10-Q Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-234386`
Period End Date	20120331
Filing Date	20120515
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	cik0001137091-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 29 Cash Flow Statement 55

Balance Sheet 76 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
Series A convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	114,000.00	shares	Point-in-time
Cash	`Cash`	-	USD	Point-in-time
Cash	`Cash`	$156.00K	USD	Point-in-time
Cash	`Cash`	-	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$29.52M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$27.59M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$33.39M	USD	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`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$42.21M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.43M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.29M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.81M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.12M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$73.50M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.06M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.06M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$66.02M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.06M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.06M	shares	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$3.61M	USD	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$3.71M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.45M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	830,925.00	shares	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$2.00M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	830,925.00	shares	Point-in-time
TOTAL ASSETS	`Assets`	$71.08M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$79.22M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$564.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.75M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$23.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$23.00K	USD	Point-in-time
Line of credit	`LinesOfCreditCurrent`	$19.67M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$27.57M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$31.97M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.01M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$37.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$51.84M	USD	Point-in-time
Line of credit	`LongTermLineOfCredit`	$20.75M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$490.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$490.00K	USD	Point-in-time
Private placement warrants	`DerivativeWarrantLiabilitiesNoncurrent`	$3.86M	USD	Point-in-time
Private placement warrants	`DerivativeWarrantLiabilitiesNoncurrent`	$3.27M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$41.00K	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$35.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$90.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$116.00K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$62.74M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$55.76M	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: -0- shares at March 31, 2012 and December 31, 2011	`PreferredStockValue`	-	USD	Point-in-time
Series A convertible preferred stock-$0.001 par value. Authorized: 114,000 shares. Issued and outstanding: -0- shares at March 31, 2012 and December 31, 2011	`PreferredStockValue`	-	USD	Point-in-time
Common stock-$0.001 par value. Authorized: 50,000,000 shares. Issued and outstanding: 9,064,537 at March 31, 2012 and December 31, 2011	`CommonStockValue`	$10.00K	USD	Point-in-time
Common stock-$0.001 par value. Authorized: 50,000,000 shares. Issued and outstanding: 9,064,537 at March 31, 2012 and December 31, 2011	`CommonStockValue`	$10.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$10.15M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$10.15M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$9.41M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$10.56M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at March 31, 2012 and December 31, 2011	`TreasuryStockValue`	$4.25M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at March 31, 2012 and December 31, 2011	`TreasuryStockValue`	$4.25M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$15.32M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$16.47M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$79.22M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$71.08M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$48.07M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$31.35M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$39.84M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$25.37M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.23M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.98M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.73M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$992.00K	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$1.70M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$1.39M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.30M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.76M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.19M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.69M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$3.04M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.29M	USD	1 Quarter
Interest expense	`InterestExpense`	$629.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$227.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-628.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-855.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-629.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.66M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.18M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$603.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.06M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.15M	USD	1 Quarter
Undistributed earnings	`UndistributedEarnings`	$1.15M	USD	1 Quarter
Undistributed earnings	`UndistributedEarnings`	$1.06M	USD	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.06M	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.15M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$232.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$181.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-308.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-79.00K	USD	1 Quarter
Increase in accounts receivable allowances	`ProvisionForDoubtfulAccounts`	$42.00K	USD	1 Quarter
Increase in accounts receivable allowances	`ProvisionForDoubtfulAccounts`	$64.00K	USD	1 Quarter
Increase in valuation of private placement warrants	`ChangeInValuationOfPrivatePlacementWarrants`	$-593.00K	USD	1 Quarter
Loss on disposal of assets	`GainsLossesOnSalesOfOtherAssets`	$-36.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.90M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.29M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$8.82M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-1.48M	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$134.00K	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$388.00K	USD	1 Quarter
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$154.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$8.09M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$1.36M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-246.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-108.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-26.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.18M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$682.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.20M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.30M	USD	1 Quarter
Purchases of property, plant, equipment and other assets	`PaymentsToAcquireProductiveAssets`	$314.00K	USD	1 Quarter
Purchases of property, plant, equipment and other assets	`PaymentsToAcquireProductiveAssets`	$345.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-345.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-314.00K	USD	1 Quarter
Decrease in cash overdraft	`IncreaseDecreaseInBookOverdrafts`	$-301.00K	USD	1 Quarter
Decrease in cash overdraft	`IncreaseDecreaseInBookOverdrafts`	$-3.78M	USD	1 Quarter
Net change in revolving line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-669.00K	USD	1 Quarter
Advances from revolving line of credit-post March 20, 2012 amendment	`ProceedsFromLinesOfCredit`	$561.00K	USD	1 Quarter
Repayments of revolving line of credit-post March 20, 2012 amendment	`RepaymentsOfLinesOfCredit`	$3.73M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$43.00K	USD	1 Quarter
Payments on long-term debt and capital lease obligations	`RepaymentsOfLongTermDebt`	$6.00K	USD	1 Quarter
Payments on long-term debt and capital lease obligations	`RepaymentsOfLongTermDebt`	$609.00K	USD	1 Quarter
Cash paid for transaction and financing fees	`PaymentOfFinancingAndStockIssuanceCosts`	$98.00K	USD	1 Quarter
Cash paid for transaction and financing fees	`PaymentOfFinancingAndStockIssuanceCosts`	$353.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.80M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.89M	USD	1 Quarter
Net change in cash	`CashPeriodIncreaseDecrease`	-	USD	1 Quarter
Net change in cash	`CashPeriodIncreaseDecrease`	$156.00K	USD	1 Quarter
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`	$156.00K	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`	$156.00K	USD	Point-in-time
Cash at end of period	`Cash`	-	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$189.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$580.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$155.00K	USD	1 Quarter

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