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P POWELL PRESS RELEASE For Immediate Release Contacts : Michael W. Metcalf , CFO Powell Industries , Inc. 713-947-4422 Robert Winters or Ryan Coleman Alpha IR Group POWL@alpha-ir.com 312-445-2870 Exhibit 99.1 HOUSTON · February 2 , 2021 POWELL INDUSTRIES ANNOUNCES FISCAL 20201 FIRST QUARTER RESULTS Powell Industries , Inc. ( NASDAQ : POWL ) , a leading supplier of custom - engineered solutions for the management , control and distribution of electrical energy , today announced results for the fiscal 2021 first quarter ended December 31 , 2020 . Fiscal First Quarter Key Highlights : • Revenues totaled $ 107 million ; • Backlog as of December 31 , 2020 totaled $ 465 million ; • Net Loss was $ 364 thousand , or a $ 0.03 loss per diluted share ; • Cash and short - term investments as of December 31 , 2020 totaled $ 150 million . Brett A. Cope , Powell's Chairman and Chief Executive Officer , stated , “ Despite ongoing challenges of the pandemic and traditional seasonality in year - end capital activity , we are encouraged by the sequential uptick in new awards . The $ 91 million in new orders further supports our strong backlog and improves our ability to plan the business for better financial performance over the balance of fiscal 2021. Although our core Oil , Gas and Petrochemical end markets remain challenged , we continue to experience more stable activity across the other sectors we serve , including Utility and Traction . While this moderate shift in mix may have an impact on the quality of our backlog looking forward , our ongoing strong execution of 1