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SOURCE Powell Industries, Inc.
HOUSTON, Oct. 1, 2013 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom engineered solutions for the management and control of electrical energy and other critical processes, today announced that it has received a $39 million contract to supply the packaged electrical power systems to distribute and control the power needs for Phase Two of the Washington DC Dulles Corridor Metrorail Silver Line Extension.
This contract includes nine Traction Power Substations and six Tie Breaker Substations to distribute and control the electrical power for eleven miles of track. The substations feature Powell's advanced PowlSmart® technology, which provides operators with instant information and remote acquisition and control of switchgear, as well as system integration. Powell has been a major supplier of power related equipment for electric rail projects for more than 20 years and supplied the Traction Power Substations for the first phase of Dulles Metrorail, which is scheduled to open in early 2014. This order was recorded in Powell's backlog in the fourth quarter of fiscal 2013, and Powell's equipment is expected to be delivered in 2015 through 2017.
The Silver Line is one of the largest infrastructure projects in the United States, with a total estimated price tag of $5.6 billion. The 23 mile line will extend train service through Tysons Corner to Dulles International Airport and into Virginia's Loudoun County.
Mike Lucas, Powell Industries President and CEO, stated, "We are extremely pleased to have been awarded another large-scale project for traction power systems in the Washington, DC area. We have more than a twenty year history with Washington Metropolitan Area Transportation Authority and are appreciative that Powell has again been chosen to provide the electrical power systems for increased service and ridership on the existing Washington Metrorail system. We have a positive, long standing relationship with WMATA, and Powell has received awards for both performance and safety from previous projects.
"This second phase of the Dulles Metrorail Extension project is a perfect example of Powell's expertise. It demonstrates our ability to bring the necessary engineering, integration, and project management resources together to deliver the customized solution required by a complex project of this scope."
Powell Industries, Inc., headquartered in Houston, engineers packaged solutions and systems for the control, distribution and management of electrical energy and other dynamic processes. Powell markets include large industrial customers such as utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations, commuter railways and other vehicular transportation facilities. For more information, please visit 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 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's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge.
Don R. Madison, CFO
Powell Industries, Inc.
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