10-Q Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0001193125-13-438364`
Period End Date	20130930
Filing Date	20131112
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	psix-20130930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 60 Cash Flow Statement 67

Balance Sheet 71 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`	$655.00K	USD	Point-in-time
Cash	`Cash`	$8.33M	USD	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`	$543.00K	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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$39.22M	USD	Point-in-time
Inventories, net	`InventoryNet`	$39.97M	USD	Point-in-time
Inventories, net	`InventoryNet`	$49.52M	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`	$3.23M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.91M	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
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.18M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	11.31M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.48M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	9.08M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$82.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$102.48M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.00M	shares	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$11.34M	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`	$1.70M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$90.77M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$115.52M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$23.98M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$26.58M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.07M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$7.08M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$5.01M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$31.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$32.66M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	$30.94M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	$12.30M	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`	$20.12M	USD	Point-in-time
Private placement warrants	`DerivativeWarrantLiabilitiesNoncurrent`	$3.67M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$583.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$623.00K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$64.20M	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 September 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 September 30, 2013 and December 31, 2012	`PreferredStockValue`	-	USD	Point-in-time
Common stock - $0.001 par value. Authorized: 50,000,000 shares. Issued: 11,310,736 and 9,909,212 shares at September 30, 2013 and December 31, 2012, respectively. Outstanding: 10,479,811 and 9,078,287 shares at September 30, 2013 and December 31, 2012, respectively	`CommonStockValue`	$11.00K	USD	Point-in-time
Common stock - $0.001 par value. Authorized: 50,000,000 shares. Issued: 11,310,736 and 9,909,212 shares at September 30, 2013 and December 31, 2012, respectively. Outstanding: 10,479,811 and 9,078,287 shares at September 30, 2013 and December 31, 2012, respectively	`CommonStockValue`	$10.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$54.46M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$10.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.10M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.11M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at September 30, 2013 and December 31, 2012	`TreasuryStockValue`	$4.25M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at September 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`	$51.32M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$90.77M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$115.52M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$64.63M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$176.34M	USD	3 Qtrs
Net sales	`SalesRevenueGoodsNet`	$51.70M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$149.89M	USD	3 Qtrs
Cost of sales	`CostOfGoodsSold`	$52.26M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$124.42M	USD	3 Qtrs
Cost of sales	`CostOfGoodsSold`	$43.29M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$143.62M	USD	3 Qtrs
Gross profit	`GrossProfit`	$25.47M	USD	3 Qtrs
Gross profit	`GrossProfit`	$8.41M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.37M	USD	1 Quarter
Gross profit	`GrossProfit`	$32.73M	USD	3 Qtrs
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$7.31M	USD	3 Qtrs
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$2.01M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$5.54M	USD	3 Qtrs
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$3.25M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$1.31M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$5.81M	USD	3 Qtrs
Selling and service	`SellingAndMarketingExpense`	$4.60M	USD	3 Qtrs
Selling and service	`SellingAndMarketingExpense`	$1.84M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.56M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.16M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.21M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.02M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$16.17M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$21.68M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$5.54M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.25M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$2.87M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$11.04M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$4.12M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$9.30M	USD	3 Qtrs
Interest expense	`InterestExpense`	$766.00K	USD	3 Qtrs
Interest expense	`InterestExpense`	$135.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$570.00K	USD	3 Qtrs
Interest expense	`InterestExpense`	$249.00K	USD	1 Quarter
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-270.00K	USD	3 Qtrs
Private placement warrant expense (income)	`FairValueAdjustmentOfWarrants`	$12.61M	USD	1 Quarter
Private placement warrant expense (income)	`FairValueAdjustmentOfWarrants`	$-656.00K	USD	3 Qtrs
Private placement warrant expense (income)	`FairValueAdjustmentOfWarrants`	$-199.00K	USD	1 Quarter
Private placement warrant expense (income)	`FairValueAdjustmentOfWarrants`	$21.66M	USD	3 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$36.00K	USD	3 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-94.00K	USD	3 Qtrs
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$19.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-50.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-204.00K	USD	3 Qtrs
Total other expense	`NonoperatingIncomeExpense`	$-22.46M	USD	3 Qtrs
Total other expense	`NonoperatingIncomeExpense`	$-12.72M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$9.10M	USD	3 Qtrs
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-11.42M	USD	3 Qtrs
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-8.60M	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$2.82M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.38M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.14M	USD	3 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$977.00K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$3.59M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$5.96M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$1.85M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-15.01M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-9.98M	USD	1 Quarter

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$5.96M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$1.85M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-15.01M	USD	3 Qtrs
Net (loss) income	`NetIncomeLoss`	$-9.98M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.14M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$748.00K	USD	3 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-308.00K	USD	3 Qtrs
Share-based compensation expense	`IncreaseDecreaseEquityBasedCompensation`	$931.00K	USD	3 Qtrs
Share-based compensation expense	`IncreaseDecreaseEquityBasedCompensation`	$267.00K	USD	3 Qtrs
(Decrease) increase in accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$-4.00K	USD	3 Qtrs
(Decrease) increase in accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$57.00K	USD	3 Qtrs
Increase (decrease) in valuation of private placement warrants liability	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease`	$-656.00K	USD	3 Qtrs
Increase (decrease) in valuation of private placement warrants liability	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease`	$21.66M	USD	3 Qtrs
Loss on disposal of assets	`GainLossOnSaleOfOtherAssets`	$-14.00K	USD	3 Qtrs
Loss on disposal of assets	`GainLossOnSaleOfOtherAssets`	$-95.00K	USD	3 Qtrs
Loss on debt extinguishment	`GainsLossesOnExtinguishmentOfDebt`	$-270.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.73M	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.29M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$11.16M	USD	3 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$9.56M	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-58.00K	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$91.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-3.70M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$4.88M	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-425.00K	USD	3 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$2.07M	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$165.00K	USD	3 Qtrs
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-2.13M	USD	3 Qtrs
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$113.00K	USD	3 Qtrs
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-40.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.64M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.02M	USD	3 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquireProductiveAssets`	$2.90M	USD	3 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquireProductiveAssets`	$4.32M	USD	3 Qtrs
Investment in joint venture	`PaymentsToAcquireInterestInJointVenture`	$500.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.82M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.90M	USD	3 Qtrs
Decrease in cash overdraft	`IncreaseDecreaseInBookOverdrafts`	$-3.78M	USD	3 Qtrs
Proceeds from stock offering	`ProceedsFromIssuanceOfCommonStock`	$36.75M	USD	3 Qtrs
Initial proceeds/advances from borrowings under revolving line of credit	`ProceedsFromLinesOfCredit`	$38.99M	USD	3 Qtrs
Repayments of prior revolving line of credit	`RepaymentsOfLinesOfCredit`	$38.95M	USD	3 Qtrs
Payments on long-term debt and capital lease obligations	`RepaymentsOfLongTermDebt`	$21.00K	USD	3 Qtrs
Proceeds from exercise of private placement warrants	`ProceedsFromExerciseOfPrivatePlacementWarrants`	$178.00K	USD	3 Qtrs
Proceeds from exercise of private placement warrants	`ProceedsFromExerciseOfPrivatePlacementWarrants`	$3.87M	USD	3 Qtrs
Payment of withholding taxes for net settlement of share-based awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.06M	USD	3 Qtrs
Excess tax benefit from exercise of share-based awards	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$1.64M	USD	3 Qtrs
Cash paid for financing and transaction fees	`PaymentOfFinancingAndStockIssuanceCosts`	$226.00K	USD	3 Qtrs
Cash paid for financing and transaction fees	`PaymentOfFinancingAndStockIssuanceCosts`	$2.92M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$18.63M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.20M	USD	3 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$655.00K	USD	3 Qtrs
Net change in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$7.79M	USD	3 Qtrs
Cash at beginning of period	`Cash`	$655.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$8.33M	USD	Point-in-time
Cash at beginning of period	`Cash`	$543.00K	USD	Point-in-time
Cash at end of period	`Cash`	$655.00K	USD	Point-in-time
Cash at end of period	`Cash`	$8.33M	USD	Point-in-time
Cash at end of period	`Cash`	$543.00K	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$666.00K	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	$567.00K	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$3.29M	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaidNet`	$4.07M	USD	3 Qtrs
Unpaid property, plant and equipment	`NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets`	$815.00K	USD	3 Qtrs
Unpaid property, plant and equipment	`NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets`	$998.00K	USD	3 Qtrs
Fair value of private placement warrants exercised	`NonCashInFlowAssociatedWithChangeInFairValueAssociatedWithExercisedWarrants`	$52.00K	USD	3 Qtrs
Fair value of private placement warrants exercised	`NonCashInFlowAssociatedWithChangeInFairValueAssociatedWithExercisedWarrants`	$5.20M	USD	3 Qtrs
Unpaid financing and transaction fees	`UnpaidFinancingAndTransactionFees`	$98.00K	USD	3 Qtrs

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