Powell Industries Inc. announces 1995 results

Business Wire, Nov 29, 1995

HOUSTON--(BUSINESS WIRE)--Nov. 29, 1995--Powell Industries, Inc. (NASDAQ: POWL) today announced net earnings increased 30 percent for the year ended Oct. 31, 1995, to $5.7 million, or 54 cents per share, compared to $4.4 million, or 42 cents per share, recorded in fiscal 1994.

Revenues for fiscal 1995 increased 12 percent to $170 million from $152 million for the 12 months ended Oct. 31, 1994.

For the fourth quarter of fiscal 1995, net income increased 62 percent to $2.0 million, or 19 cents per share, from $1.2 million, or 12 cents per share, for the three months ended Oct. 31, 1994. Revenues for the final three months of fiscal 1995 were $51.5 million, an increase of 23 percent from the $42.0 million in the same period last year.

Powell's order backlog at Oct. 31, 1995, increased to a year-end record $113 million from $107 million at Oct. 31, 1994.

Thomas W. Powell, president and chairman of the board of Powell Industries, Inc., said several factors led to improved revenues, earnings, and backlog. "The market for many of our power distribution and control products was very strong, both domestically and internationally," he said. "In addition, products that we introduced in 1993 and 1994 increased our penetration of traditional markets and helped us enter new markets.

"The combination of strong market conditions, successful new product introductions and growing international demand also allowed several of our subsidiaries to set new records for orders, shipments, backlog, and operating earnings," he said. "Our record year-end backlog and currently strong order rate indicate another year of growth in earnings in 1996."

Powell Industries, Inc. designs, manufactures, and packages systems and equipment for the generation, control, distribution, and management of electrical energy and other dynamic processes. Headquartered in Houston, Texas, Powell operates nine subsidiaries and provides products and services to large industrial customers such as oil and gas producers, refineries, petrochemical plants, and the transit industry, as well as public and private utilities. -0-

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