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[POWELL INDUSTRIES, INC. LOGO] EXHIBIT 99.1
NEWS RELEASE
COMPANY CONTACT: THOMAS W. POWELL
(713) 944-4412
CHIEF FINANCIAL OFFICER OF
POWELL INDUSTRIES, INC. RESIGNS
HOUSTON, TEXAS, (DECEMBER 21, 2000) -- POWELL INDUSTRIES, INC. (NASDAQ: POWL)
today announced J. F. Ahart resigned effective December 15, 2000, as the
Company's Vice President, Secretary, Treasurer and Chief Financial Officer.
Mr. Ahart's responsibilities have been assumed by Thomas W. Powell, Chairman of
the Board, President and Chief Executive Officer of the Company, until a
replacement is named.
Powell Industries, Inc. designs, manufactures and packages systems and equipment
for the control, distribution and management of electrical energy and other
dynamic processes. Headquartered in Houston, Powell operates five subsidiaries
and provides products and services to large industrial customers such as oil and
gas producers, refineries, petrochemical plants, pulp and paper producers,
mining operations, commuter railways and vehicular transportation facilities, as
well as public and private utilities.
Powell Industries, Inc. press releases are available by e-mail distribution on
the day of release. To join this mail server list simply send an e-mail message
to [email protected] with the word SUBSCRIBE in the body of the
message. Full instructions can also be found on our website at
http://www.powellind.com
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 uncertainty in that actual results may differ materially from
those projected in the forward looking statements. These risks and uncertainties
include, without limitation, difficulties which could arise in obtaining
materials or components in sufficient quantities as needed for the Company's
manufacturing and assembly operations, unforeseen political or economic problems
in countries to which the Company exports its products in relation to the
Company's principal competitors, any significant decrease in the Company's
backlog of orders, any material employee relations problems, or any material
litigation or claims made against the Company, as well as general market
conditions, competition, and pricing. Please refer to the Company's filings with
the Securities and Exchange Commission, copies of which are available from the
Company without charge, for further information.
