Printer Friendly

POWELL INDUSTRIES ANNOUNCES RECORD REVENUES AND EARNINGS

 POWELL INDUSTRIES ANNOUNCES RECORD REVENUES AND EARNINGS
 HOUSTON, Dec. 17 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL) announced today that its fiscal year ended Oct. 31, 1991 was a record year for both revenues and earnings. Revenues for 1991 were a record for the fourth consecutive year. For the fiscal year ended Oct. 31, 1991, revenues were $147 million, a 12 percent increase over the $131 million in 1990.
 Net earnings for the year ended Oct. 31, 1991 were $9.7 million or $.93 per share prior to the York charge (discussed below), an increase of 38 percent compared with $7.0 million or $.68 per share in 1990. After the York charge, net earnings for the year ended Oct. 31, 1991 were $7.2 million or $.69 per share.
 Backlog at Oct. 31, 1991 was at $77 million, a decrease of 24 percent from the $101 million backlog of orders at Oct. 31, 1990.
 Revenues in the fourth quarter of 1991 were $37.5 million, an increase of 17 percent from the $32.1 million in the fourth quarter of 1990. Net earnings in the fourth quarter of 1991 were $3.4 million or $.33 per share, vs. $2. 2 million or $.22 per share in the fourth quarter of 1990, an increase of 50 percent.
 Thos. W. Powell, president and chairman of the board of Powell Industries, Inc., stated:
 "1991 was an outstanding year for almost every unit of our company. Despite some pricing weaknesses due to the current economic recession, we are optimistic we will be able to maintain our current earnings level in the coming year through tighter controls and our profit improvement programs.
 The only disappointment was at our U.S. Turbine subsidiary, which improved its performance in revenues and margins in 1991, but incurred a significant loss in the third fiscal quarter due to the recording of a provision for the doubtful collectibility of a receivable from York Research Corporation. As we announced previously, we are pursuing alternatives to reduce our exposure on the York contract. In this regard, U.S. Turbine Corporation has filed a complaint in the United States District Court, Southern District of New York."
 Powell Industries, Inc., designs, manufactures and packages electrical generation, distribution and control equipment.
 POWELL INDUSTRIES, INC.
 Comparative Financial Results
 Summary of Operations (Unaudited)
 Three Months Ended Twelve Months Ended
 10/31/91 10/31/90 10/31/91 10/31/90
 Revenues $37,476,000 $32,080,000 $146,669,000 $130,903,000
 Net earnings $ 3,393,000 $ 2,249,000 $ 7,174,000(A) $ 7,002,000
 Net earnings
 per share $ .33 $ .22 $ .69(A) $ .68
 Weighted average
 number of common
 shares
 outstanding 10,385,924 10,354,482 10,378,731 10,354,482
 (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 Sheet
 Oct. 31, 1991 Oct. 31, 1990
 (Unaudited)
 Assets:
 Current assets $73,750,000 $58,055,000
 Property, plant and
 equipment (net) 13,970,000 13,280,000
 Other assets 1,530,000 1,206,000
 Total assets $89,250,000 $72,541,000
 Liabilities & Stockholders' Equity:
 Current liabilities $33,899,000 $23,150,000
 Long-term debt 15,000,000 15,779,000
 Other liabilities 1,892,000 2,618,000
 Stockholders' equity 38,459,000 30,994,000
 Total liabilities and
 stockholders' equity $89,250,000 $72,541,000
 -0- 12/17/91
 /CONTACT: J.F. Ahart of Powell Industries, 713-947-4422/
 (POWL) CO: Powell Industries, Inc. ST: Texas IN: SU: ERN


JT -- NY064 -- 3004 12/17/91 14:03 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 17, 1991
Words:607
Previous Article:THE BUDD COMPANY LAUNCHES 'BUY WHAT YOU MAKE' CAMPAIGN
Next Article:BUDD COMPANY ASKS EMPLOYEES: 'BUY WHAT YOU MAKE'
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 ANNUAL STOCKHOLDERS' MEETING
POWELL INDUSTRIES ANNOUNCES INCREASE IN SECOND QUARTER NET EARNINGS
POWELL INDUSTRIES REPORTS THIRD QUARTER EARNINGS
POWELL INDUSTRIES, INC. SIGNS LETTER OF INTENT TO ACQUIRE JWP CONTROLS, INC.
POWELL INDUSTRIES, INC. ANNOUNCES FIRST QUARTER RECORDS
POWELL COMPLETES SALE OF U.S. TURBINE SUBSIDIARY; TRANSACTION IS PART OF POWELL'S STRATEGY TO FOCUS ON CORE BUSINESS
Powell Industries, Inc. Announces Results for First Quarter of Fiscal 1997; Company Sets Records for Net Earnings, Revenues, New Orders and Backlog
Powell Industries, Inc. Announces Results for Second Quarter of Fiscal 1997

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters