10-Q Filing

PIONEER POWER SOLUTIONS, INC. CIK: 1449792 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001387131-17-002668`
Period End Date	20170331
Filing Date	20170512
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	ppsi-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 34 Cash Flow Statement 66 Comprehensive Income 10

Balance Sheet 77 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`	$159.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$246.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$648.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$235.00K	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`	$17.51M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$16.40M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	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`	$29.83M	USD	Point-in-time
Inventories, net	`InventoryNet`	$26.15M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$72.00K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.70M	shares	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.71M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$759.00K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.71M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.21M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.92M	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.70M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$46.19M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$49.14M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$6.59M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$6.81M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$5.59M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$5.66M	USD	Point-in-time
Other assets	`OtherAssets`	$830.00K	USD	Point-in-time
Other assets	`OtherAssets`	$820.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$8.17M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.76M	USD	Point-in-time
Goodwill	`Goodwill`	$9.97M	USD	Point-in-time
Goodwill	`Goodwill`	$9.97M	USD	Point-in-time
Total assets	`Assets`	$80.08M	USD	Point-in-time
Total assets	`Assets`	$77.41M	USD	Point-in-time
Bank overdrafts	`BankOverdrafts`	$1.20M	USD	Point-in-time
Bank overdrafts	`BankOverdrafts`	$964.00K	USD	Point-in-time
Revolving credit facilities	`LineOfCredit`	$18.28M	USD	Point-in-time
Revolving credit facilities	`LineOfCredit`	$17.69M	USD	Point-in-time
Short term borrowings	`ShortTermBorrowings`	$3.81M	USD	Point-in-time
Short term borrowings	`ShortTermBorrowings`	$3.97M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$18.14M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$20.71M	USD	Point-in-time
Current maturities of long-term debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$1.38M	USD	Point-in-time
Current maturities of long-term debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$397.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.36M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$43.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$45.66M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$4.00M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$4.83M	USD	Point-in-time
Pension deficit	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$172.00K	USD	Point-in-time
Pension deficit	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$132.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$892.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$446.00K	USD	Point-in-time
Noncurrent deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.51M	USD	Point-in-time
Noncurrent deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$2.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$53.58M	USD	Point-in-time
Total liabilities	`Liabilities`	$51.21M	USD	Point-in-time
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 30,000,000 shares authorized; 8,712,712 shares issued and outstanding on March 31, 2017 and 8,699,712 shares issued and outstanding on December 31, 2016	`CommonStockValue`	$9.00K	USD	Point-in-time
Common stock, $0.001 par value, 30,000,000 shares authorized; 8,712,712 shares issued and outstanding on March 31, 2017 and 8,699,712 shares issued and outstanding on December 31, 2016	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$23.30M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$23.21M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.86M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.78M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.97M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$8.84M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$26.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$26.20M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$80.08M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$77.41M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$26.57M	USD	1 Quarter
Revenues	`Revenues`	$27.26M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$20.71M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$21.15M	USD	1 Quarter
Gross profit	`GrossProfit`	$6.12M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.86M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.69M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.87M	USD	1 Quarter
Restructuring and integration	`RestructuringSettlementAndImpairmentProvisions`	$155.00K	USD	1 Quarter
Restructuring and integration	`RestructuringSettlementAndImpairmentProvisions`	$119.00K	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossRealized`	$60.00K	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossRealized`	$47.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.96M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.76M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$1.09M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$1.16M	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$285.00K	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$508.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-16.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-235.00K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$793.00K	USD	1 Quarter
Income before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$413.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$224.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$280.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$569.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$133.00K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.07	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.07	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.70M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8.70M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.74M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.71M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$569.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$133.00K	USD	1 Quarter
Depreciation	`Depreciation`	$287.00K	USD	1 Quarter
Depreciation	`Depreciation`	$307.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$414.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$454.00K	USD	1 Quarter
Amortization of debt issuance cost	`OtherAmortizationOfDeferredCharges`	$29.00K	USD	1 Quarter
Amortization of debt issuance cost	`OtherAmortizationOfDeferredCharges`	$74.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$12.00K	USD	1 Quarter
Deferred income tax expense	`DeferredIncomeTaxExpenseBenefit`	$180.00K	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$220.00K	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$44.00K	USD	1 Quarter
Change in inventory reserves	`InventoryLIFOReservePeriodCharge`	$13.00K	USD	1 Quarter
Change in inventory reserves	`InventoryLIFOReservePeriodCharge`	$265.00K	USD	1 Quarter
Accrued pension	`PensionAndOtherPostretirementBenefitExpense`	$-16.00K	USD	1 Quarter
Accrued pension	`PensionAndOtherPostretirementBenefitExpense`	$-28.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$30.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$54.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-2.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-4.00K	USD	1 Quarter
Foreign currency remeasurement gain / (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$31.00K	USD	1 Quarter
Foreign currency remeasurement gain / (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.11M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.12M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.62M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.77M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-308.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$596.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-561.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$146.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.54M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.25M	USD	1 Quarter
Net cash provided / (used) in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.75M	USD	1 Quarter
Net cash provided / (used) in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$978.00K	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$496.00K	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$154.00K	USD	1 Quarter
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$5.00K	USD	1 Quarter
Proceeds from sale of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$5.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-149.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-491.00K	USD	1 Quarter
(Decrease) / increase in bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$-241.00K	USD	1 Quarter
(Decrease) / increase in bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$564.00K	USD	1 Quarter
Repayment of short term borrowings	`RepaymentsOfShortTermDebt`	-	USD	1 Quarter
Repayment of short term borrowings	`RepaymentsOfShortTermDebt`	$164.00K	USD	1 Quarter
Borrowings under debt agreement	`ProceedsFromIssuanceOfLongTermDebt`	$11.39M	USD	1 Quarter
Borrowings under debt agreement	`ProceedsFromIssuanceOfLongTermDebt`	$12.63M	USD	1 Quarter
Repayment of debt	`RepaymentsOfDebt`	$8.80M	USD	1 Quarter
Repayment of debt	`RepaymentsOfDebt`	$11.44M	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$3.00K	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$52.00K	USD	1 Quarter
Proceeds from the exercise of options for common stock	`ProceedsFromIssuanceOfCommonStock`	$59.00K	USD	1 Quarter
Proceeds from the exercise of options for common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net cash (used) / provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-444.00K	USD	1 Quarter
Net cash (used) / provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.39M	USD	1 Quarter
Increase / (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-512.00K	USD	1 Quarter
Increase / (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$43.00K	USD	1 Quarter
Effect of foreign exchange on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-54.00K	USD	1 Quarter
Effect of foreign exchange on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$23.00K	USD	1 Quarter
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$159.00K	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$246.00K	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$648.00K	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$235.00K	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$159.00K	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$246.00K	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$648.00K	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$235.00K	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$569.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$133.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$62.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$475.00K	USD	1 Quarter
Amortization of net prior service costs and net actuarial gains / (losses), net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-26.00K	USD	1 Quarter
Amortization of net prior service costs and net actuarial gains / (losses), net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$103.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$372.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$88.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$221.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$941.00K	USD	1 Quarter

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