10-Q Filing

PIONEER POWER SOLUTIONS, INC. CIK: 1449792 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001449792-15-000033`
Period End Date	20150331
Filing Date	20150515
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	ppsi-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 32 Cash Flow Statement 52 Comprehensive Income 10

Balance Sheet 72 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
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
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
Common stock, issued	`CommonStockSharesIssued`	7.41M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	7.41M	shares	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
Accounts receivable, net	`AccountsReceivableNetCurrent`	$13.10M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$15.49M	USD	Point-in-time
Inventories, net	`InventoryNet`	$13.86M	USD	Point-in-time
Inventories, net	`InventoryNet`	$14.43M	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$469.00K	USD	Point-in-time
Income taxes receivable	`IncomeTaxesReceivable`	$474.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$472.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$843.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.76M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.67M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$32.42M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$33.98M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$10.57M	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`	$7.08M	USD	Point-in-time
Other assets	`OtherAssets`	$1.14M	USD	Point-in-time
Other assets	`OtherAssets`	$926.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.79M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.29M	USD	Point-in-time
Goodwill	`Goodwill`	$9.61M	USD	Point-in-time
Goodwill	`Goodwill`	$10.62M	USD	Point-in-time
Total assets	`Assets`	$70.91M	USD	Point-in-time
Total assets	`Assets`	$72.84M	USD	Point-in-time
Bank overdrafts	`BankOverdrafts`	$1.24M	USD	Point-in-time
Revolving credit facilities	`LineOfCredit`	$6.86M	USD	Point-in-time
Revolving credit facilities	`LineOfCredit`	$7.30M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$14.40M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$16.76M	USD	Point-in-time
Current maturities of long-term debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$2.48M	USD	Point-in-time
Current maturities of long-term debt and capital lease obligations	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$1.28M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$523.00K	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$675.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$24.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$27.25M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$5.98M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$9.54M	USD	Point-in-time
Pension deficit	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$351.00K	USD	Point-in-time
Pension deficit	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$192.00K	USD	Point-in-time
Other long term liability	`OtherLiabilitiesNoncurrent`	$500.00K	USD	Point-in-time
Noncurrent deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$7.85M	USD	Point-in-time
Noncurrent deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$7.74M	USD	Point-in-time
Total liabilities	`Liabilities`	$42.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$41.66M	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 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 shares issued and outstanding	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.43M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$18.37M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.33M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.74M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.56M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$15.78M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$29.25M	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`	$70.91M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$20.89M	USD	1 Quarter
Revenues	`Revenues`	$28.89M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$15.97M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$23.49M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.92M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.40M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.65M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.97M	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossRealized`	$44.00K	USD	1 Quarter
Foreign exchange gain	`ForeignCurrencyTransactionGainLossRealized`	$171.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.48M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.92M	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$-84.00K	USD	1 Quarter
Operating (loss) income	`OperatingIncomeLoss`	$995.00K	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$136.00K	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$154.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-77.00K	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-2.00K	USD	1 Quarter
Earnings (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-315.00K	USD	1 Quarter
Earnings (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$857.00K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$267.00K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-90.00K	USD	1 Quarter
Net (loss) earnings	`NetIncomeLoss`	$590.00K	USD	1 Quarter
Net (loss) earnings	`NetIncomeLoss`	$-225.00K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.08	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.08	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.41M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.17M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.41M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.25M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net (loss) earnings	`NetIncomeLoss`	$590.00K	USD	1 Quarter
Net (loss) earnings	`NetIncomeLoss`	$-225.00K	USD	1 Quarter
Depreciation	`Depreciation`	$350.00K	USD	1 Quarter
Depreciation	`Depreciation`	$325.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$79.00K	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$434.00K	USD	1 Quarter
Amortization of deferred financing costs	`DeferredIncomeTaxesAndTaxCredits`	$26.00K	USD	1 Quarter
Amortization of deferred financing costs	`DeferredIncomeTaxesAndTaxCredits`	$24.00K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$-237.00K	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxExpenseBenefit`	$-495.00K	USD	1 Quarter
Accrued pension	`PensionAndOtherPostretirementBenefitExpense`	$16.00K	USD	1 Quarter
Accrued pension	`PensionAndOtherPostretirementBenefitExpense`	$-98.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$60.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$36.00K	USD	1 Quarter
Foreign currency remeasurement gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$199.00K	USD	1 Quarter
Foreign currency remeasurement gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$117.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.22M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.88M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$59.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$1.02M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$115.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$64.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$283.00K	USD	1 Quarter
Income taxes	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-545.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.75M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.65M	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.15M	USD	1 Quarter
Net cash used by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-495.00K	USD	1 Quarter
Additions to property, plant and equipment	`PropertyPlantAndEquipmentAdditions`	$-236.00K	USD	1 Quarter
Additions to property, plant and equipment	`PropertyPlantAndEquipmentAdditions`	$-240.00K	USD	1 Quarter
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$93.00K	USD	1 Quarter
Note receivable	`IncreaseDecreaseInNotesReceivables`	$83.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-329.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-323.00K	USD	1 Quarter
Increase in bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$1.62M	USD	1 Quarter
Increase in bank overdrafts	`ProceedsFromRepaymentsOfBankOverdrafts`	$1.24M	USD	1 Quarter
Increase in revolving credit facilities	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$497.00K	USD	1 Quarter
Increase in revolving credit facilities	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$734.00K	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfDebt`	$4.21M	USD	1 Quarter
Repayment of long-term debt	`RepaymentsOfDebt`	$413.00K	USD	1 Quarter
Repayment of financing obligation	`RepaymentsOfDebtAndCapitalLeaseObligations`	$152.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.62M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.94M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-533.00K	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`	$108.00K	USD	1 Quarter
Effect of foreign exchange on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-391.00K	USD	1 Quarter
Beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$3.83M	USD	Point-in-time
Beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$425.00K	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$3.83M	USD	Point-in-time
End of period	`CashAndCashEquivalentsAtCarryingValue`	$425.00K	USD	Point-in-time
Forgiveness of indebtedness due to purchaser	`ForgivenessOfTradePayablesAndIndebtedness`	$609.00K	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net (loss) earnings	`NetIncomeLoss`	$590.00K	USD	1 Quarter
Net (loss) earnings	`NetIncomeLoss`	$-225.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.51M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-676.00K	USD	1 Quarter
Amortization of net prior service costs and net actuarial losses, net of tax	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$-63.00K	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`	$-1.42M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-613.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.64M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-23.00K	USD	1 Quarter

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