<SEC-DOCUMENT>0001193125-15-418363.txt : 20151231
<SEC-HEADER>0001193125-15-418363.hdr.sgml : 20151231
<ACCEPTANCE-DATETIME>20151231100359
ACCESSION NUMBER:		0001193125-15-418363
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20151224
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151231
DATE AS OF CHANGE:		20151231

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:		151315164

	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>d106360d8k.htm
<DESCRIPTION>8-K
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<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
TO SECTION 13 OR 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>DATE OF REPORT (Date of earliest event reported): December&nbsp;24, 2015 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>POWELL INDUSTRIES, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>001-12488</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>88-0106100</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>8550 Mosley Road</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Houston, Texas</B></P></TD>
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<TD VALIGN="bottom" ALIGN="center"><B>77075-1180</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Executive Offices)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(713) 944-6900 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s Telephone Number, Including Area Code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name or
Former Address, if Changed Since Last Report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425)</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Action (17CFR240.14D-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02 &#150; Departure of Directors and Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Effective December&nbsp;24, 2015, Michael A. Lucas resigned as
President, Chief Executive Officer and director of Powell Industries, Inc. (the &#147;Company&#148;). Effective December&nbsp;24, 2015, the board of directors of the Company (the &#147;Board&#148;) elected Thomas W. Powell as President and Chief
Executive Officer of the Company to succeed Mr.&nbsp;Lucas. The Board further promoted and elected Brett A. Cope as Senior Vice President and Chief Operating Officer effective December&nbsp;30, 2015. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Resignation of Michael A. Lucas as President, Chief Executive Officer and Director </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In connection with Mr.&nbsp;Lucas&#146; resignation, Mr.&nbsp;Lucas and the Company entered into a Severance Agreement and Release (the
&#147;Severance Agreement&#148;) effective December&nbsp;24, 2015 (the &#147;Resignation Date&#148;). The Severance Agreement terminates Mr.&nbsp;Lucas&#146; employment agreement with the Company dated as of August&nbsp;20, 2012 (the &#147;Lucas
Employment Agreement&#148;) and provides, among other things, that in exchange for Mr.&nbsp;Lucas&#146; release of all claims arising out of or relating to Mr.&nbsp;Lucas&#146; employment with the Company and Mr.&nbsp;Lucas&#146; resignation
therefrom, Mr.&nbsp;Lucas will receive the following benefits: (i)&nbsp;continued payment of Mr.&nbsp;Lucas&#146; base salary and all other employment benefits to which Mr.&nbsp;Lucas would otherwise be entitled through December&nbsp;31, 2015;
(ii)&nbsp;cash payments, less applicable withholdings, equal to a total of $1,954,000.00; (iii)&nbsp;early vesting of 60,909 shares of unvested common stock of the Company, previously awarded to Mr.&nbsp;Lucas under the Company&#146;s long term
incentive compensation plan; and (iv)&nbsp;beginning January 2016, 100% of the COBRA premium which would otherwise be due under the Company&#146;s group health plan for the lesser of (a)&nbsp;eighteen (18)&nbsp;months from the Resignation Date or
(b)&nbsp;the date on which Mr.&nbsp;Lucas qualifies for health insurance as a result of employment by or association with a subsequent employer. In accordance with federal law, Mr.&nbsp;Lucas is entitled to revoke his acceptance of the Severance
Agreement within seven (7)&nbsp;days of its execution. If he revokes his acceptance, the Severance Agreement will be of no further force or effect and Mr.&nbsp;Lucas will not be entitled to the benefits described above. The Severance Agreement also
provides that Mr.&nbsp;Lucas will remain subject to the Confidentiality, Non-Competition and Non-Solicitation Agreement attached to the Lucas Employment Agreement as Attachment A (the &#147;Attachment A Agreement&#148;), provided that the
&#147;restricted period&#148; (as defined in the Attachment A Agreement) is reduced from two years to one year following the Resignation Date. The foregoing description of the terms and conditions of the Severance Agreement is only a summary and is
qualified in its entirety by the full text of such agreement, a copy of which, assuming Mr.&nbsp;Lucas does not revoke his acceptance, will be filed as an exhibit to the Company&#146;s Quarterly Report on Form 10-Q for the quarterly period ended
December&nbsp;31, 2015. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Election of Thomas W. Powell as President and Chief Executive Officer </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In connection with Mr.&nbsp;Lucas&#146; resignation, the Board elected Thomas W. Powell, the Company&#146;s Chairman of the Board, as President
and Chief Executive Officer effective December&nbsp;24, 2015. Mr.&nbsp;Powell, who is 75 years old, has served as the Company&#146;s Chairman of the Board since 1984 and will continue this role. Mr.&nbsp;Powell also served as the Company&#146;s
President and Chief Executive Officer from 1984 through September&nbsp;30, 2008 and from September&nbsp;14, 2011 through August&nbsp;20, 2012. Mr.&nbsp;Powell has over 40 years of experience in the manufacturing of equipment and systems for the
management and control of electrical energy and other critical processes. Mr.&nbsp;Powell has extensive relationships with suppliers and customers and significant experience in operational management, product development and sales. There are no
family relationships between Mr.&nbsp;Powell and any director or executive officer of the Company. There is no arrangement or understanding between Mr.&nbsp;Powell and any other person pursuant to which Mr.&nbsp;Powell was selected as President and
Chief Executive Officer. There are no transactions involving Mr.&nbsp;Powell requiring disclosure under Item&nbsp;404(a) of Regulation S-K. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Election
of Brett A. Cope as Senior Vice President and Chief Operating Officer </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Board also elected Brett A. Cope as the Company&#146;s
Senior Vice President and Chief Operating Officer effective December&nbsp;30, 2015. Mr.&nbsp;Cope, who is 47, previously served as Vice President of Sales and Marketing of the Company since December 2010. During the 20 years prior to joining the
Company, Mr.&nbsp;Cope held roles of increasing responsibility at ABB Ltd (&#147;ABB&#148;), an international provider of power and automation products enabling the utility, industrial, transportation and infrastructure industries. His most recent
role with ABB was that of Group Vice President and Global Account Executive serving ExxonMobil. Mr.&nbsp;Cope holds a bachelor&#146;s degree in applied science from Miami University of Ohio. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In connection with Mr.&nbsp;Cope&#146;s election, the Company and Mr.&nbsp;Cope&nbsp;entered into
an employment agreement effective as of December&nbsp;30, 2015 (the &#147;Cope Employment Agreement&#148;). Under the Cope Employment Agreement, Mr.&nbsp;Cope is entitled to receive a base salary equal to $370,000, and will be eligible for an annual
discretionary bonus under the Company&#146;s short term incentive plan and a target award under the Company&#146;s long term incentive plan. The Cope Employment Agreement provides that in the event the Company terminates Mr.&nbsp;Cope&#146;s
employment without &#147;cause&#148; or if Mr.&nbsp;Cope terminates his employment for &#147;good reason&#148; (as these terms are defined in the Cope Employment Agreement) during the term thereof, Mr.&nbsp;Cope&nbsp;will be entitled to receive,
among other things, his then-current base salary for twelve (12)&nbsp;months thereafter, an amount equal to his then-current target short term incentive compensation and his equity-based awards will immediately vest. In the event that the Company
terminates Mr.&nbsp;Cope&#146;s employment without cause or Mr.&nbsp;Cope terminates his employment for good reason within a specified period following a change in control, Mr.&nbsp;Cope will be entitled to receive, among other things, his
then-current base salary for twenty-four (24)&nbsp;months thereafter and an amount equal to two-times his then-current target short term incentive compensation. Additionally, Mr.&nbsp;Cope&#146;s equity-based awards will immediately vest. The Cope
Employment Agreement also contains customary non-competition and non-solicitation covenants that apply during the term of the Cope Employment Agreement and during the &#147;restricted period&#148; (as defined in the Cope Employment Agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">There are no family relationships between Mr.&nbsp;Cope and any director or executive officer of the Company. There is no arrangement or
understanding between Mr.&nbsp;Cope and any other person pursuant to which Mr.&nbsp;Cope was selected as Senior Vice President and Chief Operating Officer. There are no transactions involving Mr.&nbsp;Cope requiring disclosure under Item&nbsp;404(a)
of Regulation S-K. The foregoing description of the Cope Employment Agreement is qualified in its entirety by reference to the Cope Employment Agreement, a&nbsp;copy&nbsp;of which will be filed as an exhibit to the Company&#146;s Quarterly Report on
Form 10-Q for the quarterly period ended December&nbsp;31, 2015. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7.01 &#150; Regulation FD Disclosure. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">On December&nbsp;30, 2015, the Company issued a press release titled &#147;Powell Industries Announces Leadership Changes.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">A copy of such press release is included as Exhibit 99.1 to this Current Report on Form 8-K. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 &#150; Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) Exhibits. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:28.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>Exhibit&nbsp;99.1</TD>
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<TD VALIGN="top">Press Release dated December 30, 2015</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><B>POWELL INDUSTRIES, INC.</B></TD></TR>
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<TD VALIGN="top">Date: December&nbsp;31, 2015</TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Don R. Madison</P></TD></TR>
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<TD VALIGN="top">Don R. Madison</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Executive Vice President</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial and
Administrative Officer</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Principal Financial Officer)</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:28.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit<BR>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:39.50pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>Exhibit&nbsp;99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release dated December 30, 2015</TD></TR>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d106360dex991.htm
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<HTML><HEAD>
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 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<IMG SRC="g106360image002.jpg" ALT="LOGO">
</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="middle"><B><I>P<SMALL>RESS</SMALL> R<SMALL>ELEASE</SMALL></I></B></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; font-size:10pt; font-family:Times New Roman"><B>FOR IMMEDIATE RELEASE</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:6.00em; text-indent:-5.00em; font-size:10pt; font-family:Times New Roman">Contact:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Don R. Madison, CFO</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5.60em; text-indent:-5.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:5.60em; text-indent:-5.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;713-947-4422</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWELL INDUSTRIES ANNOUNCES LEADERSHIP CHANGES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HOUSTON &#151; DECEMBER 30, 2015 &#151; Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom engineered solutions for the management, control
and distribution of electrical energy, today announced that it has accepted the resignation of Chief Executive Officer Michael A. Lucas and elected current Board Chair and former CEO Thomas W. Powell to succeed him. The Company also promoted Brett
A. Cope to Senior Vice President and Chief Operating Officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;We appreciate the contributions Mike made to Powell Industries and
wish him every success in the future,&#148; said Thomas W. Powell, Chairman and CEO. &#147;We are fortunate to have a seasoned Powell management team including our new COO, Brett Cope, and Don Madison, our CFO, to assist in managing the day-to-day
affairs of the Company. I know that I can rely on both as Powell moves forward to address the demands of this very challenging market.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Powell has served as the Company&#146;s Chairman of the Board since 1984 and will continue in this role. He served as the
Company&#146;s President and Chief Executive Officer from 1984 through 2008 and again from September 2011 until August&nbsp;20, 2012. He has over 40 years of experience in the electrical industry, including significant experience in operational
management, product development and sales. He also has extensive relationships with suppliers and customers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Cope has served as
Powell&#146;s Vice President of Sales and Marketing since December 2010. During the 20 years prior to joining Powell, Mr.&nbsp;Cope held roles of increasing responsibility at ABB, an international provider of power and automation products enabling
the utility, industrial, transportation and infrastructure industries. His most recent role was that of Group Vice President and Global Account Executive serving ExxonMobil. Mr.&nbsp;Cope holds a bachelor&#146;s degree in applied science from Miami
University of Ohio. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Powell Industries, Inc., headquartered in Houston, engineers packaged solutions and systems for
the management, control and distribution of electrical energy. Powell markets include large industrial customers such as utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations and commuter
railways. For more information, please visit <U>powellind.com</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Any forward-looking statements in the preceding paragraphs of this release are made
pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those
projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic
risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company&#146;s filings with the Securities and Exchange Commission, copies of which are available from the Company
without charge. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>### </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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