Powell Industries, Inc. , 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 2004 first quarter ended January 31, 2004.
Revenues for the first quarter of 2004 were $53.2 million compared to revenues of $71.6 million for the first quarter of 2003. Net income for the first quarter was $747,000, or $0.07 per diluted share, compared to $2.5 million, or $0.24 per diluted share, in the same period a year ago. The company generated $269,000 in free cash flow, defined as total cash flow from operations of $1.804 million less all capital expenditures of $1.535 million, in the first quarter. The company uses this measure because it believes free cash flow is a good indicator of operating efficiency.
Thomas W. Powell, chairman and chief executive officer, stated, "We continued to see weakness and depressed pricing levels in our product markets during our first quarter. While opportunities for new projects are improving and our inquiry levels are up, we do not expect to see meaningful improvements until later in 2004."
The Electrical Power Products segment recorded revenues of $46.2 million in the first quarter compared to $65.6 million in the first quarter a year ago. Income from continuing operations before income taxes for Electrical Power Products totaled $0.931 million versus $4.6 million in last year's first quarter.
Process Control Systems revenues for the first quarter were $7.1 million compared to $6.0 million for the same period a year ago. Income from continuing operations before income taxes for Process Control Systems totaled $249,000 versus $215,000 a year ago.
The company's order backlog as of January 31, 2004, was $137.3 million, compared to $157.5 million at fiscal year-end 2003 and $168.5 million at the end of the first quarter one year ago. New orders placed during the first quarter totaled $33.1 million versus $36.3 million in our fourth quarter of 2003 and $50.7 million in the first quarter a year ago.
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 current booking trends, Powell Industries now expects fiscal 2004 second quarter earnings to range between $0.04 and $0.09 per diluted share, and full year 2004 earnings to range between $0.35 and $0.50 per diluted share. Fiscal 2004 revenue is expected to range between $205 million and $220 million, and free cash flow, defined as total cash flow from operations less all capital expenditures, is expected to range between $5 million and $10 million.
CONFERENCE CALL
Powell Industries has scheduled a conference call for Wednesday, February 25, 2004, at 11:00 a.m. eastern time. To participate in the conference call, dial (303) 262-2075 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 March 3, 2004. To access the replay, dial (303) 590-3000 using a passcode of 570572.
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 30 days at http://www.powellind.com/ .
Powell Industries, Inc., headquartered in Houston, TX, designs, manufactures and services equipment and systems for the management and control of electrical energy and other critical processes. Powell provides products and services to the transportation, environmental, industrial and utility industries. For more information, please visit http://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 uncertainty 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, including but not limited to 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.
- Tables to follow - POWELL INDUSTRIES, INC. & SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended January 31, 2004 2003 (In thousands, except per share data) (Unaudited) Revenues $53,227 $71,580 Cost of goods sold 43,672 57,348 Gross profit 9,555 14,232 Selling, general and administrative expenses 8,540 9,409 Income before interest and income taxes 1,015 4,823 Interest expense 27 86 Interest income (192) (92) Income from continuing operations before income taxes and cumulative effect of change in accounting principle 1,180 4,829 Income tax provision 433 1,795 Income from continuing operations before cumulative effect of change in accounting principle 747 3,034 Cumulative effect of change in accounting principle, net of tax --- (510) Net income $747 $2,524 Net earnings per common share: Basic: Earnings from continuing operations $0.07 $0.29 Cumulative effect of change in accounting principle --- (0.05) Net earnings $0.07 $0.24 Diluted: Earnings from continued operations $0.07 $0.28 Cumulative effect of change in accounting principle --- (0.04) Net earnings $0.07 $0.24 Weighted average number of common shares outstanding 10,653 10,574 Weighted average number of common and common equivalent shares outstanding 10,758 10,676 SELECTED FINANCIAL DATA: Capital Expenditures 1,535 $1,840 Depreciation and amortization 1,142 $1,267 POWELL INDUSTRIES, INC. & SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS January 31, October 31, 2004 2003 (In thousands) (Unaudited) Assets: Current assets $140,395 $141,313 Property, plant and equipment (net) 44,453 43,998 Other assets 5,167 5,029 Total assets $190,015 $190,340 Liabilities & stockholders' equity: Current liabilities $42,690 $44,424 Long-term debt and capital lease obligations, net of current maturities 6,864 6,891 Deferred and other long-term liabilities 2,531 2,421 Stockholders' equity 137,930 136,604 Total liabilities and stockholders' equity $190,015 $190,340 POWELL INDUSTRIES, INC. & SUBSIDIARIES BUSINESS SEGMENTS Three Months Ended January 31, 2004 2003 (In thousands) (Unaudited) Revenues: Electrical Power Products $46,159 $65,561 Process Control Systems 7,068 6,019 Total revenues $53,227 $71,580 Income from continuing operations before income taxes and cumulative effect of change in accounting principle: Electrical Power Products $931 $4,614 Process Control Systems 249 215 Total income from continuing operations before income taxes and cumulative effect of change in accounting principle $1,180 $4,829 January 31, October 31, 2004 2003 (Unaudited) Assets: Electrical Power Products $126,628 $127,721 Process Control Systems 14,099 14,269 Corporate 49,288 48,350 Total assets $190,015 $190,340 Backlog: Electrical Power Products $81,092 $96,986 Process Control Systems 56,237 60,473 Total backlog $137,329 $157,459 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
CONTACT: 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.
Web site: http://www.powellind.com/
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