10-Q Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0001193125-12-354497`
Period End Date	20120630
Filing Date	20120814
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	pwsi-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 74 Cash Flow Statement 67

Balance Sheet 74 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
Series A convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	114,000.00	shares	Point-in-time
Series A Convertible Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Series A Convertible Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	-	USD	Point-in-time
Cash	`Cash`	$577.00K	USD	Point-in-time
Cash	`Cash`	-	USD	Point-in-time
Cash	`Cash`	-	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$26.19M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$29.52M	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$33.39M	USD	Point-in-time
Inventories, net	`InventoryNet`	$49.17M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.60M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.29M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.90M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.12M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.90M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.81M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$79.67M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	830,925.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$66.02M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	830,925.00	shares	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$3.61M	USD	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$5.17M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.45M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.86M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$71.08M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$86.70M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$564.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$813.00K	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`	$34.41M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$27.57M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.97M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$51.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$39.21M	USD	Point-in-time
Line of credit	`LongTermLineOfCredit`	$24.61M	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`	$3.27M	USD	Point-in-time
Private placement warrants	`DerivativeWarrantLiabilitiesNoncurrent`	$2.81M	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`	$28.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$63.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$116.00K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$67.21M	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 June 30, 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 June 30, 2012 and December 31, 2011.	`PreferredStockValue`	-	USD	Point-in-time
Common stock - $0.001 par value. Authorized: 50,000,000 shares. Issued: 9,895,462 shares at June 30, 2012 and December 31, 2011.	`CommonStockValue`	$10.00K	USD	Point-in-time
Common stock - $0.001 par value. Authorized: 50,000,000 shares. Issued: 9,895,462 shares at June 30, 2012 and December 31, 2011.	`CommonStockValue`	$10.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$10.21M	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`	$13.52M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at June 30, 2012 and December 31, 2011	`TreasuryStockValue`	$4.25M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at June 30, 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`	$19.49M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$86.70M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$71.08M	USD	Point-in-time

Income Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$66.68M	USD	2 Qtrs
Net sales	`SalesRevenueGoodsNet`	$50.12M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$35.33M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$98.19M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$81.13M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$41.28M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$28.84M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$54.22M	USD	2 Qtrs
Gross profit	`GrossProfit`	$17.06M	USD	2 Qtrs
Gross profit	`GrossProfit`	$12.46M	USD	2 Qtrs
Gross profit	`GrossProfit`	$6.49M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.83M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$2.01M	USD	2 Qtrs
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.02M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.81M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$3.54M	USD	2 Qtrs
Selling and service	`SellingAndMarketingExpense`	$1.58M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$3.17M	USD	2 Qtrs
Selling and service	`SellingAndMarketingExpense`	$1.77M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$3.29M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.81M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.12M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.43M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.05M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$10.63M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$3.92M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.44M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.60M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$4.86M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$3.39M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.57M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$6.43M	USD	2 Qtrs
Interest expense	`InterestExpense`	$930.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$517.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$301.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$290.00K	USD	1 Quarter
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-485.00K	USD	1 Quarter
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-485.00K	USD	2 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$991.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-658.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$363.00K	USD	2 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-658.00K	USD	2 Qtrs
Total other (income) expense	`NonoperatingIncomeExpense`	$-154.00K	USD	2 Qtrs
Total other (income) expense	`NonoperatingIncomeExpense`	$-2.07M	USD	2 Qtrs
Total other (income) expense	`NonoperatingIncomeExpense`	$701.00K	USD	1 Quarter
Total other (income) expense	`NonoperatingIncomeExpense`	$-1.44M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.09M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.28M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.79M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.13M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$612.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.13M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.16M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$1.22M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$1.57M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.96M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.11M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$514.00K	USD	1 Quarter
Undistributed earnings	`UndistributedEarnings`	$514.00K	USD	1 Quarter
Undistributed earnings	`UndistributedEarnings`	$1.57M	USD	2 Qtrs
Undistributed earnings	`UndistributedEarnings`	$2.96M	USD	1 Quarter
Undistributed earnings	`UndistributedEarnings`	$4.11M	USD	2 Qtrs
Undistributed earnings allocable to shares	`UndistributedEarningsAllocatedToParticipatingSecurities`	$4.11M	USD	2 Qtrs
Undistributed earnings allocable to shares	`UndistributedEarningsAllocatedToParticipatingSecurities`	$2.96M	USD	1 Quarter
Undistributed earnings allocable to shares	`UndistributedEarningsAllocatedToParticipatingSecurities`	$18.00K	USD	1 Quarter
Undistributed earnings allocable to shares	`UndistributedEarningsAllocatedToParticipatingSecurities`	$57.00K	USD	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	329.18M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.06B	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	320.84M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	9.06B	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.06B	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.06B	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	329.18M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	320.84M	shares	2 Qtrs

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.57M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$2.96M	USD	1 Quarter
Net income	`NetIncomeLoss`	$4.11M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$514.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$469.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$389.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-308.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-124.00K	USD	2 Qtrs
Issuance of equity-based compensation	`IssuanceOfStockAppreciationRights`	$56.00K	USD	2 Qtrs
Increase in accounts receivable allowances	`ProvisionForDoubtfulAccounts`	$50.00K	USD	2 Qtrs
Increase in accounts receivable allowances	`ProvisionForDoubtfulAccounts`	$55.00K	USD	2 Qtrs
Decrease in valuation of private placement warrants	`ChangeInValuationOfPrivatePlacementWarrants`	$457.00K	USD	2 Qtrs
Decrease in valuation of private placement warrants	`ChangeInValuationOfPrivatePlacementWarrants`	$105.00K	USD	2 Qtrs
Loss on disposal of assets	`GainsLossesOnSalesOfOtherAssets`	$-95.00K	USD	2 Qtrs
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-485.00K	USD	1 Quarter
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-485.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.28M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.74M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$15.78M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$-1.78M	USD	2 Qtrs
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$314.00K	USD	2 Qtrs
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$608.00K	USD	2 Qtrs
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-246.00K	USD	2 Qtrs
Other noncurrent assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$253.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$74.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$9.71M	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-49.00K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$263.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-53.00K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-619.00K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$249.00K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$809.00K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.32M	USD	2 Qtrs
Purchase of property, plant, equipment and other assets	`PaymentsToAcquireProductiveAssets`	$1.28M	USD	2 Qtrs
Purchase of property, plant, equipment and other assets	`PaymentsToAcquireProductiveAssets`	$372.00K	USD	2 Qtrs
Increase in cash surrender value of life insurance	`PaymentsForProceedsFromLifeInsurancePolicies`	$12.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.28M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-384.00K	USD	2 Qtrs
(Decrease) increase in cash overdraft	`IncreaseDecreaseInBookOverdrafts`	$-3.78M	USD	2 Qtrs
(Decrease) increase in cash overdraft	`IncreaseDecreaseInBookOverdrafts`	$781.00K	USD	2 Qtrs
Repayments of current revolving line of credit	`RepaymentsOfLinesOfCredit`	$21.63M	USD	2 Qtrs
Net change in revolving line of credit-prior to March 20, 2012 amendment	`ProceedsFromRepaymentsOfLinesOfCredit`	$2.12M	USD	2 Qtrs
Proceeds from issuance of preferred stock with warrants	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	$18.00M	USD	2 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$43.00K	USD	2 Qtrs
Payments on long-term debt and capital lease obligations	`RepaymentsOfLongTermDebt`	$13.00K	USD	2 Qtrs
Payments on long-term debt and capital lease obligations	`RepaymentsOfLongTermDebt`	$7.87M	USD	2 Qtrs
Cash paid for transaction and financing fees	`PaymentOfFinancingAndStockIssuanceCosts`	$3.84M	USD	2 Qtrs
Cash paid for transaction and financing fees	`PaymentOfFinancingAndStockIssuanceCosts`	$98.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.71M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.05M	USD	2 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$577.00K	USD	2 Qtrs
Cash at beginning of period	`Cash`	-	USD	Point-in-time
Cash at beginning of period	`Cash`	$577.00K	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`	$577.00K	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`	$718.00K	USD	2 Qtrs
Cash paid for interest	`InterestPaid`	$406.00K	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$2.27M	USD	2 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$2.32M	USD	2 Qtrs
Unpaid property, plant, equipment and other assets	`NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets`	$925.00K	USD	2 Qtrs
Transactions fees	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$588.00K	USD	2 Qtrs
Dividends	`DividendsNonCash`	$224.00K	USD	2 Qtrs
Common stock warrant issued	`CommonStockWarrantIssued`	$399.00K	USD	2 Qtrs

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