HOUSTON, Dec. 9 /PRNewswire-FirstCall/ -- 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 2009 fourth quarter and year ended September 30, 2009.

Revenues for the fourth quarter of fiscal 2009 were $165.3 million compared to revenues of $167.1 million for the fourth quarter of fiscal 2008. Net income for the fourth quarter was $9.9 million, or $0.85 per diluted share, compared to net income of $8.3 million, or $0.72 per diluted share, in the fourth quarter of fiscal 2008.

Patrick L. McDonald, President and Chief Executive Officer, stated, "We are very pleased with the operating results of the past year. Fiscal 2009 was an all-time record year for the company in terms of revenues, earnings, and cash flow; and much of the credit goes to the hard work and dedication of all our employees. The entire organization worked to refine and implement business processes that improved customer service, margins, and cash flow.

"The next fiscal year will be more challenging. We enter the year with a much lower backlog, and uncertainties in the economic climate continue to influence project opportunities. While our markets are impacted by the capital project investment cycle, we continue to work closely with our customers to provide project solutions when and where they need them."

The Company's backlog as of September 30, 2009 was $365.8 million compared to $425.7 million as of June 30, 2009 and compared to $518.6 million as of September 30, 2008. New orders placed during the fourth quarter of fiscal 2009 totaled $100 million compared to $103 million in the third quarter of fiscal 2009 and compared to $136 million in the fourth quarter of fiscal 2008.

YEAR-TO-DATE RESULTS

Revenues for fiscal 2009 were $665.9 million compared to revenues of $638.7 million for fiscal 2008. Net income was $39.7 million, or $3.43 per diluted share, compared to net income of $25.8 million, or $2.26 per diluted share, in fiscal 2008.

OUTLOOK

The Company will discuss its outlook for fiscal year 2010, which will reflect the anticipated closing of the acquisition of the business and assets of PowerComm Inc., on December 16, 2009 at its fourth quarter and year-end earnings conference call.

CONFERENCE CALL

Powell Industries has scheduled a conference call for Wednesday, December 16, 2009 at 11:00 a.m. eastern time. To participate in the conference call, dial 480-629-9866 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 December 23, 2009. To access the replay, dial 303-590-3030 using a passcode of 4185563#.

Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting http://www.powellind.com. To listen to the live call on the web, please visit the website at least fifteen minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive 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.

POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                   Three Months Ended      Years Ended
                                      September 30,       September 30,
(In thousands, except per            2009      2008      2009       2008
 share data)                           (Unaudited)         (Unaudited)

Revenues                           $165,321  $167,127  $665,851  $638,704

Cost of goods sold                  129,725   133,110   520,802   512,298
                                    -------   -------   -------   -------

Gross profit                         35,596    34,017   145,049   126,406

Selling, general and
 administrative expenses             21,152    21,155    83,414    84,001
                                     ------    ------    ------    ------

Income before interest, income
 taxes and minority interest         14,444    12,862    61,635    42,405

Interest expense                        177       559     1,107     2,892

Interest income                         (38)      (95)     (131)     (355)
                                        ---       ---      ----      ----

Income before income taxes and
 minority interest                   14,305    12,398    60,659    39,868

Income tax provision                  4,463     3,954    20,734    14,072

Minority interest in net
 income (loss)                          (32)      105       208       (51)
                                        ---       ---       ---       ---

Net income                           $9,874    $8,339   $39,717   $25,847
                                     ======    ======   =======   =======

Net earnings per common share:

   Basic                              $0.86     $0.73     $3.48     $2.29
                                      =====     =====     =====     =====
   Diluted                            $0.85     $0.72     $3.43     $2.26
                                      =====     =====     =====     =====

Weighted average shares:

   Basic                             11,448    11,361    11,424    11,265
                                     ======    ======    ======    ======
   Diluted                           11,625    11,506    11,591    11,452
                                     ======    ======    ======    ======


SELECTED FINANCIAL DATA:

Depreciation and amortization        $2,758    $2,938   $10,962   $11,873
                                     ======    ======   =======   =======
Capital expenditures                 $1,669    $1,459    $8,081    $3,428
                                     ======    ======    ======    ======

POWELL INDUSTRIES, INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

                                            September 30,  September 30,
                                               2009            2008
                                               ----            ----
                   (In thousands)           (Unaudited)

Assets:

   Current assets                            $315,003         $303,435

   Property, plant and equipment (net)         61,036           61,546

   Other assets                                28,801           32,653
                                               ------           ------

      Total assets                           $404,840         $397,634
                                             ========         ========


Liabilities & stockholders' equity:

   Current liabilities                       $149,142         $152,736

   Long-term debt and capital lease
    obligations, net of current
    maturities                                  4,800           33,944

   Deferred and other long-term
    liabilities                                 3,681            3,832

   Stockholders' equity and minority
    interest                                  247,217          207,122
                                              -------          -------

      Total liabilities and stockholders'
       equity                                $404,840         $397,634
                                             ========         ========

POWELL INDUSTRIES, INC. & SUBSIDIARIES
BUSINESS SEGMENTS

                                   Three Months Ended      Years Ended
                                      September 30,       September 30,
                                      2009      2008      2009     2008
                                      ----      ----      ----     ----
              (In thousands)            (Unaudited)         (Unaudited)

Revenues:
      Electrical Power Products    $159,567  $159,771  $637,845  $611,470
      Process Control Systems         5,754     7,356    28,006    27,234
                                      -----     -----    ------    ------

      Total revenues               $165,321  $167,127  $665,851  $638,704
                                   ========  ========  ========  ========


Income before income taxes:

      Electrical Power Products     $13,707   $12,958   $56,700   $38,241
      Process Control Systems           598      (560)    3,959     1,627
                                        ---      ----     -----     -----

      Total income before income
       taxes                        $14,305   $12,398   $60,659   $39,868
                                    =======   =======   =======   =======

                                          September 30,  September 30,
                                              2009            2008
                                              ----            ----
                   (In thousands)                  (Unaudited)
Identifiable tangible assets:

   Electrical Power Products                $258,012       $342,105
   Process Control Systems                     6,863          8,734
   Corporate                                 117,398         20,507
                                             -------         ------

   Total identifiable tangible assets       $382,273       $371,346
                                            ========       ========

Backlog:

   Electrical Power Products                $329,558       $493,025
   Process Control Systems                    36,198         25,535
                                              ------         ------

   Total backlog                            $365,756       $518,560
                                            ========       ========

Contacts:     Don R. Madison, CFO
              Powell Industries, Inc.
              713-947-4422

              Ken Dennard  / ksdennard@drg-e.com
              Karen Roan / kcroan@drg-e.com
              DRG&E / 713-529-6600

SOURCE Powell Industries, Inc.

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