$POWL
POWELL INDUSTRIES INC

2015 Q2 Form 10-Q Financial Statement

#000156459015006239 Filed on August 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q3 2014 Q2
Revenue $176.7M $162.8M $150.8M
YoY Change 17.18% -13.13% -16.0%
Cost Of Revenue $143.8M $137.1M $121.2M
YoY Change 18.64% 0.59% -10.29%
Gross Profit $32.94M $25.75M $29.64M
YoY Change 11.14% -35.56% -19.0%
Gross Profit Margin 18.64% 15.81% 19.66%
Selling, General & Admin $18.00M $21.00M $23.00M
YoY Change -21.74% 9.38% 16.16%
% of Gross Profit 54.64% 81.57% 77.59%
Research & Development $1.600M $1.800M $1.791M
YoY Change -10.66% -5.26% -14.71%
% of Gross Profit 4.86% 6.99% 6.04%
Depreciation & Amortization $3.400M $3.700M $2.900M
YoY Change 17.24% 54.17% 20.83%
% of Gross Profit 10.32% 14.37% 9.78%
Operating Expenses $19.80M $22.90M $1.791M
YoY Change 1005.53% 6.02% -92.0%
Operating Profit $13.14M $2.846M $27.85M
YoY Change -52.81% -84.49% 96.23%
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit 0.0% 0.0% 0.0%
Other Income/Expense, Net $500.0K $500.0K $500.0K
YoY Change 0.0%
Pretax Income $12.23M $3.300M $5.180M
YoY Change 136.18% -79.5% -58.56%
Income Tax $5.185M $800.0K $2.200M
% Of Pretax Income 42.38% 24.24% 42.47%
Net Earnings $7.049M $2.429M $2.947M
YoY Change 139.19% -86.92% -68.33%
Net Earnings / Revenue 3.99% 1.49% 1.95%
Basic Earnings Per Share $0.60 $0.20 $0.25
Diluted Earnings Per Share $0.60 $0.20 $0.24
COMMON SHARES
Basic Shares Outstanding 11.80M 12.02M
Diluted Shares Outstanding 11.85M 12.08M

Balance Sheet

Concept 2015 Q2 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.40M $103.1M $87.80M
YoY Change -27.79% -4.0% -29.7%
Cash & Equivalents $63.40M $103.1M $87.80M
Short-Term Investments
Other Short-Term Assets $13.70M $4.291M $4.957M
YoY Change 176.38% 552.13% -49.42%
Inventory $134.3M $32.82M $112.7M
Prepaid Expenses $5.870M $3.838M
Receivables $110.1M $107.2M $116.3M
Other Receivables $2.100M $2.800M $2.700M
Total Short-Term Assets $323.5M $357.3M $334.4M
YoY Change -3.26% 0.0% -5.62%
LONG-TERM ASSETS
Property, Plant & Equipment $162.3M $156.9M $147.8M
YoY Change 9.81% 8.58% 19.97%
Goodwill $1.003M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.80M $8.224M $18.40M
YoY Change -30.43% 12.77% 71.96%
Total Long-Term Assets $179.9M $184.1M $173.9M
YoY Change 3.45% 6.08% 18.38%
TOTAL ASSETS
Total Short-Term Assets $323.5M $357.3M $334.4M
Total Long-Term Assets $179.9M $184.1M $173.9M
Total Assets $503.4M $541.4M $508.3M
YoY Change -0.96% 1.99% 1.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.30M $70.21M $47.10M
YoY Change 15.29% 26.44% -12.45%
Accrued Expenses $23.00M $29.80M $27.10M
YoY Change -15.13% -4.18% -4.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $400.0K $400.0K
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $146.4M $158.1M $120.3M
YoY Change 21.7% -5.93% -25.09%
LONG-TERM LIABILITIES
Long-Term Debt $2.400M $2.800M $2.800M
YoY Change -14.29% -12.5% -12.5%
Other Long-Term Liabilities $9.000M $655.0K $10.10M
YoY Change -10.89% -10.27% 140.48%
Total Long-Term Liabilities $11.40M $655.0K $12.90M
YoY Change -11.63% -10.27% 74.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $146.4M $158.1M $120.3M
Total Long-Term Liabilities $11.40M $655.0K $12.90M
Total Liabilities $157.8M $170.3M $133.2M
YoY Change 18.44% -3.03% -20.74%
SHAREHOLDERS EQUITY
Retained Earnings $331.2M $331.8M
YoY Change 5.49%
Common Stock $46.27M $45.61M
YoY Change 7.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.52M
YoY Change
Treasury Stock Shares $363.0K $670.2K
Shareholders Equity $345.6M $371.1M $375.1M
YoY Change
Total Liabilities & Shareholders Equity $503.4M $541.4M $508.3M
YoY Change -0.97% 1.99% 1.43%

Cashflow Statement

Concept 2015 Q2 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income $7.049M $2.429M $2.947M
YoY Change 139.19% -86.92% -68.33%
Depreciation, Depletion And Amortization $3.400M $3.700M $2.900M
YoY Change 17.24% 54.17% 20.83%
Cash From Operating Activities $22.70M $23.70M -$7.800M
YoY Change -391.03% 777.78% -124.76%
INVESTING ACTIVITIES
Capital Expenditures -$5.500M -$5.200M -$2.800M
YoY Change 96.43% -74.88% -86.27%
Acquisitions
YoY Change
Other Investing Activities $100.0K $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$5.600M -$5.200M -$2.800M
YoY Change 100.0% -74.63% -86.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.800M -2.600M -3.000M
YoY Change 226.67% -1400.0%
NET CHANGE
Cash From Operating Activities 22.70M 23.70M -7.800M
Cash From Investing Activities -5.600M -5.200M -2.800M
Cash From Financing Activities -9.800M -2.600M -3.000M
Net Change In Cash 7.300M 15.90M -13.60M
YoY Change -153.68% -190.34% -222.52%
FREE CASH FLOW
Cash From Operating Activities $22.70M $23.70M -$7.800M
Capital Expenditures -$5.500M -$5.200M -$2.800M
Free Cash Flow $28.20M $28.90M -$5.000M
YoY Change -664.0% 23.5% -109.63%

Facts In Submission

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CY2015Q2 powl Increase Decrease Due To Foreign Currency Translation
IncreaseDecreaseDueToForeignCurrencyTranslation
14000
CY2014Q2 powl Increase Decrease Due To Foreign Currency Translation
IncreaseDecreaseDueToForeignCurrencyTranslation
5000
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
UseOfEstimates
<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 Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
59000
CY2013Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
572000
CY2015Q2 powl Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
-438000
CY2014Q2 powl Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
676000
powl Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
31000
powl Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
616000
CY2014Q3 us-gaap Billed Contract Receivables
BilledContractReceivables
715233000
CY2014Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1144000
CY2015Q2 us-gaap Inventory Raw Materials And Supplies
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40320000
CY2014Q3 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
35349000
CY2015Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
1029000
CY2014Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
2035000
CY2015Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
4997000
CY2014Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
4569000
CY2015Q2 powl Costs Incurred On Uncompleted Contracts
CostsIncurredOnUncompletedContracts
613304000
CY2014Q3 powl Costs Incurred On Uncompleted Contracts
CostsIncurredOnUncompletedContracts
604939000
CY2015Q2 powl Estimated Earnings
EstimatedEarnings
162292000
CY2014Q3 powl Estimated Earnings
EstimatedEarnings
157562000
CY2015Q2 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
775596000
CY2014Q3 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
762501000
CY2015Q2 us-gaap Billed Contract Receivables
BilledContractReceivables
735012000
CY2015Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
40584000
CY2014Q3 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
47268000
CY2015Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4375000
CY2014Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4833000
CY2015Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1033000
CY2014Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
884000
CY2015Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
766000
CY2014Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1023000
CY2015Q2 us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
81000
CY2014Q2 us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
61000
CY2014Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
4755000
CY2015Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
12885000
CY2015Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
11377000
CY2014Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
12885000
CY2014Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10981000
CY2014Q4 powl Cash Received From Amended Supply Agreement
CashReceivedFromAmendedSupplyAgreement
10000000
powl Cash Received From Amended Supply Agreement
CashReceivedFromAmendedSupplyAgreement
2300000
us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P4Y
CY2015Q2 us-gaap Long Term Debt
LongTermDebt
2800000
CY2014Q3 us-gaap Long Term Debt
LongTermDebt
3200000
us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
6700000
powl Loss Contingency Probable Loss In Period
LossContingencyProbableLossInPeriod
2000000
CY2015Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
800000
us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2015-12-31
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
362961
powl Stock Repurchased During Period Average Price Per Share
StockRepurchasedDuringPeriodAveragePricePerShare
34.50
CY2015Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
334000
CY2015Q2 powl Deferred Compensation Plan Assets Fair Value Disclosure
DeferredCompensationPlanAssetsFairValueDisclosure
5116000
CY2015Q2 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
4791000
CY2014Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
10535000
CY2014Q3 powl Deferred Compensation Plan Assets Fair Value Disclosure
DeferredCompensationPlanAssetsFairValueDisclosure
3526000
CY2014Q3 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
3688000
powl Amount Of Transfers Between Fair Value Measurement Levels
AmountOfTransfersBetweenFairValueMeasurementLevels
0
CY2014Q1 us-gaap Disposal Group Including Discontinued Operation Consideration
DisposalGroupIncludingDiscontinuedOperationConsideration
16000000
CY2014Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
14400000
CY2014Q1 us-gaap Escrow Deposit
EscrowDeposit
1600000
us-gaap Discontinued Operation Tax Effect Of Income Loss From Disposal Of Discontinued Operation
DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation
5218000
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.424
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.431
us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
1041000
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
633000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.76
us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
-0.34
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.02
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.02
us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities
-0.02
us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities
-0.01
us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.01
CY2015Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
34000000
powl Operating Loss Carryforwards Expiration Period
OperatingLossCarryforwardsExpirationPeriod
P20Y
powl Operating Losses Carry Forward Expiration Year
OperatingLossesCarryForwardExpirationYear
2031
CY2015Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
9000000
CY2015Q2 us-gaap Business Exit Costs1
BusinessExitCosts1
800000
CY2015Q2 us-gaap Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
600000
us-gaap Business Exit Costs1
BusinessExitCosts1
800000
us-gaap Severance Costs1
SeveranceCosts1
1900000
us-gaap Payments For Restructuring
PaymentsForRestructuring
1400000

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