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POWELL INDUSTRIES, INC. ANNOUNCES 1992 RECORD NET EARNINGS

 HOUSTON, Dec. 15 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL) announced today its results from operations for the fiscal year ended Oct. 31, 1992.
 Net earnings for the year ended Oct. 31, 1992 were $8.4 million or $.81 per share, an increase of 17 percent compared with $7.2 million or $.69 per share in 1991. The 1991 earnings were impacted by a charge for doubtful collectibility of a contract receivable of $2.5 million or $.24 per share, net of taxes.
 For the current year, revenues were $137.0 million, a 7 percent decline from the $146.7 million in fiscal 1991.
 Revenues in the fourth quarter of 1992 were $35.1 million, a decrease of 6 percent from the $37.5 million in the fourth quarter of 1991. Net earnings in the fourth quarter of 1992 were $2.5 million or $.24 per share, vs. $3.4 million or $.33 per share in the fourth quarter of 1991, a decrease of 27 percent.
 Backlog of orders at Oct. 31, 1992 was $73.6 million, a decrease of 4 percent from the $76.9 million backlog at Oct. 31, 1991.
 Thos. W. Powell, president and chairman of the board of Powell Industries, Inc., stated:
 "I am very pleased with our 1992 performance. We achieved
 respectable earnings on declining revenues in a very difficult
 economic climate with extreme competitive pressures in all our
 markets. In 1993, we expect the economy to improve slowly and
 increase demand for our products. This should result in a positive
 effect on our earnings in the last two quarters of 1993."
 Powell Industries, Inc. designs, manufactures and packages electrical generation, distribution and control equipment.
 POWELL INDUSTRIES, INC.
 Summary of Operations
 Periods ended Three Months 12 Months
 Oct. 31 1992 1991 1992 1991
 (Unaudited)
 Revenues 35,131,000 37,476,000 137,024,000 146,669,000
 Net earnings 2,489,000 3,393,000 8,409,000 7,174,000(A)
 Net earnings
 per share .24 .33 .81 .69(A)
 Weighted average
 number of common
 shares outstanding
 10,433,273 10,385,924 10,425,382 10,378,731
 (A) includes charge for doubtful collectibility of a contract receivable amounting to $2,519,000 (net of tax) or $.24 per share.
 POWELL INDUSTRIES, INC.
 Condensed Balance Sheet
 10/31/92 10/31/91
 Assets
 Current assets 62,996,000 73,750,000
 Property, plant &
 equipment (net) 16,538,000 13,970,000
 Other assets 2,905,000 1,530,000
 Total assets 82,439,000 89,250,000
 Liabilities
 Current Liabilities 24,854,000 33,899,000
 Long-Term Debt 12,707,000 15,000,000
 Other Liabilities 1,719,000 1,892,000
 Stockholders' Equity 43,159,000 38,459,000
 Total Liabilities and
 Stockholders' Equity 2,439,000 89,250,000
 -0- 12/15/92
 /CONTACT: J. F. Ahart of Powell Industries, Inc., 713-947-4422/
 (POWL)


CO: Powell Industries, Inc. ST: Texas IN: SU: ERN

SM -- NY052 -- 7272 12/15/92 14:12 EST
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Publication:PR Newswire
Date:Dec 15, 1992
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