10-Q Filing

POWER SOLUTIONS INTERNATIONAL, INC. CIK: 1137091 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001628280-20-006259`
Period End Date	20190331
Filing Date	20200504
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	psix-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 46 Cash Flow Statement 55 Stockholders Equity 14

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.18M	USD	Point-in-time
Accounts receivable allowance	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.60M	USD	Point-in-time
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 (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$54.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.00K	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Accounts receivable, net of allowances of $3,176 and $2,596 as of March 31, 2019 and December 31, 2018, respectively	`AccountsReceivableNetCurrent`	$86.47M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivable, net of allowances of $3,176 and $2,596 as of March 31, 2019 and December 31, 2018, respectively	`AccountsReceivableNetCurrent`	$69.77M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$973.00K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$973.00K	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`	$105.61M	USD	Point-in-time
Inventories, net	`InventoryNet`	$117.80M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$22.92M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$29.94M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	19.07M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	19.07M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$218.48M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$216.03M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	18.76M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	18.64M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$24.27M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$23.84M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	309,000.00	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$17.01M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$16.10M	USD	Point-in-time
Treasury stock (in shares)	`TreasuryStockShares`	429,000.00	shares	Point-in-time
Goodwill	`Goodwill`	$29.84M	USD	Point-in-time
Goodwill	`Goodwill`	$29.84M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$2.74M	USD	Point-in-time
Other noncurrent assets	`OtherAssetsNoncurrent`	$25.98M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$289.88M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$314.24M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$85.24M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$85.22M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$80.00K	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$96.00K	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$54.61M	USD	Point-in-time
Revolving line of credit	`LinesOfCreditCurrent`	$56.83M	USD	Point-in-time
Warrant liability	`DerivativeLiabilitiesCurrent`	$35.10M	USD	Point-in-time
Warrant liability	`DerivativeLiabilitiesCurrent`	$30.70M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$45.70M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$62.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$235.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$220.71M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$6.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$647.00K	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$55.21M	USD	Point-in-time
Long-term debt, net of current maturities	`LongTermDebtNoncurrent`	$55.09M	USD	Point-in-time
Noncurrent contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$13.77M	USD	Point-in-time
Noncurrent contract liabilities	`ContractWithCustomerLiabilityNoncurrent`	$14.61M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$17.40M	USD	Point-in-time
Other noncurrent liabilities	`OtherLiabilitiesNoncurrent`	$31.12M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$335.21M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$308.46M	USD	Point-in-time
Preferred stock $0.001 par value. Shares authorized: 5,000. No shares issued and outstanding at all dates.	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock $0.001 par value. Shares authorized: 5,000. No shares issued and outstanding at all dates.	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.001 par value; 50,000 shares authorized; 19,067 and 19,067 shares issued; 18,758 and 18,638 shares outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$19.00K	USD	Point-in-time
Common stock $0.001 par value; 50,000 shares authorized; 19,067 and 19,067 shares issued; 18,758 and 18,638 shares outstanding at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$19.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$126.98M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$126.41M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-137.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-135.16M	USD	Point-in-time
Treasury stock, at cost, 309 and 429 shares at March 31, 2019 and December 31, 2018, respectively	`TreasuryStockValue`	$9.85M	USD	Point-in-time
Treasury stock, at cost, 309 and 429 shares at March 31, 2019 and December 31, 2018, respectively	`TreasuryStockValue`	$10.22M	USD	Point-in-time
TOTAL STOCKHOLDERS DEFICIT	`StockholdersEquity`	$-20.98M	USD	Point-in-time
TOTAL STOCKHOLDERS DEFICIT	`StockholdersEquity`	$20.48M	USD	Point-in-time
TOTAL STOCKHOLDERS DEFICIT	`StockholdersEquity`	$-18.58M	USD	Point-in-time
TOTAL STOCKHOLDERS DEFICIT	`StockholdersEquity`	$32.17M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$314.24M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$289.88M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$94.41M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$94.41M	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$115.79M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$84.54M	USD	Annual
Cost of sales	`CostOfGoodsAndServicesSold`	$98.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$17.70M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.87M	USD	Annual
Research, development and engineering expenses	`ResearchAndDevelopmentExpense`	$6.30M	USD	1 Quarter
Research, development and engineering expenses	`ResearchAndDevelopmentExpense`	$6.02M	USD	Annual
Selling, general and administrative expenses	`SellingAndMarketingExpense`	$16.06M	USD	1 Quarter
Selling, general and administrative expenses	`SellingAndMarketingExpense`	$13.25M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$1.04M	USD	Annual
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$910.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$23.27M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$20.32M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-5.57M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-10.45M	USD	Annual
Interest expense	`InterestExpense`	$1.62M	USD	Annual
Interest expense	`InterestExpense`	$2.11M	USD	1 Quarter
(Gain) loss from change in value of warrants	`GainLossOnDerivativeInstrumentsNetPretax`	$-2.50M	USD	Annual
(Gain) loss from change in value of warrants	`GainLossOnDerivativeInstrumentsNetPretax`	$4.40M	USD	1 Quarter
(Gain) loss from change in value of warrants	`GainLossOnDerivativeInstrumentsNetPretax`	$2.50M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$106.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$94.00K	USD	Annual
Other income, net	`OtherNonoperatingIncome`	$100.00K	USD	1 Quarter
Total other (income) expense	`NonoperatingIncomeExpense`	$2.39M	USD	1 Quarter
Total other (income) expense	`NonoperatingIncomeExpense`	$-4.03M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.17M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-14.48M	USD	Annual
Income tax benefit	`IncomeTaxExpenseBenefit`	$-586.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-272.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-2.59M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.20M	USD	Annual
Net loss	`NetIncomeLoss`	$-14.20M	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.64M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.48M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	18.48M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.48M	shares	Annual
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	22.64M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.48M	shares	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.14	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.77	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$-0.77	USD	Annual
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.77	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.31	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.77	USD	Annual

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.59M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.20M	USD	Annual
Net loss	`NetIncomeLoss`	$-14.20M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssetsCostAndOperatingExpense`	$910.00K	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssetsCostAndOperatingExpense`	$1.04M	USD	1 Quarter
Depreciation	`Depreciation`	$1.34M	USD	1 Quarter
Depreciation	`Depreciation`	$1.20M	USD	1 Quarter
Change in value of warrants	`FairValueAdjustmentOfWarrants`	$-4.40M	USD	1 Quarter
Change in value of warrants	`FairValueAdjustmentOfWarrants`	$2.50M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$535.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$799.00K	USD	1 Quarter
Amortization of financing fees	`PaidInKindInterest`	$341.00K	USD	1 Quarter
Amortization of financing fees	`PaidInKindInterest`	$179.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-276.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-641.00K	USD	1 Quarter
Other non-cash adjustments, net	`OtherOperatingActivitiesCashFlowStatement`	$349.00K	USD	1 Quarter
Other non-cash adjustments, net	`OtherOperatingActivitiesCashFlowStatement`	$-350.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-16.64M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-9.71M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$9.82M	USD	1 Quarter
Inventory, net	`IncreaseDecreaseInInventories`	$12.47M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$76.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$6.54M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$3.75M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayableTrade`	$-104.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$12.72M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$4.76M	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$2.91M	USD	1 Quarter
Other noncurrent liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-6.62M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-701.00K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.28M	USD	1 Quarter
Capital expenditures	`PaymentsForCapitalImprovements`	$467.00K	USD	1 Quarter
Capital expenditures	`PaymentsForCapitalImprovements`	$816.00K	USD	1 Quarter
Asset acquisitions	`PaymentsForProceedsFromBusinessesAndInterestInAffiliates`	$1.03M	USD	1 Quarter
Asset acquisitions	`PaymentsForProceedsFromBusinessesAndInterestInAffiliates`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.50M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-816.00K	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$106.22M	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$137.30M	USD	1 Quarter
Repayments of revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$106.61M	USD	1 Quarter
Repayments of revolving line of credit	`RepaymentsOfLongTermLinesOfCredit`	$135.09M	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-748.00K	USD	1 Quarter
Other financing activities, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-390.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.46M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-782.00K	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-53.00K	USD	1 Quarter
Net decrease in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	-	USD	1 Quarter
Cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.00K	USD	Point-in-time
Cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.00K	USD	Point-in-time
Cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.00K	USD	Point-in-time
Cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.00K	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$-20.98M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$20.48M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-18.58M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$32.17M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-2.59M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.20M	USD	Annual
Net loss	`NetIncomeLoss`	$-14.20M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$535.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$799.00K	USD	1 Quarter
Payment of withholding taxes for net settlement of stock-based awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$346.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$-20.98M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$20.48M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-18.58M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$32.17M	USD	Point-in-time

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