Printer Friendly

POWELL INDUSTRIES REPORTS THIRD QUARTER EARNINGS

 POWELL INDUSTRIES REPORTS THIRD QUARTER EARNINGS
 HOUSTON, Aug. 20 /PRNewswire/ -- Powell Industries, Inc.


(NASDAQ: POWL) today reported net earnings for the third fiscal quarter ended July 31, 1992 of $1,844,000 or $.18 per share compared to $90,000 or $.01 per share in the third quarter of 1991. Net earnings reported for the third quarter of 1991 were adversely affected by a charge for uncollectable receivables from York Research Corporation of $2,519,000 (net of tax) or $.24 per share.
 Net earnings for the nine months ended July 31, 1992 were $5,920,000 or $.57 per share, compared to $3,781,000 or $.36 per share for the nine months ended July 31, 1991 after the York charge.
 Revenues for the quarter ended July 31, 1992 were $35,295,000, a decline of 8 percent from $38,435,000 for the third quarter of 1991. Revenues for the first nine months of fiscal 1992 were $101,893,000 vs. $109,192,000 in 1991, a decline of 7 percent.
 The order backlog at July 31, 1992 was $79,097,000, 3 percent above the $76,884,000 backlog at Oct. 31, 1991.
 Thos. W. Powell, president and chairman of the board stated, "While third quarter and year-to-date orders and earnings have not met our earlier expectations, reported results were achieved in a market which has become much more competitive due to the difficult economic climate. I am satisfied that our managers have done a good job in improving design, manufacturing and overall efficiency to help offset downward pressure on pricing."
 Powell Industries, Inc. designs, manufactures and packages electrical generation, distribution and control equipment.
 POWELL INDUSTRIES, INC.
 Summary of Operations
 (Unaudited)
 Periods ended Three Months Nine Months
 July 31 1992 1991 1992 1991
 Revenues $35,295,000 $38,435,000 $101,893,000 $109,192,000
 Net earnings 1,844,000 90,000(A) 5,920,000 3,781,000(A)
 Net earnings
 per share $0.18 $0.01(A) $0.57 $0.36(A)
 Weighted average
 number of
 common shares
 outstanding 10,433,273 10,385,924 10,422,751 10,378,070
 (A) Includes charge for doubtful collectibility of customer account amounting to $2,519,000 (net of tax) or $.24 per share.
 POWELL INDUSTRIES, INC.
 Condensed Balance Sheets
 (Unaudited)
 July 31, 1992 October 1991
 Assets
 Current assets $57,541,000(B) $73,750,000
 Property, plant & equipment (net) 16,573,000 13,970,000
 Other assets 2,874,000 1,530,000
 Total assets $76,988,000 $89,250,000
 Liabilities & Stockholders' equity
 Current liabilities $22,116,000 $33,899,000
 Long-term debt 12,733,000 15,000,000
 Deferred liabilities 1,525,000 1,892,000
 Stockholders' equity 40,614,000(B) 38,459,000
 Total liabilities & stockholders'
 equity $76,988,000 $89,250,000
 (B) Net amount after recording a loan of $4,500,000 to the Employee Stock Ownership Plan (ESOP) established in January 1992.
 -0- 8/20/92
 /CONTACT: J.F. Ahart of Powell Industries, 713-947-4422/
 (POWL) CO: Powell Industries, Inc. ST: Texas IN: CPR SU: ERN


SM -- NY055 -- 1774 08/20/92 14:21 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 20, 1992
Words:526
Previous Article:LUCAS INDUSTRIES PLC ANNOUNCES APPOINTMENT OF NEW FINANCE DIRECTOR
Next Article:KELLY SERVICES NAMED TO CIO MAGAZINE'S 1992 CIO-100
Topics:


Related Articles
POWELL INDUSTRIES ANNOUNCES 18 PERCENT INCREASE IN FIRST QUARTER NET EARNINGS
POWELL INDUSTRIES ANNOUNCES 18 PERCENT INCREASE IN FIRST QUARTER NET EARNINGS
POWELL INDUSTRIES ANNOUNCES INCREASE IN SECOND QUARTER NET EARNINGS
POWELL INDUSTRIES, INC. ANNOUNCES FIRST QUARTER REVENUE AND NET EARNINGS
POWELL INDUSTRIES, INC. REPORTS THIRD QUARTER EARNINGS
POWELL ANNOUNCES STRATEGIC MOVES TO ENHANCE FUTURE PERFORMANCE
Powell Industries, Inc. Announces Results for Second Quarter of Fiscal 1997
Powell Industries, Inc. Announces Results for Fiscal 1998.
Powell Industries Reports Fiscal 2003 Third Quarter Results.
Powell Industries Reports Fiscal 2004 Third Quarter Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters