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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Powell Industries Inc | NASDAQ:POWL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
28.01 | 19.59% | 171.01 | 170.50 | 174.19 | 183.49 | 159.11 | 183.00 | 1,093,920 | 00:53:45 |
|
|
|
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Delaware
|
|
88-0106100
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
||
8550 Mosley Road
Houston, Texas
|
|
77075-1180
|
|
||
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Title of each class
|
|
Trading Symbol
|
|
Name of each exchange on which registered
|
Common Stock, par value $0.01 per share
|
|
POWL
|
|
NASDAQ Global Market
|
Large accelerated filer
¨
|
Accelerated filer
x
|
Non-accelerated filer
¨
|
Smaller reporting company
¨
|
Emerging growth company
¨
|
|
|
Page
|
|
|
|
March 31, 2019
|
|
September 30, 2018
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
66,376
|
|
|
$
|
36,584
|
|
Short-term investments
|
5,991
|
|
|
13,170
|
|
||
Restricted cash
|
10,835
|
|
|
19,154
|
|
||
Accounts receivable, less allowance for doubtful accounts of $214 and $157
|
81,270
|
|
|
92,548
|
|
||
Contract assets
|
70,727
|
|
|
82,545
|
|
||
Inventories
|
24,724
|
|
|
21,352
|
|
||
Income taxes receivable
|
93
|
|
|
6,904
|
|
||
Prepaid expenses
|
2,275
|
|
|
3,775
|
|
||
Other current assets
|
2,068
|
|
|
630
|
|
||
Total Current Assets
|
264,359
|
|
|
276,662
|
|
||
Property, plant and equipment, net
|
122,836
|
|
|
128,764
|
|
||
Restricted cash
|
7,791
|
|
|
5,987
|
|
||
Goodwill and intangible assets, net
|
1,426
|
|
|
1,514
|
|
||
Deferred income taxes
|
6,283
|
|
|
5,937
|
|
||
Other assets
|
10,909
|
|
|
11,087
|
|
||
Total Assets
|
$
|
413,604
|
|
|
$
|
429,951
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
400
|
|
|
$
|
400
|
|
Accounts payable
|
33,565
|
|
|
40,714
|
|
||
Contract liabilities
|
51,088
|
|
|
43,174
|
|
||
Accrued compensation and benefits
|
12,255
|
|
|
22,274
|
|
||
Accrued product warranty
|
2,986
|
|
|
2,604
|
|
||
Income taxes payable
|
279
|
|
|
897
|
|
||
Other current liabilities
|
9,710
|
|
|
7,786
|
|
||
Total Current Liabilities
|
110,283
|
|
|
117,849
|
|
||
Long-term debt, net of current maturities
|
800
|
|
|
1,200
|
|
||
Deferred compensation
|
6,347
|
|
|
5,902
|
|
||
Other long-term liabilities
|
3,880
|
|
|
3,356
|
|
||
Total Liabilities
|
121,310
|
|
|
128,307
|
|
||
Commitments and Contingencies (Note F)
|
|
|
|
||||
Stockholders' Equity:
|
|
|
|
||||
Preferred stock, par value $.01; 5,000,000 shares authorized; none issued
|
—
|
|
|
—
|
|
||
Common stock, par value $.01; 30,000,000 shares authorized; 12,353,166 and 12,280,556 shares issued, respectively
|
124
|
|
|
123
|
|
||
Additional paid-in capital
|
57,511
|
|
|
56,769
|
|
||
Retained earnings
|
283,805
|
|
|
291,530
|
|
||
Treasury stock, 806,018 shares at cost
|
(24,999
|
)
|
|
(24,999
|
)
|
||
Accumulated other comprehensive loss
|
(24,147
|
)
|
|
(21,779
|
)
|
||
Total Stockholders' Equity
|
292,294
|
|
|
301,644
|
|
||
Total Liabilities and Stockholders' Equity
|
$
|
413,604
|
|
|
$
|
429,951
|
|
|
Three months ended March 31,
|
|
Six months ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues
|
$
|
123,737
|
|
|
$
|
101,505
|
|
|
$
|
233,088
|
|
|
$
|
191,689
|
|
Cost of goods sold
|
103,662
|
|
|
89,084
|
|
|
198,382
|
|
|
168,713
|
|
||||
Gross profit
|
20,075
|
|
|
12,421
|
|
|
34,706
|
|
|
22,976
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
17,195
|
|
|
16,073
|
|
|
33,123
|
|
|
32,288
|
|
||||
Research and development expenses
|
1,663
|
|
|
1,636
|
|
|
3,357
|
|
|
3,294
|
|
||||
Amortization of intangible assets
|
44
|
|
|
44
|
|
|
88
|
|
|
117
|
|
||||
Operating income (loss)
|
1,173
|
|
|
(5,332
|
)
|
|
(1,862
|
)
|
|
(12,723
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income
|
—
|
|
|
—
|
|
|
—
|
|
|
(507
|
)
|
||||
Interest expense
|
55
|
|
|
51
|
|
|
111
|
|
|
102
|
|
||||
Interest income
|
(245
|
)
|
|
(293
|
)
|
|
(402
|
)
|
|
(495
|
)
|
||||
Income (loss) before income taxes
|
1,363
|
|
|
(5,090
|
)
|
|
(1,571
|
)
|
|
(11,823
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Income tax expense (benefit)
|
405
|
|
|
(1,760
|
)
|
|
166
|
|
|
(2,831
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
958
|
|
|
$
|
(3,330
|
)
|
|
$
|
(1,737
|
)
|
|
$
|
(8,992
|
)
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.08
|
|
|
$
|
(0.29
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.78
|
)
|
Diluted
|
$
|
0.08
|
|
|
$
|
(0.29
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.78
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
11,570
|
|
|
11,509
|
|
|
11,560
|
|
|
11,503
|
|
||||
Diluted
|
11,632
|
|
|
11,509
|
|
|
11,560
|
|
|
11,503
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends per share
|
$
|
0.26
|
|
|
$
|
0.26
|
|
|
$
|
0.52
|
|
|
$
|
0.52
|
|
|
Three months ended March 31,
|
|
Six months ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income (loss)
|
$
|
958
|
|
|
$
|
(3,330
|
)
|
|
$
|
(1,737
|
)
|
|
$
|
(8,992
|
)
|
Foreign currency translation adjustments
|
1,720
|
|
|
(1,275
|
)
|
|
(2,368
|
)
|
|
(1,589
|
)
|
||||
Comprehensive income (loss)
|
$
|
2,678
|
|
|
$
|
(4,605
|
)
|
|
$
|
(4,105
|
)
|
|
$
|
(10,581
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
||||||||||||||
|
|
|
|
|
Additional
|
|
|
|
|
|
|
|
Other
|
|
|
||||||||||||||
|
Common Stock
|
|
Paid-in
|
|
Retained
|
|
Treasury Stock
|
|
Comprehensive
|
|
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Shares
|
|
Amount
|
|
Loss
|
|
Totals
|
||||||||||||||
Balance, September 30, 2018
|
12,281
|
|
|
$
|
123
|
|
|
$
|
56,769
|
|
|
$
|
291,530
|
|
|
(806
|
)
|
|
$
|
(24,999
|
)
|
|
$
|
(21,779
|
)
|
|
$
|
301,644
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,695
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,695
|
)
|
||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,088
|
)
|
|
(4,088
|
)
|
||||||
Stock-based compensation
|
41
|
|
|
—
|
|
|
1,220
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,220
|
|
||||||
Shares withheld in lieu of employee tax withholding
|
—
|
|
|
—
|
|
|
(731
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(731
|
)
|
||||||
Dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,992
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,992
|
)
|
||||||
Balance, December 31, 2018
|
12,322
|
|
|
$
|
123
|
|
|
$
|
57,258
|
|
|
$
|
285,843
|
|
|
(806
|
)
|
|
$
|
(24,999
|
)
|
|
$
|
(25,867
|
)
|
|
$
|
292,358
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
958
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
958
|
|
||||||
Foreign currency translation adjustments
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,720
|
|
|
1,720
|
|
||||||
Stock-based compensation
|
17
|
|
|
1
|
|
|
669
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
670
|
|
||||||
Shares withheld in lieu of employee tax withholding
|
— |
|
|
— |
|
|
(416
|
)
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(416
|
)
|
||||||
Issuance of restricted stock
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,996
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,996
|
)
|
||||||
Balance, March 31, 2019
|
12,353
|
|
|
$
|
124
|
|
|
$
|
57,511
|
|
|
$
|
283,805
|
|
|
(806
|
)
|
|
$
|
(24,999
|
)
|
|
$
|
(24,147
|
)
|
|
$
|
292,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
||||||||||||||
|
|
|
|
|
Additional
|
|
|
|
|
|
|
|
Other
|
|
|
||||||||||||||
|
Common Stock
|
|
Paid-in
|
|
Retained
|
|
Treasury Stock
|
|
Comprehensive
|
|
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Shares
|
|
Amount
|
|
Loss
|
|
Totals
|
||||||||||||||
Balance, September 30, 2017
|
12,234
|
|
|
$
|
122
|
|
|
$
|
54,329
|
|
|
$
|
310,598
|
|
|
(806
|
)
|
|
$
|
(24,999
|
)
|
|
$
|
(18,754
|
)
|
|
$
|
321,296
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,662
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,662
|
)
|
||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(314
|
)
|
|
(314
|
)
|
||||||
Stock-based compensation
|
23
|
|
|
—
|
|
|
1,069
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,069
|
|
||||||
Shares withheld in lieu of employee tax withholding
|
—
|
|
|
—
|
|
|
(438
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(438
|
)
|
||||||
Dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,977
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,977
|
)
|
||||||
Balance, December 31, 2017
|
12,257
|
|
|
$
|
122
|
|
|
$
|
54,960
|
|
|
$
|
301,959
|
|
|
(806
|
)
|
|
$
|
(24,999
|
)
|
|
$
|
(19,068
|
)
|
|
$
|
312,974
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,330
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,330
|
)
|
||||||
Foreign currency translation adjustments
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,275
|
)
|
|
(1,275
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
998
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
998
|
|
||||||
Shares withheld in lieu of employee tax withholding
|
— |
|
|
— |
|
|
—
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
||||||
Issuance of restricted stock
|
12
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Dividends paid
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,976
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,976
|
)
|
||||||
Balance, March 31, 2018
|
12,269
|
|
|
$
|
123
|
|
|
$
|
55,958
|
|
|
$
|
295,653
|
|
|
(806
|
)
|
|
$
|
(24,999
|
)
|
|
$
|
(20,343
|
)
|
|
$
|
306,392
|
|
|
Six months ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Operating Activities:
|
|
|
|
||||
Net loss
|
$
|
(1,737
|
)
|
|
$
|
(8,992
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation and amortization
|
6,460
|
|
|
6,424
|
|
||
Stock-based compensation
|
1,890
|
|
|
2,067
|
|
||
Bad debt expense
|
101
|
|
|
92
|
|
||
Deferred income tax benefit
|
(346
|
)
|
|
(3,060
|
)
|
||
Gain on amended supply agreement
|
—
|
|
|
(507
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net
|
12,716
|
|
|
(14,272
|
)
|
||
Contract assets and liabilities, net
|
19,663
|
|
|
10,251
|
|
||
Inventories
|
(3,452
|
)
|
|
(3,561
|
)
|
||
Income taxes
|
6,198
|
|
|
768
|
|
||
Prepaid expenses and other current assets
|
61
|
|
|
2,156
|
|
||
Accounts payable
|
(7,080
|
)
|
|
1,589
|
|
||
Accrued liabilities
|
(7,640
|
)
|
|
(4,051
|
)
|
||
Other, net
|
(787
|
)
|
|
489
|
|
||
Net cash provided by (used in) operating activities
|
26,047
|
|
|
(10,607
|
)
|
||
Investing Activities:
|
|
|
|
||||
Purchases of short-term investments
|
(5,869
|
)
|
|
(20,712
|
)
|
||
Maturities of short-term investments
|
13,088
|
|
|
26,019
|
|
||
Purchases of property, plant and equipment, net
|
(1,963
|
)
|
|
(2,760
|
)
|
||
Net cash provided by investing activities
|
5,256
|
|
|
2,547
|
|
||
Financing Activities:
|
|
|
|
||||
Payments on industrial development revenue bonds
|
(400
|
)
|
|
(400
|
)
|
||
Shares withheld in lieu of employee tax withholding
|
(1,147
|
)
|
|
(438
|
)
|
||
Dividends paid
|
(5,988
|
)
|
|
(5,954
|
)
|
||
Net cash used in financing activities
|
(7,535
|
)
|
|
(6,792
|
)
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
23,768
|
|
|
(14,852
|
)
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
(491
|
)
|
|
357
|
|
||
Cash, cash equivalents and restricted cash, beginning of period
|
61,725
|
|
|
93,210
|
|
||
Cash, cash equivalents and restricted cash, end of period
|
$
|
85,002
|
|
|
$
|
78,715
|
|
|
Three months ended March 31,
|
|
Six months ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
958
|
|
|
$
|
(3,330
|
)
|
|
$
|
(1,737
|
)
|
|
$
|
(8,992
|
)
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average basic shares
|
11,570
|
|
|
11,509
|
|
|
11,560
|
|
|
11,503
|
|
||||
Dilutive effect of restricted stock units
|
62
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Weighted average diluted shares
|
11,632
|
|
|
11,509
|
|
|
11,560
|
|
|
11,503
|
|
||||
Income (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.08
|
|
|
$
|
(0.29
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.78
|
)
|
Diluted
|
$
|
0.08
|
|
|
$
|
(0.29
|
)
|
|
$
|
(0.15
|
)
|
|
$
|
(0.78
|
)
|
|
Three months ended March 31,
|
|
Six months ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Balance at beginning of period
|
$
|
139
|
|
|
$
|
158
|
|
|
$
|
157
|
|
|
$
|
179
|
|
Bad debt expense
|
74
|
|
|
112
|
|
|
101
|
|
|
92
|
|
||||
Uncollectible accounts written off, net of recoveries
|
(2
|
)
|
|
(7
|
)
|
|
(44
|
)
|
|
(8
|
)
|
||||
Change due to foreign currency translation
|
3
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Balance at end of period
|
$
|
214
|
|
|
$
|
264
|
|
|
$
|
214
|
|
|
$
|
264
|
|
|
March 31, 2019
|
|
September 30, 2018
|
||||
Raw materials, parts and subassemblies, net
|
$
|
23,535
|
|
|
$
|
20,272
|
|
Work-in-progress
|
1,189
|
|
|
1,080
|
|
||
Total inventories
|
$
|
24,724
|
|
|
$
|
21,352
|
|
|
Three months ended March 31,
|
|
Six months ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Balance at beginning of period
|
$
|
2,732
|
|
|
$
|
2,890
|
|
|
$
|
2,604
|
|
|
$
|
3,174
|
|
Increase (decrease) in warranty expense
|
881
|
|
|
(261
|
)
|
|
1,627
|
|
|
(66
|
)
|
||||
Deduction for warranty charges
|
(634
|
)
|
|
(383
|
)
|
|
(1,238
|
)
|
|
(861
|
)
|
||||
Change due to foreign currency translation
|
7
|
|
|
(5
|
)
|
|
(7
|
)
|
|
(6
|
)
|
||||
Balance at end of period
|
$
|
2,986
|
|
|
$
|
2,241
|
|
|
$
|
2,986
|
|
|
$
|
2,241
|
|
|
March 31, 2019
|
|
September 30, 2018
|
||||
Contract assets
|
$
|
70,727
|
|
|
$
|
82,545
|
|
Contract liabilities
|
(51,088
|
)
|
|
(43,174
|
)
|
||
Net contract assets
|
$
|
19,639
|
|
|
$
|
39,371
|
|
|
Three months ended March 31, 2019
|
|
Six months ended March 31, 2019
|
||||
United States
|
$
|
102,406
|
|
|
$
|
192,304
|
|
Canada
|
15,094
|
|
|
24,809
|
|
||
Europe, Middle East and Africa
|
5,508
|
|
|
10,949
|
|
||
Asia/Pacific
|
729
|
|
|
4,473
|
|
||
Mexico, Central and South America
|
—
|
|
|
553
|
|
||
Total revenues by geographic destination
|
$
|
123,737
|
|
|
$
|
233,088
|
|
|
Three months ended March 31, 2019
|
|
Six months ended March 31, 2019
|
||||
Oil and gas
|
$
|
56,022
|
|
|
$
|
105,598
|
|
Petrochemical
|
22,523
|
|
|
42,301
|
|
||
Electric utility
|
20,383
|
|
|
39,641
|
|
||
Traction power
|
6,025
|
|
|
11,034
|
|
||
All others
|
18,784
|
|
|
34,514
|
|
||
Total revenues by market sector
|
$
|
123,737
|
|
|
$
|
233,088
|
|
|
March 31, 2019
|
|
September 30, 2018
|
||||
Industrial development revenue bonds
|
$
|
1,200
|
|
|
$
|
1,600
|
|
Less current portion
|
(400
|
)
|
|
(400
|
)
|
||
Total long-term debt
|
$
|
800
|
|
|
$
|
1,200
|
|
|
Number of
Restricted Stock Units |
|
Weighted
Average Fair Value Per Share |
|||
Outstanding at September 30, 2018
|
190,500
|
|
|
$
|
33.73
|
|
Granted
|
77,150
|
|
|
34.89
|
|
|
Vested
|
(97,184
|
)
|
|
32.35
|
|
|
Forfeited/canceled
|
(10,750
|
)
|
|
34.27
|
|
|
Outstanding at March 31, 2019
|
159,716
|
|
|
$
|
34.45
|
|
|
Fair Value Measurements at March 31, 2019
|
||||||||||||||
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Fair Value at
March 31, 2019 |
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
66,376
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
66,376
|
|
Short-term investments
|
5,991
|
|
|
—
|
|
|
—
|
|
|
5,991
|
|
||||
Restricted cash
|
18,626
|
|
|
—
|
|
|
—
|
|
|
18,626
|
|
||||
Other assets
|
—
|
|
|
6,621
|
|
|
—
|
|
|
6,621
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Deferred compensation
|
—
|
|
|
6,119
|
|
|
—
|
|
|
6,119
|
|
|
Fair Value Measurements at September 30, 2018
|
||||||||||||||
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Fair Value at
September 30, 2018 |
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
36,584
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36,584
|
|
Short-term investments
|
13,170
|
|
|
—
|
|
|
—
|
|
|
13,170
|
|
||||
Restricted cash
|
25,141
|
|
|
—
|
|
|
—
|
|
|
25,141
|
|
||||
Other assets
|
—
|
|
|
6,817
|
|
|
—
|
|
|
6,817
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Deferred compensation
|
—
|
|
|
5,644
|
|
|
—
|
|
|
5,644
|
|
|
Three months ended March 31,
|
|
Six months ended March 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Income (loss) before income taxes
|
$
|
1,363
|
|
|
$
|
(5,090
|
)
|
|
$
|
(1,571
|
)
|
|
$
|
(11,823
|
)
|
|
|
|
|
|
|
|
|
||||||||
Income tax expense (benefit)
|
405
|
|
|
(1,760
|
)
|
|
166
|
|
|
(2,831
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
958
|
|
|
$
|
(3,330
|
)
|
|
$
|
(1,737
|
)
|
|
$
|
(8,992
|
)
|
|
|
|
|
|
|
|
|
||||||||
Effective tax rate
|
30
|
%
|
|
35
|
%
|
|
(11
|
)%
|
|
24
|
%
|
•
|
Our business is largely dependent on customers in the oil and gas markets and we are adversely impacted by extended periods of low oil or gas prices, which decrease our customers' spending, the demand for our products and services and the prices we are able to charge. This has had, and may continue to have, an adverse effect on our future operating results.
|
•
|
Economic uncertainty and financial market conditions may impact our customer base, suppliers and backlog.
|
•
|
Our backlog is subject to unexpected adjustments and cancellations and, therefore, may not be a reliable indicator of our future earnings.
|
•
|
The use of percentage-of-completion accounting on our fixed-price contracts could result in volatility in our results of operations.
|
•
|
The majority of our contracts contain performance obligations that may subject us to penalties or additional liabilities.
|
•
|
Fluctuations in the price and supply of materials used to manufacture our products may reduce our profits and could adversely impact our ability to meet commitments to our customers.
|
•
|
Our industry is highly competitive.
|
•
|
Our operations could be adversely impacted by the effects of government regulations.
|
•
|
Changes in tax laws and regulations may change our effective tax rate and could have a material effect on our financial results.
|
•
|
Our international operations expose us to risks that are different from, or possibly greater than, the risks we are exposed to domestically and may adversely affect our operations.
|
•
|
The departure of key personnel could disrupt our business.
|
•
|
Our business requires skilled labor and we may be unable to attract and retain qualified employees.
|
•
|
We are exposed to risks relating to the use of subcontractors on some of our projects.
|
•
|
Misconduct by our employees or subcontractors, or a failure to
comply with laws or regulations, could harm our reputation, damage our relationships with customers and subject us to criminal and civil enforcement actions.
|
•
|
Unsatisfactory safety performance may subject us to penalties, negatively impact customer relationships, result in higher operating costs, and negatively impact employee morale and turnover.
|
•
|
Actual and potential claims, lawsuits and proceedings could ultimately reduce our profitability and liquidity and weaken our financial condition.
|
•
|
Quality problems with our products could harm our reputation and erode our competitive position.
|
•
|
A failure in our business systems or cyber security attacks on any of our facilities, or those of third parties, could adversely affect our business and our internal controls.
|
•
|
We carry insurance against many potential liabilities, but our management of risk may leave us exposed to unidentified or unanticipated risks.
|
•
|
Changes in and compliance with environmental laws could adversely impact our financial results.
|
•
|
Technological innovations by competitors may make existing products and production methods obsolete.
|
•
|
Catastrophic events could disrupt our business.
|
•
|
Unforeseen difficulties with expansions, relocations or consolidations of existing facilities could adversely affect our operations.
|
•
|
Growth and product diversification through strategic acquisitions involves a number of risks.
|
•
|
Provisions of our charter documents or Delaware law could delay or prevent an acquisition of our company, even if the acquisition would be beneficial to our stockholders, and could make it more difficult to change management.
|
•
|
Our stock price could decline or fluctuate significantly due to unforeseen circumstances. These fluctuations may cause our stockholders to incur losses.
|
•
|
Obtaining surety bonds, letters of credit, bank guarantees, or other financial assurances, may be necessary for us to successfully bid on and obtain certain contracts.
|
•
|
Failure to remain in compliance with covenants, or obtain waivers or amendments and our inability to borrow under our credit agreement could adversely impact our business.
|
•
|
Failures or weaknesses in our internal controls over financial reporting could adversely affect our ability to report on our financial condition and results of operations accurately and/or on a timely basis.
|
|
POWELL INDUSTRIES, INC.
|
|
|
(Registrant)
|
|
|
|
|
Date: May 8, 2019
|
By:
|
/s/ Brett A. Cope
|
|
|
Brett A. Cope
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
By:
|
/s/ Michael W. Metcalf
|
|
|
Michael W. Metcalf
|
|
|
Executive Vice President
|
|
|
Chief Financial Officer
|
|
|
(Principal Financial Officer)
|
1 Year Powell Industries Chart |
1 Month Powell Industries Chart |
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