$POWL
POWELL INDUSTRIES INC

2018 Q1 Form 10-Q Financial Statement

#000008042018000013 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $101.5M $104.7M
YoY Change -3.03% -31.27%
Cost Of Revenue $89.08M $88.86M
YoY Change 0.25% -27.27%
Gross Profit $12.42M $15.82M
YoY Change -21.5% -47.42%
Gross Profit Margin 12.24% 15.11%
Selling, General & Admin $16.07M $15.99M
YoY Change 0.49% -15.93%
% of Gross Profit 129.4% 101.09%
Research & Development $1.636M $1.623M
YoY Change 0.8% -17.15%
% of Gross Profit 13.17% 10.26%
Depreciation & Amortization $3.200M $3.100M
YoY Change 3.23% -8.82%
% of Gross Profit 25.76% 19.59%
Operating Expenses $17.71M $17.62M
YoY Change 0.52% -16.04%
Operating Profit -$5.332M -$2.723M
YoY Change 95.81% -147.23%
Interest Expense $51.00K $47.00K
YoY Change 8.51% -6.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $507.0K
YoY Change -100.0% 0.0%
Pretax Income -$5.090M -$2.174M
YoY Change 134.13% -134.54%
Income Tax -$1.760M -$1.345M
% Of Pretax Income
Net Earnings -$3.330M -$829.0K
YoY Change 301.69% -114.89%
Net Earnings / Revenue -3.28% -0.79%
Basic Earnings Per Share -$0.29 -$0.07
Diluted Earnings Per Share -$0.29 -$0.07
COMMON SHARES
Basic Shares Outstanding 11.51M shares 11.45M shares
Diluted Shares Outstanding 11.51M shares 11.45M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.20M $108.3M
YoY Change -36.1% 88.68%
Cash & Equivalents $48.24M $93.47M
Short-Term Investments $20.90M $14.90M
Other Short-Term Assets $274.0K $2.834M
YoY Change -90.33% -70.78%
Inventory $22.01M $20.36M
Prepaid Expenses $1.760M $2.723M
Receivables $68.07M $66.75M
Other Receivables $7.700M $4.100M
Total Short-Term Assets $235.9M $266.0M
YoY Change -11.31% -9.28%
LONG-TERM ASSETS
Property, Plant & Equipment $134.7M $139.4M
YoY Change -3.4% -7.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.59M $12.65M
YoY Change 7.37% 19.07%
Total Long-Term Assets $164.2M $154.0M
YoY Change 6.67% -8.12%
TOTAL ASSETS
Total Short-Term Assets $235.9M $266.0M
Total Long-Term Assets $164.2M $154.0M
Total Assets $400.1M $420.0M
YoY Change -4.72% -8.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.21M $27.67M
YoY Change 27.24% -35.4%
Accrued Expenses $14.30M $16.40M
YoY Change -12.8% -36.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $400.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $85.71M $83.91M
YoY Change 2.14% -28.71%
LONG-TERM LIABILITIES
Long-Term Debt $1.200M $1.600M
YoY Change -25.0% -20.0%
Other Long-Term Liabilities $1.238M $1.510M
YoY Change -18.01% 93.59%
Total Long-Term Liabilities $2.438M $3.110M
YoY Change -21.61% 11.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.71M $83.91M
Total Long-Term Liabilities $2.438M $3.110M
Total Liabilities $93.75M $92.01M
YoY Change 1.89% -27.95%
SHAREHOLDERS EQUITY
Retained Earnings $295.7M $324.9M
YoY Change -9.0% -0.79%
Common Stock $55.96M $53.43M
YoY Change 4.74% 5.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.00M $25.00M
YoY Change 0.0% 0.0%
Treasury Stock Shares 806.0K shares 806.0K shares
Shareholders Equity $306.4M $328.0M
YoY Change
Total Liabilities & Shareholders Equity $400.1M $420.0M
YoY Change -4.72% -8.86%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$3.330M -$829.0K
YoY Change 301.69% -114.89%
Depreciation, Depletion And Amortization $3.200M $3.100M
YoY Change 3.23% -8.82%
Cash From Operating Activities $3.500M $16.30M
YoY Change -78.53% 1381.82%
INVESTING ACTIVITIES
Capital Expenditures -$1.100M -$800.0K
YoY Change 37.5% 60.0%
Acquisitions
YoY Change
Other Investing Activities $1.500M $0.00
YoY Change
Cash From Investing Activities $400.0K -$800.0K
YoY Change -150.0% 60.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.000M -2.900M
YoY Change 3.45% -3.33%
NET CHANGE
Cash From Operating Activities 3.500M 16.30M
Cash From Investing Activities 400.0K -800.0K
Cash From Financing Activities -3.000M -2.900M
Net Change In Cash 900.0K 12.60M
YoY Change -92.86% -625.0%
FREE CASH FLOW
Cash From Operating Activities $3.500M $16.30M
Capital Expenditures -$1.100M -$800.0K
Free Cash Flow $4.600M $17.10M
YoY Change -73.1% 968.75%

Facts In Submission

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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-6732000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-6792000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-16576000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-3080000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
19670000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-10607000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
-829000 USD
us-gaap Net Income Loss
NetIncomeLoss
-1128000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-3330000 USD
us-gaap Net Income Loss
NetIncomeLoss
-8992000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-2723000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-4979000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5332000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-12723000 USD
CY2017Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5860000 USD
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5618000 USD
CY2017Q3 us-gaap Other Assets Current
OtherAssetsCurrent
463000 USD
CY2018Q1 us-gaap Other Assets Current
OtherAssetsCurrent
274000 USD
CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
13800000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
13586000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
886000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1725000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1275000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1589000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1197000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1238000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
507000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1015000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
0 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
507000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5934000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
5954000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
398000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
438000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1702000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2815000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
14874000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
20712000 USD
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3701000 USD
CY2018Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1760000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
0 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
26019000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
55000 USD
CY2016Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4639000 USD
CY2016Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4230000 USD
CY2017Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3649000 USD
CY2017Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
3174000 USD
CY2017Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2890000 USD
CY2018Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
2241000 USD
CY2017Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
944000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1669000 USD
CY2018Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
383000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
861000 USD
CY2017Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
349000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
719000 USD
CY2018Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
-261000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
-66000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
139420000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
134675000 USD
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
16000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-97000 USD
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
112000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
92000 USD
CY2017Q3 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
1304134000 USD
CY2018Q1 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
1301464000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
400000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
400000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1623000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3092000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1636000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3294000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
15104000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
22943000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
9747000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
7535000 USD
CY2017Q1 us-gaap Restructuring Charges
RestructuringCharges
840000 USD
us-gaap Restructuring Charges
RestructuringCharges
840000 USD
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
310598000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
295653000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15994000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
31692000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2067000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16073000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
32288000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1820000 USD
CY2017Q3 us-gaap Short Term Investments
ShortTermInvestments
26829000 USD
CY2018Q1 us-gaap Short Term Investments
ShortTermInvestments
20925000 USD
CY2017Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-14000 USD
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
40000 USD
CY2018Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
5000 USD
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
6000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
321296000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
306392000 USD
CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
806018 shares
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
806018 shares
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
24999000 USD
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
24999000 USD
CY2017Q3 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
25388000 USD
CY2018Q1 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
15286000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11445000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11441000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11509000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11503000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11445000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11441000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11509000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11503000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying footnotes. The most significant estimates used in our condensed consolidated financial statements affect revenue and cost recognition for construction contracts, the allowance for doubtful accounts, provision for excess and obsolete inventory, warranty accruals and income taxes. The amounts recorded for warranties, legal, income taxes, impairment of long-lived assets (when applicable) and other contingent liabilities require judgments regarding the amount of expenses that will ultimately be incurred. We base our estimates on historical experience and on various other assumptions, as well as the specific circumstances surrounding these contingent liabilities, in evaluating the amount of liability that should be recorded. Additionally, the recognition of deferred tax assets requires estimates related to future income and other assumptions regarding timing and future profitability. Estimates routinely change as new events occur, additional information becomes available or operating environments change. Actual results may differ from our prior estimates.</font></div></div>

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