POWELL INDUSTRIES INC — Director's Dealing 2004

Sep 14, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: POWELL INDUSTRIES INC (POWL)
CIK: 0000080420
Period of Report: 2004-09-10

Reporting Person: ZELLER M M GUS (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-10	Common Stock	M	4000	$8.50	Acquired	0	Direct
2004-09-10	Common Stock	S	4000	$17.4625	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-10	Employee's Stock Options	$8.50	M	4000	Disposed	2006-09-09	Common Stock (4000)	Direct

Footnotes

F1: These Options become exercisable in equal installments on each of the first five anniversaries of 6/25/2003, the date of the grant.