10-K Filing

PIONEER POWER SOLUTIONS, INC. CIK: 1449792 FY 2013

Filing Information

Form Type	10-K
Accession Number	`0001144204-14-015838`
Period End Date	20131231
Filing Date	20140314
Fiscal Year	2013
Fiscal Period	FY
XBRL Instance	ppsi-20131231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 40 Cash Flow Statement 59 Stockholders Equity 17 Comprehensive Income 10

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.40M	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$467.00K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$425.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$10.58M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$9.74M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Inventories	`InventoryNet`	$14.91M	USD	Point-in-time
Inventories	`InventoryNet`	$12.64M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$65.00K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	5.91M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	7.17M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$69.00K	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	5.91M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	7.17M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$563.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.98M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.29M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$885.00K	USD	Point-in-time
Current assets of discontinued operations	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$47.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$26.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$27.52M	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipmentNet`	$10.94M	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipmentNet`	$12.21M	USD	Point-in-time
Noncurrent deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.09M	USD	Point-in-time
Noncurrent deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$700.00K	USD	Point-in-time
Other assets	`OtherAssets`	$798.00K	USD	Point-in-time
Other assets	`OtherAssets`	$1.13M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$5.58M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$5.33M	USD	Point-in-time
Intangible assets	`IntangibleAssetsNetExcludingGoodwill`	$5.29M	USD	Point-in-time
Goodwill	`Goodwill`	$8.00M	USD	Point-in-time
Goodwill	`Goodwill`	$6.89M	USD	Point-in-time
Goodwill	`Goodwill`	$6.86M	USD	Point-in-time
Total assets	`Assets`	$53.86M	USD	Point-in-time
Total assets	`Assets`	$52.18M	USD	Point-in-time
Revolving credit facilities	`LineOfCreditFacilityAmountOutstanding`	$795.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$8.37M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$12.04M	USD	Point-in-time
Current maturities of long-term debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$7.33M	USD	Point-in-time
Current maturities of long-term debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$2.11M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.07M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.14M	USD	Point-in-time
Current liabilities of discontinued operations	`LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$125.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$20.64M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.35M	USD	Point-in-time
Long-term debt and capital lease obligations, net of current maturities	`LongTermDebtAndCapitalLeaseObligations`	$9.79M	USD	Point-in-time
Long-term debt and capital lease obligations, net of current maturities	`LongTermDebtAndCapitalLeaseObligations`	$7.21M	USD	Point-in-time
Pension deficit	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$213.00K	USD	Point-in-time
Pension deficit	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$837.00K	USD	Point-in-time
Noncurrent deferred income taxes	`DeferredTaxLiabilitiesGrossNoncurrent`	$2.99M	USD	Point-in-time
Noncurrent deferred income taxes	`DeferredTaxLiabilitiesGrossNoncurrent`	$3.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$34.26M	USD	Point-in-time
Total liabilities	`Liabilities`	$23.07M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.001; 5,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.001; 5,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.001; 30,000,000 shares authorized; 7,172,255 and 5,907,255 shares issued and outstanding	`CommonStockValue`	$6.00K	USD	Point-in-time
Common stock, par value $0.001; 30,000,000 shares authorized; 7,172,255 and 5,907,255 shares issued and outstanding	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$8.06M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$16.16M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.43M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-936.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$10.78M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.05M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$14.77M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$17.91M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$30.79M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$53.86M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$52.18M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$83.96M	USD	Annual
Revenues	`Revenues`	$88.16M	USD	Annual
Cost of goods sold	`CostOfGoodsSold`	$66.39M	USD	Annual
Cost of goods sold	`CostOfGoodsSold`	$65.02M	USD	Annual
Gross profit	`GrossProfit`	$18.94M	USD	Annual
Gross profit	`GrossProfit`	$21.77M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$14.72M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$13.18M	USD	Annual
Foreign exchange gain	`ForeignCurrencyTransactionGainLossRealized`	$83.00K	USD	Annual
Foreign exchange gain	`ForeignCurrencyTransactionGainLossRealized`	$188.00K	USD	Annual
Total operating expenses	`OperatingExpenses`	$12.99M	USD	Annual
Total operating expenses	`OperatingExpenses`	$14.64M	USD	Annual
Operating income	`OperatingIncomeLoss`	$5.95M	USD	Annual
Operating income	`OperatingIncomeLoss`	$7.13M	USD	Annual
Interest expense	`InterestAndDebtExpense`	$754.00K	USD	Annual
Interest expense	`InterestAndDebtExpense`	$933.00K	USD	Annual
Other expense	`OtherExpenses`	$428.00K	USD	Annual
Other expense	`OtherExpenses`	$92.00K	USD	Annual
Earnings from continuing operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.92M	USD	Annual
Earnings from continuing operations before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.95M	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$682.00K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$1.73M	USD	Annual
Earnings from continuing operations	`IncomeLossFromContinuingOperations`	$5.27M	USD	Annual
Earnings from continuing operations	`IncomeLossFromContinuingOperations`	$3.19M	USD	Annual
Loss from discontinued operations, net of income taxes	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax`	$-199.00K	USD	Annual
Net earnings	`NetIncomeLoss`	$2.99M	USD	Annual
Net earnings	`NetIncomeLoss`	$5.27M	USD	Annual
Basic	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.84	USD	Annual
Basic	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.54	USD	Annual
Diluted	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.54	USD	Annual
Diluted	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.84	USD	Annual
Basic	`EarningsPerShareBasic`	$0.51	USD	Annual
Basic	`EarningsPerShareBasic`	$0.84	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.51	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.84	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.91M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	6.26M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.30M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.91M	shares	Annual

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$2.99M	USD	Annual
Net earnings	`NetIncomeLoss`	$5.27M	USD	Annual
Depreciation	`Depreciation`	$1.25M	USD	Annual
Depreciation	`Depreciation`	$1.23M	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$330.00K	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$285.00K	USD	Annual
Deferred tax expense	`DeferredIncomeTaxExpenseBenefit`	$-1.47M	USD	Annual
Deferred tax expense	`DeferredIncomeTaxExpenseBenefit`	$-153.00K	USD	Annual
Accrued pension	`PensionAndOtherPostretirementBenefitExpense`	$-589.00K	USD	Annual
Accrued pension	`PensionAndOtherPostretirementBenefitExpense`	$9.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$228.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$270.00K	USD	Annual
Restructuring and asset impairment charges, discontinued operations	`OtherNoncashIncomeExpense`	$-49.00K	USD	Annual
Foreign currency remeasurement loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-384.00K	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-460.00K	USD	Annual
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$2.29M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$1.00M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-1.91M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$686.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$658.00K	USD	Annual
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.14M	USD	Annual
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-33.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-4.00M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$585.00K	USD	Annual
Discontinued operations assets and liabilities, net	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	$-69.00K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.02M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.41M	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.07M	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.69M	USD	Annual
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.60M	USD	Annual
Note receivable	`IncreaseDecreaseInNotesReceivables`	$300.00K	USD	Annual
Note receivable	`IncreaseDecreaseInNotesReceivables`	$30.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.32M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.37M	USD	Annual
Decrease in bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$-1.00K	USD	Annual
Decrease in revolving credit facilities	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$-4.31M	USD	Annual
Decrease in revolving credit facilities	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$-1.09M	USD	Annual
Increase in long-term debt	`ProceedsFromIssuanceOfOtherLongTermDebt`	$2.50M	USD	Annual
Increase in long-term debt	`ProceedsFromIssuanceOfOtherLongTermDebt`	$455.00K	USD	Annual
Repayment of long-term debt and capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$2.60M	USD	Annual
Repayment of long-term debt and capital lease obligations	`RepaymentsOfDebtAndCapitalLeaseObligations`	$2.45M	USD	Annual
Net proceeds from issuance of common stock, net of transaction costs	`ProceedsFromIssuanceOfCommonStock`	$7.87M	USD	Annual
Net proceeds from issuance of common stock, net of transaction costs	`ProceedsFromIssuanceOfCommonStock`	$7.90M	USD	Point-in-time
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.42M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.04M	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$117.00K	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.00M	USD	Annual
Effect of foreign exchange on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-159.00K	USD	Annual
Effect of foreign exchange on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$73.00K	USD	Annual
Beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$1.40M	USD	Point-in-time
Beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$467.00K	USD	Point-in-time
Beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$425.00K	USD	Point-in-time
End of year	`CashAndCashEquivalentsAtCarryingValue`	$1.40M	USD	Point-in-time
End of year	`CashAndCashEquivalentsAtCarryingValue`	$467.00K	USD	Point-in-time
End of year	`CashAndCashEquivalentsAtCarryingValue`	$425.00K	USD	Point-in-time
Interest paid	`InterestPaid`	$763.00K	USD	Annual
Interest paid	`InterestPaid`	$936.00K	USD	Annual
Income taxes paid, net of refunds	`IncomeTaxesPaidNet`	$2.31M	USD	Annual
Income taxes paid, net of refunds	`IncomeTaxesPaidNet`	$952.00K	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$14.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.79M	USD	Point-in-time
Net earnings	`NetIncomeLoss`	$2.99M	USD	Annual
Net earnings	`NetIncomeLoss`	$5.27M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$270.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$228.00K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$133.00K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-866.00K	USD	Annual
Pension adjustment, net of taxes	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$246.00K	USD	Annual
Pension adjustment, net of taxes	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-373.00K	USD	Annual
Issuance of common stock, net of transaction costs	`StockIssuedDuringPeriodValueNewIssues`	$7.74M	USD	Annual
Issuance of common stock, shares	`StockIssuedDuringPeriodSharesNewIssues`	1.26M	shares	Point-in-time
Underwriters' warrants, related to common stock offering	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$-133.00K	USD	Annual
Balance	`StockholdersEquity`	$14.77M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.79M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$2.99M	USD	Annual
Net earnings	`NetIncomeLoss`	$5.27M	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$133.00K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-866.00K	USD	Annual
Amortization of net prior service costs and net actuarial losses	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$246.00K	USD	Annual
Amortization of net prior service costs and net actuarial losses	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-373.00K	USD	Annual
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-493.00K	USD	Annual
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-113.00K	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$2.88M	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$4.78M	USD	Annual

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.