2012 Q4 Form 10-Q Financial Statement

#000119312512466493 Filed on November 13, 2012

View on sec.gov

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%

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psix Non Cash Inflow From Issuance Of Rights To Purchase Common Shares At Predetermined Price
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psix Non Cash Inflow Associated With Amount Received From Holders Exercising Stock Warrants
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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
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PSIX
dei Entity Registrant Name
EntityRegistrantName
Power Solutions International, Inc.
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false
dei Entity Filer Category
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Smaller Reporting Company
invest Investment Warrants Exercise Price
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562000
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5957000
us-gaap Depreciation Depletion And Amortization
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748000
us-gaap Repayments Of Long Term Debt
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21000
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9065699000 shares
us-gaap Debt Instrument Maturity Date
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2014-04-29
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2285000
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9098000
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0.372 pure
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us-gaap Fair Value Assumptions Weighted Average Volatility Rate
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0.500 pure
us-gaap Cash And Cash Equivalents Period Increase Decrease
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<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. (&#x201C;GAAP&#x201D;) 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&#xA0;26, 2011 (and described below in Note 4, &#x201C;Reverse recapitalization of The W Group, private placement, reverse split and migratory merger &#x201D; ), as required in accordance with SEC Staff Accounting Bulletin (SAB) Topic 4C <i>Equity Accounts &#x2014; Change in Capital Structure</i> , and Financial Accounting Standards Board (&#x201C;FASB&#x201D;) Accounting Standards Codification (&#x201C;ASC&#x201D;) 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, &#x201C;Stockholders&#x2019; equity.&#x201D; Total authorized shares were unchanged by the Reverse Split. The consummation of the Migratory Merger and Reverse Split, effective on August&#xA0;26, 2011, also triggered the automatic conversion of the shares of the Company&#x2019;s preferred stock to Company common stock. In accordance with ASC 260, the conversion of the Company&#x2019;s preferred stock is presented prospectively from August&#xA0;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&#x2019;s unaudited condensed consolidated balance sheet as of December&#xA0;31, 2011, also detailed in Note 11, &#x201C;Stockholders&#x2019; equity.&#x201D; Earnings per share is calculated based upon the weighted average shares which reflect the conversion of the preferred shares to shares of the Company&#x2019;s common stock effective August&#xA0;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&#x2019;s, Annual Report on Form 10-K for the fiscal year ended December&#xA0;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&#x2019;s significant accounting policies as of December&#xA0;31, 2011, are described in the Company&#x2019;s annual report, dated March&#xA0;30, 2012, filed on Form 10-K with the Securities and Exchange Commission. There have been no material changes with respect to the Company&#x2019;s significant accounting policies subsequent to December&#xA0;31, 2011, with the exception of cash and cash equivalents and equity-based compensation. Prior to its March&#xA0;20, 2012 amendment, the Company&#x2019;s loan and security agreement with Harris N.A. (now known as BMO Harris Bank, N.A (&#x201C;BMO Bank&#x201D;)) (&#x201C;Harris Agreement&#x201D;), required that cash received be applied against the Company&#x2019;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, &#x201C;Revolving line of credit,&#x201D; the Harris Agreement was amended effective March&#xA0;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&#x2019;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&#x2019;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&#xA0;20, 2012, the effective date of the Amended Agreement. At September&#xA0;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, &#x201C;2012 Incentive compensation plan&#x201D;) and granting Stock Appreciation Rights (&#x201C;SAR&#x201D;).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&#xA0;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>
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<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 (&#x201C;Power Solutions International&#x201D; and &#x201C;PSI&#x201D; 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. (&#x201C;Format&#x201D;), 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 (&#x201C;SEC&#x201D;) and in providing limited commercial printing services. On April&#xA0;29, 2011, Format consummated a reverse acquisition transaction with The W Group, Inc. and its subsidiaries (&#x201C;The W Group&#x201D;). 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, &#x201C;Reverse recapitalization of The W Group, private placement, reverse split and migratory merger,&#x201D; Format may have been deemed to have been a &#x201C;shell company&#x201D; (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 (&#x201C;Reverse Recapitalization&#x201D;). The W Group was the accounting acquiror in the Reverse Recapitalization because The W Group&#x2019;s former stockholders received the greater portion of the voting rights in the combined entity, and The W Group&#x2019;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&#x2019;s historical financial position and results of operations that are presented in the unaudited condensed consolidated financial statements, with The W Group&#x2019;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&#xA0;29, 2011, Format changed its corporate name to Power Solutions International, Inc. Unless the context otherwise requires, the &#x201C;Company&#x201D; refers to The W Group prior to the closing of the Reverse Recapitalization on April&#xA0;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&#xA0;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, &#x201C;Reverse recapitalization of The W Group, private placement, reverse split and migratory merger,&#x201D; 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">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;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 (&#x201C;industrial OEMs&#x201D;). The Company&#x2019;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&#x2019;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&#x2019;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&#x2019;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&#x2019;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&#x2019;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 &#x201C;green&#x201D; 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>
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226000
us-gaap Fair Value Assumptions Expected Volatility Rate
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0.550 pure
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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9065699000 shares
us-gaap Increase Decrease In Inventories
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11158000
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124419000
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-308000
us-gaap Net Income Loss
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5957000
us-gaap Nonoperating Income Expense
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-204000
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0
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0.66
us-gaap General And Administrative Expense
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6024000
us-gaap Net Cash Provided By Used In Financing Activities
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6198000
us-gaap Increase Decrease In Other Noncurrent Assets
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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
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4878000
us-gaap Proceeds From Sale Of Available For Sale Securities Equity
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15000000
us-gaap Income Tax Expense Benefit
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3141000
us-gaap Undistributed Earnings
UndistributedEarnings
5957000
us-gaap Payments To Acquire Productive Assets
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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
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736252 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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3.31
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
165000
us-gaap Increase Decrease In Accrued Liabilities
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-425000
us-gaap Interest Expense
InterestExpense
766000
us-gaap Fair Value Assumptions Risk Free Interest Rate
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0.0040 pure
us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Increase Decrease In Other Noncurrent Liabilities
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us-gaap Research And Development Expense Excluding Acquired In Process Cost
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5545000
us-gaap Net Cash Provided By Used In Operating Activities
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-2643000
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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&#xA0;30, 2012, that are expected to have a significant effect on the Company&#x2019;s consolidated financial statements.</font></p> </div>
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0.0025 pure
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Three months or less
psix Liquidated Damages
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300000
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P45D
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11.71
psix Commitment Public Underwritten Offering Of Equity Securities Closing Days
CommitmentPublicUnderwrittenOfferingOfEquitySecuritiesClosingDays
P180D
psix Change In Valuation Of Private Placement Warrants
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656000
psix Common Stock Shares Issuable Private Placement Warrants
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736252 shares
psix Consecutive Days Of Liquidity Threshold
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P60D
psix Conversion Price For Preferred Stock
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12.00
psix Debt Instrument Extend Maturity Date
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2017-03-20
psix Decrease In Effective Tax Rate
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600000
psix Diluted Effect Of Common Stock Equivalents
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shares
psix Effective Income Tax Rate Reconciliation Tax Settlements Domestic Quarterly
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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
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5000000
psix Issuance Of Stock Appreciation Rights
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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

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