UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON D.C. 20549

                                    FORM 10-Q

(Mark one)
[X]   Quarterly Report pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934 for the quarterly period ended January 31,April 30, 1995
                                       or
[ ]   Transition Report pursuant to Section 13 or 15(d) of the Securities
      Exchange Act of 1934 for the transition period from
      _____________________________________________ to _____________________________________________

                          COMMISSION FILE NUMBER 0-6050

                             POWELL INDUSTRIES, INC.
             (Exact name of registrant as specified in its charter)

                  NEVADA                                88-0106100
     (State or other jurisdiction of                (I.R.S. Employer
      incorporation or organization)               Identification No.)

     8550 MOSLEY DRIVE, HOUSTON, TEXAS                  77075-1180
 (Address of principal executive offices)               (Zip Code)

Registrant's telephone number, including area code (713) 944-6900

      Indicate by "X" whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                              Yes /X/[X]   No / /[ ]

Common Stock, par value $.01 per share; 10,517,70410,542,704 shares outstanding on January 31,April
30, 1995.

                             POWELL INDUSTRIES, INC.

PART I - Financial Information

         Item 1.  Financial Statements ........................................................     3 - 78

         Item 2.  Management's Discussion and Analysis of
                     Financial Condition and Quarterly
                     Results of Operations .......................     8 - 9.........................     10

PART II - Other Information and Signatures ......................     10.........................     11 - 12

                                       2

                    Powell Industries, Inc. and Subsidiaries
                           Consolidated Balance Sheets
                        (In Thousands, Except Share Data)
January 31,     October 31,
Assets                                                   1995           1994
                                                      ---------       ---------
Current Assets:                                      (unaudited)
  Cash and cash equivalents ....................      $   2,732       $   7,598
  Accounts receivable, less allowance for
    doubtful accounts of $1,071 and $1,061,
    respectively ...............................         36,709          33,976
  Costs and estimated earnings in excess
    of billings ................................          8,973           7,338
  Inventories ..................................         17,478          14,899
  Deferred income taxes ........................          2,019           2,134
  Prepaid expenses and other current assets ....          1,845           1,327
                                                      ---------       ---------
    Total Current Assets .......................         69,756          67,272
Property, plant and equipment, net .............         15,585          15,659
Deferred income taxes, noncurrent ..............          1,524           1,390
Other assets ...................................          6,290           6,423
                                                      ---------       ---------
    Total Assets ...............................      $  93,155       $  90,744
                                                      =========       =========

Liabilities and Stockholders' Equity

Current Liabilities:
  Accounts and income taxes payable ............      $  10,513       $   9,217
  Accrued salaries, bonuses and commissions ....          3,344           4,612
  Accrued product warranty .....................          3,524           3,679
  Other accrued expenses .......................          3,968           5,372
  Billings in excess of costs and estimated
    earnings ...................................          5,312           2,350
  Notes payable and current maturities of
    long-term debt .............................          2,813           2,813
                                                      ---------       ---------
    Total Current Liabilities ..................         29,474          28,043
Long-term debt .................................          6,563           6,563
Deferred compensation expense ..................          1,951           1,887
Postretirement benefits liability ..............          2,571           2,595

Stockholders' Equity:
  Preferred stock, 5,000,000 shares
    authorized; none issued
  Common stock, par value $.01 a share;
    15,000,000 shares authorized; 10,517,704
    and 10,492,704 shares issued and
    outstanding ................................            105             105
  Additional paid-in capital ...................          4,906           4,906
  Retained earnings ............................         51,290          50,485
  Deferred compensation-ESOP ...................         (3,705)         (3,840)
                                                      ---------       ---------
    Total Stockholders' Equity .................         52,596          51,656
                                                      ---------       ---------
    Total Liabilities and Stockholders' Equity .      $  93,155       $  90,744
                                                      =========       =========
APRIL 30, OCTOBER 31, Assets 1995 1994 (UNAUDITED) ----------- ----------- Current Assets: Cash and cash equivalents .................................................................... $ 1,238 $ 7,598 Accounts receivable, less allowance for doubtful accounts of $851 and $1,061, respectively .......................................................... 36,544 33,976 Costs and estimated earnings in excess of billings ........................................... 11,074 7,338 Inventories .................................................................................. 19,301 14,899 Deferred income taxes ........................................................................ 2,421 2,134 Prepaid expenses and other current assets .................................................... 1,982 1,327 -------- -------- Total Current Assets ....................................................................... 72,560 67,272 Property, plant and equipment, net ............................................................. 16,017 15,659 Deferred income taxes, noncurrent .............................................................. 1,518 1,390 Other assets ................................................................................... 5,771 6,423 -------- -------- Total Assets ............................................................................... $ 95,866 $ 90,744 ======== ======== Liabilities and Stockholders' Equity Current Liabilities: Accounts and income taxes payable ............................................................ $ 11,917 $ 9,217 Accrued salaries, bonuses and commissions .................................................... 3,713 4,612 Accrued product warranty ..................................................................... 3,119 3,679 Other accrued expenses ....................................................................... 4,242 5,372 Billings in excess of costs and estimated earnings ........................................... 4,647 2,350 Current maturities of long-term debt ......................................................... 2,813 2,813 -------- -------- Total Current Liabilities .................................................................. 30,451 28,043 Long-term debt ................................................................................. 6,563 6,563 Deferred compensation expense .................................................................. 1,951 1,887 Postretirement benefits liability .............................................................. 2,547 2,595 Stockholders' Equity: Preferred stock, $.01 par value; 5,000,000 shares authorized; none issued Common stock, $.01 par value; 15,000,000 shares authorized; 10,542,704 and 10,517,704, respectively, shares issued and outstanding .................................... 105 105 Additional paid-in capital ................................................................... 5,062 4,906 Retained earnings ............................................................................ 52,746 50,485 Deferred compensation-ESOP ................................................................... (3,559) (3,840) -------- -------- Total Stockholders' Equity ................................................................. 54,354 51,656 -------- -------- Total Liabilities and Stockholders' Equity ................................................. $ 95,866 $ 90,744 ======== ========
The accompanying notes are an integral part of these consolidated financial statements. 3 Powell Industries, Inc. and Subsidiaries Consolidated Statements of Operations (unaudited) (In Thousands, Except Per Share Data) Three Months Ended January 31, -------------------------- 1995 1994 ---------- ---------- Revenues ....................................... $36,589 $34,342 Cost of goods sold ............................. 28,998 26,993 ---------- ---------- Gross profit ................................... 7,591 7,349 Selling, general and administrative expenses ... 6,337 6,269 ---------- ---------- Earnings from operations ....................... 1,254 1,080 Interest, net .................................. 122 203 ---------- ---------- Net earnings before income taxes ............... 1,132 877 Income tax provision ........................... 329 249 ---------- ---------- Net earnings ................................... $803 $628 ========== ========== ---------- ---------- Net earnings per common share .................. $0.08 $0.06 ========== ========== Weighted average number of common shares outstanding ........................... 10,517,704 10,492,704 ========== ==========
THREE MONTHS ENDED APRIL 30, ------------------------------------ 1995 1994 ----------- ----------- Revenues ......................................................................... $ 41,398 $ 39,378 Cost of goods sold ............................................................... 32,459 30,571 ----------- ----------- Gross profit ..................................................................... 8,939 8,807 Selling, general and administrative expenses ..................................... 6,616 6,690 ----------- ----------- Earnings from operations ......................................................... 2,323 2,117 Interest, net .................................................................... 145 179 ----------- ----------- Earnings before income taxes ..................................................... 2,178 1,938 Income tax provision ............................................................. 720 644 ----------- ----------- Net earnings ..................................................................... 1,458 1,294 =========== =========== Net earnings per common share .................................................... $ 0.14 $ 0.12 =========== =========== Weighted average number of common shares outstanding ............................. 10,534,371 10,509,371 =========== ===========
The accompanying notes are an integral part of these consolidated financial statements. 4 Powell Industries, Inc. and Subsidiaries Consolidated Statements of Cash FlowsOperations (unaudited) (In Thousands) Three Months Ended January 31, ---------------------- 1995 1994 ------- -------- Operating Activities: Net earnings .................................... $ 803 $ 628 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization ................. 851 821 Deferred income taxes ......................... (19) (732) Postretirement benefit liability .............. (24) 412 Changes in operating assets and liabilities: Accounts receivable ......................... (2,733) (1,907) Costs and estimated earnings in excess of billings ................................... (1,635) 2,751 Inventories ................................. (2,579) (2,343) Prepaid expenses and other current assets ... (518) (659) Other assets ................................ (12) 137 Accounts and income taxes payable ........... 1,296 (1,845) Accrued liabilities ......................... (2,626) (521) Billings in excess of costs and estimated earnings ................................... 2,962 (512) ------- -------- Net cash used in operating activities ............. (4,234) (3,770) ------- -------- Investing Activities: Purchases of property, plant, and equipment ..... (632) (546) Acquisition of Transdyn Controls, Inc. .......... -- (1,539) ------- -------- Net cash used in investing activities ............. (632) (2,085) ------- -------- Net decrease in cash and cash equivalents ......... (4,866) (5,855) Cash and cash equivalents at beginning of period .. 7,598 13,118 ------- -------- Cash and cash equivalents at end of period ........ $ 2,732 $ 7,263 ======= ========Thousands, Except Per Share Data)
SIX MONTHS ENDED APRIL 30, ------------------------------------ 1995 1994 ----------- ----------- Revenues ......................................................................... $ 77,987 $ 73,720 Cost of goods sold ............................................................... 61,457 57,564 ----------- ----------- Gross profit ..................................................................... 16,530 16,156 Selling, general and administrative expenses ..................................... 12,952 12,958 ----------- ----------- Earnings from operations ......................................................... 3,578 3,198 Interest, net .................................................................... 268 382 ----------- ----------- Earnings before income taxes ..................................................... 3,310 2,816 Income tax provision ............................................................. 1,049 894 ----------- ----------- Net earnings ..................................................................... $ 2,261 $ 1,922 =========== =========== ----------- ----------- Net earnings per common share .................................................... $ 0.21 $ 0.18 =========== =========== Weighted average number of common shares outstanding ............................. 10,526,037 10,501,037 =========== ===========
The accompanying notes are an integral part of these consolidated financial statements. 5 Powell Industries, Inc. and Subsidiaries Consolidated Statements of Cash Flows (unaudited) (In Thousands)
SIX MONTHS ENDED APRIL 30, --------------------------- 1995 1994 -------- -------- Operating Activities: Net earnings ............................................................................... $ 2,261 $ 1,922 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization ............................................................ 1,710 1,647 Deferred income taxes .................................................................... (415) (824) Postretirement benefit liability ......................................................... (48) 424 Changes in operating assets and liabilities: Accounts receivable .................................................................... (2,568) (5,568) Costs and estimated earnings in excess of billings ..................................... (3,736) 3,933 Inventories ............................................................................ (4,402) (3,722) Prepaid expenses and other current assets .............................................. (655) (933) Other assets ........................................................................... (168) (360) Accounts payable and income taxes payable .............................................. 2,700 (2,460) Accrued liabilities .................................................................... (2,589) 984 Billings in excess of costs and estimated earnings ..................................... 2,297 (107) Other long-term liabilities ............................................................ 345 140 -------- -------- Net cash used in operating activities ........................................................ (5,268) (4,924) -------- -------- Investing Activities: Purchases of property, plant, and equipment ................................................ (1,248) (975) Acquisition of Transdyn Controls, Inc. ..................................................... -- (1,539) -------- -------- Net cash used in investing activities ........................................................ (1,248) (2,514) -------- -------- Financing Activities: Payments of long-term debt ................................................................. -- (519) Exercise of stock grants ................................................................... 156 178 -------- -------- Net cash provided by (used in) financing activities .......................................... 156 (341) -------- -------- Net decrease in cash and cash equivalents .................................................... (6,360) (7,779) Cash and cash equivalents at beginning of period ............................................. 7,598 13,118 -------- -------- Cash and cash equivalents at end of period ................................................... $ 1,238 $ 5,339 ======== ========
The accompanying notes are an integral part of these consolidated financial statements. 6 Part I Item 1 POWELL INDUSTRIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS A. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, in the opinion of management, reflect all adjustments which are of a normal recurring nature necessary for a fair presentation of financial position, results of operations and statements of cash flows. Certain reclassifications of prior year amounts were made to conform toIt is suggested that these financial statements be read in conjunction with the classifications usedfinancial statements and notes thereto included in fiscal 1995.the Company's latest annual report. B. INVENTORY January 31, October 31, 1995 1994 (unaudited) ------- ------- The components of inventory are summarized below (in thousands): Raw materials and subassemblies .............. $10,719 $ 9,392 Work-in-process .............................. 6,759 5,507 ------- ------- Total inventories ............................ $17,478
APRIL 30, OCTOBER 31, 1995 1994 (UNAUDITED) ----------- ----------- The components of inventory are summarized below (in thousands): Raw materials and subassemblies ............................................ $13,872 $ 9,392 Work-in-process ............................................................ 5,429 5,507 ------- ------- Total inventories .......................................................... $19,301 $14,899 ======= =======
C. PROPERTY, PLANT AND EQUIPMENT January 31, October
APRIL 30, OCTOBER 31, 1995 1994 (UNAUDITED) ------------ ----------- Property, plant and equipment is summarized below (in thousands): Land ........................................................................... $ 2,514 $ 2,514 Buildings and improvements ..................................................... 14,372 14,282 Machinery and equipment ........................................................ 22,533 21,863 Furniture & fixtures ........................................................... 3,756 3,076 Construction in progress ....................................................... 597 247 -------- -------- 43,772 41,982 Less-accumulated depreciation .................................................. (27,755) (26,323) -------- -------- Total property, plant and equipment, net ....................................... $ 16,017 $ 15,659 ======== ========
7 Part I Item 1 D. Other Financial Information (unaudited) ------- ------- Property, plant and equipment is summarized below (in thousands): Land ............................................. $ 2,514 $ 2,514 Buildings and improvements ....................... 14,329 14,282 Machinery and equipment .......................... 22,159 21,863 Furniture & fixtures ............................. 3,053 3,076 Construction in process .......................... 482 247 ------- ------- 42,537 41,982 Less-accumulated depreciation .................... 26,952 26,323 ------- ------- Total property, plant and equipment, net ......... $15,585 $15,659 ======= ======= 6 D. OTHER FINANCIAL INFORMATION Quarter Ended January 31, -------------------- 1995 1994 ---- ---- Supplemental disclosure of cash flow information (in thousands): Cash paid during the quarter for: Interest .................................... $488 $640 ==== ==== Income taxes ................................ $275 $ 0 ==== ====
SIX MONTHS ENDED APRIL 30, --------------------------------- 1995 1994 ------ ------ Supplemental disclosure of cash flow information (in thousands): Cash paid during the period for: Interest .................................................................. $ 501 $ 654 ====== ====== Income taxes .............................................................. $1,620 $ 630 ====== ======
E. PRODUCTION CONTRACTSProduction Contracts For contracts in which the percentage-of-completion method is used, costs and estimated earnings in excess of billings are shown as a current asset and billings in excess of costs and estimated earnings are shown as a current liability. January 31, October 31, 1995 1994 (unaudited) ----------- ---------- The components of these contracts are as follows (in thousands): Costs and estimated earnings ................. $ 23,185 $ 33,258 Progress billings ............................ (14,212) (25,920) -------- -------- Total costs and estimated earnings in excess of billings .......................... $ 8,973 $ 7,338 ======== ======== Progress billings ............................ $ 28,812 $ 12,556 Costs and estimated earnings ................. (23,500) (10,206) -------- -------- Total billings in excess of costs and estimated earnings .......................... $ 5,312
APRIL 30, OCTOBER 31, 1995 1994 (UNAUDITED) ----------- ----------- Costs and estimated earnings ......................................................... $ 46,067 $ 33,258 Progress billings .................................................................... (34,993) (25,920) -------- -------- Total costs and estimated earnings in excess of billings ............................. $ 11,074 $ 7,338 ======== ======== Progress billings .................................................................... $ 18,253 $ 12,556 Costs and estimated earnings ......................................................... (13,606) (10,206) -------- -------- Total billings in excess of costs and estimated earnings ............................. $ 4,647 $ 2,350 ======== ======== 7
8 Part I Item 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND QUARTERLY RESULTS OF OPERATIONS LIQUIDITY AND CAPITAL RESOURCES During 1990, the Company concluded a private placement of $15,000,000 in term notes, of which $9,376,000 was outstanding as of January 31, 1995. These notes are unsecured with a fixed interest rate of 10.4 percent. The notes mature through June 1997, with the next payment of $2,813,000 due in June 1995. The Company also has a revolving line of credit, with a major domestic bank, of $10,000,000, which was amended in April 1994,1995, to extend the maturity date to NovemberMay 1, 1995.1997. As of January 31,April 30, 1995 and October 31, 1994, none of this line was outstanding. The Company's ability to satisfy its cash requirements is evaluated by analyzing key measures of liquidity applicable to the Company. The following table is a summary of the measures which are significant to management: January 31,April 30, October 31, January 31,April 30, 1995 1994 1994 ----------- ----------- ----------- Working Capital......... $40,282,000Capital ................ $42,109,000 $39,229,000 $40,432,000$41,386,000 Current Ratio........... 2.37Ratio .................. 2.38 to 1 2.40 to 1 2.642.60 to 1 Debt to Capitalization..Capitalization ......... .15 to 1 .15 to 1 .21.20 to 1 The consolidated statements of cash flows show that approximately $4,866,000$6,360,000 of cash was used during the quartersix months ended January 31,April 30, 1995. The increases in accounts receivables and inventories requiring the use of cash were due to the increased volume of business, product shipment delays and were theadvance purchase of inventory. Another major usesuse of cash along withwas the reduction of accrued liabilities for incentive compensation, legal expenses and insurance. Billings in excess of costs and estimated earnings increased and had a positive effect on the Company's cash flow during the quarter. The increase in this account reflects the increase in the amount of progress billings in advance of costs incurred during the period. The use of cash for capital expenditures during the quartersix months of 1995 was $632,000$1,248,000 which was mainly invested in machinery and equipment. The Company's fiscal 1995 asset management program will continue to focus on the collection of receivables and reduction in inventories. The Company plans to satisfy its fiscal 1995 capital requirements and operating needs primarily with funds available in cash and cash equivalents of $2,732,000,$1,238,000, funds generated from operating activities and funds available under its existing revolving credit line. 8 9 RESULTS OF OPERATIONS The following table sets forth, as a percentage of revenues, certain items from the Consolidated Statements of Operations. Quarters Ended January 31 1995 1994 - ----------------------------------------------------------------------------- Revenues ............................................. 100.0% 100.0% Gross Profit ......................................... 20.7 21.4 Selling, general and administration expenses ......... 17.3 18.3 Interest, net ........................................ .3 .6 Net earnings before income tax ....................... 3.1
APRIL 30, ----------------------------------------------------------------- 1995 1994 - - ------------------------------------------------------------------------------------------------------------------------------------ THREE MONTHS SIX MONTHS THREE MONTHS SIX MONTHS ENDED ENDED ENDED ENDED ------------ ---------- ------------ ---------- Revenues ................................................... 100.0% 100.0% 100.0% 100.0% Gross Profit ............................................... 21.6 21.2 22.4 21.9 Selling, general and administrative expenses ................................................. 16.0 16.6 17.0 17.6 Interest, net .............................................. .4 .4 .5 .5 Net earnings before income tax ............................. 5.2 4.2 4.9 3.8 Income tax provision ....................................... 1.7 1.3 1.6 1.2 Net earnings ............................................... 3.5 2.9 3.3 2.6 Income tax provision ................................. .9 .8 Net earnings ......................................... 2.2 1.8
REVENUES for the quarter ended January 31,April 30, 1995 were up sevenfive percent to $36,589,000$41,398,000 from $34,342,000$39,378,000 in the second quarter of last year. This increase in volume was due to higher electrical distribution equipment product line revenues. Revenues for the six months ended April 30, 1995 were up 6 percent to $77,987,000 from $73,720,000 in the first quartersix months of last year. This increase in volume was due to higher electrical distribution equipment product line revenues which were partially offset by lower revenues from process control product lines. GROSS PROFIT, as a percentage of revenues, was 20.721.6 percent and 21.422.4 percent for the quarters ended January 31,April 30, 1995 and 1994. The gross profit percentage for the six months ended April 30, 1995 and 1994 was 21.2 percent and 21.9 percent, respectively. The lower percentpercentages in 1995 waswere due to changechanges in product mix shipped during 1995. SELLING, GENERAL AND ADMINISTRATIONADMINISTRATIVE EXPENSE as a percentage of revenues was 17.3%16.0% and 18.3%17.0% for the quarters ended January 31,April 30, 1995 and 1994. The changepercentages of revenues for the six months ending April 30, 1995 and 1994 are 16.6% and 17.6%, respectively. The higher percentages in percent shows1995 were due to the effect of higherincreased revenue volume without corresponding increases in expense. INTEREST, NET is lower in 1995 than in 1994 due to the reduction in outstanding debt. INCOME TAX PROVISION Thehad effective tax rates of 33.1% and 33.2% for the quarters ended April 30, 1995 and 1994. For the six months ended April 30, 1995 and 1994 the effective tax rate was 29.0% and 28.4% for the quarters ended January 31, 1995 and 1994.31.7% in each period. The lower than statutory rates are due to foreign sales corporation credits. NET EARNINGS were $803,000$1,458,000 or $.08$.14 per share for the first three monthssecond quarter of fiscal 1995, an increase of 2813 percent from $628,000$1,294,000 or $.06$.12 per share for the same period last year. ThisThe net earnings for the six months ended April 30, 1995 were $2,261,000, or $.21 per share, compared with $1,922,000, or $.18 per share for the first six months of fiscal 1994, an increase wasof eighteen percent. The increase in both 1995 periods reported were mainly due to the higher revenue volume and lower interest expense. The interest expense improvement was due to lower debt. The order backlog at January 31,April 30, 1995 was $102,200,000$112.4 million compared to $113,200,000$106.7 million at October 31, 1994. The decrease was primarily the result of a cancellation ofOctober 31, 1994, backlog has been adjusted for a large turbine package order forcanceled in January 1995, as previously reported, when a gas turbine package. 9 customer terminated a cogeneration project. 10 Part II OTHER INFORMATION ITEM 1. Legal Proceedings AsNo material developments in litigation previously reported in the Company's Form 10-K filed for the fiscal year ended October 31, 1994, on January 4, 1995 a Stay of proceedings in the lawsuit filed by National Westminster Bank Plc ("Natwest") against the Company, Empire Energy Management Systems, Inc., and others, was granted until 30 days after delivery to the court of a copy of the decision of the Armed Services Board of Contract Appeals on Empire Energy's motion for summary judgment in its proceeding against the Air Force for breach of contract and wrongful termination, but not longer than June 13, 1995. This lawsuit was filed in federal district court, Southern District of New York, was served on the Company on August 5, 1993, alleges that the Company defaulted on a Construction Guaranty provided to NatWest in 1992 in connection with a project at MacDill Air Force Base, and seeks damages in excess of $20 million. The Company has denied the substantive allegations of the lawsuit and has filed counterclaims for damages against NatWest alleging bad faith and failure to preserve and protect its collateral, and seeking a declaratory judgment that the Company is not in default of the Construction Guaranty.reported. ITEM 2. Changes in Securities None ITEM 3. Defaults Upon Senior Securities Not applicable ITEM 4. Submission of Matters to a Vote of Security Holders None ITEM 5. Other Information None ITEM 6. Exhibits and Reports on Form 8-K a. Exhibits 3.2 Bylaws of Powell Industries, Inc. 10.5 Fourth amendment, dated April 30, 1995, to Credit Agreement between Powell Industries, Inc. and NationsBank of Texas. b. Reports on Form 8K None c. Exhibit 27.0 Financial Data Schedule 1011 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. POWELL INDUSTRIES, INC. Registrant MARCH 15,June 13, 1995 Date THOMAS W. POWELL Date Thomas W. Powell President and Chief Executive Officer (Principal Executive Officer) MARCH 15,June 13, 1995 J.F.Date J. F. AHART Date J.F. Ahart Vice President, Secretary-Treasurer Chief Financial Officer (Principal Financial and Accounting Officer) 11