||||||
Diluted |
$ | 0.14 | $ | 0.88 | $ | 0.56 | $ | 2.56 | ||||||||
Weighted average shares: |
||||||||||||||||
Basic |
11,740 | 11,556 | 11,730 | 11,518 | ||||||||||||
Diluted |
11,812 | 11,679 | 11,806 | 11,648 | ||||||||||||
SELECTED FINANCIAL DATA: |
||||||||||||||||
Capital Expenditures |
$ | 1,405 | $ | 2,001 | $ | 4,072 | $ | 3,461 | ||||||||
Depreciation and amortization |
$ | 4,005 | $ | 3,628 | $ | 11,498 | $ | 9,997 | ||||||||
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June 30, | September 30, | |||||||
2011 | 2010 | |||||||
(In thousands) | (Unaudited) | (Unaudited) | ||||||
Assets: |
||||||||
Current assets |
$ | 346,714 | $ | 302,191 | ||||
Property, plant and equipment (net) |
59,874 | 63,676 | ||||||
Other assets |
33,194 | 34,845 | ||||||
Total assets |
$ | 439,782 | $ | 400,712 | ||||
Liabilities & equity: |
||||||||
Current liabilities |
$ | 144,155 | $ | 114,746 | ||||
Long-term debt and capital lease |
4,387 | 5,202 | ||||||
obligations, net of current maturities
Deferred and other long-term liabilities |
4,163 | 3,461 | ||||||
Stockholders equity |
287,077 | 277,303 | ||||||
Total liabilities and equity |
$ | 439,782 | $ | 400,712 | ||||
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Three Months Ended | Nine Months Ended | |||||||||||||||
June 30, 2011 | June 30, 2010 | June 30, 2011 | June 30, 2010 | |||||||||||||
(In thousands) | (Unaudited) | (Unaudited) | ||||||||||||||
Revenues: |
||||||||||||||||
Electrical Power Products |
$ | 135,191 | $ | 129,396 | $ | 371,397 | $ | 390,926 | ||||||||
Process Control Systems |
6,944 | 9,484 | 21,010 | 26,005 | ||||||||||||
Total revenues |
$ | 142,135 | $ | 138,880 | $ | 392,407 | $ | 416,931 | ||||||||
Income before income taxes: |
||||||||||||||||
Electrical Power Products |
$ | 2,689 | $ | 14,939 | $ | 10,968 | $ | 43,107 | ||||||||
Process Control Systems |
140 | 910 | (390 | ) | 3,041 | |||||||||||
Total income before income taxes. |
$ | 2,829 | $ | 15,849 | $ | 10,578 | $ | 46,148 | ||||||||
June 30, | September 30, | |||||||
2011 | 2010 | |||||||
(In thousands) | (Unaudited) | |||||||
Identifiable tangible assets: |
||||||||
Electrical Power Products |
$ | 246,161 | $ | 230,111 | ||||
Process Control Systems |
9,693 | 9,617 | ||||||
Corporate |
159,716 | 133,635 | ||||||
Total identifiable tangible assets |
$ | 415,570 | $ | 373,363 | ||||
Backlog: |
||||||||
Electrical Power Products |
$ | 440,265 | $ | 245,433 | ||||
Process Control Systems |
51,180 | 36,870 | ||||||
Total backlog |
$ | 491,445 | $ | 282,303 | ||||
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