10-Q Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-213715`
Period End Date	20130331
Filing Date	20130510
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	psix-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 28 Cash Flow Statement 53

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
Series A convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	114,000.00	shares	Point-in-time
Cash	`Cash`	$295.00K	USD	Point-in-time
Cash	`Cash`	$156.00K	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$543.00K	USD	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`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$37.48M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$36.69M	USD	Point-in-time
Inventories, net	`InventoryNet`	$41.55M	USD	Point-in-time
Inventories, net	`InventoryNet`	$39.97M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.91M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.57M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.91M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.05M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.18M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.18M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.22M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.08M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$82.27M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$82.08M	USD	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$7.83M	USD	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$7.14M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	830,925.00	shares	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	830,925.00	shares	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.54M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.37M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$91.47M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$90.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$26.58M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$22.11M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.99M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.07M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.35M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$5.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$32.66M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	$31.95M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	$30.94M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$136.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$136.00K	USD	Point-in-time
Private placement warrants	`DerivativeWarrantLiabilitiesNoncurrent`	$3.67M	USD	Point-in-time
Private placement warrants	`DerivativeWarrantLiabilitiesNoncurrent`	$7.05M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$623.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$628.00K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$68.20M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$68.03M	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, 2013 and December 31, 2012.	`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, 2013 and December 31, 2012.	`PreferredStockValue`	-	USD	Point-in-time
Common stock - $0.001 par value. Authorized: 50,000,000 shares. Issued: 10,047,546 and 9,909,212 shares at March 31, 2013 and December 31, 2012, respectively. Outstanding: 9,216,621 and 9,078,287 at March 31, 2013 and December 31, 2012, respectively.	`CommonStockValue`	$10.00K	USD	Point-in-time
Common stock - $0.001 par value. Authorized: 50,000,000 shares. Issued: 10,047,546 and 9,909,212 shares at March 31, 2013 and December 31, 2012, respectively. Outstanding: 9,216,621 and 9,078,287 at March 31, 2013 and December 31, 2012, respectively.	`CommonStockValue`	$10.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$10.86M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$14.32M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.11M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.19M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at March 31, 2013 and December 31, 2012.	`TreasuryStockValue`	$4.25M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at March 31, 2013 and December 31, 2012.	`TreasuryStockValue`	$4.25M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$23.27M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$22.73M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$91.47M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$90.77M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$52.58M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$48.07M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$43.41M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$39.84M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.23M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.17M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.77M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.73M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$1.70M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$1.88M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.76M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.44M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.19M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.09M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$3.04M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$3.08M	USD	1 Quarter
Interest expense	`InterestExpense`	$194.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$227.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-628.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-4.85M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-855.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-5.04M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.96M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.18M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.03M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$967.00K	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$1.15M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.93M	USD	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$1.15M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$232.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$364.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-308.00K	USD	1 Quarter
Equity based compensation expense	`IncreaseDecreaseEquityBasedCompensation`	$207.00K	USD	1 Quarter
Increase (decrease) in accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$-16.00K	USD	1 Quarter
Increase (decrease) in accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$42.00K	USD	1 Quarter
Increase in valuation of private placement warrants	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease`	$4.85M	USD	1 Quarter
Increase in valuation of private placement warrants	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease`	$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`	$-809.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$8.82M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.58M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-503.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$522.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-4.85M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$8.09M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-246.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-665.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.18M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$914.00K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-26.00K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$14.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.38M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.30M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquireProductiveAssets`	$345.00K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquireProductiveAssets`	$667.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-667.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-345.00K	USD	1 Quarter
Decrease in cash overdraft	`IncreaseDecreaseInBookOverdrafts`	$-3.78M	USD	1 Quarter
Payments on long-term debt and capital lease obligations	`RepaymentsOfLongTermDebt`	$6.00K	USD	1 Quarter
Proceeds from exercise of private placement warrants	`ProceedsFromExerciseOfPrivatePlacementWarrants`	$1.80M	USD	1 Quarter
Cash paid for transaction and financing fees	`PaymentOfFinancingAndStockIssuanceCosts`	$98.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.80M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.80M	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$156.00K	USD	1 Quarter
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-248.00K	USD	1 Quarter
Cash at beginning of period	`Cash`	$295.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$156.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$543.00K	USD	Point-in-time
Cash at end of period	`Cash`	$295.00K	USD	Point-in-time
Cash at end of period	`Cash`	$156.00K	USD	Point-in-time
Cash at end of period	`Cash`	$543.00K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$201.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$189.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$55.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$155.00K	USD	1 Quarter
Unpaid property, plant, equipment and other assets	`NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets`	$75.00K	USD	1 Quarter
Unpaid property, plant, equipment and other assets	`NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets`	$371.00K	USD	1 Quarter
Fair value of private placement warrants exercised	`NonCashInFlowAssociatedWithChangeInFairValueAssociatedWithExercisedWarrants`	$1.46M	USD	1 Quarter
Transaction fees	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$105.00K	USD	1 Quarter

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