10-Q Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001193125-11-311165`
Period End Date	20110930
Filing Date	20111114
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	cik0001137091-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 59 Cash Flow Statement 62

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Series A convertible preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Series A convertible preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Series A convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	114,000.00	shares	Point-in-time
Cash	`Cash`	-	USD	Point-in-time
Cash	`Cash`	-	USD	Point-in-time
Series A convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	114,000.00	shares	Point-in-time
Cash	`Cash`	-	USD	Point-in-time
Cash	`Cash`	-	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$26.70M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$16.28M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	95,961.00	shares	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	95,961.00	shares	Point-in-time
Inventories	`InventoryNet`	$32.58M	USD	Point-in-time
Inventories	`InventoryNet`	$32.17M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.12M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.03M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$779.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$687.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$61.18M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	312,500.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$50.16M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.90M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.90M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.90M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	312,500.00	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$2.88M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.23M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$2.31M	USD	Point-in-time
Total assets	`Assets`	$65.32M	USD	Point-in-time
Total assets	`Assets`	$55.35M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$619.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$188.00K	USD	Point-in-time
Current maturities of long-term debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$2.23M	USD	Point-in-time
Current maturities of long-term debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$22.00K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$17.18M	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$21.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$17.21M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$23.10M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.19M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$43.69M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$43.90M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$188.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$189.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$233.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$197.00K	USD	Point-in-time
Private placement warrants	`DerivativeWarrantLiabilitiesNoncurrent`	$2.20M	USD	Point-in-time
Long-term debt and capital lease obligations, net of current maturities	`LongTermDebtAndCapitalLeaseObligations`	$48.00K	USD	Point-in-time
Long-term debt and capital lease obligations, net of current maturities	`LongTermDebtAndCapitalLeaseObligations`	$5.68M	USD	Point-in-time
Total liabilities	`Liabilities`	$50.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$46.32M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series A convertible preferred stock - $0.001 par value: Authorized 114,000 shares. Issued and outstanding: none and 95,961 shares at September 30, 2011 and December 31, 2010, respectively.	`PreferredStockValue`	-	USD	Point-in-time
Series A convertible preferred stock - $0.001 par value: Authorized 114,000 shares. Issued and outstanding: none and 95,961 shares at September 30, 2011 and December 31, 2010, respectively.	`PreferredStockValue`	-	USD	Point-in-time
Common stock - $0.001 par value. Authorized 50,000,000 shares. Issued and outstanding: 9,895,461 and 312,500 shares at September 30, 2011 and December 31, 2010, respectively.	`CommonStockValue`	$10.00K	USD	Point-in-time
Common stock warrant	`CommonStockWarrant`	-	USD	Point-in-time
Common stock warrant	`CommonStockWarrant`	-	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$10.16M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$7.00K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.82M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$5.35M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$19.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.36M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$55.35M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$65.32M	USD	Point-in-time

Income Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$109.48M	USD	3 Qtrs
Net sales	`SalesRevenueGoodsNet`	$27.25M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$70.65M	USD	3 Qtrs
Net sales	`SalesRevenueGoodsNet`	$42.80M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$59.40M	USD	3 Qtrs
Cost of sales	`CostOfGoodsSold`	$90.45M	USD	3 Qtrs
Cost of sales	`CostOfGoodsSold`	$23.14M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$36.24M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.10M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.24M	USD	3 Qtrs
Gross profit	`GrossProfit`	$19.03M	USD	3 Qtrs
Gross profit	`GrossProfit`	$6.56M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.26M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$2.76M	USD	3 Qtrs
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$3.27M	USD	3 Qtrs
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.02M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$1.23M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$3.68M	USD	3 Qtrs
Selling and service	`SellingAndMarketingExpense`	$4.78M	USD	3 Qtrs
Selling and service	`SellingAndMarketingExpense`	$1.61M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.35M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.78M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.20M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$756.00K	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$11.82M	USD	3 Qtrs
Operating expenses	`OperatingExpenses`	$4.22M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$8.64M	USD	3 Qtrs
Operating expenses	`OperatingExpenses`	$3.00M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$7.21M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$2.34M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.60M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$1.10M	USD	1 Quarter
Interest expense	`InterestExpense`	$195.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$625.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.62M	USD	3 Qtrs
Interest expense	`InterestExpense`	$1.12M	USD	3 Qtrs
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-485.00K	USD	3 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$591.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-67.00K	USD	3 Qtrs
Other (income) expense	`NonoperatingIncomeExpense`	$-1.62M	USD	3 Qtrs
Other (income) expense	`NonoperatingIncomeExpense`	$-1.68M	USD	3 Qtrs
Other (income) expense	`NonoperatingIncomeExpense`	$-625.00K	USD	1 Quarter
Other (income) expense	`NonoperatingIncomeExpense`	$396.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.53M	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.74M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$981.00K	USD	3 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$477.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.05M	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$838.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$88.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$183.00K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$389.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$798.00K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$3.48M	USD	3 Qtrs
Undistributed earnings	`UndistributedEarnings`	$1.90M	USD	1 Quarter
Undistributed earnings	`UndistributedEarnings`	$389.00K	USD	1 Quarter
Undistributed earnings	`UndistributedEarnings`	$798.00K	USD	3 Qtrs
Undistributed earnings	`UndistributedEarnings`	$3.48M	USD	3 Qtrs

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$389.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.90M	USD	1 Quarter
Net income	`NetIncomeLoss`	$798.00K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$3.48M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$604.00K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$686.00K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-128.00K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$59.00K	USD	3 Qtrs
Increase (decrease) in accounts receivable allowances	`ProvisionForDoubtfulAccounts`	$-43.00K	USD	3 Qtrs
Increase (decrease) in accounts receivable allowances	`ProvisionForDoubtfulAccounts`	$71.00K	USD	3 Qtrs
Decrease in valuation of private placement warrants	`ChangeInValuationOfPrivatePlacementWarrants`	$690.00K	USD	3 Qtrs
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-485.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-13.46M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$10.38M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$407.00K	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$1.40M	USD	3 Qtrs
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$456.00K	USD	3 Qtrs
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$243.00K	USD	3 Qtrs
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-333.00K	USD	3 Qtrs
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-403.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-7.83M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$4.38M	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-96.00K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$415.00K	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.07M	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-431.00K	USD	3 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.56M	USD	3 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.56M	USD	3 Qtrs
Purchase of property, plant, equipment and other assets	`PaymentsToAcquireProductiveAssets`	$376.00K	USD	3 Qtrs
Purchase of property, plant, equipment and other assets	`PaymentsToAcquireProductiveAssets`	$699.00K	USD	3 Qtrs
Increase in cash surrender value of life insurance	`PaymentsForProceedsFromLifeInsurancePolicies`	$12.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-376.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-711.00K	USD	3 Qtrs
Increase in cash overdraft	`IncreaseDecreaseInBookOverdrafts`	$189.00K	USD	3 Qtrs
Increase in cash overdraft	`IncreaseDecreaseInBookOverdrafts`	$1.66M	USD	3 Qtrs
Initial proceeds from borrowings under current line of credit	`ProceedsFromLinesOfCredit`	$18.34M	USD	3 Qtrs
Net decrease in current line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-1.16M	USD	3 Qtrs
Repayment of prior line of credit	`RepaymentsOfLinesOfCredit`	$21.63M	USD	3 Qtrs
Repayment of prior line of credit	`RepaymentsOfLinesOfCredit`	$2.65M	USD	3 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$52.00K	USD	3 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$43.00K	USD	3 Qtrs
Proceeds from issuance of preferred stock with warrants	`ProceedsFromIssuanceOfConvertiblePreferredStock`	$18.00M	USD	3 Qtrs
Payments on long-term debt and capital lease obligations	`RepaymentsOfLongTermDebt`	$7.88M	USD	3 Qtrs
Payments on long-term debt and capital lease obligations	`RepaymentsOfLongTermDebt`	$1.66M	USD	3 Qtrs
Cash paid for transaction and financing fees	`PaymentOfFinancingAndStockIssuanceCosts`	$4.10M	USD	3 Qtrs
Cash paid for transaction and financing fees	`PaymentOfFinancingAndStockIssuanceCosts`	$119.00K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.19M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.27M	USD	3 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	3 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	-	USD	3 Qtrs
Cash at beginning of period	`Cash`	-	USD	Point-in-time
Cash at beginning of period	`Cash`	-	USD	Point-in-time
Cash at beginning of period	`Cash`	-	USD	Point-in-time
Cash at beginning of period	`Cash`	-	USD	Point-in-time
Cash at end of period	`Cash`	-	USD	Point-in-time
Cash at end of period	`Cash`	-	USD	Point-in-time
Cash at end of period	`Cash`	-	USD	Point-in-time
Cash at end of period	`Cash`	-	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$1.38M	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	$993.00K	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$2.63M	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$1.20M	USD	3 Qtrs

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