10-Q Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001193125-15-179857`
Period End Date	20150331
Filing Date	20150508
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	psix-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 30 Cash Flow Statement 64

Balance Sheet 82 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`	$3.65M	USD	Point-in-time
Cash	`Cash`	$6.56M	USD	Point-in-time
Cash	`Cash`	$6.31M	USD	Point-in-time
Cash	`Cash`	$10.23M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$81.74M	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$75.33M	USD	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`	$93.90M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$118.06M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.07M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.80M	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`	$4.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	11.56M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$4.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	11.56M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.73M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.73M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$191.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$211.69M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	830,925.00	shares	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$22.26M	USD	Point-in-time
Treasury stock, at cost	`TreasuryStockShares`	830,925.00	shares	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$20.89M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$20.55M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$21.39M	USD	Point-in-time
Goodwill	`Goodwill`	$23.55M	USD	Point-in-time
Goodwill	`Goodwill`	$23.55M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$8.78M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$5.80M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$286.83M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$262.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$57.06M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$60.88M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$779.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.59M	USD	Point-in-time
Accrued compensation and benefits	`AccruedEmployeeBenefitsCurrent`	$4.64M	USD	Point-in-time
Accrued compensation and benefits	`AccruedEmployeeBenefitsCurrent`	$5.98M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$1.67M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$1.67M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$6.74M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$8.65M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$76.05M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$73.61M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	$78.03M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	$102.39M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$3.24M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$3.24M	USD	Point-in-time
Private placement warrants	`DerivativeWarrantLiabilitiesNoncurrent`	$14.65M	USD	Point-in-time
Private placement warrants	`DerivativeWarrantLiabilitiesNoncurrent`	$11.04M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtNoncurrent`	$1.94M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtNoncurrent`	$2.36M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$1.34M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$1.12M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$197.18M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$171.84M	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, 2015 and December 31, 2014.	`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, 2015 and December 31, 2014.	`PreferredStockValue`	-	USD	Point-in-time
Common stock - $0.001 par value. Authorized: 50,000,000 shares. Issued: 11,562,209 shares at March 31, 2015 and December 31, 2014. Outstanding: 10,731,284 at March 31, 2015 and December 31, 2014.	`CommonStockValue`	$12.00K	USD	Point-in-time
Common stock - $0.001 par value. Authorized: 50,000,000 shares. Issued: 11,562,209 shares at March 31, 2015 and December 31, 2014. Outstanding: 10,731,284 at March 31, 2015 and December 31, 2014.	`CommonStockValue`	$12.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$73.96M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$74.26M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$19.62M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$21.08M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at March 31, 2015 and December 31, 2014.	`TreasuryStockValue`	$4.25M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at March 31, 2015 and December 31, 2014.	`TreasuryStockValue`	$4.25M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$89.65M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$90.80M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$262.64M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$286.83M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$66.73M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$86.14M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$54.80M	USD	1 Quarter
Cost of sales	`CostOfGoodsSold`	$69.68M	USD	1 Quarter
Gross profit	`GrossProfit`	$11.93M	USD	1 Quarter
Gross profit	`GrossProfit`	$16.46M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$5.17M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$3.60M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$1.83M	USD	1 Quarter
Selling and service	`SellingAndMarketingExpense`	$2.75M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.47M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.98M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.41M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.39M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$3.52M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$4.07M	USD	1 Quarter
Interest expense	`InterestExpense`	$99.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$489.00K	USD	1 Quarter
Private placement warrant expense (income)	`FairValueAdjustmentOfWarrants`	$-233.00K	USD	1 Quarter
Private placement warrant expense (income)	`FairValueAdjustmentOfWarrants`	$3.61M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-39.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-23.00K	USD	1 Quarter
Total other expense (income)	`NonoperatingIncomeExpense`	$-4.14M	USD	1 Quarter
Total other expense (income)	`NonoperatingIncomeExpense`	$111.00K	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-72.00K	USD	1 Quarter
(Loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$3.63M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.26M	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.38M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$-1.46M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$2.37M	USD	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-1.46M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$2.37M	USD	1 Quarter
Depreciation	`Depreciation`	$833.00K	USD	1 Quarter
Depreciation	`Depreciation`	$478.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$850.00K	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$10.00K	USD	1 Quarter
Non-cash interest expense	`NoncashInterestExpense`	$25.00K	USD	1 Quarter
Non-cash interest expense	`NoncashInterestExpense`	$14.00K	USD	1 Quarter
Share-based compensation expense	`IncreaseDecreaseInShareBasedCompensation`	$321.00K	USD	1 Quarter
Share-based compensation expense	`IncreaseDecreaseInShareBasedCompensation`	$305.00K	USD	1 Quarter
Increase (decrease) in accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$163.00K	USD	1 Quarter
Increase (decrease) in accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$-8.00K	USD	1 Quarter
Increase in inventory reserves	`IncreaseDecreaseInInventoryReserve`	$-225.00K	USD	1 Quarter
Increase in inventory reserves	`IncreaseDecreaseInInventoryReserve`	$-183.00K	USD	1 Quarter
Increase (decrease) in valuation of private placement warrant liability	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease`	$3.61M	USD	1 Quarter
Increase (decrease) in valuation of private placement warrant liability	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease`	$-233.00K	USD	1 Quarter
Loss on investment in joint venture	`IncomeLossFromEquityMethodInvestments`	$-47.00K	USD	1 Quarter
Loss on investment in joint venture	`IncomeLossFromEquityMethodInvestments`	$-33.00K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-18.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$6.17M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.25M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$12.95M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$18.06M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-672.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-580.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$7.22M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-4.82M	USD	1 Quarter
Accrued compensation and benefits and other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$568.00K	USD	1 Quarter
Accrued compensation and benefits and other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-2.53M	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$812.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$418.00K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-367.00K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$221.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-10.62M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-9.73M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquireProductiveAssets`	$806.00K	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquireProductiveAssets`	$784.00K	USD	1 Quarter
Acquisitions	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$9.73M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-784.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-10.54M	USD	1 Quarter
Advances from revolving line of credit - noncurrent obligation	`ProceedsFromLinesOfCredit`	$14.13M	USD	1 Quarter
Advances from revolving line of credit - noncurrent obligation	`ProceedsFromLinesOfCredit`	$32.36M	USD	1 Quarter
Repayments of revolving line of credit - noncurrent obligation	`RepaymentsOfLinesOfCredit`	$5.90M	USD	1 Quarter
Repayments of revolving line of credit - noncurrent obligation	`RepaymentsOfLinesOfCredit`	$8.00M	USD	1 Quarter
Proceeds from exercise of private placement warrants	`ProceedsFromExerciseOfPrivatePlacementWarrants`	$523.00K	USD	1 Quarter
Payments on long-term debt	`ProceedsFromRepaymentsOfDebt`	$-417.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$8.75M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$23.95M	USD	1 Quarter
Increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.66M	USD	1 Quarter
Increase (decrease) in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.67M	USD	1 Quarter
Cash at beginning of period	`Cash`	$3.65M	USD	Point-in-time
Cash at beginning of period	`Cash`	$6.56M	USD	Point-in-time
Cash at beginning of period	`Cash`	$6.31M	USD	Point-in-time
Cash at beginning of period	`Cash`	$10.23M	USD	Point-in-time
Cash at end of period	`Cash`	$3.65M	USD	Point-in-time
Cash at end of period	`Cash`	$6.56M	USD	Point-in-time
Cash at end of period	`Cash`	$6.31M	USD	Point-in-time
Cash at end of period	`Cash`	$10.23M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$435.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$86.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$608.00K	USD	1 Quarter
Unpaid property, plant, equipment and other assets	`NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets`	$1.00M	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

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