10-Q Filing

PIONEER POWER SOLUTIONS, INC. CIK: 1449792 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001387131-16-005468`
Period End Date	20160331
Filing Date	20160513
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	ppsi-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 33 Cash Flow Statement 64 Comprehensive Income 10

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$648.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.83M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$159.00K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$14.22M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$15.41M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$20.62M	USD	Point-in-time
Inventories, net	`InventoryNet`	$17.66M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$576.00K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.70M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.70M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$688.00K	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	8.70M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.38M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.76M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	8.70M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$34.87M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$39.27M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$7.49M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$7.35M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$3.64M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$5.03M	USD	Point-in-time
Other assets	`OtherAssets`	$1.05M	USD	Point-in-time
Other assets	`OtherAssets`	$1.03M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.51M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.96M	USD	Point-in-time
Goodwill	`Goodwill`	$10.07M	USD	Point-in-time
Goodwill	`Goodwill`	$10.07M	USD	Point-in-time
Total assets	`Assets`	$66.94M	USD	Point-in-time
Total assets	`Assets`	$72.40M	USD	Point-in-time
Bank overdrafts	`BankOverdrafts`	$1.92M	USD	Point-in-time
Bank overdrafts	`BankOverdrafts`	$2.59M	USD	Point-in-time
Revolving credit facilities	`LineOfCredit`	$9.87M	USD	Point-in-time
Revolving credit facilities	`LineOfCredit`	$14.19M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$20.03M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$15.23M	USD	Point-in-time
Current maturities of long-term debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$6.24M	USD	Point-in-time
Current maturities of long-term debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$795.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$481.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$237.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$33.28M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$38.31M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$21.00K	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$5.25M	USD	Point-in-time
Pension deficit	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$63.00K	USD	Point-in-time
Pension deficit	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$147.00K	USD	Point-in-time
Other long-term liability	`OtherLiabilitiesNoncurrent`	$3.14M	USD	Point-in-time
Other long-term liability	`OtherLiabilitiesNoncurrent`	$372.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.19M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$781.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$44.01M	USD	Point-in-time
Total liabilities	`Liabilities`	$39.55M	USD	Point-in-time
Preferred stock, par value $0.001; 5,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.001; 5,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.001; 30,000,000 shares authorized; 8,699,712 shares issued and outstanding	`CommonStockValue`	$9.00K	USD	Point-in-time
Common stock, par value $0.001; 30,000,000 shares authorized; 8,699,712 shares issued and outstanding	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$23.15M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$23.21M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.67M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.30M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$9.90M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$10.47M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$27.39M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$28.39M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$72.40M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$66.94M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$28.89M	USD	1 Quarter
Revenues	`Revenues`	$26.57M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$20.66M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$23.32M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.57M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.91M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.82M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.75M	USD	1 Quarter
Restructuring, integration and impairment	`RestructuringSettlementAndImpairmentProvisions`	$119.00K	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossRealized`	$47.00K	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossRealized`	$171.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.65M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.82M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$1.09M	USD	1 Quarter
Operating income (loss)	`OperatingIncomeLoss`	$-84.00K	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$154.00K	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$285.00K	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	$77.00K	USD	1 Quarter
Other expense	`OtherNonoperatingExpense`	$16.00K	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$793.00K	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-315.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-90.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$224.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$569.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-225.00K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.41M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.70M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.41M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.71M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$569.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-225.00K	USD	1 Quarter
Depreciation	`Depreciation`	$350.00K	USD	1 Quarter
Depreciation	`Depreciation`	$287.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$434.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$454.00K	USD	1 Quarter
Amortization of deferred financing costs	`OtherAmortizationOfDeferredCharges`	$24.00K	USD	1 Quarter
Amortization of deferred financing costs	`OtherAmortizationOfDeferredCharges`	$29.00K	USD	1 Quarter
Deferred tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-495.00K	USD	1 Quarter
Deferred tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$12.00K	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$37.00K	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$220.00K	USD	1 Quarter
Change in inventory reserves	`InventoryLIFOReservePeriodCharge`	$265.00K	USD	1 Quarter
Change in inventory reserves	`InventoryLIFOReservePeriodCharge`	$56.00K	USD	1 Quarter
Accrued pension	`PensionAndOtherPostretirementBenefitExpense`	$16.00K	USD	1 Quarter
Accrued pension	`PensionAndOtherPostretirementBenefitExpense`	$-28.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$54.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$60.00K	USD	1 Quarter
Foreign currency remeasurement loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$199.00K	USD	1 Quarter
Foreign currency remeasurement loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$31.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-2.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.11M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.26M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$115.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.77M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$596.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$115.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$283.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$146.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.25M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.65M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-495.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.75M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$149.00K	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$236.00K	USD	1 Quarter
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$93.00K	USD	1 Quarter
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-329.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-149.00K	USD	1 Quarter
Increase in bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$564.00K	USD	1 Quarter
Increase in bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$1.24M	USD	1 Quarter
Borrowings under debt agreement	`ProceedsFromIssuanceOfLongTermDebt`	$6.36M	USD	1 Quarter
Borrowings under debt agreement	`ProceedsFromIssuanceOfLongTermDebt`	$12.63M	USD	1 Quarter
Repayment of debt	`RepaymentsOfDebt`	$10.07M	USD	1 Quarter
Repayment of debt	`RepaymentsOfDebt`	$8.80M	USD	1 Quarter
Payment of deferred financing costs	`PaymentsOfDebtIssuanceCosts`	$3.00K	USD	1 Quarter
Payment of deferred financing costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Repayment of financing obligation	`RepaymentsOfDebtAndCapitalLeaseObligations`	$152.00K	USD	1 Quarter
Repayment of financing obligation	`RepaymentsOfDebtAndCapitalLeaseObligations`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.39M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.62M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-512.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.44M	USD	1 Quarter
Effect of foreign exchange on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$23.00K	USD	1 Quarter
Effect of foreign exchange on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-391.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$648.00K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.83M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$159.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$648.00K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.83M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$159.00K	USD	Point-in-time
Forgiveness of indebtedness due to purchaser	`DebtInstrumentDecreaseForgiveness`	-	USD	1 Quarter
Forgiveness of indebtedness due to purchaser	`DebtInstrumentDecreaseForgiveness`	$609.00K	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$569.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-225.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.51M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$475.00K	USD	1 Quarter
Amortization of net prior service costs and net actuarial losses, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-90.00K	USD	1 Quarter
Amortization of net prior service costs and net actuarial losses, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$103.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$372.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.42M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$941.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-1.64M	USD	1 Quarter

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