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POWELL INDUSTRIES ANNOUNCES 18 PERCENT INCREASE IN FIRST QUARTER NET EARNINGS

            POWELL INDUSTRIES ANNOUNCES 18 PERCENT INCREASE
                     IN FIRST QUARTER NET EARNINGS
    HOUSTON, Feb. 20 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL) today reported improved first quarter earnings.
    For the fiscal quarter ended Jan. 31, 1992, revenues were $31,739,000, as compared to $31,859,000 for the first quarter of 1991. Earnings for the first quarter were $1,862,000 or $.18 per share compared to $1,574,000 or $.15 for the first quarter of 1991, an increase of 18 percent.
    The order backlog at Jan. 31, 1992 was $77 million, unchanged from the backlog as of Oct. 31, 1991.
    Thomas W. Powell, president and chairman of the board of Powell Industries, Inc. stated:
    "I am pleased with our first quarter operating results. For the most part, our core businesses had favorable first quarter 1992 comparisons vs. first quarter 1991.  Although the uncertain economy continues to plague the nation and could affect our operations during the remainder of the year, we are hopeful the President and Congress will agree on an action plan soon.
    Our capital resources and liquidity continue to be strong with cash of $12 million available for operational needs."
    Powell Industries, Inc. designs, manufactures and packages electrical generation, distribution and control equipment.
                        POWELL INDUSTRIES, INC.
                    Comparative Financial Results
                  summary of operations (unaudited)
                            For the Three Months Ended
                         1/31/92                 1/31/91
    Revenues            $31,739,000            $31,859,000
    Net earnings        $ 1,862,000            $ 1,574,000
    Net earnings
     per share                $0.18                  $0.15
    Weighted average
     number of common
     shares outstanding  10,401,707             10,362,361
                         Condensed Balance Sheet
                             1/31/92          10/31/91
                          (Unaudited)
    Assets
     Current assets       $63,347,000(A)      $73,750,000
     Property, plant
      & equipment (net)    14,877,000          13,970,000
     Other assets           2,290,000           1,530,000
    Total assets          $80,514,000         $89,250,000
    Liabilities &
     Stockholders' Equity
     Current liabilities  $27,473,000         $33,899,000
     Long-term debt        15,000,000          15,000,000
     Other liabilities      1,617,000           1,892,000
     Stockholders' equity  36,424,000(A)       38,459,000
    Total liabilities and
     stockholders' equity $80,514,000         $89,250,000
    (A) Net amount after recording a loan of $4,500,000 to the Employee Stock Ownership Plan (ESOP) established in January 1992.
    -0-        2/20/92
    /CONTACT:  J.F. Ahart of Powell Industries, 713-947-4422/
    (POWL) CO:  Powell Industries Inc. ST:  Texas IN: SU:  ERN SH -- NY033 -- 0877 02/20/92 11:36 EST
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Publication:PR Newswire
Date:Feb 20, 1992
Words:409
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