HOUSTON, Aug. 2, 2011 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL), a leading manufacturer of equipment and systems for the management and control of electrical energy and other critical processes, today announced results for the fiscal 2011 third quarter ending June 30, 2011.
Revenues for the third quarter of fiscal 2011 were $142.1 million compared to revenues of $138.9 million for the third quarter of fiscal 2010. Net income for the third quarter was $1.7 million, or $0.14 per diluted share, compared to net income of $10.3 million, or $0.88 per diluted share, in the third quarter of fiscal 2010.
Patrick L. McDonald, President and Chief Executive Officer, stated, "We had another strong order input quarter. We are beginning to see some market stabilization in the oil and gas sector; however, most of the activity continues to occur outside the U.S. Other than oil and gas, markets in which we compete continue to be soft, especially those tied to municipal funding.
"Based on our near term orders in backlog and with delivery schedules firming, we have begun hiring and training people, preparing them for a near term rise in our business. We expect our revenues and profits to begin improving between now and the end of the fiscal year."
New orders placed during the third quarter of fiscal 2011 totaled $198 million compared to $217 million in the second quarter of fiscal 2011 and compared to $136 million in the third quarter of fiscal 2010. The Company's backlog as of June 30, 2011 was $491 million compared to $437 million as of March 31, 2011 and compared to $310 million at the end of last year's third quarter.
OUTLOOK
The following statements are based on the current expectations of the Company. These statements are forward-looking, and actual results may differ materially as further elaborated in the last paragraph below.
Based on its backlog and current business conditions, Powell Industries expects full year fiscal 2011 revenues to range between $545 million and $570 million and full year fiscal 2011 earnings to range between $1.05 and $1.15 per diluted share.
CONFERENCE CALL
Powell Industries has scheduled a conference call for Wednesday, August 3, 2011 at 11:00 a.m. eastern time. To participate in the conference call, please dial 480-629-9645 at least 10 minutes before the call begins and ask for the Powell Industries conference call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until August 10, 2011. To access the replay, dial 303-590-3030 using a passcode of 4453437#. Investors may also listen to the conference call live over the Internet by visiting http://www.powellind.com. An archive of the web cast will be available shortly after the call and will remain available for approximately 90 days at http://www.powellind.com.
Powell Industries, Inc., headquartered in Houston, designs, manufactures and packages systems and equipment for the control, distribution and management of electrical energy and other dynamic processes. Powell provides products and services to large industrial customers such as utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations, commuter railways and other vehicular transportation facilities. For more information, please visit www.powellind.com.
Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
Contacts:
| Don R. Madison, CFO
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| Powell Industries, Inc.
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| 713-947-4422
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| Ken Dennard / ksdennard@drg-l.com
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| Karen Roan / kcroan@drg-l.com
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| DRGL / 713-529-6600
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POWELL INDUSTRIES, INC. SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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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)
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| (Unaudited)
| (Unaudited)
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Revenues
| $ 142,135
| $ 138,880
| $ 392,407
| $ 416,931
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Cost of goods sold
| 118,637 | 100,636 | 317,401 | 304,337 | |
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Gross profit
| 23,498
| 38,244
| 75,006
| 112,594
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Selling, general and administrative expenses
| 19,410
| 21,084
| 61,876
| 62,821
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Amortization of intangible assets
| 1,237 | 1,132 | 3,658 | 3,193 | |
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Operating income
| 2,851
| 16,028
| 9,472
| 46,580
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Other income
| ---
| ---
| (1,229)
| ---
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Interest expense
| 88
| 228
| 296
| 638
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Interest income
| (66) | (49) | (173) | (206) | |
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Income before income taxes
| 2,829
| 15,849
| 10,578
| 46,148
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Income tax provision
| 1,122 | 5,530 | 3,940 | 16,199 | |
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Net income
| 1,707
| 10,319
| 6,638
| 29,949
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Net income attributable to noncontrolling interest
| --- | (33) | --- | (159) | |
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Net income attributable to Powell Industries, Inc.
| $ 1,707
| $ 10,286
| $ 6,638
| $ 29,790
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Earnings per share attributable to Powell Industries, Inc.:
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Basic
| $ 0.15
| $ 0.89
| $ 0.57
| $ 2.59
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Diluted
| $ 0.14
| $ 0.88
| $ 0.56
| $ 2.56
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Weighted average shares:
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Basic
| 11,740
| 11,556
| 11,730
| 11,518
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Diluted
| 11,812
| 11,679
| 11,806
| 11,648
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SELECTED FINANCIAL DATA:
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Capital Expenditures
| $ 1,405
| $ 2,001
| $ 4,072
| $ 3,461
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Depreciation and amortization
| $ 4,005
| $ 3,628
| $ 11,498
| $ 9,997
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POWELL INDUSTRIES, INC. SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
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| June 30, |
| September 30, | |
| 2011 |
| 2010 | |
(In thousands)
| (Unaudited)
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Assets:
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Current assets
| $ 346,714
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| $ 302,191
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Property, plant and equipment (net)
| 59,874
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| 63,676
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Other assets
| 33,194 |
| 34,845 | |
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Total assets
| $ 439,782
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| $ 400,712
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Liabilities equity:
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Current liabilities
| $ 144,155
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| $ 114,746
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Long-term debt and capital lease obligations, net of current maturities
| 4,387
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| 5,202
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Deferred and other long-term liabilities
| 4,163
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| 3,461
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Stockholders' equity
| 287,077 |
| 277,303 | |
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Total liabilities and equity
| $ 439,782
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| $ 400,712
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POWELL INDUSTRIES, INC. SUBSIDIARIES BUSINESS SEGMENTS
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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)
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Revenues:
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|
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Electrical Power Products
| $ 135,191
| $ 129,396
| $ 371,397
| $ 390,926
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Process Control Systems
| 6,944 | 9,484 | 21,010 | 26,005 | |
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Total revenues
| $ 142,135
| $ 138,880
| $ 392,407
| $ 416,931
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Income before income taxes:
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Electrical Power Products
| $ 2,689
| $ 14,939
| $ 10,968
| $ 43,107
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Process Control Systems
| 140 | 910 | (390) | 3,041 | |
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Total income before income taxes
| $ 2,829
| $ 15,849
| $ 10,578
| $ 46,148
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| | | | |
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| June 30, |
| September 30, | |
| 2011 |
| 2010 | |
(In thousands)
| (Unaudited)
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Identifiable tangible assets:
|
|
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Electrical Power Products
| $ 246,161
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| $ 230,111
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Process Control Systems
| 9,693
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| 9,617
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Corporate
| 159,716 |
| 133,635 | |
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Total identifiable tangible assets
| $ 415,570
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| $ 373,363
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Backlog:
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Electrical Power Products
| $ 440,265
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| $ 245,433
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Process Control Systems
| 51,180 |
| 36,870 | |
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Total backlog
| $ 491,445
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| $ 282,303
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SOURCE Powell Industries, Inc.