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<SEC-DOCUMENT>0000950129-07-001104.txt : 20070301
<SEC-HEADER>0000950129-07-001104.hdr.sgml : 20070301
<ACCEPTANCE-DATETIME>20070301170757
ACCESSION NUMBER:		0000950129-07-001104
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070223
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070301
DATE AS OF CHANGE:		20070301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			POWELL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000080420
		STANDARD INDUSTRIAL CLASSIFICATION:	SWITCHGEAR & SWITCHBOARD APPARATUS [3613]
		IRS NUMBER:				880106100
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12488
		FILM NUMBER:		07664483

	BUSINESS ADDRESS:	
		STREET 1:		8550 MOSLEY DR
		STREET 2:		POST OFFICE BOX 12818
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77075
		BUSINESS PHONE:		7139446900

	MAIL ADDRESS:	
		STREET 1:		8550 MOSLEY DRIVE P O BOX 12818
		STREET 2:		8550 MOSLEY DRIVE P O BOX 12818
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77075

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROCESS SYSTEMS INC
		DATE OF NAME CHANGE:	19780926
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>h44197e8vk.htm
<DESCRIPTION>FORM 8-K - CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
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<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


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<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>








<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>DATE OF REPORT: February&nbsp;23, 2007</B><BR>
<I>(Date of earliest event reported)</I></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>POWELL INDUSTRIES, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Exact Name of Registrant as Specified in Its Charter)</I></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-12488</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>88-0106100</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(State or other jurisdiction of</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(Commission File Number)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(I.R.S. Employer</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>incorporation or organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Identification Number)</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>8550 Mosley Drive</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Houston, Texas</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>77075-1180</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(Address of Principal</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(Zip Code)</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>Executive Offices)</I></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>(713)&nbsp;944-6900</B><BR>
<I>(Registrant&#146;s Telephone Number, Including Area Code)</I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>N/A</B><BR>
<I>(Former Name or Former Address, if Changed Since Last Report)</I><BR>&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (<I>see </I>General Instructions
A.2. below):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14D-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>ITEM 5.02</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Departure of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;23, 2007, Thomas W. Powell, the Company&#146;s President and Chief Executive Officer
since 1984, announced his intention to retire as Chief Executive Officer of the Company by the end
of 2008. Effective February&nbsp;23, 2007, the Company&#146;s Board of Directors appointed Patrick L.
McDonald, who previously served as general manager of the Company&#146;s Electrical Power Products
business in Houston, Texas, as President and Chief Operating Officer. In addition, the Company&#146;s
Board of Directors appointed Don R. Madison, who previously served as the Company&#146;s Vice President
and Chief Financial Officer, as Executive Vice President and Chief Financial and Administrative
Officer effective February&nbsp;23, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;McDonald, who is 53, has served as the general manager of the Company&#146;s Electrical Power
Products business in Houston since February&nbsp;2006. He has 23&nbsp;years of professional experience in
the electrical business, including 22&nbsp;years with Square D, now a part of Schneider Electric,
between 1979 and 2001 and the past year with the Company. While at Square D, he held numerous
leadership positions in the areas of finance, operations and product marketing and served as vice
president of both the international and services divisions. Following his tenure at Square D, he
continued his senior management career as president of Delta Consolidated Industries, a subsidiary
of Danaher Corporation from 2001 to 2003. From 2003 until he joined the Company, Mr.&nbsp;McDonald was
on sabbatical. Mr.&nbsp;McDonald holds a Bachelor of Science degree from Indiana University.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Madison, who is 49, has served as the Company&#146;s Vice President and CFO since 2001 and has
played a leading role in the Company&#146;s recent acquisitions of S&#038;I and GE&#146;s Power/Vac<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> product line.
In addition to his responsibilities as Chief Financial Officer, he is currently leading the
transition team for the integration of that acquired product line. Mr.&nbsp;Madison received a Bachelor
of Science degree from the University of Kentucky.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
conjunction with these appointments, the Compensation Committee of the Board approved, (i)
increasing Mr.&nbsp;McDonald&#146;s annual salary, effective upon his promotion on February&nbsp;23, to $280,000
per year, (ii)&nbsp;a bonus potential for Mr.&nbsp;McDonald of up to $224,000 in cash and (iii)&nbsp;a three year
performance-based restricted stock grant of up to 15,611 shares of common stock. At the same
meeting, the Compensation Committee of the Board approved (i)&nbsp;increasing Mr.&nbsp;Madison&#146;s annual
salary, effective upon his promotion on February&nbsp;23, to $270,000 per year, (ii)&nbsp;a bonus potential
for Mr.&nbsp;Madison of up to $216,000 in cash and (iii)&nbsp;a three year performance-based restricted stock
grant of up to 17,367 shares of common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective as of February&nbsp;23, 2007, Mark W. Reid resigned as Executive Vice President of the
Company to pursue other opportunities. In connection with his resignation, the Company has agreed
to provide Mr.&nbsp;Reid $450,000, representing a multiple of Mr.&nbsp;Reid&#146;s annual base salary plus other
benefits, to be paid to Mr.&nbsp;Reid in approximately equal payments over the next 12&nbsp;months. The
Company has also agreed to extend the time in which Mr.&nbsp;Reid may exercise his vested stock options
of the Company from 90&nbsp;days to one year following February&nbsp;23, 2007.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;8.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Other Information</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;26, 2007, the Company announced the information discussed in the first three
paragraphs of Item&nbsp;5.01 above. A copy of the Company&#146;s press release is attached hereto as Exhibit
99.1. The press release is incorporated by reference herein and the foregoing description of the
press release is qualified in its entirety by reference to the attached exhibit.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;Exhibits
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated February&nbsp;26, 2007.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">POWELL INDUSTRIES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ DON R. MADISON
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: March 1, 2007&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Don R. Madison&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President
Chief Financial and Administrative Officer
(Principal Accounting and Financial Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>h44197exv99w1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.1</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>Powell Industries Announces Organizational Changes Consistent With Succession Plan</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">HOUSTON, Feb 26, 2007 /PRNewswire-FirstCall via COMTEX News Network/ &#151; Powell Industries, Inc.
(Nasdaq: POWL), a leading manufacturer of equipment and systems for the control, distribution and
management of electrical and other dynamic processes, today announced that Tom Powell, age 66,
president and chief executive officer since 1984, plans to retire as chief executive officer by the
end of 2008. Mr.&nbsp;Powell plans to remain on the board after retirement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Tom Powell joined Powell Industries in 1964 when the company&#146;s revenues were less than $3&nbsp;million
per year. During his tenure as president and CEO, the company&#146;s annual revenues grew from $51
million in 1984 to $375&nbsp;million at the end of fiscal 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Patrick L. McDonald, age 53, current general manager of Powell&#146;s Electrical Power Products business
in Houston, becomes the company&#146;s president and chief operating officer, effective immediately.
Also, Don R. Madison, age 49, vice president and chief financial officer, has been promoted to
executive vice president and chief financial and administrative officer, also effective
immediately, and will continue to report to Tom Powell.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Powell stated, &#147;I am announcing this now in order to ensure a smooth transition. I will
continue to work side by side with these two highly qualified executives to ensure we continue to
build on our past successes and achieve even greater success in the future. This is the right time
and the right leadership team to carry the company into the future.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;McDonald has 23&nbsp;years of professional experience in the electrical business, including 22&nbsp;years
with Square D, now a part of Schneider Electric, and the past year with Powell Industries. While at
Square D, he held numerous leadership positions in the areas of finance, operations and product
marketing and served as vice president of both the international and services divisions. Following
his tenure at Square D, he continued his senior management career as president of Delta
Consolidated Industries, a subsidiary of Danaher Corporation. Mr.&nbsp;McDonald holds a Bachelor of
Science degree from Indiana University.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mr.&nbsp;Madison, a graduate of the University of Kentucky, has been vice president and CFO since 2001
and has played a leading role in the company&#146;s recent acquisitions of S&#038;I and GE&#146;s Power/Vac(R)
product line. In addition to his responsibilities as CFO, he is currently leading the transition
team for the integration of that acquired product line.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Powell Industries, Inc., headquartered in Houston, designs, manufactures and packages systems and
equipment for the control, distribution and management of electrical energy and other dynamic
processes. Powell provides products and services to large industrial customers such as utilities,
oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining
operations, commuter railways and other vehicular transportation facilities. For more information,
please visit http://www.powellind.com .
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Contacts:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Don R. Madison, CFO<BR>
Powell Industries, Inc.<BR>
713-947-4422<BR><BR>
Ken Dennard / ksdennard@drg-e.com<BR>
Karen Roan / kcroan@drg-e.com<BR>
DRG&#038;E / 713-529-6600</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SOURCE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powell Industries, Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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