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Item 5. Market for Registrant’s Common Equity

2022-12-06 compared with 2021-12-08 · 14 added, 50 removed, 20 unchanged (76% of the section changed)

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

Our common stock trades on the NASDAQ Global Market (NASDAQ) under the symbol “POWL.”

As of December 6, 2021, the closing price of our common stock on the NASDAQ was $25.07 per share.

As of December 2, 2022, there were 245 stockholders of record of our common stock.

All common stock held in street names is recorded in the Company’s stock register as being held by one stockholder.

Securities Authorized for Issuance under Equity Compensation Plans

See “Part III, Item 12.

5 unchanged sentences

The following Performance Graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that we specifically incorporate it by reference into such filing.

The following graph compares, for the period from October 1, 2016 to September 30, 2021, the cumulative stockholder return on our common stock with the cumulative total return on the IShares Russell 2000, the Invesco S&P SmallCap 600 Energy, and the Industrial Electrical Equipment Group (a select group of peer companies – Altra Industrial Motion Corp.;

The following graph compares, for the period from September 29, 2017 to September 30, 2022, the cumulative stockholder return on our common stock with the cumulative total return on the IShares Russell 2000, the Invesco S&P SmallCap 600 Energy, the new Industrial Electrical Equipment Group (a select group of peer companies – Altra Industrial Motion Corp.;

Ameresco, Inc.;

1 unchanged sentence

Franklin Electric Co, Inc.;

Gibraltar International (ROCK);

Littelfuse Inc.;

LSI Industries Inc.;

Matthews International (MATW);

Preformed Line Products;

A O Smith Corporation;

Thermon Group Holdings and Woodward, Inc.) and the old Industrial Electrical Equipment Group (Altra Industrial Motion Corp.;

Ameresco, Inc.;

Daktronics Inc.;

Franklin Electric Co, Inc.;

Littelfuse Inc.;

LSI Industries Inc.;

Preformed Line Products;

A O Smith Corporation;

Thermon Group Holdings and Woodward, Inc.).

The comparison assumes that $100 was invested on October 1, 2016, in our common stock, the IShares Russell 2000, the Invesco S&P SmallCap 600 Energy, and the Industrial Electrical Equipment Group, and that all dividends were re-invested.

The comparison assumes that $100 was invested on September 29, 2017, in our common stock, the IShares Russell 2000, the Invesco S&P SmallCap 600 Energy, the new Industrial Electrical Equipment Group and the old Industrial Electrical Equipment Group, and that all dividends were re-invested.

The stock price performance reflected on the following graph is not necessarily indicative of future stock price performance.

Selected Financial Data

The selected financial data shown below for the past five years was derived from our audited financial statements, adjusted for discontinuing operations.

The historical results are not necessarily indicative of the operating results to be expected in the future.

The selected financial data should be read in conjunction with “Part II, Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and related notes included elsewhere in this Annual Report.

Years ended September 30,

2021 2020 2019 2018 2017

Statement of Operations:

(In thousands, except per share data)

Revenues $ 470,559 $ 518,499 $ 517,180 $ 448,716 $ 395,911

Cost of goods sold 395,496 423,924 430,204 383,361 345,142

Gross profit 75,063 94,575 86,976 65,355 50,769

Selling, general and administrative expenses 67,217 67,662 69,950 66,768 61,524

Research and development expenses 6,670 6,265 6,327 6,717 6,906

Amortization of intangible assets 157 177 177 205 355

Insurance proceeds — — (950) — —

Restructuring and other, net — 1,400 11 787 1,322

Operating income (loss) 1,019 19,071 11,461 (9,122) (19,338)

Other income — (506) — (747) (2,029)

Interest (income) expense, net (73) (753) (873) (676) (390)

Income (loss) before income taxes 1,092 20,330 12,334 (7,699) (16,919)

Income tax provision (benefit) (1)

461 3,670 2,444 (547) (7,433)

Net income (loss) $ 631 $ 16,660 $ 9,890 $ (7,152) $ (9,486)

Earnings (loss) per share:

Basic $ 0.05 $ 1.43 $ 0.85 $ (0.62) $ (0.83)

Diluted $ 0.05 $ 1.42 $ 0.85 $ (0.62) $ (0.83)

(1) For an explanation of the effective tax rate for the last three fiscal years, see Note I of the Notes to Consolidated Financial Statements included elsewhere in this Annual Report.

Years ended September 30,

2021 2020 2019 2018 2017

Balance Sheet Data:

(In thousands)

Cash, cash equivalents and short-term investments (1)

$ 133,981 $ 178,921 $ 124,681 $ 49,754 $ 95,188

Property, plant and equipment, net 109,457 114,372 120,812 128,764 139,420

Total assets 436,192 472,278 467,411 429,951 414,986

Long-term debt, including current maturities 400 800 1,200 1,600 2,000

Total stockholders' equity 301,223 306,626 299,153 301,644 321,296

Total liabilities and stockholders' equity 436,192 472,278 467,411 429,951 414,986

Dividends paid on common stock 12,142 12,066 11,998 11,916 11,875

(1) Excludes current and non-current restricted cash totaling $25.1 million and $24.9 million as of September 30, 2018 and 2017, respectively.

Years ended September 30,

2021 2020 2019 2018 2017

Other Financial Data:

(In thousands)

Backlog $ 414,918 $ 476,819 $ 419,012 $ 260,900 $ 250,123

Bookings, net of cancellations and scope reductions 403,860 576,782 676,051 458,884 355,064

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.

What changed 10-K

Item 5. Market for Registrant’s Common Equity