10-Q Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 Q2 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-329104`
Period End Date	20130630
Filing Date	20130809
Fiscal Year	2013
Fiscal Period	Q2
XBRL Instance	psix-20130630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 62 Cash Flow Statement 63

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
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
Cash	`Cash`	$1.44M	USD	Point-in-time
Cash	`Cash`	$577.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$35.06M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$37.48M	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$47.93M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$39.97M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.54M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.91M	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`	$2.18M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	9.91M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.18M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	10.12M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.08M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$89.14M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.29M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$82.08M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.00M	shares	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$9.94M	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
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$7.14M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.54M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$1.28M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$90.77M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$100.36M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$23.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$26.58M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$227.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.07M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.92M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$5.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$32.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$28.61M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	$30.94M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	$37.20M	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`	$9.92M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$623.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$599.00K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$76.46M	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 June 30, 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 June 30, 2013 and December 31, 2012.	`PreferredStockValue`	-	USD	Point-in-time
Common stock - $0.001 par value. Authorized: 50,000,000 shares. Issued: 10,118,379 and 9,909,212 shares at June 30, 2013 and December 31, 2012, respectively. Outstanding: 9,287,454 and 9,078,287 shares at June 30, 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: 10,118,379 and 9,909,212 shares at June 30, 2013 and December 31, 2012, respectively. Outstanding: 9,287,454 and 9,078,287 shares at June 30, 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`	$17.05M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.11M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.09M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at June 30, 2013 and December 31, 2012.	`TreasuryStockValue`	$4.25M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at June 30, 2013 and December 31, 2012.	`TreasuryStockValue`	$4.25M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$22.73M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$23.90M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$90.77M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$100.36M	USD	Point-in-time

Income Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$59.14M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$111.71M	USD	2 Qtrs
Net sales	`SalesRevenueGoodsNet`	$50.12M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$98.19M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$41.28M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$81.13M	USD	2 Qtrs
Cost of sales	`CostOfGoodsSold`	$47.95M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$91.36M	USD	2 Qtrs
Gross profit	`GrossProfit`	$20.35M	USD	2 Qtrs
Gross profit	`GrossProfit`	$8.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.18M	USD	1 Quarter
Gross profit	`GrossProfit`	$17.06M	USD	2 Qtrs
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$4.06M	USD	2 Qtrs
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.81M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$3.54M	USD	2 Qtrs
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$2.29M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$3.29M	USD	2 Qtrs
Selling and service	`SellingAndMarketingExpense`	$2.09M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$3.97M	USD	2 Qtrs
Selling and service	`SellingAndMarketingExpense`	$1.58M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.05M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.97M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.81M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$5.40M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$5.44M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$10.63M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$13.43M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$7.34M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$3.39M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$6.92M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$3.84M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$6.43M	USD	2 Qtrs
Interest expense	`InterestExpense`	$517.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$290.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$241.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$435.00K	USD	2 Qtrs
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-270.00K	USD	2 Qtrs
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-270.00K	USD	1 Quarter
Private placement warrant expense (income)	`FairValueAdjustmentOfWarrants`	$-457.00K	USD	2 Qtrs
Private placement warrant expense (income)	`FairValueAdjustmentOfWarrants`	$4.21M	USD	1 Quarter
Private placement warrant expense (income)	`FairValueAdjustmentOfWarrants`	$9.05M	USD	2 Qtrs
Private placement warrant expense (income)	`FairValueAdjustmentOfWarrants`	$-1.05M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$17.00K	USD	2 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$17.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-59.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-94.00K	USD	2 Qtrs
Total other expense (income)	`NonoperatingIncomeExpense`	$701.00K	USD	1 Quarter
Total other expense (income)	`NonoperatingIncomeExpense`	$-4.70M	USD	1 Quarter
Total other expense (income)	`NonoperatingIncomeExpense`	$-154.00K	USD	2 Qtrs
Total other expense (income)	`NonoperatingIncomeExpense`	$-9.74M	USD	2 Qtrs
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.28M	USD	2 Qtrs
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-2.82M	USD	2 Qtrs
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.09M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-861.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.16M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$1.24M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$2.21M	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$1.13M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$4.11M	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$-5.03M	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$2.96M	USD	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$4.11M	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$-5.03M	USD	2 Qtrs
Net (loss) income	`NetIncomeLoss`	$2.96M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$469.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$749.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-308.00K	USD	2 Qtrs
Equity based compensation expense	`IncreaseDecreaseEquityBasedCompensation`	$675.00K	USD	2 Qtrs
Equity based compensation expense	`IncreaseDecreaseEquityBasedCompensation`	$56.00K	USD	2 Qtrs
(Decrease) increase in accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$-10.00K	USD	2 Qtrs
(Decrease) increase in accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$50.00K	USD	2 Qtrs
Increase (decrease) in valuation of private placement warrants liability	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease`	$9.05M	USD	2 Qtrs
Increase (decrease) in valuation of private placement warrants liability	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease`	$-457.00K	USD	2 Qtrs
Loss on disposal of assets	`GainsLossesOnSalesOfOtherAssets`	$-2.00K	USD	2 Qtrs
Loss on disposal of assets	`GainsLossesOnSalesOfOtherAssets`	$-95.00K	USD	2 Qtrs
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-270.00K	USD	2 Qtrs
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-270.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.28M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.43M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$7.96M	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$15.78M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$185.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$567.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-4.25M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$9.71M	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-49.00K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-92.00K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-847.00K	USD	2 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$249.00K	USD	2 Qtrs
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-53.00K	USD	2 Qtrs
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-7.00K	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$809.00K	USD	2 Qtrs
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.21M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquireProductiveAssets`	$1.28M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquireProductiveAssets`	$2.62M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.28M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.62M	USD	2 Qtrs
Decrease in cash overdraft	`IncreaseDecreaseInBookOverdrafts`	$-3.78M	USD	2 Qtrs
Initial proceeds/advances from borrowings under revolving line of credit	`ProceedsFromLinesOfCredit`	$38.99M	USD	2 Qtrs
Repayments from/of prior revolving line of credit	`RepaymentsOfLinesOfCredit`	$38.95M	USD	2 Qtrs
Payments on long-term debt and capital lease obligations	`RepaymentsOfLongTermDebt`	$13.00K	USD	2 Qtrs
Proceeds from exercise of private placement warrants	`ProceedsFromExerciseOfPrivatePlacementWarrants`	$2.72M	USD	2 Qtrs
Cash paid for financing and transaction fees	`PaymentOfFinancingAndStockIssuanceCosts`	$261.00K	USD	2 Qtrs
Cash paid for financing and transaction fees	`PaymentOfFinancingAndStockIssuanceCosts`	$98.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.05M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.71M	USD	2 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$892.00K	USD	2 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$577.00K	USD	2 Qtrs
Cash at beginning of period	`Cash`	$543.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.44M	USD	Point-in-time
Cash at beginning of period	`Cash`	$577.00K	USD	Point-in-time
Cash at end of period	`Cash`	$543.00K	USD	Point-in-time
Cash at end of period	`Cash`	$1.44M	USD	Point-in-time
Cash at end of period	`Cash`	$577.00K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$468.00K	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`	$3.05M	USD	2 Qtrs
Unpaid property, plant and equipment	`NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets`	$925.00K	USD	2 Qtrs
Unpaid property, plant and equipment	`NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets`	$923.00K	USD	2 Qtrs
Fair value of private placement warrants exercised	`NonCashInFlowAssociatedWithChangeInFairValueAssociatedWithExercisedWarrants`	$2.80M	USD	2 Qtrs
Unpaid financing and transaction fees	`UnpaidFinancingAndTransactionFees`	$208.00K	USD	2 Qtrs
Unpaid financing and transaction fees	`UnpaidFinancingAndTransactionFees`	$105.00K	USD	2 Qtrs

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