2012 Q4 Form 10-Q Financial Statement
#000119312512466493 Filed on November 13, 2012
Income Statement
Concept | 2012 Q4 | 2012 Q3 | 2011 Q3 |
---|---|---|---|
Revenue | $52.50M | $51.70M | $42.80M |
YoY Change | 15.38% | 20.81% | 57.35% |
Cost Of Revenue | $44.00M | $43.29M | $36.24M |
YoY Change | 15.49% | 19.48% | 56.87% |
Gross Profit | $8.400M | $8.410M | $6.562M |
YoY Change | 13.51% | 28.16% | 60.05% |
Gross Profit Margin | 16.0% | 16.27% | 15.33% |
Selling, General & Admin | $100.0K | $3.527M | $2.959M |
YoY Change | -97.06% | 19.2% | 47.95% |
% of Gross Profit | 1.19% | 41.94% | 45.09% |
Research & Development | $5.400M | $2.010M | $1.260M |
YoY Change | 285.71% | 59.52% | 26.0% |
% of Gross Profit | 64.29% | 23.9% | 19.2% |
Depreciation & Amortization | $360.0K | $280.0K | $210.0K |
YoY Change | 63.64% | 33.33% | -27.59% |
% of Gross Profit | 4.29% | 3.33% | 3.2% |
Operating Expenses | $5.400M | $5.537M | $4.219M |
YoY Change | 12.5% | 31.24% | 40.63% |
Operating Profit | $3.000M | $2.873M | $2.343M |
YoY Change | 15.38% | 22.62% | 113.0% |
Interest Expense | -$300.0K | $249.0K | $195.0K |
YoY Change | 50.0% | 27.69% | -132.5% |
% of Operating Profit | -10.0% | 8.67% | 8.32% |
Other Income/Expense, Net | -$1.000M | -$50.00K | $396.0K |
YoY Change | -9.09% | -112.63% | |
Pretax Income | $1.700M | $2.823M | $2.739M |
YoY Change | 30.77% | 3.07% | 447.8% |
Income Tax | $1.000M | $977.0K | $838.0K |
% Of Pretax Income | 58.82% | 34.61% | 30.6% |
Net Earnings | $700.0K | $1.846M | $1.901M |
YoY Change | 16.67% | -2.89% | 375.25% |
Net Earnings / Revenue | 1.33% | 3.57% | 4.44% |
Basic Earnings Per Share | $0.20 | $0.19 | |
Diluted Earnings Per Share | $76.92K | $0.20 | $0.19 |
COMMON SHARES | |||
Basic Shares Outstanding | 9.078M shares | 9.068B shares | 4.073B shares |
Diluted Shares Outstanding | 9.068B shares | 4.073B shares |
Balance Sheet
Concept | 2012 Q4 | 2012 Q3 | 2011 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $500.0K | $700.0K | $0.00 |
YoY Change | -100.0% | ||
Cash & Equivalents | $500.0K | $700.0K | $0.00 |
Short-Term Investments | |||
Other Short-Term Assets | $4.100M | $3.100M | $1.900M |
YoY Change | 32.26% | 63.16% | |
Inventory | $39.97M | $44.55M | $32.60M |
Prepaid Expenses | |||
Receivables | $37.48M | $31.75M | $26.70M |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $82.08M | $80.10M | $61.20M |
YoY Change | 24.32% | 30.89% | 61100.0% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $7.145M | $6.413M | $2.900M |
YoY Change | 97.87% | 121.14% | |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $1.543M | $1.978M | $1.200M |
YoY Change | 6.34% | 64.83% | |
Total Long-Term Assets | $8.688M | $8.391M | $4.100M |
YoY Change | 71.63% | 104.66% | |
TOTAL ASSETS | |||
Total Short-Term Assets | $82.08M | $80.10M | $61.20M |
Total Long-Term Assets | $8.688M | $8.391M | $4.100M |
Total Assets | $90.77M | $88.49M | $65.30M |
YoY Change | 27.69% | 35.52% | 65200.0% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $26.60M | $28.90M | $23.10M |
YoY Change | -3.62% | 25.11% | 23000.0% |
Accrued Expenses | $2.615M | $3.662M | $3.200M |
YoY Change | -34.87% | 14.44% | |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $17.20M |
YoY Change | -100.0% | -100.0% | |
Long-Term Debt Due | $23.00K | $0.00 | |
YoY Change | |||
Total Short-Term Liabilities | $32.66M | $33.28M | $43.70M |
YoY Change | -36.99% | -23.84% | 21750.0% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $30.90M | $20.00K | $0.00 |
YoY Change | 75265.85% | ||
Other Long-Term Liabilities | $623.0K | $649.0K | $2.400M |
YoY Change | 437.07% | -72.96% | |
Total Long-Term Liabilities | $623.0K | $669.0K | $2.400M |
YoY Change | 296.82% | -72.13% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $32.66M | $33.28M | $43.70M |
Total Long-Term Liabilities | $623.0K | $669.0K | $2.400M |
Total Liabilities | $68.03M | $66.72M | $46.30M |
YoY Change | 22.01% | 44.09% | 23050.0% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | $16.11M | $15.37M | |
YoY Change | 71.22% | ||
Common Stock | $10.87M | $10.66M | $9.700M |
YoY Change | 6.97% | 9.91% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | $4.250M | $4.250M | |
YoY Change | 0.0% | ||
Treasury Stock Shares | 830.9M shares | 830.9K shares | |
Shareholders Equity | $22.73M | $21.78M | $19.00M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $90.77M | $88.49M | $65.30M |
YoY Change | 27.69% | 35.52% | 65200.0% |
Cashflow Statement
Concept | 2012 Q4 | 2012 Q3 | 2011 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $700.0K | $1.846M | $1.901M |
YoY Change | 16.67% | -2.89% | 375.25% |
Depreciation, Depletion And Amortization | $360.0K | $280.0K | $210.0K |
YoY Change | 63.64% | 33.33% | -27.59% |
Cash From Operating Activities | -$300.0K | -$3.450M | -$1.240M |
YoY Change | -118.87% | 178.23% | -210.71% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$990.0K | -$1.620M | -$330.0K |
YoY Change | 15.12% | 390.91% | 230.0% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$10.00K | $0.00 | $0.00 |
YoY Change | |||
Cash From Investing Activities | -$1.000M | -$1.620M | -$330.0K |
YoY Change | 16.28% | 390.91% | 230.0% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $5.000M | ||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 1.180M | 5.150M | 1.560M |
YoY Change | -261.64% | 230.13% | -251.46% |
NET CHANGE | |||
Cash From Operating Activities | -300.0K | -3.450M | -1.240M |
Cash From Investing Activities | -1.000M | -1.620M | -330.0K |
Cash From Financing Activities | 1.180M | 5.150M | 1.560M |
Net Change In Cash | -120.0K | 80.00K | -10.00K |
YoY Change | 103079215104000500.0% | -900.0% | 0.0% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$300.0K | -$3.450M | -$1.240M |
Capital Expenditures | -$990.0K | -$1.620M | -$330.0K |
Free Cash Flow | $690.0K | -$1.830M | -$910.0K |
YoY Change | -71.84% | 101.1% | -174.59% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2011Q2 | psix |
Sale Of Preferred Stock Together With Warrant Estimated Fair Value
SaleOfPreferredStockTogetherWithWarrantEstimatedFairValue
|
2887000 | |
CY2011Q2 | psix |
Share Price For Warrants Issuable To Related Party Including Adjustments For Reverse Split
SharePriceForWarrantsIssuableToRelatedPartyIncludingAdjustmentsForReverseSplit
|
3.80 | |
CY2011Q2 | psix |
Share Price Including Adjustments For Reverse Split
SharePriceIncludingAdjustmentsForReverseSplit
|
10.08 | |
CY2012Q1 | psix |
Liquidity Threshold
LiquidityThreshold
|
7500000 | |
CY2012Q1 | psix |
Percent Of Total Credit Facility
PercentOfTotalCreditFacility
|
0.125 | pure |
CY2012Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
543872 | shares |
CY2012Q2 | psix |
Discount On Valuation Of Trading Activity
DiscountOnValuationOfTradingActivity
|
0.15 | pure |
CY2011Q3 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
105000 | shares |
CY2012Q3 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
830925 | shares |
CY2011Q3 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights
|
12.00 | |
CY2011Q3 | psix |
Increase In Additional Paid In Capital
IncreaseInAdditionalPaidInCapital
|
9700000 | |
CY2011Q3 | psix |
Conversion Of Preferred Stock Into Common Stock Value
ConversionOfPreferredStockIntoCommonStockValue
|
1000 | |
CY2012Q4 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
9078287 | shares |
CY2011Q2 | us-gaap |
Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
|
10000000 | shares |
CY2011Q2 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
3360000 | shares |
CY2011Q2 | us-gaap |
Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
|
0 | |
CY2011Q2 | psix |
Price Per Warrant
PricePerWarrant
|
3.85 | |
CY2011Q2 | psix |
Assets Prior To Reverse Acquisition Transaction
AssetsPriorToReverseAcquisitionTransaction
|
5000 | |
CY2011Q2 | psix |
Fair Value Of Warrant Issuable To Related Party
FairValueOfWarrantIssuableToRelatedParty
|
400000 | |
CY2011Q2 | psix |
Preferred Stock Value Prior To Conversion
PreferredStockValuePriorToConversion
|
9700000 | |
CY2012Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
50000000 | shares |
CY2012Q3 | us-gaap |
Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
|
9078287 | shares |
CY2012Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
114000 | shares |
CY2012Q3 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
33281000 | |
CY2012Q3 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1023000 | |
CY2012Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
15367000 | |
CY2012Q3 | us-gaap |
Assets
Assets
|
88493000 | |
CY2012Q3 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
40863000 | |
CY2012Q3 | us-gaap |
Buildings And Improvements Gross
BuildingsAndImprovementsGross
|
3633000 | |
CY2012Q3 | us-gaap |
Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
|
0.0197 | pure |
CY2012Q3 | us-gaap |
Long Term Line Of Credit
LongTermLineOfCredit
|
29713000 | |
CY2012Q3 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
31751000 | |
CY2012Q3 | us-gaap |
Inventory Net
InventoryNet
|
44551000 | |
CY2012Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
11559000 | |
CY2012Q3 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
1978000 | |
CY2012Q3 | us-gaap |
Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
|
0.0325 | pure |
CY2012Q3 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
729000 | |
CY2012Q3 | us-gaap |
Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
|
4700000 | |
CY2012Q3 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
490000 | |
CY2012Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
88493000 | |
CY2012Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
9909212 | shares |
CY2012Q3 | us-gaap |
Common Stock Value
CommonStockValue
|
10000 | |
CY2012Q3 | us-gaap |
Land
Land
|
260000 | |
CY2012Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2012Q3 | us-gaap |
Liabilities
Liabilities
|
66715000 | |
CY2012Q3 | us-gaap |
Cash
Cash
|
655000 | |
CY2012Q3 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
2122000 | |
CY2012Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
1500000 | |
CY2012Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2012Q3 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
4250000 | |
CY2012Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
3662000 | |
CY2012Q3 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
3688000 | |
CY2012Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2012Q3 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
CY2012Q3 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights
|
12.00 | |
CY2012Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
6413000 | |
CY2012Q3 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
23000 | |
CY2012Q3 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
CY2012Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
9078287 | shares |
CY2012Q3 | us-gaap |
Assets Current
AssetsCurrent
|
80102000 | |
CY2012Q3 | us-gaap |
Construction In Progress Gross
ConstructionInProgressGross
|
1007000 | |
CY2012Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2012Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
5146000 | |
CY2012Q3 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
20000 | |
CY2012Q3 | us-gaap |
Debt Instrument Unused Borrowing Capacity Amount
DebtInstrumentUnusedBorrowingCapacityAmount
|
20300000 | |
CY2012Q3 | us-gaap |
Share Price
SharePrice
|
11.71 | |
CY2012Q3 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
10651000 | |
CY2012Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
21778000 | |
CY2012Q3 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
649000 | |
CY2012Q3 | psix |
Reverse Stock Split Ratio
ReverseStockSplitRatio
|
32 | pure |
CY2011Q4 | us-gaap |
Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
|
0.0325 | pure |
CY2011Q4 | us-gaap |
Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
|
564000 | |
CY2011Q4 | us-gaap |
Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
|
4700000 | |
CY2012Q3 | psix |
Accounts Payable Current Bank Overdraft
AccountsPayableCurrentBankOverdraft
|
28867000 | |
CY2012Q3 | psix |
Amount Of Preferred Stock Converted Into Common Stock
AmountOfPreferredStockConvertedIntoCommonStock
|
1000 | |
CY2012Q3 | psix |
Common Stock Market Price Per Share
CommonStockMarketPricePerShare
|
22.07 | |
CY2012Q3 | psix |
Derivative Warrant Liabilities Noncurrent
DerivativeWarrantLiabilitiesNoncurrent
|
2562000 | |
CY2012Q3 | psix |
Discounted Valuation Of Stock
DiscountedValuationOfStock
|
0.075 | pure |
CY2012Q3 | psix |
Discounted Valuation Of Warrants
DiscountedValuationOfWarrants
|
0.15 | pure |
CY2012Q3 | psix |
Line Of Credit Facility Outstanding With Libor
LineOfCreditFacilityOutstandingWithLibor
|
25000000 | |
CY2012Q3 | psix |
Office Furniture And Equipment
OfficeFurnitureAndEquipment
|
2108000 | |
CY2012Q3 | psix |
Tooling And Equipment
ToolingAndEquipment
|
4327000 | |
CY2012Q3 | psix |
Transportation Equipment
TransportationEquipment
|
224000 | |
CY2012Q3 | psix |
Warrant Contractual Term
WarrantContractualTerm
|
P3Y6M29D | |
CY2012Q3 | psix |
Acquisition Of Basket For Covenant Requirement
AcquisitionOfBasketForCovenantRequirement
|
2000000 | |
CY2010Q4 | us-gaap |
Cash
Cash
|
||
CY2011Q4 | us-gaap |
Treasury Stock Shares
TreasuryStockShares
|
830925 | shares |
CY2011Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
50000000 | shares |
CY2011Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
114000 | shares |
CY2011Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
51842000 | |
CY2011Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1291000 | |
CY2011Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
9410000 | |
CY2011Q4 | us-gaap |
Assets
Assets
|
71083000 | |
CY2011Q4 | us-gaap |
Inventory Raw Materials
InventoryRawMaterials
|
29128000 | |
CY2011Q4 | us-gaap |
Buildings And Improvements Gross
BuildingsAndImprovementsGross
|
1975000 | |
CY2011Q4 | us-gaap |
Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
|
0.0229 | pure |
CY2011Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
29523000 | |
CY2011Q4 | us-gaap |
Inventory Net
InventoryNet
|
33393000 | |
CY2011Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
9739000 | |
CY2011Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
1451000 | |
CY2011Q4 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
490000 | |
CY2011Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
CY2011Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
3611000 | |
CY2011Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
23000 | |
CY2011Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
CY2011Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
9064537 | shares |
CY2011Q4 | us-gaap |
Assets Current
AssetsCurrent
|
66021000 | |
CY2011Q4 | us-gaap |
Lines Of Credit Current
LinesOfCreditCurrent
|
19666000 | |
CY2011Q4 | us-gaap |
Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
|
1814000 | |
CY2011Q4 | us-gaap |
Construction In Progress Gross
ConstructionInProgressGross
|
607000 | |
CY2011Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2011Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
6128000 | |
CY2011Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
41000 | |
CY2011Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2011Q4 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
4250000 | |
CY2011Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
4015000 | |
CY2011Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
4265000 | |
CY2011Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
CY2011Q4 | us-gaap |
Debt Instrument Unused Borrowing Capacity Amount
DebtInstrumentUnusedBorrowingCapacityAmount
|
15300000 | |
CY2011Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
10154000 | |
CY2011Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
15324000 | |
CY2011Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
116000 | |
CY2011Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
71083000 | |
CY2011Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
9895462 | shares |
CY2011Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
10000 | |
CY2011Q4 | us-gaap |
Land
Land
|
260000 | |
CY2011Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
CY2011Q4 | us-gaap |
Liabilities
Liabilities
|
55759000 | |
CY2011Q4 | us-gaap |
Cash
Cash
|
||
CY2011Q4 | psix |
Accounts Payable Current Bank Overdraft
AccountsPayableCurrentBankOverdraft
|
27574000 | |
CY2011Q4 | psix |
Costs Of Filing Registration Statement
CostsOfFilingRegistrationStatement
|
600000 | |
CY2011Q4 | psix |
Derivative Warrant Liabilities Noncurrent
DerivativeWarrantLiabilitiesNoncurrent
|
3270000 | |
CY2011Q4 | psix |
Discounted Valuation Of Warrants
DiscountedValuationOfWarrants
|
0.15 | pure |
CY2011Q4 | psix |
Line Of Credit Facility Outstanding With Libor
LineOfCreditFacilityOutstandingWithLibor
|
15000000 | |
CY2011Q4 | psix |
Office Furniture And Equipment
OfficeFurnitureAndEquipment
|
2899000 | |
CY2011Q4 | psix |
Tooling And Equipment
ToolingAndEquipment
|
3775000 | |
CY2011Q4 | psix |
Transportation Equipment
TransportationEquipment
|
223000 | |
CY2012Q2 | us-gaap |
Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
|
0.0092 | pure |
CY2011Q3 | psix |
Conversion Price For Preferred Stock
ConversionPriceForPreferredStock
|
12.00 | |
CY2011Q3 | psix |
Increase In Additional Paid In Capital Reduction In Common Shares
IncreaseInAdditionalPaidInCapitalReductionInCommonShares
|
10000 | |
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-67000 | ||
us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
21633000 | ||
us-gaap |
Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
|
595000 | ||
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
604000 | ||
us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
90454000 | ||
us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-128000 | ||
us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
4376000 | ||
us-gaap |
Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
|
888000 | ||
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
2053000 | ||
us-gaap |
Undistributed Earnings
UndistributedEarnings
|
3476000 | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
3476000 | ||
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-1677000 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.38 | ||
us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
3777000 | ||
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
1571549000 | shares | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
3273000 | ||
us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
-403000 | ||
us-gaap |
Gross Profit
GrossProfit
|
19026000 | ||
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
243000 | ||
us-gaap |
Operating Expenses
OperatingExpenses
|
11820000 | ||
us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
7875000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-711000 | ||
us-gaap |
Proceeds From Issuance Of Preferred Stock Preference Stock And Warrants
ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants
|
18000000 | ||
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
1571549000 | shares | |
us-gaap |
Payments For Proceeds From Life Insurance Policies
PaymentsForProceedsFromLifeInsurancePolicies
|
12000 | ||
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
10379000 | ||
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
5529000 | ||
us-gaap |
Interest Paid
InterestPaid
|
933000 | ||
us-gaap |
Increase Decrease In Book Overdrafts
IncreaseDecreaseInBookOverdrafts
|
1661000 | ||
us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
4775000 | ||
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
7206000 | ||
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.38 | ||
us-gaap |
Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
|
4103000 | ||
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
407000 | ||
us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
699000 | ||
us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
109480000 | ||
us-gaap |
Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
|
-43000 | ||
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
2630000 | ||
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
415000 | ||
us-gaap |
Interest Expense
InterestExpense
|
1125000 | ||
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
-431000 | ||
us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-485000 | ||
us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
3268000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-2562000 | ||
us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
43000 | ||
psix |
Change In Valuation Of Private Placement Warrants
ChangeInValuationOfPrivatePlacementWarrants
|
690000 | ||
psix |
Diluted Effect Of Common Stock Equivalents
DilutedEffectOfCommonStockEquivalents
|
shares | ||
psix |
Dividends Non Cash
DividendsNonCash
|
224000 | ||
psix |
Effective Income Tax Rate Reconciliation Tax Settlements Domestic Quarterly
EffectiveIncomeTaxRateReconciliationTaxSettlementsDomesticQuarterly
|
0.371 | pure | |
psix |
Noncash Or Part Noncash Unpaid Property Plant Equipment And Other Assets
NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets
|
77000 | ||
psix |
Non Cash Inflow From Issuance Of Rights To Purchase Common Shares At Predetermined Price
NonCashInflowFromIssuanceOfRightsToPurchaseCommonSharesAtPredeterminedPrice
|
399000 | ||
psix |
Non Cash Inflow Associated With Amount Received From Holders Exercising Stock Warrants
NonCashInflowAssociatedWithAmountReceivedFromHoldersExercisingStockWarrants
|
|||
dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2012 | ||
dei |
Document Type
DocumentType
|
10-Q | ||
dei |
Document Period End Date
DocumentPeriodEndDate
|
2012-09-30 | ||
dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001137091 | ||
dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
dei |
Trading Symbol
TradingSymbol
|
PSIX | ||
dei |
Entity Registrant Name
EntityRegistrantName
|
Power Solutions International, Inc. | ||
dei |
Amendment Flag
AmendmentFlag
|
false | ||
dei |
Entity Filer Category
EntityFilerCategory
|
Smaller Reporting Company | ||
invest |
Investment Warrants Exercise Price
InvestmentWarrantsExercisePrice
|
13.00 | ||
us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
562000 | ||
us-gaap |
Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
|
5957000 | ||
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
748000 | ||
us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
21000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-2900000 | ||
us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P3Y | ||
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
9065699000 | shares | |
us-gaap |
Debt Instrument Maturity Date
DebtInstrumentMaturityDate
|
2014-04-29 | ||
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P6Y | ||
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
2285000 | ||
us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
9098000 | ||
us-gaap |
Effective Income Tax Rate Reconciliation Tax Settlements Domestic
EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic
|
0.372 | pure | |
us-gaap |
Interest Paid
InterestPaid
|
666000 | ||
us-gaap |
Increase Decrease In Book Overdrafts
IncreaseDecreaseInBookOverdrafts
|
-3780000 | ||
us-gaap |
Fair Value Assumptions Weighted Average Volatility Rate
FairValueAssumptionsWeightedAverageVolatilityRate
|
0.500 | pure | |
us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
655000 | ||
us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
4600000 | ||
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
9302000 | ||
us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>2. Basis of presentation</b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Unaudited condensed consolidated financial statements</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The unaudited condensed consolidated financial statements of Power Solutions International, Inc. present information in accordance with generally accepted accounting principles in the U.S. (“GAAP”) and have been prepared pursuant to the rules and regulations of the SEC and in the opinion of management reflect all normal and recurring adjustments necessary to present fairly the interim periods of the unaudited condensed consolidated financial position, results of operations and cash flows of the Company, The W Group and its wholly-owned subsidiaries for the periods presented, including retroactive restatement to reflect the 1-for-32 Reverse Split approved by the stockholders in their vote on the Migratory Merger and Reverse Split, which were effective August 26, 2011 (and described below in Note 4, “Reverse recapitalization of The W Group, private placement, reverse split and migratory merger ” ), as required in accordance with SEC Staff Accounting Bulletin (SAB) Topic 4C <i>Equity Accounts — Change in Capital Structure</i> , and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 260, <i>Earnings Per Share.</i> Accordingly, the unaudited condensed consolidated balance sheets presented herein reflect a reduction in the aggregate dollar value of common shares issued and outstanding, with a corresponding increase reflected in additional paid-in capital of approximately $0.01 million, as detailed in Note 11, “Stockholders’ equity.” Total authorized shares were unchanged by the Reverse Split. The consummation of the Migratory Merger and Reverse Split, effective on August 26, 2011, also triggered the automatic conversion of the shares of the Company’s preferred stock to Company common stock. In accordance with ASC 260, the conversion of the Company’s preferred stock is presented prospectively from August 26, 2011, resulting in a $9.7 million increase in additional paid in capital and elimination of the Series A Convertible Preferred Stock in the Company’s unaudited condensed consolidated balance sheet as of December 31, 2011, also detailed in Note 11, “Stockholders’ equity.” Earnings per share is calculated based upon the weighted average shares which reflect the conversion of the preferred shares to shares of the Company’s common stock effective August 26, 2011, as restated for the Reverse Split.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">These unaudited condensed consolidated financial statements should be read in conjunction with, and have been prepared in conformity with the accounting principles reflected in, the consolidated financial statements and related notes included in Power Solutions International Inc’s, Annual Report on Form 10-K for the fiscal year ended December 31, 2011. As these financial statements have been prepared pursuant to the rules and regulations of the SEC, certain information and disclosures normally included in the financial statements and related notes prepared in accordance with GAAP have been condensed or omitted.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Principles of consolidation</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The unaudited condensed consolidated financial statements include the accounts of The W Group, Inc., a wholly-owned subsidiary of Power Solutions International, Inc., and its wholly-owned subsidiaries, Power Production, Inc., Power Great Lakes, Inc., Power Solutions, Inc., Power Global Solutions, Inc., Auto Manufacturing, Inc., Torque Power Source Parts, Inc., XISync, LLC, PSI International, LLC, and Power Properties, L.L.C. Collectively, these entities produce and distribute off-highway industrial engines and provide aftermarket support for the industrial engine market. All significant intercompany balances and transactions have been eliminated in consolidation.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Significant accounting policies</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company’s significant accounting policies as of December 31, 2011, are described in the Company’s annual report, dated March 30, 2012, filed on Form 10-K with the Securities and Exchange Commission. There have been no material changes with respect to the Company’s significant accounting policies subsequent to December 31, 2011, with the exception of cash and cash equivalents and equity-based compensation. Prior to its March 20, 2012 amendment, the Company’s loan and security agreement with Harris N.A. (now known as BMO Harris Bank, N.A (“BMO Bank”)) (“Harris Agreement”), required that cash received be applied against the Company’s revolving line of credit. Accordingly, the Company did not maintain cash or cash equivalents on its consolidated balance sheet, but instead funded its operations through borrowings under its revolving line of credit. As further described in Note 9, “Revolving line of credit,” the Harris Agreement was amended effective March 20, 2012, and among other changes, cash balances are no longer automatically swept by BMO Bank and applied against the revolving line of credit. Under ASC 470-10-45, Debt, the elimination of the automatic sweeping of the Company’s cash and applying it against the revolving line of credit results in a change in the presentation of the revolving line of credit from a current liability to a long-term obligation on the Company’s consolidated balance sheet. Accordingly, the Company has presented the revolving line of credit as a long-term obligation on its consolidated balance sheet subsequent to March 20, 2012, the effective date of the Amended Agreement. At September 30, 2012, the Company had a cash balance recorded on its consolidated balance sheet. Management has adopted a significant accounting policy based on this change. Management has also adopted an additional significant accounting policy based on the Compensation Committee of the Board approving the 2012 Incentive Compensation Plan (See Note 12, “2012 Incentive compensation plan”) and granting Stock Appreciation Rights (“SAR”).Both of these policies are presented below.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Cash and cash equivalents</i></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2"><i>Equity-based compensation</i></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company accounts for equity-based compensation expense for awards granted to employees for service over the service period based on the grant date fair value. Furthermore, the SAR granted is accounted for as equity, in accordance with ASC 718-10-25, <i>Determining Whether to Classify a Financial Instrument as a Liability or As Equity</i>.</font></p> </div> | ||
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.66 | ||
us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><font style="FONT-FAMILY: Times New Roman" size="2"><b>1. Description of the Company and business operations</b></font></b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Description of the Company</i></b></font></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">Power Solutions International, Inc., a Delaware corporation, is the successor in the Migratory Merger (as defined below) to Power Solutions International, Inc., a Nevada corporation (“Power Solutions International” and “PSI” refer to Power Solutions International, Inc., a Nevada corporation, prior to the consummation of the Migratory Merger, and Power Solutions International, Inc., a Delaware corporation, following the consummation of the Migratory Merger). Power Solutions International, Inc., a Nevada corporation, was formerly known as Format, Inc. (“Format”), and prior to the consummation of the Reverse Recapitalization (as defined below), was engaged, to a limited extent, in EDGARizing corporate documents for filing with the Securities and Exchange Commission (“SEC”) and in providing limited commercial printing services. On April 29, 2011, Format consummated a reverse acquisition transaction with The W Group, Inc. and its subsidiaries (“The W Group”). The W Group remained as the surviving corporation of the reverse acquisition, becoming a wholly-owned subsidiary of Power Solutions International. Based upon the nominal operations and assets of Format immediately prior to the consummation of the reverse acquisition and the other transactions described in Note 4, “Reverse recapitalization of The W Group, private placement, reverse split and migratory merger,” Format may have been deemed to have been a “shell company” (as that term is defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended). Therefore, the reverse acquisition transaction was accounted for as a reverse recapitalization and no goodwill or intangible assets were recorded (“Reverse Recapitalization”). The W Group was the accounting acquiror in the Reverse Recapitalization because The W Group’s former stockholders received the greater portion of the voting rights in the combined entity, and The W Group’s senior management represented all of the senior management of PSI immediately following the consummation of the transaction. Therefore, with respect to the period prior to the Reverse Recapitalization, it is The W Group’s historical financial position and results of operations that are presented in the unaudited condensed consolidated financial statements, with The W Group’s historical equity restated to reflect the originally issued and outstanding equity of Format, plus the equity issued by Power Solutions International, pursuant to the Reverse Recapitalization.</font></font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">Upon the closing of the Reverse Recapitalization of The W Group, the Company succeeded to the business of The W Group, which is described below. In connection with the Reverse Recapitalization, effective April 29, 2011, Format changed its corporate name to Power Solutions International, Inc. Unless the context otherwise requires, the “Company” refers to The W Group prior to the closing of the Reverse Recapitalization on April 29, 2011, and Power Solutions International, as successor to the business of The W Group, following the closing of the Reverse Recapitalization.</font></font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">On August 26, 2011, pursuant to the Migratory Merger, Power Solutions International, Inc., a Nevada corporation, merged into its newly-created, wholly-owned subsidiary, Power Solutions International, Inc., a Delaware corporation, which effected its reincorporation into the State of Delaware from the State of Nevada and effected a reverse stock split of its common stock by converting each 32 shares of common stock of Power Solutions International, Inc., a Nevada corporation, into one share of common stock of Power Solutions International, Inc., a Delaware corporation, as the surviving entity in the Migratory Merger. See Note 4, “Reverse recapitalization of The W Group, private placement, reverse split and migratory merger,” for a further description of the Migratory Merger and Reverse Split.</font></font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Nature of business operations</i></b></font></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">         The Company is a global producer and distributor of a broad range of high performance, certified low emission, power systems for original equipment manufacturers of off-highway industrial equipment (“industrial OEMs”). The Company’s customers include companies that are large, industry-leading and/or multinational organizations, and the Company is a sole source provider of alternative fuel power systems for most of its customers. The Company’s products and services are sold predominantly to customers throughout North America, as well as, to customers located throughout Asia and Europe.</font></font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2"><font style="FONT-FAMILY: Times New Roman" size="2">The Company’s power systems are highly engineered, comprehensive systems which, through its technologically sophisticated development and manufacturing processes, including its in-house design, prototyping, testing and engineering capabilities and its analysis and determination of the specific components to be integrated into a given power system (driven in large part by emission standards and cost restrictions required, or desired, to be met), allow the Company to provide to its customers power systems customized to meet specific industrial OEM application requirements, other technical specifications of customers and requirements imposed by environmental regulatory bodies. The Company’s power system configurations range from a basic engine block integrated with appropriate fuel system components to completely packaged power systems that include any combination of cooling systems, electronic systems, air intake systems, fuel systems, housings, power takeoff systems, exhaust systems, hydraulic systems, enclosures, brackets, hoses, tubes and other assembled componentry. The Company purchases engines from third party suppliers and has recently begun producing an internally-designed engine, both of which are then integrated into its power systems. Additionally, the Company is conducting research and development for the purpose of designing, developing and manufacturing other engines in-house. Of the other components that the Company integrates into its power systems, a substantial portion consist of internally designed components and components for which the Company coordinates significant design efforts with third party suppliers, with the remainder consisting largely of parts that are sourced off-the-shelf from third party suppliers. Some of the key components (including all of the engines) embody proprietary intellectual property of the Company’s suppliers. As a result of its design and manufacturing capabilities, the Company is able to provide to its customers a comprehensive power system which can be incorporated, using a single part number, directly into a customer’s specified application. Capitalizing on its expertise in developing and manufacturing emission-certified power systems and through its access to the latest power system technologies, the Company believes that it is able to provide complete “green” power systems to industrial OEMs at a low cost and with fast design turnaround. In addition to the certified products described above, the Company sells diesel and non-certified power systems and aftermarket components.</font></font></p> </div> | ||
us-gaap |
Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
|
226000 | ||
us-gaap |
Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
|
0.550 | pure | |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
9065699000 | shares | |
us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
11158000 | ||
us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
124419000 | ||
us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-308000 | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
5957000 | ||
us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-204000 | ||
us-gaap |
Dividend Income Operating
DividendIncomeOperating
|
0 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.66 | ||
us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
6024000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
6198000 | ||
us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
359000 | ||
us-gaap |
Gross Profit
GrossProfit
|
25471000 | ||
us-gaap |
Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
|
0.00 | pure | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-268000 | ||
us-gaap |
Operating Expenses
OperatingExpenses
|
16169000 | ||
us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
4878000 | ||
us-gaap |
Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
|
15000000 | ||
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
3141000 | ||
us-gaap |
Undistributed Earnings
UndistributedEarnings
|
5957000 | ||
us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
2900000 | ||
us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
149890000 | ||
us-gaap |
Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
|
57000 | ||
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
3290000 | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
736252 | shares | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
3.31 | ||
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
165000 | ||
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-425000 | ||
us-gaap |
Interest Expense
InterestExpense
|
766000 | ||
us-gaap |
Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
|
0.0040 | pure | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
5000000 | ||
us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
113000 | ||
us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
5545000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-2643000 | ||
us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>3. Recently issued accounting pronouncements</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company evaluates the pronouncements of various authoritative accounting organizations, including the Financial Accounting Standards Board (FASB), the SEC and the Emerging Issues Task Force (EITF), to determine the impact of new pronouncements on GAAP and the Company. There are no new accounting pronouncements that have been issued or adopted during the three months ended September 30, 2012, that are expected to have a significant effect on the Company’s consolidated financial statements.</font></p> </div> | ||
us-gaap |
Gains Losses On Sales Of Other Assets
GainsLossesOnSalesOfOtherAssets
|
-95000 | ||
us-gaap |
Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
|
0.0025 | pure | |
psix |
Highly Liquid Investments Maturity Period
HighlyLiquidInvestmentsMaturityPeriod
|
Three months or less | ||
psix |
Liquidated Damages
LiquidatedDamages
|
300000 | ||
psix |
Aggregate Number Of Days In Which Conditions Regarding Suspension Persist
AggregateNumberOfDaysInWhichConditionsRegardingSuspensionPersist
|
P45D | ||
psix |
Average Estimated Fair Value Of Common Stock Excluded From Diluted Eps
AverageEstimatedFairValueOfCommonStockExcludedFromDilutedEps
|
11.71 | ||
psix |
Commitment Public Underwritten Offering Of Equity Securities Closing Days
CommitmentPublicUnderwrittenOfferingOfEquitySecuritiesClosingDays
|
P180D | ||
psix |
Change In Valuation Of Private Placement Warrants
ChangeInValuationOfPrivatePlacementWarrants
|
656000 | ||
psix |
Common Stock Shares Issuable Private Placement Warrants
CommonStockSharesIssuablePrivatePlacementWarrants
|
736252 | shares | |
psix |
Consecutive Days Of Liquidity Threshold
ConsecutiveDaysOfLiquidityThreshold
|
P60D | ||
psix |
Conversion Price For Preferred Stock
ConversionPriceForPreferredStock
|
12.00 | ||
psix |
Debt Instrument Extend Maturity Date
DebtInstrumentExtendMaturityDate
|
2017-03-20 | ||
psix |
Decrease In Effective Tax Rate
DecreaseInEffectiveTaxRate
|
600000 | ||
psix |
Diluted Effect Of Common Stock Equivalents
DilutedEffectOfCommonStockEquivalents
|
shares | ||
psix |
Effective Income Tax Rate Reconciliation Tax Settlements Domestic Quarterly
EffectiveIncomeTaxRateReconciliationTaxSettlementsDomesticQuarterly
|
0.345 | pure | |
psix |
Filing Registration Condition For Suspension Description
FilingRegistrationConditionForSuspensionDescription
|
(which period may not be for more than 20 consecutive days or for a total of more than 45 days in any 12-month period) | ||
psix |
Gross Proceed From Issuance Of Common Stock And Additional Warrants
GrossProceedFromIssuanceOfCommonStockAndAdditionalWarrants
|
5000000 | ||
psix |
Issuance Of Stock Appreciation Rights
IssuanceOfStockAppreciationRights
|
267000 | ||
psix |
Noncash Or Part Noncash Unpaid Property Plant Equipment And Other Assets
NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets
|
815000 | ||
psix |
Number Of Business Days After Sec Intimation Regarding Non Declaration Of Additional Shares
NumberOfBusinessDaysAfterSecIntimationRegardingNonDeclarationOfAdditionalShares
|
P5D | ||
psix |
Number Of Business Days After Stock Holders Approval For Merger And Reverse Split
NumberOfBusinessDaysAfterStockHoldersApprovalForMergerAndReverseSplit
|
P2D | ||
psix |
Number Of Business Days For Filing Of Registration Statement
NumberOfBusinessDaysForFilingOfRegistrationStatement
|
P5D | ||
psix |
Number Of Consecutive Days For Suspension Of Registration Statement
NumberOfConsecutiveDaysForSuspensionOfRegistrationStatement
|
P20D | ||
psix |
Number Of Days After Deadline For Filing
NumberOfDaysAfterDeadlineForFiling
|
P120D | ||
psix |
Number Of Months As Base Period For Aggregate And Consecutive Period
NumberOfMonthsAsBasePeriodForAggregateAndConsecutivePeriod
|
P12M | ||
psix |
Number Of Warrant Shares Issuable Withheld By Entity
NumberOfWarrantSharesIssuableWithheldByEntity
|
42884 | shares | |
psix |
Percentage Of Amount Invested By Investors
PercentageOfAmountInvestedByInvestors
|
0.015 | pure | |
psix |
Percentage Of Common Stock
PercentageOfCommonStock
|
0.50 | pure | |
psix |
Period For Filing Registration Statement To Register Registrable Securities For Resale
PeriodForFilingRegistrationStatementToRegisterRegistrableSecuritiesForResale
|
P30D | ||
psix |
Registration Rights Agreement Filing Description
RegistrationRightsAgreementFilingDescription
|
The Registration Rights Agreement provided that if a registration statement covering those initial shares was not filed with the SEC on or prior to the date which was five business days after the date which was two business days after the Company’s stockholders approved the Migratory Merger and the Reverse Split or if (1) a registration statement covering those additional shares was not declared effective by the SEC prior to the earlier of (A) five business days after the SEC informed the Company that no review of such registration statement would be made or that the SEC had no further comments on such registration statement, or (B) the 120th day after the deadline for the Company’s filing of that registration statement, or (2) after such registration statement has been declared effective by the SEC, sales cannot be made pursuant to such registration statement for any reason, but excluding any period for which the use of any prospectus included in a registration statement has been suspended if and so long as certain conditions exist (which period may not be for more than 20 consecutive days or for a total of more than 45 days in any 12-month period), then the Company is required to pay amounts representing liquidated damages to each of the investors, on the same basis as the liquidated damages the Company could have been required to pay in connection with the initial registration statement. A registration statement covering the remaining Registrable Securities was declared effective on September 13, 2011 by the SEC, which resolved the contingency regarding the registration statement being declared effective. | ||
psix |
Sale Of Preferred Stock Together With Warrant
SaleOfPreferredStockTogetherWithWarrant
|
18000 | shares | |
psix |
Service Period Associated With Stock Appreciation Rights Market Condition
ServicePeriodAssociatedWithStockAppreciationRightsMarketCondition
|
P1Y9M11D | ||
psix |
Strike Price Of Dilutive Common Shares
StrikePriceOfDilutiveCommonShares
|
22.07 | ||
psix |
Transaction Cost Allocated Private Placement Warrants
TransactionCostAllocatedPrivatePlacementWarrants
|
800000 | ||
psix |
Transaction Cost Allocated To Preferred Stock
TransactionCostAllocatedToPreferredStock
|
4900000 | ||
psix |
Transaction Cost Related To Reverse Recapitalization And Private Placement
TransactionCostRelatedToReverseRecapitalizationAndPrivatePlacement
|
5700000 | ||
psix |
Valuation Of Company Common Stock Under Sar Plan Description
ValuationOfCompanyCommonStockUnderSarPlanDescription
|
Commence after May 30, 2012 and prior to May 30, 2022 | ||
psix |
Proceeds From Exercise Of Private Placement Warrants
ProceedsFromExerciseOfPrivatePlacementWarrants
|
178000 | ||
CY2011Q3 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
36236000 | |
CY2011Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1901000 | |
CY2011Q3 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
396000 | |
CY2011Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.19 | |
psix |
Non Cash Inflow Associated With Amount Received From Holders Exercising Stock Warrants
NonCashInflowAssociatedWithAmountReceivedFromHoldersExercisingStockWarrants
|
52000 | ||
CY2011Q2 | us-gaap |
Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
|
1500009 | shares |
CY2011Q2 | us-gaap |
Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
|
18000000 | |
CY2011Q2 | us-gaap |
Proceeds From Fees Received
ProceedsFromFeesReceived
|
18000000 | |
CY2011Q2 | us-gaap |
Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
|
0.500 | pure |
CY2011Q2 | psix |
Risk Free Interest Rate Warrants
RiskFreeInterestRateWarrants
|
0.021 | pure |
CY2011Q2 | psix |
Non Recurring Fees Incurred In Connection With Reverse Recapitalization And Private Placement
NonRecurringFeesIncurredInConnectionWithReverseRecapitalizationAndPrivatePlacement
|
5100000 | |
CY2011Q2 | psix |
Preferred Stock Converted To Common Stock
PreferredStockConvertedToCommonStock
|
48000007 | shares |
CY2011Q2 | psix |
Sale Of Preferred Stock Together With Warrant
SaleOfPreferredStockTogetherWithWarrant
|
18000 | shares |
CY2011Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
591000 | |
CY2011Q3 | us-gaap |
Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
|
786000 | |
CY2011Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
4072968000 | shares |
CY2011Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
2739000 | |
CY2011Q3 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
1608000 | |
CY2011Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
2343000 | |
CY2011Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.19 | |
CY2011Q3 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
1351000 | |
CY2011Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
4072968000 | shares |
CY2011Q3 | us-gaap |
Gross Profit
GrossProfit
|
6562000 | |
CY2011Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
4219000 | |
CY2011Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
838000 | |
CY2011Q3 | us-gaap |
Undistributed Earnings
UndistributedEarnings
|
1901000 | |
CY2011Q3 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
42798000 | |
CY2011Q3 | us-gaap |
Interest Expense
InterestExpense
|
195000 | |
CY2011Q3 | us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
1260000 | |
CY2011Q3 | psix |
Diluted Effect Of Common Stock Equivalents
DilutedEffectOfCommonStockEquivalents
|
shares | |
CY2012Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
199000 | |
CY2012Q3 | us-gaap |
Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
|
1846000 | |
CY2012Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
9068024000 | shares |
CY2012Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
2823000 | |
CY2012Q3 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
1315000 | |
CY2012Q3 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
2873000 | |
CY2012Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.20 | |
CY2012Q3 | us-gaap |
Cost Of Goods Sold
CostOfGoodsSold
|
43293000 | |
CY2012Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1846000 | |
CY2012Q3 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-50000 | |
CY2012Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.20 | |
CY2012Q3 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2212000 | |
CY2012Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
9068024000 | shares |
CY2012Q3 | us-gaap |
Gross Profit
GrossProfit
|
8410000 | |
CY2012Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
5537000 | |
CY2012Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
977000 | |
CY2012Q3 | us-gaap |
Undistributed Earnings
UndistributedEarnings
|
1846000 | |
CY2012Q3 | us-gaap |
Sales Revenue Goods Net
SalesRevenueGoodsNet
|
51703000 | |
CY2012Q3 | us-gaap |
Interest Expense
InterestExpense
|
249000 | |
CY2012Q3 | us-gaap |
Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
|
2010000 | |
CY2012Q3 | psix |
Average Estimated Fair Value Of Common Stock Excluded From Diluted Eps
AverageEstimatedFairValueOfCommonStockExcludedFromDilutedEps
|
11.71 | |
CY2012Q3 | psix |
Diluted Effect Of Common Stock Equivalents
DilutedEffectOfCommonStockEquivalents
|
shares | |
CY2012Q3 | psix |
Expenses On Stock Appreciation Rights
ExpensesOnStockAppreciationRights
|
200000 |