Powell Industries Announces Fiscal 2010 First Quarter Results

HOUSTON, Feb. 3 /PRNewswire-FirstCall/ -- Powell Industries, Inc. (Nasdaq:
POWL), a leading manufacturer of equipment and systems for the management and
control of electrical energy and other critical processes, today announced
results for the fiscal 2010 first quarter ending December 31, 2009.

Revenues for the first quarter of fiscal 2010 were $135.9 million compared
to revenues of $170.5 million for the first quarter of fiscal 2009. Net
income for the fourth quarter was $9.6 million, or $0.83 per diluted share,
compared to net income of $7.9 million, or $0.68 per diluted share, in the
first quarter of fiscal 2009.

Patrick L. McDonald, President and Chief Executive Officer, stated, "We had
anticipated a strong first quarter, and our results also benefited from
customers' delivery needs, as well as our initiatives to reduce operating
costs as we plan for softer market conditions in 2010. We are continuing to
monitor our markets carefully as we work to integrate our recent acquisition.

"We believe fiscal 2010 will be a challenging year, yet as economic
uncertainties are resolved and confidence in our markets begins to improve, we
expect to see increased opportunities. We are seeing some early signs of a
market rebound in Canada. In the meantime, we continue to focus on our
customer base, both client development and support, and believe we are
strongly positioned with the capabilities and resources to support our
customers on projects around the world."

The Company's backlog as of December 31, 2009 was $342 million compared to
$366 million as of September 30, 2009 and compared to $509 million at
the end of last year's first quarter. New orders placed during the first
quarter of fiscal 2010 totaled $108 million compared to $100 million in
the fourth quarter of fiscal 2009 and compared to $172 million in the first
quarter of fiscal 2009.

OUTLOOK

The following statements are based on the current expectations of the Company.
These statements are forward-looking, and actual results may differ
materially as further elaborated in the last paragraph below.

Based on its strong first quarter results, current backlog and business
conditions, and recent acquisition, Powell Industries now expects full year
fiscal 2010 revenues to range between $550 million and $600 million and full
year fiscal 2010 earnings to range between $1.65 and $2.00 per diluted
share.

CONFERENCE CALL

Powell Industries has scheduled a conference call for Wednesday, February 3,
2010 at 11:00 a.m. eastern time. To participate in the conference call,
dial 480-629-9692 at least 10 minutes before the call begins and ask for the
Powell Industries conference call. A replay of the call will be available
approximately two hours after the live broadcast ends and will be accessible
until February 10, 2010. To access the replay, dial 303-590-3030 using a
passcode of 4204785#.

Investors, analysts and the general public will also have the opportunity to
listen to the conference call over the Internet by visiting
http://www.powellind.com. To listen to the live call on the web, please visit
the website at least fifteen minutes before the call begins to register,
download and install any necessary audio software. For those who cannot
listen to the live webcast, an archive will be available shortly after the
call and will remain available for approximately 90 days at
http://www.powellind.com.

Powell Industries, Inc., headquartered in Houston, designs, manufactures and
packages systems and equipment for the control, distribution and management of
electrical energy and other dynamic processes. Powell provides products and
services to large industrial customers such as utilities, oil and gas
producers, refineries, petrochemical plants, pulp and paper producers, mining
operations, commuter railways and other vehicular transportation facilities.
For more information, please visit www.powellind.com.

Any forward-looking statements in the preceding paragraphs of this release are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that such
forward-looking statements involve risks and uncertainties in that actual
results may differ materially from those projected in the forward-looking
statements. In the course of operations, we are subject to certain risk
factors, competition and competitive pressures, sensitivity to general
economic and industrial conditions, international political and economic
risks, availability and price of raw materials and execution of business
strategy. For further information, please refer to the Company's filings with
the Securities and Exchange Commission, copies of which are available from the
Company without charge.

Contacts: Don R. Madison, CFO
Powell Industries, Inc.
713-947-4422

Ken Dennard / ksdennard@drg-e.com
Karen Roan / kcroan@drg-e.com
DRG&E / 713-529-6600

POWELL INDUSTRIES, INC. & SUBSIDIARIES
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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

Three Months Ended
December 31,
2009 2008
---- ----
(In thousands, except per share data) (Unaudited)

Revenues $135,916 $170,489

Cost of goods sold 98,099 135,987
------ -------

Gross profit 37,817 34,502

Selling, general and administrative expenses 22,641 21,561
------ ------

Operating income 15,176 12,941

Interest expense 182 472

Interest income (42) (57)
--- ---

Income before income taxes 15,036 12,526

Income tax provision 5,291 4,397
----- -----

Net income 9,745 8,129

Net income attributable to noncontrolling interest (101) (276)
--- ---

Net income attributable to Powell Industries, Inc. $9,644 $7,853
====== ======
Net earnings per common share attributable
to Powell Industries, Inc.:

Basic $0.84 $0.69
===== =====
Diluted $0.83 $0.68
===== =====
Weighted average shares:

Basic 11,476 11,413
====== ======
Diluted 11,626 11,479
====== ======

SELECTED FINANCIAL DATA:

Depreciation and amortization $2,872 $2,795
====== ======
Capital Expenditures $614 $1,965
==== ======

POWELL INDUSTRIES, INC. & SUBSIDIARIES
-------------------------------------------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEETS
December September
31, 30,
2009 2009
---- ----
(In thousands) (Unaudited)

Assets:

Current assets $295,441 $315,003

Property, plant and equipment (net) 67,601 61,036

Other assets 41,669 28,801
------ ------

Total assets $404,711 $404,840
======== ========

Liabilities & equity:

Current liabilities $123,581 $149,142

Long-term debt and capital lease
obligations, net of current maturities 19,200 4,800

Deferred and other long-term liabilities 3,779 3,681

Stockholders' equity and
minority interest 258,151 247,217
------- -------
Total liabilities and stockholders'
equity $404,711 $404,840
======== ========

POWELL INDUSTRIES, INC. & SUBSIDIARIES
-------------------------------------------------------------------------
BUSINESS SEGMENTS
Three Months Ended
December 31,
2009 2008
---- ----
(In thousands) (Unaudited)
Revenues:

Electrical Power Products $130,510 $163,910
Process Control Systems 5,406 6,579
----- -----
Total revenues $135,916 $170,489
======== ========
Income before income taxes:

Electrical Power Products $14,987 $12,119
Process Control Systems 49 407
---- ---
Total income before income taxes $15,036 $12,526
======= =======

December September
31, 30,
2009 2009
---- ----
(In thousands) (Unaudited)
Identifiable tangible assets:

Electrical Power Products $262,316 $258,012
Process Control Systems 8,662 6,863
Corporate 96,680 117,398
------ -------
Total identifiable tangible assets $367,658 $382,273
======== ========
Backlog:

Electrical Power Products $299,033 $329,558
Process Control Systems 42,620 36,198
------ ------
Total backlog $341,653 $365,756
======== ========

SOURCE Powell Industries, Inc.

Don R. Madison, CFO of Powell Industries, Inc., +1-713-947-4422; or Ken
Dennard, ksdennard@drg-e.com, or Karen Roan, kcroan@drg-e.com, both of DRG&E,
+1-713-529-6600, for Powell Industries, Inc.