$POWL
POWELL INDUSTRIES INC

2015 Q1 Form 10-Q Financial Statement

#000156459015003392 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $170.2M $162.3M
YoY Change 4.87% 5.45%
Cost Of Revenue $145.9M $127.4M
YoY Change 14.52% 9.36%
Gross Profit $24.30M $34.93M
YoY Change -30.43% 18.23%
Gross Profit Margin 14.28% 21.52%
Selling, General & Admin $19.50M $22.09M
YoY Change -11.72% 5.24%
% of Gross Profit 80.24% 63.24%
Research & Development $1.600M $2.157M
YoY Change -25.82% 16.59%
% of Gross Profit 6.58% 6.18%
Depreciation & Amortization $3.400M $2.600M
YoY Change 30.77% 13.04%
% of Gross Profit 13.99% 7.44%
Operating Expenses $21.20M $24.25M
YoY Change -12.56% 6.16%
Operating Profit $3.101M $10.56M
YoY Change -70.64% 67.89%
Interest Expense $100.0K $41.00K
YoY Change 143.9% -4.65%
% of Operating Profit 3.22% 0.39%
Other Income/Expense, Net $900.0K $507.0K
YoY Change 77.51% -70.33%
Pretax Income $2.700M $11.03M
YoY Change -75.52% 38.6%
Income Tax $6.400M $4.055M
% Of Pretax Income 237.04% 36.76%
Net Earnings -$3.683M $15.59M
YoY Change -123.62% 128.7%
Net Earnings / Revenue -2.16% 9.61%
Basic Earnings Per Share -$0.31 $1.30
Diluted Earnings Per Share -$0.31 $1.29
COMMON SHARES
Basic Shares Outstanding 12.02M 12.00M
Diluted Shares Outstanding 12.02M 12.06M

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.70M $101.4M
YoY Change -45.07% -11.13%
Cash & Equivalents $55.67M $101.4M
Short-Term Investments
Other Short-Term Assets $12.90M $14.00M
YoY Change -7.86% 26.13%
Inventory $132.4M $29.43M
Prepaid Expenses
Receivables $121.4M $114.9M
Other Receivables $3.500M $2.600M
Total Short-Term Assets $325.9M $341.9M
YoY Change -4.69% -0.48%
LONG-TERM ASSETS
Property, Plant & Equipment $161.8M $145.1M
YoY Change 11.54% 36.97%
Goodwill $1.003M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.80M $9.605M
YoY Change 43.68% -8.52%
Total Long-Term Assets $180.5M $173.2M
YoY Change 4.24% 33.4%
TOTAL ASSETS
Total Short-Term Assets $325.9M $341.9M
Total Long-Term Assets $180.5M $173.2M
Total Assets $506.4M $515.1M
YoY Change -1.69% 8.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.30M $49.86M
YoY Change 6.91% -2.44%
Accrued Expenses $23.80M $24.90M
YoY Change -4.42% 1.63%
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% -20.0%
Total Short-Term Liabilities $149.3M $130.2M
YoY Change 14.63% -7.83%
LONG-TERM LIABILITIES
Long-Term Debt $2.400M $2.800M
YoY Change -14.29% -12.5%
Other Long-Term Liabilities $9.700M
YoY Change
Total Long-Term Liabilities $12.10M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $149.3M $130.2M
Total Long-Term Liabilities $12.10M $0.00
Total Liabilities $161.3M $130.2M
YoY Change 23.85% -12.47%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $345.0M $371.5M
YoY Change
Total Liabilities & Shareholders Equity $506.4M $515.1M
YoY Change -1.69% 8.81%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$3.683M $15.59M
YoY Change -123.62% 128.7%
Depreciation, Depletion And Amortization $3.400M $2.600M
YoY Change 30.77% 13.04%
Cash From Operating Activities $18.60M -$12.10M
YoY Change -253.72% -133.61%
INVESTING ACTIVITIES
Capital Expenditures -$9.700M -$2.700M
YoY Change 259.26% -86.43%
Acquisitions
YoY Change
Other Investing Activities $0.00 $14.90M
YoY Change -100.0% 2383.33%
Cash From Investing Activities -$9.700M $12.20M
YoY Change -179.51% -163.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.000M -3.000M
YoY Change 200.0%
NET CHANGE
Cash From Operating Activities 18.60M -12.10M
Cash From Investing Activities -9.700M 12.20M
Cash From Financing Activities -9.000M -3.000M
Net Change In Cash -100.0K -2.900M
YoY Change -96.55% -117.26%
FREE CASH FLOW
Cash From Operating Activities $18.60M -$12.10M
Capital Expenditures -$9.700M -$2.700M
Free Cash Flow $28.30M -$9.400M
YoY Change -401.06% -116.82%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.72
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2014Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2014Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2015Q1 us-gaap Earnings Per Share Diluted
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CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q1 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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CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
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us-gaap Common Stock Dividends Per Share Declared
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CY2015Q1 us-gaap Comprehensive Income Net Of Tax
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us-gaap Stock Issued During Period Value Share Based Compensation
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us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Dividends Common Stock Cash
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powl Provision For Recovery Of Doubtful Accounts
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powl Provision For Recovery Of Doubtful Accounts
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us-gaap Gain Loss On Disposition Of Intangible Assets
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powl Cash Received From Amended Supply Agreement
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powl Cash Received From Amended Supply Agreement
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Unbilled Receivables
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us-gaap Increase Decrease In Unbilled Receivables
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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powl Increase Decrease In Accounts Payable And Income Taxes Payable
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powl Increase Decrease In Accounts Payable And Income Taxes Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Other Operating Capital Net
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us-gaap Increase Decrease In Other Operating Capital Net
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments Of Dividends Common Stock
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powl Payments On Short Term And Other Financing
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Cash And Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Cash And Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2015Q1 us-gaap Restructuring And Related Cost Expected Cost Remaining1
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us-gaap Nature Of Operations
NatureOfOperations
<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 (UK) Limited; Powell Canada Inc. and Powell Industries International, B.V.</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 equipment and systems for the distribution, control and monitoring of electrical energy designed to (1) distribute, monitor and control the flow of electrical energy and (2)&#160;provide protection to motors, transformers and other electrically powered equipment. Headquartered in Houston, Texas, we serve the transportation, energy, industrial and utility industries.<font style="margin-left:36pt;"></font></p></div>
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. Additionally, the recognition of deferred tax assets requires estimates related to future income and other assumptions regarding timing and future profitability.&nbsp;&nbsp;Estimates may change as new events occur, additional information becomes available or operating environments change. Actual results may differ from our estimates. </p></div>
us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2014Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2013Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2015Q1 powl Provision For Recovery Of Doubtful Accounts
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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powl Increase Decrease Due To Foreign Currency Translation
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powl Increase Decrease Due To Foreign Currency Translation
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CY2014Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2015Q1 us-gaap Inventory Raw Materials And Supplies
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CY2014Q3 us-gaap Inventory Raw Materials And Supplies
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CY2015Q1 us-gaap Inventory Work In Process
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CY2015Q1 us-gaap Inventory Valuation Reserves
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CY2014Q3 us-gaap Inventory Valuation Reserves
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CY2015Q1 powl Costs Incurred On Uncompleted Contracts
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CY2014Q3 powl Costs Incurred On Uncompleted Contracts
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CY2015Q1 powl Estimated Earnings
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CY2014Q3 powl Estimated Earnings
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CY2015Q1 us-gaap Receivables Long Term Contracts Or Programs
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CY2014Q3 us-gaap Receivables Long Term Contracts Or Programs
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us-gaap Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Currency Translation Increase Decrease
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CY2014Q4 powl Cash Received From Amended Supply Agreement
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CY2015Q1 us-gaap Long Term Debt
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CY2014Q3 us-gaap Long Term Debt
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us-gaap Stock Repurchase Program Expiration Date
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us-gaap Treasury Stock Shares Acquired
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powl Amount Of Transfers Between Fair Value Measurement Levels
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CY2014Q1 us-gaap Escrow Deposit
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CY2014Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
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us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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CY2015Q1 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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-0.02
us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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-0.01
us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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0.01
CY2015Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2015Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2015Q1 us-gaap Operating Loss Carryforwards
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32000000
powl Operating Loss Carryforwards Expiration Period
OperatingLossCarryforwardsExpirationPeriod
P20Y
powl Operating Losses Carry Forward Expiration Year
OperatingLossesCarryForwardExpirationYear
2031

Files In Submission

Name View Source Status
0001564590-15-003392-index-headers.html Edgar Link pending
0001564590-15-003392-index.html Edgar Link pending
0001564590-15-003392.txt Edgar Link pending
0001564590-15-003392-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
powl-10q_20150331.htm Edgar Link pending
powl-20150331.xml Edgar Link completed
powl-20150331.xsd Edgar Link pending
powl-20150331_cal.xml Edgar Link unprocessable
powl-20150331_def.xml Edgar Link unprocessable
powl-20150331_lab.xml Edgar Link unprocessable
powl-20150331_pre.xml Edgar Link unprocessable
powl-ex101_20150331597.htm Edgar Link pending
powl-ex311_20150331410.htm Edgar Link pending
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