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
Revenues $31,739,000 $31,859,000
Net earnings $ 1,862,000 $ 1,574,000
per share $0.18 $0.15
number of common
shares outstanding 10,401,707 10,362,361
Condensed Balance Sheet
Current assets $63,347,000(A) $73,750,000
& equipment (net) 14,877,000 13,970,000
Other assets 2,290,000 1,530,000
Total assets $80,514,000 $89,250,000
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.
/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