14 unchanged sentences
Our principal products include integrated power control room substations (PCRs®), custom-engineered modules, electrical houses (E-Houses), traditional and arc-resistant distribution switchgear and control gear, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers, switches and bus duct systems.
−Removed: These products are designed for application voltages ranging from 480 volts to 38,000 volts and are used in oil and gas refining, onshore and offshore oil and gas production, petrochemical, liquefied natural gas (LNG) terminals, pipeline, terminal, mining and metals, light rail traction power, electric utility, pulp and paper and other heavy industrial markets.
+Added: These products are designed for application voltages ranging from 480 volts to 38,000 volts and are used in oil and gas refining, onshore and offshore oil and gas production, petrochemical, liquefied natural gas (LNG) terminals, pipeline, terminal, mining and metals, light rail traction power, electric utility, pulp and paper and other industrial markets.
Our product scope includes designs tested to meet both U.S.
9 unchanged sentences
By their nature, these projects are typically nonrecurring.
−Removed: Thus, multiple and/or continuous projects of similar magnitude with the same customer may vary.
−Removed: As such, the timing of large project awards may cause material fluctuations in our revenues and gross profits.
+Added: Thus, multiple and/or continuous projects of similar magnitude with the same customer are not predictable.
+Added: The timing of large project awards may cause material fluctuations in our revenues and gross profits.
Occasionally our contracts may operate under a consortium or teaming arrangement.
2 unchanged sentences
Due to the nature and timing of large projects, a significant percentage of our revenues in a given period may result from one specific contract or customer.
−Removed: Although we could be adversely impacted by a significant reduction in business volume from a particular industry, we do not believe the loss of any specific customer would have a material adverse effect on our business.
−Removed: However, from time to time, an individual manufacturing facility may have significant volume from one particular customer that would be material to that facility.
−Removed: No customer accounted for more than 10% of our consolidated revenues in Fiscal 2020, Fiscal 2019 or Fiscal 2018.
+Added: The large domestic industrial project that was awarded in Fiscal 2020 accounted for approximately 20% of our consolidated revenues in Fiscal 2021 and represents approximately 25% of our consolidated backlog going into Fiscal 2022.
+Added: We believe the reduction in business volume from a particular industry or the loss of a major customer could have an adverse effect on our business.
+Added: From time to time, an individual manufacturing facility may have significant volume from one particular customer that would be material to that facility.
+Added: If during that time the customer were to experience financial distress, a decline in business or circumstances that would otherwise necessitate a cancellation of a project with us, our revenue could be adversely impacted.
+Added: No customer accounted for more than 10% of our consolidated revenues in Fiscal 2020 or Fiscal 2019.
Research and development activities are critical to Powell’s future and are focused on both the development of new products and services as well as enhancing current product offerings.
6 unchanged sentences
We consider our engineering, project management, systems integration and technical support capabilities vital to the success of our business.
−Removed: Specific to the oil and gas sector, we serve both the upstream and downstream end markets.
+Added: Specific to the oil and gas sector (excluding petrochemical), we serve the upstream, midstream and downstream end markets.
Within the downstream segment, our primary customers typically are engaged in refining activities and/or leveraging natural gas feedstocks for the production of petrochemical or LNG products.
14 unchanged sentences
Our backlog at September 30, 2021 totaled $414.9 million compared to $476.8 million at September 30, 2020.
−Removed: Backlog improved primarily due to a substantial contract awarded in the second quarter of Fiscal 2020 that will support the integrated electrical distribution requirements for a large domestic industrial complex.
We anticipate that approximately $291.0 million of Fiscal 2021 ending backlog will be fulfilled during our fiscal year ending September 30, 2022.
2 unchanged sentences
The principal raw materials used in our operations include steel, copper and aluminum and various electrical components.
−Removed: Material costs represented 47% of revenues in Fiscal 2020, Fiscal 2019 and Fiscal 2018.
+Added: Material costs represented 49% of revenues in Fiscal 2021 and 47% of revenues in both Fiscal 2020 and Fiscal 2019.
Unanticipated changes in material requirements, market conditions and disruptions in the supply chain or price increases could impact production costs and affect our consolidated results of operations.
4 unchanged sentences
While we are not dependent on any one supplier for the majority of our raw materials, we are highly dependent on our suppliers in order to meet commitments to our customers.
−Removed: During Fiscal 2020, as a result of the challenges created by the COVID-19 pandemic and market volatility, we experienced minor supply disruptions and anticipate that supply disruptions may continue.
−Removed: We continue to monitor and work with our suppliers who have been impacted by the COVID-19 pandemic to ensure we are able to meet our customer commitments.
−Removed: We have also reviewed and will continue to review contracts with our suppliers, making adjustments accordingly.
−Removed: While we have not experienced significant issues in the purchase of key raw materials or components in the past three fiscal years, we continue to monitor the availability and price of components and raw materials on a regular basis, as well as any potential impact on our operations.
+Added: During Fiscal 2021, as a result of the challenges created by global transportation issues, the COVID-19 pandemic and market volatility, we experienced minor supply disruptions and anticipate that supply disruptions and material shortages may continue.
+Added: We continue to work with our key suppliers who have been impacted by these supply disruptions to ensure that we are able to meet our customer commitments.
+Added: While we have not currently experienced significant issues in the purchase of key raw materials or components, we continue to monitor the availability (including transportation) and price of components and raw materials on a regular basis, as well as any potential impact on our operations.
Our business is subject to the effects of changing material prices.
−Removed: During the last three fiscal years, we have not experienced significant price volatility for raw materials or component parts used in the production of our products.
+Added: While raw material costs have been relatively stable in the past few years, during Fiscal 2021 we have begun to encounter availability constraints from key suppliers as well as cost increases driven by using alternate suppliers, increased commodity costs as well as higher logistics expense.
+Added: While these availability challenges have not currently created execution challenges, we continue to monitor material availability closely.
+Added: We cannot, however, provide assurance that we will continue to mitigate these material shortages, in which case our results of operations may be adversely affected.
While the cost outlook for commodities used in the production of our products is not certain, we believe we can manage this volatility through contract pricing adjustments, with material-cost predictive estimating and by actively pursuing internal cost reduction efforts.
5 unchanged sentences
We continue to monitor our demand for skilled and unskilled labor and provide training and competitive compensation packages in an effort to attract and retain skilled employees.
+Added: Labor shortages or increased labor costs could impair our ability to maintain our business, meet customer commitments or grow our revenues, and may adversely impact our business and results of operations.
Three of our top human capital priorities are workplace safety, internal promotion and key employee retention.
12 unchanged sentences
We are subject to various government regulations in the United States as well as various international locations where we operate.
−Removed: These regulations cover several diverse areas including environmental compliance, import and export controls, economic sanctions, data and privacy protection, transfer pricing rules, anti-bribery, anti-trafficking and anti-trust provisions.
+Added: These regulations cover diverse areas including environmental compliance, import and export controls, economic sanctions, data and privacy protection, transfer pricing rules, anti-bribery, anti-trafficking and anti-trust provisions.
Our policies mandate compliance with applicable laws and regulations administered by various state, federal and international agencies.
−Removed: We instituted various training programs to educate our employees on compliance with governmental regulations, as well as applied legal and ethical practices in our everyday work.
+Added: We maintain various training programs to educate our employees on compliance with governmental regulations, as well as applied
+Added: legal and ethical practices in our everyday work.
We do not believe that compliance with governmental regulations will have a material impact on our capital expenditures, results of operations or competitive position.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.