10-Q Filing

PIONEER POWER SOLUTIONS, INC. CIK: 1449792 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001387131-19-003655`
Period End Date	20190331
Filing Date	20190515
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	ppsi-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 33 Cash Flow Statement 65 Stockholders Equity 20 Comprehensive Income 10

Balance Sheet 79 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$218.00K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$175.00K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$268.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$211.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$7.55M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$17.38M	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$16.33M	USD	Point-in-time
Inventories, net	`InventoryNet`	$27.69M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.73M	shares	Point-in-time
Inventories, net	`InventoryNet`	$27.31M	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	8.73M	shares	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$566.00K	USD	Point-in-time
Common stock, outstanding	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$578.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.63M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.51M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$56.01M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$46.92M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.17M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$5.28M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$2.97M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$3.67M	USD	Point-in-time
Other assets	`OtherAssets`	$5.22M	USD	Point-in-time
Other assets	`OtherAssets`	$4.97M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.58M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.53M	USD	Point-in-time
Goodwill	`Goodwill`	$8.53M	USD	Point-in-time
Goodwill	`Goodwill`	$8.53M	USD	Point-in-time
Total assets	`Assets`	$81.88M	USD	Point-in-time
Total assets	`Assets`	$72.51M	USD	Point-in-time
Bank overdrafts	`BankOverdrafts`	$1.77M	USD	Point-in-time
Bank overdrafts	`BankOverdrafts`	$518.00K	USD	Point-in-time
Revolving credit facilities	`LineOfCredit`	$20.75M	USD	Point-in-time
Revolving credit facilities	`LineOfCredit`	$19.91M	USD	Point-in-time
Short term borrowings	`ShortTermBorrowings`	$1.78M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$27.84M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$29.95M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$1.18M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$1.17M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$873.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$52.42M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$54.60M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$2.62M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$2.32M	USD	Point-in-time
Pension deficit	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$148.00K	USD	Point-in-time
Pension deficit	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$32.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.65M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.79M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$3.89M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$1.59M	USD	Point-in-time
Total liabilities	`Liabilities`	$64.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$60.56M	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; 8,726,045 shares issued and outstanding on March 31, 2019 and December 31, 2018	`CommonStockValue`	$9.00K	USD	Point-in-time
Common stock, $0.001 par value, 30,000,000 shares authorized; 8,726,045 shares issued and outstanding on March 31, 2019 and December 31, 2018	`CommonStockValue`	$9.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$23.97M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$23.97M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.12M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-5.90M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-6.13M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-480.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.94M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.55M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.95M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$17.38M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$81.88M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$72.51M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$27.18M	USD	1 Quarter
Revenues	`RevenueFromContractWithCustomerIncludingAssessedTax`	$24.70M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$21.99M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$20.60M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.10M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.18M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.14M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.83M	USD	1 Quarter
Foreign exchange (gain) loss	`ForeignCurrencyTransactionGainLossRealized`	$632.00K	USD	1 Quarter
Foreign exchange (gain) loss	`ForeignCurrencyTransactionGainLossRealized`	$-74.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.51M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.90M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$592.00K	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$281.00K	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$649.00K	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$499.00K	USD	1 Quarter
Other (income) expense	`OtherNonoperatingIncomeExpense`	$3.29M	USD	1 Quarter
Other (income) expense	`OtherNonoperatingIncomeExpense`	$-234.00K	USD	1 Quarter
Gain on sale of subsidiary	`GainLossOnSaleOfBusiness`	$4.21M	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-602.00K	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$7.59M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-28.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$1.95M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$5.65M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-574.00K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.65	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.07	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.65	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.07	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8,726.00	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	8,726.00	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8,726.00	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	8,730.00	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$5.65M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-574.00K	USD	1 Quarter
Depreciation	`Depreciation`	$205.00K	USD	1 Quarter
Depreciation	`Depreciation`	$310.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$54.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$383.00K	USD	1 Quarter
Amortization of right-of-use assets	`FinanceLeaseRightOfUseAssetAmortization`	$213.00K	USD	1 Quarter
Amortization of right-of-use assets	`FinanceLeaseRightOfUseAssetAmortization`	$136.00K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$8.00K	USD	1 Quarter
Amortization of debt issuance cost	`AmortizationOfFinancingCosts`	$21.00K	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$-193.00K	USD	1 Quarter
Deferred income tax expense (benefit)	`DeferredIncomeTaxExpenseBenefit`	$1.58M	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$-74.00K	USD	1 Quarter
Change in receivable reserves	`ProvisionForDoubtfulAccounts`	$-156.00K	USD	1 Quarter
Change in inventory reserves	`InventoryLIFOReservePeriodCharge`	$32.00K	USD	1 Quarter
Change in inventory reserves	`InventoryLIFOReservePeriodCharge`	$17.00K	USD	1 Quarter
Gain on sale of subsidiary	`GainLossOnSaleOfProject`	$4.21M	USD	1 Quarter
Unrealized gain on short term investments	`UnrealizedGainLossOnInvestments`	$3.34M	USD	1 Quarter
Accrued pension	`PensionAndOtherPostretirementBenefitExpense`	$-30.00K	USD	1 Quarter
Accrued pension	`PensionAndOtherPostretirementBenefitExpense`	$8.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$148.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$5.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$12.00K	USD	1 Quarter
Foreign currency remeasurement loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-36.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-210.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$885.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$238.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.30M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$120.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$906.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$12.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.90M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.01M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$871.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.06M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$56.00K	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$152.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-56.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-152.00K	USD	1 Quarter
Bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$-160.00K	USD	1 Quarter
Bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$-1.29M	USD	1 Quarter
Short term borrowings	`ProceedsFromShortTermDebt`	$1.78M	USD	1 Quarter
Short term borrowings	`ProceedsFromShortTermDebt`	$-2.04M	USD	1 Quarter
Borrowing under debt agreement	`ProceedsFromIssuanceOfLongTermDebt`	$11.35M	USD	1 Quarter
Borrowing under debt agreement	`ProceedsFromIssuanceOfLongTermDebt`	$5.26M	USD	1 Quarter
Repayment of debt	`RepaymentsOfDebt`	$6.40M	USD	1 Quarter
Repayment of debt	`RepaymentsOfDebt`	$9.88M	USD	1 Quarter
Payment of debt issuance cost	`PaymentsOfDebtIssuanceCosts`	$-6.00K	USD	1 Quarter
Principal repayments of financing leases	`SaleLeasebackTransactionTransactionCostsFinancingActivities`	$124.00K	USD	1 Quarter
Principal repayments of financing leases	`SaleLeasebackTransactionTransactionCostsFinancingActivities`	$128.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-857.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-781.00K	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$34.00K	USD	1 Quarter
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$47.00K	USD	1 Quarter
Effect of foreign exchange on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$3.00K	USD	1 Quarter
Effect of foreign exchange on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-70.00K	USD	1 Quarter
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$218.00K	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$175.00K	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$268.00K	USD	Point-in-time
Beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$211.00K	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$218.00K	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$175.00K	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$268.00K	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$211.00K	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$16.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.38M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Net income	`NetIncomeLoss`	$5.65M	USD	1 Quarter
Net income	`NetIncomeLoss`	$-574.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$148.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$5.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-312.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-166.00K	USD	1 Quarter
Pension adjustment, net of taxes	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$90.00K	USD	1 Quarter
Pension adjustment, net of taxes	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-15.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$16.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.55M	USD	Point-in-time
Balance	`StockholdersEquity`	$11.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.38M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	8.73M	shares	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$5.65M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-574.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-312.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-166.00K	USD	1 Quarter
Amortization of net prior service costs and net actuarial losses, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$15.00K	USD	1 Quarter
Amortization of net prior service costs and net actuarial losses, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-90.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-181.00K	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-222.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$5.42M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-755.00K	USD	1 Quarter

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