$PSIX
POWER SOLUTIONS INTERNATIONAL, INC.

2013 Q1 Form 10-K Financial Statement

#000119312513101540 Filed on March 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 2011 Q4
Revenue $52.58M $202.3M $45.50M
YoY Change 9.37% 30.57% 52.17%
Cost Of Revenue $43.41M $168.4M $38.10M
YoY Change 8.95% 31.03% 55.51%
Gross Profit $9.169M $33.92M $7.400M
YoY Change 11.42% 28.34% 37.04%
Gross Profit Margin 17.44% 16.76% 16.26%
Selling, General & Admin $4.318M $14.22M $3.400M
YoY Change 24.58% 19.43% 21.43%
% of Gross Profit 47.09% 41.94% 45.95%
Research & Development $1.771M $6.800M $1.400M
YoY Change 2.55% 70.0% 27.27%
% of Gross Profit 19.32% 20.05% 18.92%
Depreciation & Amortization $364.0K $1.105M $220.0K
YoY Change 56.9% 34.76% -26.67%
% of Gross Profit 3.97% 3.26% 2.97%
Operating Expenses $6.089M $21.60M $4.800M
YoY Change 17.25% 29.95% 23.08%
Operating Profit $3.080M $12.32M $2.600M
YoY Change 1.45% 25.61% 73.33%
Interest Expense $194.0K $1.023M -$200.0K
YoY Change -14.54% -23.66% -60.0%
% of Operating Profit 6.3% 8.31% -7.69%
Other Income/Expense, Net -$5.040M -$1.471M -$1.100M
YoY Change 489.47% -50.49%
Pretax Income -$1.960M $10.85M $1.300M
YoY Change -189.87% 58.69% 30.0%
Income Tax $967.0K $4.143M $700.0K
% Of Pretax Income 38.2% 53.85%
Net Earnings -$2.927M $6.702M $600.0K
YoY Change -354.52% 65.03% -25.0%
Net Earnings / Revenue -5.57% 3.31% 1.32%
Basic Earnings Per Share -$0.32
Diluted Earnings Per Share -$0.32 $736.3K $64.52K
COMMON SHARES
Basic Shares Outstanding 9.121M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2012 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $500.0K $0.00
YoY Change 50.0%
Cash & Equivalents $300.0K $500.0K $0.00
Short-Term Investments
Other Short-Term Assets $3.800M $4.100M $3.100M
YoY Change 8.57% 32.26% 82.35%
Inventory $41.55M $40.00M $33.39M
Prepaid Expenses
Receivables $36.69M $37.50M $29.52M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $82.27M $82.10M $66.02M
YoY Change 11.93% 24.39% 31.52%
LONG-TERM ASSETS
Property, Plant & Equipment $7.828M $7.100M $3.611M
YoY Change 111.57% 97.22% 24.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.373M $1.500M $1.451M
YoY Change -31.35% 0.0% -36.91%
Total Long-Term Assets $9.201M $8.700M $5.062M
YoY Change 61.42% 70.59% -2.65%
TOTAL ASSETS
Total Short-Term Assets $82.27M $82.10M $66.02M
Total Long-Term Assets $9.201M $8.700M $5.062M
Total Assets $91.47M $90.80M $71.08M
YoY Change 15.5% 27.71% 28.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.10M $26.60M $27.60M
YoY Change -30.94% -3.62% 60.47%
Accrued Expenses $4.346M $5.000M $4.015M
YoY Change 14.37% 25.0% 82.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $19.70M
YoY Change -100.0% -8.8%
Long-Term Debt Due $0.00 $23.00K
YoY Change -98.95%
Total Short-Term Liabilities $28.44M $32.70M $51.84M
YoY Change -24.16% -36.87% 18.09%
LONG-TERM LIABILITIES
Long-Term Debt $31.90M $30.90M $41.00K
YoY Change -99.28%
Other Long-Term Liabilities $628.0K $4.300M $116.0K
YoY Change -97.46% 26.47% -42.0%
Total Long-Term Liabilities $628.0K $35.20M $157.0K
YoY Change -97.46% 935.29% -97.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.44M $32.70M $51.84M
Total Long-Term Liabilities $628.0K $35.20M $157.0K
Total Liabilities $68.21M $68.00M $55.76M
YoY Change 8.78% 21.86% 11.52%
SHAREHOLDERS EQUITY
Retained Earnings $13.19M $9.410M
YoY Change
Common Stock $14.33M $10.16M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.250M $4.250M
YoY Change
Treasury Stock Shares 830.9K shares 830.9K shares
Shareholders Equity $23.27M $22.70M $15.32M
YoY Change
Total Liabilities & Shareholders Equity $91.47M $90.80M $71.08M
YoY Change 15.5% 27.71% 28.31%

Cashflow Statement

Concept 2013 Q1 2012 2011 Q4
OPERATING ACTIVITIES
Net Income -$2.927M $6.702M $600.0K
YoY Change -354.52% 65.03% -25.0%
Depreciation, Depletion And Amortization $364.0K $1.105M $220.0K
YoY Change 56.9% 34.76% -26.67%
Cash From Operating Activities -$2.381M -$2.941M $1.590M
YoY Change -172.15% 202.26% -348.44%
INVESTING ACTIVITIES
Capital Expenditures -$670.0K -$3.890M -$860.0K
YoY Change 91.43% 149.36% 437.5%
Acquisitions
YoY Change
Other Investing Activities -$10.00K $0.00
YoY Change 0.0% -100.0%
Cash From Investing Activities -$667.0K -$3.898M -$860.0K
YoY Change 93.33% 148.28% 330.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.000M
YoY Change 17.65%
Debt Paid & Issued, Net $64.00K
YoY Change -99.19%
Cash From Financing Activities 2.800M 7.382M -730.0K
YoY Change -200.04% 190.29% -185.88%
NET CHANGE
Cash From Operating Activities -2.381M -2.941M 1.590M
Cash From Investing Activities -667.0K -3.898M -860.0K
Cash From Financing Activities 2.800M 7.382M -730.0K
Net Change In Cash -248.0K 543.0K -0.0000000001164
YoY Change -258.97% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$2.381M -$2.941M $1.590M
Capital Expenditures -$670.0K -$3.890M -$860.0K
Free Cash Flow -$1.711M $949.0K $2.450M
YoY Change -146.88% 61.67% -610.42%

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POWER SOLUTIONS INTERNATIONAL, INC.
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CY2012 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Concentrations</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 maintains cash balances in various accounts at one financial institution in the Midwest. Interest-bearing accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per institution and per depositor. In addition, FDIC insurance on noninterest-bearing accounts is unlimited through December&#xA0;31, 2012. At December&#xA0;31, 2012 and 2011, the Company had no uninsured cash balances.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company is exposed to potential credit risks associated with its accounts receivable. The Company performs ongoing credit evaluations of its customers and generally does not require collateral on its accounts receivable. For certain non-U.S. trade receivables, the Company obtains trade credit insurance or requires letters of credit for those non-U.S. accounts for which trade credit insurance is not available or is insufficient. The Company has not experienced significant credit-related losses to date.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">One customer (&#x201C;Customer A&#x201D;) individually accounted for more than 10% of the Company&#x2019;s sales during one or more years from 2010 through 2012 and represented 16%, 15% and 19% of consolidated net sales in 2012, 2011, and 2010, respectively.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Three customers (&#x201C;Customer A&#x201D; referred to above, and &#x201C;Customer B&#x201D; and &#x201C;Customer C&#x201D;) individually accounted for more than 10% of consolidated accounts receivable at December&#xA0;31, 2012. Two customers (&#x201C;Customer A&#x201D; referred to above, and &#x201C;Customer&#xA0;C&#x201D;) individually accounted for more than 10% of consolidated accounts receivable at December&#xA0;31, 2011. At December&#xA0;31, 2012 and 2011, Customer A represented 15% and 12% of consolidated accounts receivable, respectively. At December&#xA0;31, 2012, Customer&#xA0;B represented 18% of consolidated accounts receivable. At December&#xA0;31, 2012 and 2011, Customer C represented 11% and 13% of consolidated accounts receivable, respectively.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Two vendors (&#x201C;Vendor A&#x201D; and &#x201C;Vendor B&#x201D;) individually accounted for more than 10% of the Company&#x2019;s purchases during one or more years from 2010 through 2012. Vendor A accounted for 30%, 37% and 31% of the Company&#x2019;s purchases in 2012, 2011 and 2010, respectively. Vendor B accounted for 16% of the Company&#x2019;s purchases in 2012 and 2010 and less than 10% of the Company&#x2019;s purchases in 2011.</font></p> </div>
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CY2012 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.550 pure
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7382000
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340 pure
CY2012 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-84000
CY2012 us-gaap Gross Profit
GrossProfit
33917000
CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
3806000
CY2012 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.00 pure
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
619000
CY2012 us-gaap Operating Expenses
OperatingExpenses
21601000
CY2012 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
2473000
CY2012 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-12000
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4143000
CY2012 us-gaap Undistributed Earnings
UndistributedEarnings
6702000
CY2012 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
3890000
CY2012 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
125000
CY2012 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
202342000
CY2012 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.10 pure
CY2012 psix Gross Proceed From Issuance Of Common Stock And Additional Warrants
GrossProceedFromIssuanceOfCommonStockAndAdditionalWarrants
5000000
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
4859000
CY2012 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4353000
CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
736252 shares
CY2012 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Use of estimates</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 preparation of consolidated financial statements in conformity with GAAP requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates.</font></p> </div>
CY2012 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
924000
CY2012 us-gaap Interest Expense
InterestExpense
1023000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.31
CY2012 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
510000
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
581000
CY2012 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5000000
CY2012 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment
-0.004 pure
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
3687000
CY2012 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
91000
CY2012 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-542000
CY2012 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
7377000
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2941000
CY2012 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>2. Recently issued accounting pronouncements</b></font></p> <!-- xbrl,body --> <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 FASB and the SEC, 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 year ended December&#xA0;31, 2012, that are expected to have a significant effect on the Company&#x2019;s consolidated financial statements.</font></p> </div>
CY2012 us-gaap Gains Losses On Sales Of Other Assets
GainsLossesOnSalesOfOtherAssets
-111000
CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.054 pure
CY2012 us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.0025 pure
CY2012 psix Depreciation Expenses
DepreciationExpenses
1074000
CY2012 psix Stock Option Granted Number Of Years Of Expiry From Grant Date
StockOptionGrantedNumberOfYearsOfExpiryFromGrantDate
10 Y
CY2012 psix Standard Product Warranty Accrual Charges To Costs And Expenses
StandardProductWarrantyAccrualChargesToCostsAndExpenses
148000
CY2012 psix Liquidated Damages
LiquidatedDamages
300000
CY2012 psix Aggregate Number Of Days In Which Conditions Regarding Suspension Persist
AggregateNumberOfDaysInWhichConditionsRegardingSuspensionPersist
P45D
CY2012 psix Change In Valuation Of Private Placement Warrants
ChangeInValuationOfPrivatePlacementWarrants
-448000
CY2012 psix Common Stock Shares Issuable Private Placement Warrants
CommonStockSharesIssuablePrivatePlacementWarrants
736252 shares
CY2012 psix Consecutive Days Of Liquidity Threshold
ConsecutiveDaysOfLiquidityThreshold
P60D
CY2012 psix Conversion Price For Preferred Stock
ConversionPriceForPreferredStock
12.00
CY2012 psix Debt Instrument Extend Maturity Date
DebtInstrumentExtendMaturityDate
2017-03-20
CY2012 psix Exercise Of Common Stock Warrant
ExerciseOfCommonStockWarrant
230000
CY2012 psix Expenses On Stock Appreciation Rights
ExpensesOnStockAppreciationRights
500000
CY2012 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)
CY2012 psix Noncash Or Part Noncash Unpaid Property Plant Equipment And Other Assets
NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets
928000
CY2012 psix Number Of Business Days After Sec Intimation Regarding Non Declaration Of Additional Shares
NumberOfBusinessDaysAfterSecIntimationRegardingNonDeclarationOfAdditionalShares
P5D
CY2012 psix Number Of Business Days After Stock Holders Approval For Merger And Reverse Split
NumberOfBusinessDaysAfterStockHoldersApprovalForMergerAndReverseSplit
P2D
CY2012 psix Number Of Business Days For Filing Of Registration Statement
NumberOfBusinessDaysForFilingOfRegistrationStatement
P5D
CY2012 psix Number Of Consecutive Days For Suspension Of Registration Statement
NumberOfConsecutiveDaysForSuspensionOfRegistrationStatement
P20D
CY2012 psix Number Of Days After Deadline For Filing
NumberOfDaysAfterDeadlineForFiling
P120D
CY2012 psix Number Of Months As Base Period For Aggregate And Consecutive Period
NumberOfMonthsAsBasePeriodForAggregateAndConsecutivePeriod
P12M
CY2012 psix Number Of Warrant Shares Issuable Withheld By Entity
NumberOfWarrantSharesIssuableWithheldByEntity
42884 shares
CY2012 psix Percentage Of Amount Invested By Investors
PercentageOfAmountInvestedByInvestors
0.015 pure
CY2012 psix Percentage Of Common Stock
PercentageOfCommonStock
0.50 pure
CY2012 psix Period For Filing Registration Statement To Register Registrable Securities For Resale
PeriodForFilingRegistrationStatementToRegisterRegistrableSecuritiesForResale
P30D
CY2012 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.
CY2012 psix Service Period Associated With Stock Appreciation Rights Market Condition
ServicePeriodAssociatedWithStockAppreciationRightsMarketCondition
P1Y9M11D
CY2012 psix Strike Price Of Dilutive Common Shares
StrikePriceOfDilutiveCommonShares
22.07
CY2012 psix Transaction Cost Allocated Private Placement Warrants
TransactionCostAllocatedPrivatePlacementWarrants
800000
CY2012 psix Transaction Cost Allocated To Preferred Stock
TransactionCostAllocatedToPreferredStock
4900000
CY2012 psix Transaction Cost Related To Reverse Recapitalization And Private Placement
TransactionCostRelatedToReverseRecapitalizationAndPrivatePlacement
5700000
CY2012 psix Valuation Of Company Common Stock Under Sar Plan Description
ValuationOfCompanyCommonStockUnderSarPlanDescription
Commence after May 30, 2012 and prior to May 30, 2022
CY2012 psix Non Cash Inflow Associated With Amount Received From Holders Exercising Stock Warrants
NonCashInflowAssociatedWithAmountReceivedFromHoldersExercisingStockWarrants
52000
CY2012 psix Income Tax Reconciliation Nondeductible Private Placement Warranty Expense
IncomeTaxReconciliationNondeductiblePrivatePlacementWarrantyExpense
152000
CY2012 psix Non Deductible Private Placement Warranty Expense Percent
NonDeductiblePrivatePlacementWarrantyExpensePercent
0.014 pure
CY2012 psix Increase Decrease Equity Based Compensation
IncreaseDecreaseEquityBasedCompensation
478000
CY2012 psix Allowance For Doubtful Accounts Receivable Charge Offs Net Of Recoveries Previously Charged Off
AllowanceForDoubtfulAccountsReceivableChargeOffsNetOfRecoveriesPreviouslyChargedOff
-2000
CY2012 psix Amount Of Increase Decrease Charged To Expense In Period
AmountOfIncreaseDecreaseChargedToExpenseInPeriod
-72000
CY2012 psix Average Closing Market Price Of Common Stock Excluded From Diluted Earnings Per Share
AverageClosingMarketPriceOfCommonStockExcludedFromDilutedEarningsPerShare
15.51

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