$POWL
POWELL INDUSTRIES INC

2014 Q2 Form 10-Q Financial Statement

#000156459014003175 Filed on August 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $150.8M $179.5M
YoY Change -16.0% -7.51%
Cost Of Revenue $121.2M $135.1M
YoY Change -10.29% -10.11%
Gross Profit $29.64M $36.59M
YoY Change -19.0% -16.54%
Gross Profit Margin 19.66% 20.38%
Selling, General & Admin $23.00M $19.80M
YoY Change 16.16% -20.16%
% of Gross Profit 77.59% 54.11%
Research & Development $1.791M $2.100M
YoY Change -14.71%
% of Gross Profit 6.04% 5.74%
Depreciation & Amortization $2.900M $2.400M
YoY Change 20.83% -29.41%
% of Gross Profit 9.78% 6.56%
Operating Expenses $1.791M $22.40M
YoY Change -92.0% -12.16%
Operating Profit $27.85M $14.19M
YoY Change 96.23% -22.62%
Interest Expense $0.00 $0.00
YoY Change
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net $500.0K
YoY Change
Pretax Income $5.180M $12.50M
YoY Change -58.56% -31.69%
Income Tax $2.200M $3.000M
% Of Pretax Income 42.47% 24.0%
Net Earnings $2.947M $9.305M
YoY Change -68.33% -23.34%
Net Earnings / Revenue 1.95% 5.18%
Basic Earnings Per Share $0.25 $0.78
Diluted Earnings Per Share $0.24 $0.78
COMMON SHARES
Basic Shares Outstanding 12.02M 11.94M
Diluted Shares Outstanding 12.08M 12.02M

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $87.80M $124.9M
YoY Change -29.7% 16.95%
Cash & Equivalents $87.80M $124.9M
Short-Term Investments
Other Short-Term Assets $4.957M $9.800M
YoY Change -49.42% 24.05%
Inventory $112.7M $104.5M
Prepaid Expenses $3.838M
Receivables $116.3M $111.5M
Other Receivables $2.700M $3.600M
Total Short-Term Assets $334.4M $354.3M
YoY Change -5.62% 1.34%
LONG-TERM ASSETS
Property, Plant & Equipment $147.8M $123.2M
YoY Change 19.97% 59.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.40M $10.70M
YoY Change 71.96% 35.44%
Total Long-Term Assets $173.9M $146.9M
YoY Change 18.38% 47.05%
TOTAL ASSETS
Total Short-Term Assets $334.4M $354.3M
Total Long-Term Assets $173.9M $146.9M
Total Assets $508.3M $501.2M
YoY Change 1.42% 11.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.10M $53.80M
YoY Change -12.45% -1.82%
Accrued Expenses $27.10M $28.30M
YoY Change -4.24% -0.7%
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% -50.0%
Total Short-Term Liabilities $120.3M $160.6M
YoY Change -25.09% 10.3%
LONG-TERM LIABILITIES
Long-Term Debt $2.800M $3.200M
YoY Change -12.5% -11.11%
Other Long-Term Liabilities $10.10M $4.200M
YoY Change 140.48% 7.69%
Total Long-Term Liabilities $12.90M $7.400M
YoY Change 74.32% -1.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $120.3M $160.6M
Total Long-Term Liabilities $12.90M $7.400M
Total Liabilities $133.2M $168.1M
YoY Change -20.74% 9.73%
SHAREHOLDERS EQUITY
Retained Earnings $331.8M
YoY Change
Common Stock $45.61M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $375.1M $333.1M
YoY Change
Total Liabilities & Shareholders Equity $508.3M $501.2M
YoY Change 1.43% 11.5%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $2.947M $9.305M
YoY Change -68.33% -23.34%
Depreciation, Depletion And Amortization $2.900M $2.400M
YoY Change 20.83% -29.41%
Cash From Operating Activities -$7.800M $31.50M
YoY Change -124.76% -286.39%
INVESTING ACTIVITIES
Capital Expenditures -$2.800M -$20.40M
YoY Change -86.27% 209.09%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K
YoY Change -100.0% -50.0%
Cash From Investing Activities -$2.800M -$20.40M
YoY Change -86.27% 213.85%
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 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -7.800M 31.50M
Cash From Investing Activities -2.800M -20.40M
Cash From Financing Activities -3.000M 0.000
Net Change In Cash -13.60M 11.10M
YoY Change -222.52% -151.39%
FREE CASH FLOW
Cash From Operating Activities -$7.800M $31.50M
Capital Expenditures -$2.800M -$20.40M
Free Cash Flow -$5.000M $51.90M
YoY Change -109.63% -603.88%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q2 us-gaap Prepaid Expense Current
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CY2014Q2 us-gaap Other Assets Current
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CY2014Q2 us-gaap Common Stock Shares Authorized
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CY2014Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2014Q2 us-gaap Liabilities And Stockholders Equity
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CY2014Q2 us-gaap Common Stock Shares Issued
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us-gaap Restructuring Charges
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us-gaap Operating Income Loss
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CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2014Q2 us-gaap Preferred Stock Shares Authorized
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CY2014Q2 us-gaap Preferred Stock Shares Issued
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CY2014Q2 us-gaap Common Stock Par Or Stated Value Per Share
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CY2014Q2 us-gaap Common Stock Shares Outstanding
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CY2014Q2 us-gaap Earnings Per Share Basic
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CY2013Q2 us-gaap Earnings Per Share Basic
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CY2014Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2013Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2014Q2 us-gaap Earnings Per Share Diluted
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CY2014Q2 us-gaap Liabilities
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CY2014Q2 us-gaap Commitments And Contingencies
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2013Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Common Stock Dividends Per Share Declared
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CY2014Q2 us-gaap Common Stock Dividends Per Share Declared
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us-gaap Stock Issued During Period Value Share Based Compensation
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us-gaap Dividends Common Stock Cash
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us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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us-gaap Depreciation
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us-gaap Depreciation
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us-gaap Adjustment For Amortization
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us-gaap Adjustment For Amortization
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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us-gaap Net Cash Provided By Used In Investing Activities
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powl Payments On Industrial Development Revenue Bonds
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powl Payments On Industrial Development Revenue Bonds
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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us-gaap Payments Of Dividends
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Nature Of Operations
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<div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Overview</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Powell Industries, Inc. (we, us, our, Powell or the Company) was incorporated in the state of Delaware in 2004 as a successor to a Nevada company incorporated in 1968. The Nevada corporation was the successor to a company founded by William E. Powell in 1947, which merged into the Company in 1977. Our major subsidiaries, all of which are wholly-owned, include: Powell Electrical Systems, Inc.; Powell Industries International, B.V.; Powell (UK) Limited (formerly Switchgear&#160;&amp; Instrumentation Limited) and Powell Canada Inc.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We develop, design, manufacture and service custom engineered-to-order equipment and systems for the management and control of electrical energy. Headquartered in Houston, Texas, we serve the transportation, energy, industrial and utility industries.</p></div>
CY2014Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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us-gaap Use Of Estimates
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<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying footnotes. The most significant estimates used in our financial statements affect revenue and cost recognition for construction contracts, the allowance for doubtful accounts, provision for excess and obsolete inventory, goodwill and other intangible assets, self-insurance, warranty accruals and income taxes. The amounts recorded for insurance claims, warranties, legal, income taxes 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. Estimates may change as new events occur, additional information becomes available or operating environments change. Actual results may differ from our estimates. </p></div>
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2013Q3 powl Costs Incurred On Uncompleted Contracts
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CY2014Q2 powl Estimated Earnings
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CY2013Q3 powl Estimated Earnings
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us-gaap Discontinued Operation Tax Effect Of Income Loss From Disposal Of Discontinued Operation
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CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Net
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentNet
93000
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Other Noncurrent Assets
DisposalGroupIncludingDiscontinuedOperationOtherNoncurrentAssets
51000
CY2013Q3 us-gaap Disposal Group Including Discontinued Operation Accounts Payable
DisposalGroupIncludingDiscontinuedOperationAccountsPayable
2973000
CY2013Q3 powl Disposal Group Including Discontinued Operation Accrued Salaries Bonuses And Commissions
DisposalGroupIncludingDiscontinuedOperationAccruedSalariesBonusesAndCommissions
1675000
CY2013Q3 powl Disposal Group Including Discontinued Operation Billings In Excess Of Cost
DisposalGroupIncludingDiscontinuedOperationBillingsInExcessOfCost
11867000
CY2013Q3 powl Disposal Group Including Discontinued Operation Other Accrued Expenses And Liabilities
DisposalGroupIncludingDiscontinuedOperationOtherAccruedExpensesAndLiabilities
1333000
CY2013Q3 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
17848000
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.431
CY2013Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.248
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.373
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265

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