$POWL
POWELL INDUSTRIES INC

2016 Q2 Form 10-Q Financial Statement

#000156459016022303 Filed on August 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q3 2015 Q2
Revenue $133.2M $162.3M $176.7M
YoY Change -24.62% -0.31% 17.18%
Cost Of Revenue $105.9M $132.4M $143.8M
YoY Change -26.34% -3.43% 18.64%
Gross Profit $27.29M $29.95M $32.94M
YoY Change -17.18% 16.32% 11.14%
Gross Profit Margin 20.48% 18.45% 18.64%
Selling, General & Admin $19.36M $18.50M $18.00M
YoY Change 7.57% -11.9% -21.74%
% of Gross Profit 70.96% 61.78% 54.64%
Research & Development $1.640M $1.900M $1.600M
YoY Change 2.5% 5.56% -10.66%
% of Gross Profit 6.01% 6.34% 4.86%
Depreciation & Amortization $3.400M $3.300M $3.400M
YoY Change 0.0% -10.81% 17.24%
% of Gross Profit 12.46% 11.02% 10.32%
Operating Expenses $21.00M $20.40M $19.80M
YoY Change 6.07% -10.92% 1005.53%
Operating Profit $5.547M $9.547M $13.14M
YoY Change -57.8% 235.45% -52.81%
Interest Expense $38.00K $0.00 $0.00
YoY Change
% of Operating Profit 0.69% 0.0% 0.0%
Other Income/Expense, Net $507.0K $500.0K $500.0K
YoY Change 1.4% 0.0% 0.0%
Pretax Income $6.058M $9.300M $12.23M
YoY Change -50.48% 181.82% 136.18%
Income Tax $1.164M $3.000M $5.185M
% Of Pretax Income 19.21% 32.26% 42.38%
Net Earnings $4.894M $6.312M $7.049M
YoY Change -30.57% 159.86% 139.19%
Net Earnings / Revenue 3.67% 3.89% 3.99%
Basic Earnings Per Share $0.43 $0.54 $0.60
Diluted Earnings Per Share $0.43 $0.54 $0.60
COMMON SHARES
Basic Shares Outstanding 11.40M shares 11.80M
Diluted Shares Outstanding 11.47M shares 11.85M

Balance Sheet

Concept 2016 Q2 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.40M $43.60M $63.40M
YoY Change 41.01% -57.71% -27.79%
Cash & Equivalents $89.35M $43.57M $63.40M
Short-Term Investments
Other Short-Term Assets $10.70M $3.916M $13.70M
YoY Change -21.9% -8.74% 176.38%
Inventory $108.2M $32.89M $134.3M
Prepaid Expenses $5.004M
Receivables $87.90M $101.8M $110.1M
Other Receivables $2.800M $1.200M $2.100M
Total Short-Term Assets $299.0M $297.1M $323.5M
YoY Change -7.57% -16.86% -3.26%
LONG-TERM ASSETS
Property, Plant & Equipment $147.8M $154.6M $162.3M
YoY Change -8.93% -1.47% 9.81%
Goodwill $1.003M $1.003M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.50M $12.40M $12.80M
YoY Change -10.16% 50.78% -30.43%
Total Long-Term Assets $161.4M $171.7M $179.9M
YoY Change -10.28% -6.73% 3.45%
TOTAL ASSETS
Total Short-Term Assets $299.0M $297.1M $323.5M
Total Long-Term Assets $161.4M $171.7M $179.9M
Total Assets $460.4M $468.8M $503.4M
YoY Change -8.54% -13.41% -0.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.93M $48.01M $54.30M
YoY Change -33.84% -31.62% 15.29%
Accrued Expenses $27.60M $24.20M $23.00M
YoY Change 20.0% -18.79% -15.13%
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 $116.4M $125.0M $146.4M
YoY Change -20.47% -20.94% 21.7%
LONG-TERM LIABILITIES
Long-Term Debt $2.000M $2.400M $2.400M
YoY Change -16.67% -14.29% -14.29%
Other Long-Term Liabilities $792.0K $723.0K $9.000M
YoY Change -91.2% 10.38% -10.89%
Total Long-Term Liabilities $2.792M $3.123M $11.40M
YoY Change -75.51% 376.79% -11.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $116.4M $125.0M $146.4M
Total Long-Term Liabilities $2.792M $3.123M $11.40M
Total Liabilities $125.8M $135.6M $157.8M
YoY Change -20.28% -20.4% 18.44%
SHAREHOLDERS EQUITY
Retained Earnings $329.4M
YoY Change
Common Stock $51.74M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $25.00M $21.26M $12.52M
YoY Change 99.62%
Treasury Stock Shares $806.0K $670.2K $363.0K
Shareholders Equity $334.6M $333.3M $345.6M
YoY Change
Total Liabilities & Shareholders Equity $460.4M $468.8M $503.4M
YoY Change -8.55% -13.42% -0.97%

Cashflow Statement

Concept 2016 Q2 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $4.894M $6.312M $7.049M
YoY Change -30.57% 159.86% 139.19%
Depreciation, Depletion And Amortization $3.400M $3.300M $3.400M
YoY Change 0.0% -10.81% 17.24%
Cash From Operating Activities $36.60M -$5.700M $22.70M
YoY Change 61.23% -124.05% -391.03%
INVESTING ACTIVITIES
Capital Expenditures -$900.0K -$500.0K -$5.500M
YoY Change -83.64% -90.38% 96.43%
Acquisitions
YoY Change
Other Investing Activities $100.0K $0.00 $100.0K
YoY Change 0.0%
Cash From Investing Activities -$800.0K -$400.0K -$5.600M
YoY Change -85.71% -92.31% 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.100M -12.10M -9.800M
YoY Change -68.37% 365.38% 226.67%
NET CHANGE
Cash From Operating Activities 36.60M -5.700M 22.70M
Cash From Investing Activities -800.0K -400.0K -5.600M
Cash From Financing Activities -3.100M -12.10M -9.800M
Net Change In Cash 32.70M -18.20M 7.300M
YoY Change 347.95% -214.47% -153.68%
FREE CASH FLOW
Cash From Operating Activities $36.60M -$5.700M $22.70M
Capital Expenditures -$900.0K -$500.0K -$5.500M
Free Cash Flow $37.50M -$5.200M $28.20M
YoY Change 32.98% -117.99% -664.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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powl Cash Received From Amended Supply Agreement
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accrued Liabilities
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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 (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. Headquartered in Houston, Texas, we serve the oil and gas refining, offshore oil and gas production, petrochemical, pipeline, terminal, mining and metals, light rail traction power, electric utility, pulp and paper and other industrial markets.<font style="margin-left:36pt;"></font></p></div>
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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 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 as of the date they were prepared. The most significant estimates used in our financial statements affect revenue and cost recognition for contracts, allowance for doubtful accounts, provision for excess and obsolete inventory, goodwill and intangible assets, self-insurance, warranty accruals, liquidated damages and income taxes. The amounts recorded in the condensed consolidated financial statements require judgments that could change in future periods and actual amounts may differ from those recorded in the condensed consolidated financial statements. We base our estimates on historical experience and on various other assumptions, as well as the specific circumstances surrounding contingent liabilities, in evaluating the amount of liability that should be recorded. Additionally, the recognition of deferred tax assets, and our determination of whether the value of our long-lived assets has been impaired, 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 conditions change. </p></div>
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EffectiveIncomeTaxRateContinuingOperations
0.19
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.42
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.08
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.77
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
powl Effective Income Tax Rate Reconciliation Change In Foreign Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInForeignValuationAllowance
-0.11
powl Effective Income Tax Rate Reconciliation Change In Foreign Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInForeignValuationAllowance
0.76
us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.12
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
0.01
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.02
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.05
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.02
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
800000
CY2015Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
9000000
CY2015Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4100000
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
600000
CY2016Q2 us-gaap Severance Costs1
SeveranceCosts1
400000
CY2016Q2 us-gaap Business Exit Costs1
BusinessExitCosts1
300000
CY2015Q2 us-gaap Business Exit Costs1
BusinessExitCosts1
800000
CY2015Q2 us-gaap Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
600000
CY2015Q4 us-gaap Restructuring Charges
RestructuringCharges
3800000
us-gaap Payments For Restructuring
PaymentsForRestructuring
5300000
CY2016Q2 powl Restructuring And Related Cost Expected Cost Payable In Next Fifteen Months
RestructuringAndRelatedCostExpectedCostPayableInNextFifteenMonths
2400000
us-gaap Severance Costs1
SeveranceCosts1
1900000
us-gaap Business Exit Costs1
BusinessExitCosts1
800000

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