10-Q Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193125-14-192673`
Period End Date	20140331
Filing Date	20140509
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	psix-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 29 Cash Flow Statement 56

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
Cash	`Cash`	$543.00K	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$295.00K	USD	Point-in-time
Cash	`Cash`	$3.65M	USD	Point-in-time
Cash	`Cash`	$6.31M	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$48.91M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$42.73M	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventories, net	`InventoryNet`	$55.99M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$68.75M	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`	$1.47M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.17M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.81M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$2.81M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	11.39M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	11.35M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$110.01M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$125.58M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.56M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.52M	shares	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	830,925.00	shares	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$13.10M	USD	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$14.26M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	830,925.00	shares	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$3.58M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$3.51M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$143.43M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$126.62M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$32.52M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$24.44M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$418.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$167.00K	USD	Point-in-time
Accrued compensation and benefits	`AccruedEmployeeBenefitsCurrent`	$3.76M	USD	Point-in-time
Accrued compensation and benefits	`AccruedEmployeeBenefitsCurrent`	$1.97M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$3.28M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$4.02M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$32.38M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$38.18M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	$26.16M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	$17.93M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$304.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$304.00K	USD	Point-in-time
Private placement warrants	`DerivativeWarrantLiabilitiesNoncurrent`	$24.52M	USD	Point-in-time
Private placement warrants	`DerivativeWarrantLiabilitiesNoncurrent`	$22.07M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$851.00K	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$1.05M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$76.20M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$87.56M	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, 2014 and December 31, 2013.	`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, 2014 and December 31, 2013.	`PreferredStockValue`	-	USD	Point-in-time
Common stock - $0.001 par value. Authorized: 50,000,000 shares. Issued: 11,393,064 and 11,352,812 shares at March 31, 2014 and December 31, 2013, respectively. Outstanding: 10,562,139 and 10,521,887 at March 31, 2014 and December 31, 2013, respectively.	`CommonStockValue`	$11.00K	USD	Point-in-time
Common stock - $0.001 par value. Authorized: 50,000,000 shares. Issued: 11,393,064 and 11,352,812 shares at March 31, 2014 and December 31, 2013, respectively. Outstanding: 10,562,139 and 10,521,887 at March 31, 2014 and December 31, 2013, respectively.	`CommonStockValue`	$11.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$57.31M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$60.38M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-274.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.65M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at March 31, 2014 and December 31, 2013.	`TreasuryStockValue`	$4.25M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at March 31, 2014 and December 31, 2013.	`TreasuryStockValue`	$4.25M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$55.87M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$50.42M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$126.62M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$143.43M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$66.73M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$52.58M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$43.41M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$54.80M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.93M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.17M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$3.60M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.77M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$1.88M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$1.83M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.98M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.44M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.41M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.09M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$3.08M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$3.52M	USD	1 Quarter
Interest expense	`InterestExpense`	$194.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$99.00K	USD	1 Quarter
Private placement warrant (income) expense	`FairValueAdjustmentOfWarrants`	$4.85M	USD	1 Quarter
Private placement warrant (income) expense	`FairValueAdjustmentOfWarrants`	$-233.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-23.00K	USD	1 Quarter
Total other (income) expense	`NonoperatingIncomeExpense`	$-5.04M	USD	1 Quarter
Total other (income) expense	`NonoperatingIncomeExpense`	$111.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.96M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.63M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.26M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$967.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.37M	USD	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-2.93M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$2.37M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$364.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$488.00K	USD	1 Quarter
Non-cash interest expense	`NoncashInterestExpense`	$14.00K	USD	1 Quarter
Non-cash interest expense	`NoncashInterestExpense`	$18.00K	USD	1 Quarter
Share-based compensation expense	`IncreaseDecreaseInShareBasedCompensation`	$321.00K	USD	1 Quarter
Share-based compensation expense	`IncreaseDecreaseInShareBasedCompensation`	$207.00K	USD	1 Quarter
Decrease in accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$-16.00K	USD	1 Quarter
Decrease in accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$-8.00K	USD	1 Quarter
Increase in inventory reserves	`IncreaseDecreaseInInventoryReserve`	$-183.00K	USD	1 Quarter
Increase in inventory reserves	`IncreaseDecreaseInInventoryReserve`	$-368.00K	USD	1 Quarter
(Decrease) increase in valuation of private placement warrant liability	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease`	$4.85M	USD	1 Quarter
(Decrease) increase in valuation of private placement warrant liability	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease`	$-233.00K	USD	1 Quarter
Loss on investment in joint venture	`IncomeLossFromEquityMethodInvestments`	$-33.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-809.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.17M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$12.95M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.95M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-580.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-485.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-4.85M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$7.22M	USD	1 Quarter
Accrued compensation and benefits and other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-2.53M	USD	1 Quarter
Accrued compensation and benefits and other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-665.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$418.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$914.00K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$14.00K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-367.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.38M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-10.62M	USD	1 Quarter
Purchases of property, plant, equipment and other assets	`PaymentsToAcquireProductiveAssets`	$667.00K	USD	1 Quarter
Purchases of property, plant, equipment and other assets	`PaymentsToAcquireProductiveAssets`	$784.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-667.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-784.00K	USD	1 Quarter
Proceeds from exercise of private placement warrants	`ProceedsFromExerciseOfPrivatePlacementWarrants`	$1.80M	USD	1 Quarter
Proceeds from exercise of private placement warrants	`ProceedsFromExerciseOfPrivatePlacementWarrants`	$523.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$8.75M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.80M	USD	1 Quarter
Decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.66M	USD	1 Quarter
Decrease in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-248.00K	USD	1 Quarter
Cash at beginning of period	`Cash`	$543.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$295.00K	USD	Point-in-time
Cash at beginning of period	`Cash`	$3.65M	USD	Point-in-time
Cash at beginning of period	`Cash`	$6.31M	USD	Point-in-time
Cash at end 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`	$3.65M	USD	Point-in-time
Cash at end of period	`Cash`	$6.31M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$201.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$86.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$55.00K	USD	1 Quarter
Unpaid property, plant, equipment and other assets	`NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets`	$371.00K	USD	1 Quarter
Unpaid property, plant, equipment and other assets	`NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets`	$854.00K	USD	1 Quarter
Fair value of private placement warrants exercised	`NonCashInFlowAssociatedWithChangeInFairValueAssociatedWithExercisedWarrants`	$2.23M	USD	1 Quarter
Fair value of private placement warrants exercised	`NonCashInFlowAssociatedWithChangeInFairValueAssociatedWithExercisedWarrants`	$1.46M	USD	1 Quarter

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