Business Segments

12 Months Ended

Sep. 30, 2013

Business Segments

L.Business Segments

We manage our business through two reportable operating segments: Electrical Power Products and Process Control Systems. Electrical Power Products includes equipment and systems for the distribution and control of electrical energy. Process Control Systems consists principally of instrumentation, computer controls, communications and data management systems to control and manage critical processes.

The table below reflects certain information relating to our operations by business segment. All revenues represent sales from unaffiliated customers. The accounting policies of the business segments are the same as those described in the summary of significant accounting policies. Corporate expenses are allocated to the operating business segments primarily based on revenues. The corporate assets are mainly cash, cash equivalents and marketable securities.

Detailed information regarding our business segments is shown below (in thousands):

	YearEndedSeptember30,
	2013		2012			2011
Revenues:
Electrical Power Products	$	635,253	$	686,581	$		533,339
Process Control Systems		39,519		30,613			29,058
Total	$	674,772	$	717,194	$		562,397
Gross profit:
Electrical Power Products	$	137,756	$	132,458	$		91,730
Process Control Systems		9,080		7,480			8,200
Total	$	146,836	$	139,938	$		99,930
Income before income taxes:
Electrical Power Products	$	49,421	$	48,055	$		3,888
Process Control Systems		1,311		179			109
Total	$	50,732	$	48,234	$		3,997
Depreciation and amortization:
Electrical Power Products	$	10,103	$	13,010	$		15,188
Process Control Systems		87		55			162
Total	$	10,190	$	13,065	$		15,350

In the fourth quarter of our Fiscal 2013, we recovered approximately $5.1 million related to one large project at Powell Canada, of which approximately $3.8 million was recorded as revenue and the remaining $1.3 million was related to amounts recorded toother assets.  This recovery related to cost overruns on a large project with execution challenges in the first half of fiscal year 2012 which negatively impacted revenue and gross profit in Fiscal 2012 in our Electrical Power Products segment.  Also, in our Electrical Power Products segment, in the second quarter of Fiscal 2013, we settled a lawsuit we had filed against the previous owners of Powell Canada in the amount of $1.7 million, which was received in the third quarter of Fiscal 2013.

Income before income taxes for Fiscal 2011 includes a $1.2 million gain recorded in the second quarter resulting from cash received from the sale of our 50% equity investment in Kazakhstan. This gain was recorded in our Electrical Power Products business segment. Income before income taxes for Fiscal 2011 includes an impairment charge of $7.2 million, which was recorded in the fourth quarter, to reflect the impairment for the value of the intangible assets that were recorded in relation to the acquisition of Powell Canada. The loss was recorded in our Electrical Power Products business segment.

	September30,
	2013		2012
Segment assets:
Electrical Power Products	$	334,169	$	319,215
Process Control Systems		17,083		14,540
Corporate		179,651		114,557
Total	$	530,903	$	448,312

Geographic Information

Revenues are as follows (in thousands):

	YearEndedSeptember30,
	2013		2012		2011
Europe (including former Soviet Union)	$	753	$	24,857	$	7,107
Far East		36,965		14,865		17,172
Middle East and Africa		86,470		79,781		46,304
North, Central and South America (excluding U.S.)		145,470		184,935		112,949
United States		405,114		412,756		378,865
Total revenues	$	674,772	$	717,194	$	562,397

The United States accounted for 60%, 58% and 67% of consolidated revenues in Fiscal 2013, 2012 and 2011, respectively. During Fiscal 2013, 2012 and 2011, revenues from customers located in Canada accounted for 17%, 13% and 16% of revenues with customers, respectively.

During Fiscal 2012, one petrochemical project shipped to Colombia accounted for 11% of revenues with customers.

	September30,
	2013		2012
Long-lived assets:
United States	$	96,918	$	60,012
United Kingdom		5,894		6,238
Canada		41,777		12,402
Total	$	144,589	$	78,652

Long-lived assets consist of property, plant and equipment net of accumulated depreciation.