10-Q Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001193125-16-585806`
Period End Date	20160331
Filing Date	20160510
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	psix-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 32 Cash Flow Statement 62

Balance Sheet 75 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`	$8.45M	USD	Point-in-time
Cash	`Cash`	$6.56M	USD	Point-in-time
Cash	`Cash`	$10.23M	USD	Point-in-time
Cash	`Cash`	$1.50M	USD	Point-in-time
Series A convertible preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$104.36M	USD	Point-in-time
Series A convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$63.16M	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$130.35M	USD	Point-in-time
Inventories, net	`InventoryNet`	$120.73M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.50M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$9.52M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	11.58M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$252.68M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	11.58M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$194.89M	USD	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$26.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.75M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	10.75M	shares	Point-in-time
Property, plant & equipment, net	`PropertyPlantAndEquipmentNet`	$24.29M	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
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$31.75M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$30.32M	USD	Point-in-time
Goodwill	`Goodwill`	$41.47M	USD	Point-in-time
Goodwill	`Goodwill`	$41.47M	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsLiabilitiesNet`	$819.00K	USD	Point-in-time
Deferred income taxes, net	`DeferredTaxAssetsLiabilitiesNet`	$819.00K	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$7.18M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$7.23M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$298.96M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$359.94M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$76.08M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrentBankOverdraft`	$41.49M	USD	Point-in-time
Accrued compensation and benefits	`AccruedEmployeeBenefitsCurrent`	$4.01M	USD	Point-in-time
Accrued compensation and benefits	`AccruedEmployeeBenefitsCurrent`	$3.65M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$16.04M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$19.18M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$99.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$61.18M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	$80.57M	USD	Point-in-time
Revolving line of credit	`LongTermLineOfCredit`	$97.30M	USD	Point-in-time
Private placement warrants	`DerivativeWarrantLiabilitiesNoncurrent`	$226.00K	USD	Point-in-time
Private placement warrants	`DerivativeWarrantLiabilitiesNoncurrent`	$1.48M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$53.95M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$53.82M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$1.67M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$1.78M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$253.64M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$197.59M	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, 2016 and December 31, 2015.	`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, 2016 and December 31, 2015.	`PreferredStockValue`	-	USD	Point-in-time
Common stock - $0.001 par value. Authorized: 50,000,000 shares. Issued: 11,583,831 shares at March 31, 2016 and December 31, 2015. Outstanding: 10,752,906 at March 31, 2016 and December 31, 2015.	`CommonStockValue`	$12.00K	USD	Point-in-time
Common stock - $0.001 par value. Authorized: 50,000,000 shares. Issued: 11,583,831 shares at March 31, 2016 and December 31, 2015. Outstanding: 10,752,906 at March 31, 2016 and December 31, 2015.	`CommonStockValue`	$12.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$75.50M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$75.18M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$35.36M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$30.11M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at March 31, 2016 and December 31, 2015.	`TreasuryStockValue`	$4.25M	USD	Point-in-time
Treasury stock, at cost, 830,925 shares at March 31, 2016 and December 31, 2015.	`TreasuryStockValue`	$4.25M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$101.37M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$106.30M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$359.94M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$298.96M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueGoodsNet`	$86.14M	USD	1 Quarter
Net sales	`SalesRevenueGoodsNet`	$61.81M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$69.68M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$57.76M	USD	1 Quarter
Gross profit	`GrossProfit`	$16.46M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.06M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$5.17M	USD	1 Quarter
Research & development and engineering	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$5.25M	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$2.75M	USD	1 Quarter
Selling	`SellingAndMarketingExpense`	$2.61M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.45M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.65M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$814.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.43M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.74M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.39M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$4.07M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-8.68M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.42M	USD	1 Quarter
Interest expense	`InterestExpense`	$489.00K	USD	1 Quarter
Private placement warrant (income) expense	`FairValueAdjustmentOfWarrants`	$-1.26M	USD	1 Quarter
Private placement warrant (income) expense	`FairValueAdjustmentOfWarrants`	$3.61M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-85.00K	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-39.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-4.14M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-250.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-72.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-8.93M	USD	1 Quarter
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$1.38M	USD	1 Quarter
Income tax (benefit) provision	`IncomeTaxExpenseBenefit`	$-3.68M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.25M	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.25M	USD	1 Quarter
Depreciation	`Depreciation`	$833.00K	USD	1 Quarter
Depreciation	`Depreciation`	$1.27M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$1.43M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$850.00K	USD	1 Quarter
Non-cash interest expense	`NoncashInterestExpense`	$25.00K	USD	1 Quarter
Non-cash interest expense	`NoncashInterestExpense`	$149.00K	USD	1 Quarter
Share-based compensation expense	`IncreaseDecreaseInShareBasedCompensation`	$321.00K	USD	1 Quarter
Share-based compensation expense	`IncreaseDecreaseInShareBasedCompensation`	$305.00K	USD	1 Quarter
Increase in accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$163.00K	USD	1 Quarter
Increase in accounts receivable allowances	`AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease`	$62.00K	USD	1 Quarter
Increase in inventory reserves	`IncreaseDecreaseInInventoryReserve`	$225.00K	USD	1 Quarter
Increase in inventory reserves	`IncreaseDecreaseInInventoryReserve`	$219.00K	USD	1 Quarter
(Decrease) increase in valuation of private placement warrants liability	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease`	$3.61M	USD	1 Quarter
(Decrease) increase in valuation of private placement warrants liability	`FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease`	$-1.26M	USD	1 Quarter
Loss on investment in joint venture	`IncomeLossFromEquityMethodInvestments`	$-85.00K	USD	1 Quarter
Loss on investment in joint venture	`IncomeLossFromEquityMethodInvestments`	$-47.00K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets`	$-18.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-6.25M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-41.14M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-9.39M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$18.06M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.31M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-672.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-4.82M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-35.27M	USD	1 Quarter
Accrued compensation and benefits and other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-3.49M	USD	1 Quarter
Accrued compensation and benefits and other accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$568.00K	USD	1 Quarter
Income taxes payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$812.00K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-106.00K	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$221.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$9.99M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-9.73M	USD	1 Quarter
Purchases of property, plant & equipment	`PaymentsToAcquireProductiveAssets`	$806.00K	USD	1 Quarter
Purchases of property, plant & equipment	`PaymentsToAcquireProductiveAssets`	$214.00K	USD	1 Quarter
Business combination	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$9.73M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-10.54M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-214.00K	USD	1 Quarter
Advances from revolving line of credit - noncurrent obligation	`ProceedsFromLinesOfCredit`	$46.90M	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	`RepaymentsOfLongTermLinesOfCredit`	$63.63M	USD	1 Quarter
Repayments of revolving line of credit - noncurrent obligation	`RepaymentsOfLongTermLinesOfCredit`	$8.00M	USD	1 Quarter
Payments on long-term debt	`ProceedsFromRepaymentsOfDebt`	$-417.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$23.95M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-16.73M	USD	1 Quarter
(Decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.95M	USD	1 Quarter
(Decrease) increase in cash	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.67M	USD	1 Quarter
Cash at beginning of period	`Cash`	$8.45M	USD	Point-in-time
Cash at beginning of period	`Cash`	$6.56M	USD	Point-in-time
Cash at beginning of period	`Cash`	$10.23M	USD	Point-in-time
Cash at beginning of period	`Cash`	$1.50M	USD	Point-in-time
Cash at end of period	`Cash`	$8.45M	USD	Point-in-time
Cash at end of period	`Cash`	$6.56M	USD	Point-in-time
Cash at end of period	`Cash`	$10.23M	USD	Point-in-time
Cash at end of period	`Cash`	$1.50M	USD	Point-in-time
Cash paid for interest	`InterestPaid`	$479.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$435.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$608.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$100.00K	USD	1 Quarter
Unpaid property, plant & equipment	`NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets`	$687.00K	USD	1 Quarter
Unpaid property, plant & equipment	`NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets`	$1.00M	USD	1 Quarter

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