10-K Filing

PIONEER POWER SOLUTIONS, INC. CIK: 1449792 FY 2014

Filing Information

Form Type	10-K
Accession Number	`0001449792-15-000011`
Period End Date	20141231
Filing Date	20150402
Fiscal Year	2014
Fiscal Period	FY
XBRL Instance	ppsi-20141231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 34 Cash Flow Statement 69 Stockholders Equity 19 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`	$467.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.83M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$425.00K	USD	Point-in-time
Preferred stock, issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$9.74M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$13.10M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$14.43M	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`	$12.64M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$65.00K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	7.41M	shares	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$474.00K	USD	Point-in-time
Common stock, issued	`CommonStockSharesIssued`	7.17M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$1.98M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	7.41M	shares	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$472.00K	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	7.17M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.67M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.29M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$26.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$33.98M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$12.21M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$11.20M	USD	Point-in-time
Noncurrent deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$7.12M	USD	Point-in-time
Noncurrent deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$1.09M	USD	Point-in-time
Other assets	`OtherAssets`	$1.14M	USD	Point-in-time
Other assets	`OtherAssets`	$1.13M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.79M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.29M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.33M	USD	Point-in-time
Goodwill	`Goodwill`	$8.00M	USD	Point-in-time
Goodwill	`Goodwill`	$9.61M	USD	Point-in-time
Total assets	`Assets`	$53.86M	USD	Point-in-time
Total assets	`Assets`	$72.84M	USD	Point-in-time
Revolving credit facilities	`LineOfCreditFacilityAmountOutstanding`	$6.86M	USD	Point-in-time
Revolving credit facilities	`LineOfCreditFacilityAmountOutstanding`	$795.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$14.40M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$8.37M	USD	Point-in-time
Current maturities of long-term debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$2.11M	USD	Point-in-time
Current maturities of long-term debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$2.48M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$523.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$1.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$24.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.35M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebt`	$9.54M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebt`	$7.21M	USD	Point-in-time
Pension deficit	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$351.00K	USD	Point-in-time
Pension deficit	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$213.00K	USD	Point-in-time
Noncurrent deferred income taxes	`DeferredTaxLiabilitiesGrossNoncurrent`	$3.31M	USD	Point-in-time
Noncurrent deferred income taxes	`DeferredTaxLiabilitiesGrossNoncurrent`	$7.85M	USD	Point-in-time
Total liabilities	`Liabilities`	$23.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$42.00M	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments	`CommitmentsAndContingencies`	-	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; 7,405,962 and 7,172,255 shares issued and outstanding	`CommonStockValue`	$7.00K	USD	Point-in-time
Common stock, par value $0.001; 30,000,000 shares authorized; 7,405,962 and 7,172,255 shares issued and outstanding	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$16.16M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.37M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.43M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.33M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$16.05M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.78M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$30.79M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$17.91M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$30.83M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$72.84M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$53.86M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$88.16M	USD	Annual
Revenues	`Revenues`	$92.19M	USD	Annual
Cost of goods sold	`CostOfGoodsSold`	$66.39M	USD	Annual
Cost of goods sold	`CostOfGoodsSold`	$74.02M	USD	Annual
Gross profit	`GrossProfit`	$21.77M	USD	Annual
Gross profit	`GrossProfit`	$18.17M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$14.72M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$15.22M	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	$1.17M	USD	Annual
Impairment of intangible assets	`ImpairmentOfIntangibleAssetsFinitelived`	$231.00K	USD	Annual
Foreign exchange gain	`ForeignCurrencyTransactionGainLossRealized`	$205.00K	USD	Annual
Foreign exchange gain	`ForeignCurrencyTransactionGainLossRealized`	$83.00K	USD	Annual
Total operating expenses	`OperatingExpenses`	$14.64M	USD	Annual
Total operating expenses	`OperatingExpenses`	$16.42M	USD	Annual
Operating income	`OperatingIncomeLoss`	$1.75M	USD	Annual
Operating income	`OperatingIncomeLoss`	$7.13M	USD	Annual
Interest expense	`InterestAndDebtExpense`	$582.00K	USD	Annual
Interest expense	`InterestAndDebtExpense`	$754.00K	USD	Annual
Other expense	`OtherExpenses`	$428.00K	USD	Annual
Other expense	`OtherExpenses`	$913.00K	USD	Annual
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$5.95M	USD	Annual
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$255.00K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$523.00K	USD	Annual
Provision for income taxes	`IncomeTaxExpenseBenefit`	$682.00K	USD	Annual
Net (loss) earnings	`NetIncomeLoss`	$5.27M	USD	Annual
Net (loss) earnings	`NetIncomeLoss`	$-268.00K	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.04	USD	Annual
Basic	`EarningsPerShareBasic`	$0.84	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.84	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.04	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	6.26M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.18M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.18M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.30M	shares	Annual

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Net (loss) earnings	`NetIncomeLoss`	$5.27M	USD	Annual
Net (loss) earnings	`NetIncomeLoss`	$-268.00K	USD	Annual
Depreciation	`Depreciation`	$1.28M	USD	Annual
Depreciation	`Depreciation`	$1.23M	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$318.00K	USD	Annual
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$330.00K	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$120.00K	USD	Annual
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$78.00K	USD	Annual
Deferred tax expense (income)	`DeferredIncomeTaxExpenseBenefit`	$-1.47M	USD	Annual
Deferred tax expense (income)	`DeferredIncomeTaxExpenseBenefit`	$461.00K	USD	Annual
Accrued pension	`PensionAndOtherPostretirementBenefitExpense`	$-589.00K	USD	Annual
Accrued pension	`PensionAndOtherPostretirementBenefitExpense`	$51.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$228.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$226.00K	USD	Annual
Foreign currency remeasurement gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-384.00K	USD	Annual
Foreign currency remeasurement gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$255.00K	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	$1.17M	USD	Annual
Intangible asset impairment	`ImpairmentOfIntangibleAssetsFinitelived`	$231.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-460.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.32M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-1.91M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$1.63M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$571.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$251.00K	USD	Annual
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-33.00K	USD	Annual
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.32M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-4.00M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.28M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$95.00K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.22M	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$723.00K	USD	Annual
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.69M	USD	Annual
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$884.00K	USD	Annual
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$1.60M	USD	Annual
Note receivable	`IncreaseDecreaseInNotesReceivables`	$30.00K	USD	Annual
Note receivable	`IncreaseDecreaseInNotesReceivables`	$206.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.32M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.81M	USD	Annual
Decrease in bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$-1.00K	USD	Annual
Increase (decrease) in revolving credit facilities	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$6.14M	USD	Annual
Increase (decrease) in revolving credit facilities	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$-4.31M	USD	Annual
Increase in long-term debt	`ProceedsFromIssuanceOfOtherLongTermDebt`	$455.00K	USD	Annual
Increase in long-term debt	`ProceedsFromIssuanceOfOtherLongTermDebt`	$5.00M	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$2.60M	USD	Annual
Repayments of long-term debt	`RepaymentsOfLongTermDebt`	$3.88M	USD	Annual
Payment of deferred financing costs	`PaymentsOfFinancingCosts`	$193.00K	USD	Annual
Payment of deferred financing costs	`PaymentsOfFinancingCosts`	$85.00K	USD	Annual
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$7.90M	USD	Point-in-time
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$-15.00K	USD	Annual
Net proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$7.87M	USD	Annual
Repayment of financing obligation	`RepaymentOfFinancingObligation`	$1.44M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.22M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.72M	USD	Annual
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.00M	USD	Annual
Increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$117.00K	USD	Annual
Effect of foreign exchange on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-598.00K	USD	Annual
Effect of foreign exchange on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-159.00K	USD	Annual
Beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$467.00K	USD	Point-in-time
Beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.83M	USD	Point-in-time
Beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$425.00K	USD	Point-in-time
End of year	`CashAndCashEquivalentsAtCarryingValue`	$467.00K	USD	Point-in-time
End of year	`CashAndCashEquivalentsAtCarryingValue`	$3.83M	USD	Point-in-time
End of year	`CashAndCashEquivalentsAtCarryingValue`	$425.00K	USD	Point-in-time
Interest paid	`InterestPaid`	$478.00K	USD	Annual
Interest paid	`InterestPaid`	$763.00K	USD	Annual
Income taxes paid, net of refunds	`IncomeTaxesPaidNet`	$2.31M	USD	Annual
Income taxes paid, net of refunds	`IncomeTaxesPaidNet`	$1.38M	USD	Annual
Issuance of common stock for acquisition of business	`StockIssued1`	$1.00M	USD	Annual
Issuance of common stock for repurchase of notes	`IssuanceOfCommonStockForRepurchaseOfNotesNoncash`	$990.00K	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$30.79M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.83M	USD	Point-in-time
Net (loss) earnings	`NetIncomeLoss`	$5.27M	USD	Annual
Net (loss) earnings	`NetIncomeLoss`	$-268.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$228.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$226.00K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-866.00K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.70M	USD	Annual
Pension adjustment, net of taxes	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$198.00K	USD	Annual
Pension adjustment, net of taxes	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$-373.00K	USD	Annual
Issuance of common stock, net of transaction costs	`StockIssuedDuringPeriodValueNewIssues`	$7.74M	USD	Annual
Issuance of common stock, shares	`StockIssuedDuringPeriodSharesNewIssues`	1.26M	shares	Point-in-time
Commons stock underwriters' warrants	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$-133.00K	USD	Annual
Other, net	`AdjustmentsToAdditionalPaidInCapitalOther`	$-15.00K	USD	Annual
Common stock issued for business acquisition	`StockIssuedDuringPeriodValueAcquisitions`	$2.00M	USD	Annual
Balance	`StockholdersEquity`	$30.79M	USD	Point-in-time
Balance	`StockholdersEquity`	$17.91M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.83M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net (loss) earnings	`NetIncomeLoss`	$5.27M	USD	Annual
Net (loss) earnings	`NetIncomeLoss`	$-268.00K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.70M	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-866.00K	USD	Annual
Amortization of net prior service costs and net actuarial losses, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-373.00K	USD	Annual
Amortization of net prior service costs and net actuarial losses, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$198.00K	USD	Annual
Other comprehensive (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-493.00K	USD	Annual
Other comprehensive (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.90M	USD	Annual
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$4.78M	USD	Annual
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-2.16M	USD	Annual

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