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POWELL INDUSTRIES ANNOUNCES INCREASE IN SECOND QUARTER NET EARNINGS

    POWELL INDUSTRIES ANNOUNCES INCREASE IN SECOND QUARTER NET EARNINGS
    HOUSTON, May 21 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL) today reported improved second quarter earnings.
    Net earnings for the fiscal quarter ending April 30, 1992, were $2,214,000 or $.21 per share compared to $2,117,000 or $.20 per share for the second quarter of 1991, an increase of 5 percent.  Earnings for the six months ended April 30, 1992 were $4,076,000 or $.39 per share compared to $3,691,000 or $.35 per share in 1991, an increase of 10 percent.
    For the quarter revenues were $34,859,000 a decrease of 10 percent from $38,899,000 for the second quarter of 1991.  Revenues for the first six months of fiscal 1992 were $66,599,000 vs. $70,757,000 in 1991, a decrease of 6 percent.
    The order backlog at April 30, 1992 was $63.6 million, 17 percent lower than the $76.9 million backlog as of Oct. 31, 1991.
    "The decline in backlog is a reflection not only of weakness in our primary markets, but our efforts to be selective in obtaining orders which will help maintain our gross margins," stated Thos. W. Powell, president & chairman of the board of Powell Industries, Inc.  "Our level of earnings for the year to date is especially gratifying to me in view of the current state of the U.S. economy and the resulting decline in our orders and revenues.  However, we are not as optimistic about the balance of the year unless there is a positive upturn in the business climate."
    Powell Industries, Inc. designs, manufactures and packages electrical generation, distribution and control equipment.
               POWELL INDUSTRIES, INC. AND SUBSIDIARIES
                 Consolidated Statement of Operations
                             (Unaudited)
      Three months ended April 30               1992         1991
    Revenues                               $34,859,000   $38,899,000
    Cost of goods sold                      26,183,000    30,078,000
    Gross profit                             8,676,000     8,821,000
    SG&A expenses                            5,047,000     5,327,000
    Earnings from operations                 3,629,000     3,494,000
    Interest, net                              222,000       240,000
    Net earnings before income taxes         3,407,000     3,254,000
    Income tax provision                     1,193,000     1,137,000
    Net earnings                           $ 2,214,000    $2,117,000
    Net earnings per share                 $      0.21    $     0.20
    Weighted average number of common
     shares outstanding                     10,433,273    10,385,924
      Six months ended April 30                1992          1991
    Revenues                               $66,599,000   $70,757,000
    Cost of goods sold                      49,611,000    54,159,000
    Gross profit                            16,988,000    16,596,000
    SG&A expenses                           10,200,000    10,454,000
    Earnings from operations                 6,788,000     6,144,000
    Interest, net                              499,000       423,000
    Net earnings before income taxes         6,289,000     5,721,000
    Income tax provision                     2,213,000     2,030,000
    Net earnings                           $ 4,076,000    $3,691,000
    Net earnings per share                 $      0.39    $     0.35
    Weighted average number of common
     shares outstanding                     10,417,489    10,374,143
                        Condensed Balance Sheet
                                              4/30/92        10/31/91
                                            (Unaudited)
    Assets
     Current assets                        $57,370,000     $73,750,000
     Property, plant and equipment (net)    14,900,000      13,970,000
     Other assets                            2,311,000       1,530,000
    Total assets                           $74,581,000     $89,250,000
    Liabilities & stockholders' equity
     Current liabilities                   $19,285,000     $33,899,000
     Long-term debt                         15,000,000      15,000,000
     Deferred liabilities                    1,583,000       1,892,000
     Stockholders' equity                   38,713,000(A)   38,459,000
    Total liabilities and stockholders'
     equity                                $74,581,000     $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-                          5/21/92
    /CONTACT:  J.F. Ahart of Powell Industries, 713-947-4422/
    (POWL) CO:  Powell Industries, Inc. ST:  Texas IN: SU:  ERN TS -- NY052 -- 2788 05/21/92 11:32 EDT
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Date:May 21, 1992
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