2013 Q2 Form 10-Q Financial Statement

#000119312513213715 Filed on May 10, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2013 Q1 2012 Q1
Revenue $59.14M $52.58M $48.07M
YoY Change 18.0% 9.37% 53.1%
Cost Of Revenue $47.95M $43.41M $39.84M
YoY Change 16.16% 8.95% 56.86%
Gross Profit $11.18M $9.169M $8.229M
YoY Change 26.63% 11.42% 37.15%
Gross Profit Margin 18.91% 17.44% 17.12%
Selling, General & Admin $5.055M $4.318M $3.466M
YoY Change 39.22% 24.58% -6.32%
% of Gross Profit 45.2% 47.09% 42.12%
Research & Development $2.289M $1.771M $1.727M
YoY Change 26.6% 2.55%
% of Gross Profit 20.47% 19.32% 20.99%
Depreciation & Amortization $390.0K $364.0K $232.0K
YoY Change 62.5% 56.9% 28.89%
% of Gross Profit 3.49% 3.97% 2.82%
Operating Expenses $7.344M $6.089M $5.193M
YoY Change 35.02% 17.25% 40.35%
Operating Profit $3.840M $3.080M $3.036M
YoY Change 13.17% 1.45% 32.0%
Interest Expense $241.0K $194.0K $227.0K
YoY Change -16.9% -14.54% -137.83%
% of Operating Profit 6.28% 6.3% 7.48%
Other Income/Expense, Net -$4.701M -$5.040M -$855.0K
YoY Change -770.61% 489.47%
Pretax Income -$861.0K -$1.960M $2.181M
YoY Change -121.03% -189.87% 28.29%
Income Tax $1.239M $967.0K $1.031M
% Of Pretax Income 47.27%
Net Earnings -$2.100M -$2.927M $1.150M
YoY Change -170.92% -354.52% 4.55%
Net Earnings / Revenue -3.55% -5.57% 2.39%
Basic Earnings Per Share -$0.23 -$0.32
Diluted Earnings Per Share -$0.23 -$0.32 $131.9K
COMMON SHARES
Basic Shares Outstanding 9.217M shares 9.121M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q2 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.400M $300.0K $200.0K
YoY Change 133.33% 50.0% 100.0%
Cash & Equivalents $1.400M $300.0K $200.0K
Short-Term Investments
Other Short-Term Assets $4.700M $3.800M $3.500M
YoY Change 27.03% 8.57%
Inventory $47.93M $41.55M $42.20M
Prepaid Expenses
Receivables $35.06M $36.69M $27.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $89.14M $82.27M $73.50M
YoY Change 11.85% 11.93% 73400.0%
LONG-TERM ASSETS
Property, Plant & Equipment $9.937M $7.828M $3.700M
YoY Change 91.1% 111.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.281M $1.373M $2.000M
YoY Change -32.58% -31.35%
Total Long-Term Assets $11.22M $9.201M $5.700M
YoY Change 60.26% 61.42%
TOTAL ASSETS
Total Short-Term Assets $89.14M $82.27M $73.50M
Total Long-Term Assets $11.22M $9.201M $5.700M
Total Assets $100.4M $91.47M $79.20M
YoY Change 15.75% 15.5% 79100.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.50M $22.10M $32.00M
YoY Change -31.69% -30.94% 31900.0%
Accrued Expenses $4.919M $4.346M $3.800M
YoY Change 22.98% 14.37% 3700.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $28.61M $28.44M $37.50M
YoY Change -27.03% -24.16% 12400.0%
LONG-TERM LIABILITIES
Long-Term Debt $37.20M $31.90M $0.00
YoY Change
Other Long-Term Liabilities $599.0K $628.0K $24.70M
YoY Change -97.82% -97.46%
Total Long-Term Liabilities $599.0K $628.0K $24.70M
YoY Change -97.82% -97.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.61M $28.44M $37.50M
Total Long-Term Liabilities $599.0K $628.0K $24.70M
Total Liabilities $76.46M $68.21M $62.70M
YoY Change 13.78% 8.78% 20800.0%
SHAREHOLDERS EQUITY
Retained Earnings $11.09M $13.19M
YoY Change
Common Stock $17.07M $14.33M
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 $23.90M $23.27M $16.50M
YoY Change
Total Liabilities & Shareholders Equity $100.4M $91.47M $79.20M
YoY Change 15.75% 15.5% 79100.0%

Cashflow Statement

Concept 2013 Q2 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$2.100M -$2.927M $1.150M
YoY Change -170.92% -354.52% 4.55%
Depreciation, Depletion And Amortization $390.0K $364.0K $232.0K
YoY Change 62.5% 56.9% 28.89%
Cash From Operating Activities -$2.830M -$2.381M $3.300M
YoY Change 13.65% -172.15% 50.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.950M -$670.0K -$350.0K
YoY Change 109.68% 91.43% 12.9%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.950M -$667.0K -$345.0K
YoY Change 109.68% 93.33% 11.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $6.000K
YoY Change
Cash From Financing Activities 5.920M 2.800M -2.799M
YoY Change 53.77% -200.04% 48.1%
NET CHANGE
Cash From Operating Activities -2.830M -2.381M 3.300M
Cash From Investing Activities -1.950M -667.0K -345.0K
Cash From Financing Activities 5.920M 2.800M -2.799M
Net Change In Cash 1.140M -248.0K 156.0K
YoY Change 165.12% -258.97%
FREE CASH FLOW
Cash From Operating Activities -$2.830M -$2.381M $3.300M
Capital Expenditures -$1.950M -$670.0K -$350.0K
Free Cash Flow -$880.0K -$1.711M $3.650M
YoY Change -43.59% -146.88% 45.42%

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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> <!-- xbrl,body --> <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;), 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 and its wholly-owned subsidiaries for the periods presented.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <p style="MARGIN-TOP: 0px; 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 PSI&#x2019;s Annual Report on Form 10-K for the fiscal year ended December&#xA0;31, 2012. 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 Power Solutions International, Inc., and its direct and indirect wholly-owned subsidiaries, The W Group, Inc., 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 the 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, 2012 are described in the Company&#x2019;s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March&#xA0;12, 2013. There have been no material changes with respect to the Company&#x2019;s significant accounting policies subsequent to December&#xA0;31, 2012.</font></p> </div>
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1. Description of the Company and business operations</b></font></p> <!-- xbrl,body --> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Description of the company</i></b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Power Solutions International, Inc., a Delaware corporation, is the successor in a migratory merger 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).</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Power Solutions International, Inc., a Nevada corporation, was formerly known as Format, Inc. (&#x201C;Format&#x201D;), and prior to the consummation of a reverse recapitalization, 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;), and in connection with this transaction, Format changed its corporate name to Power Solutions International, Inc. The W Group remained as the surviving corporation of the reverse acquisition, becoming a wholly-owned subsidiary of Power Solutions International.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The W Group was the accounting acquirior in the reverse recapitalization with Format, Inc. Accordingly, 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></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">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, Inc. as successor to the business of The W Group, following the completion of the reverse recapitalization.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Refer to Note 4, &#x201C;Reverse recapitalization of The W Group, private placement, reverse split and migratory merger,&#x201D; for further description of these transactions.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Nature of business operations</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 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. The Company operates as one business and geographic segment.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <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 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, all of which engines are then integrated into the Company&#x2019;s power systems. Additionally, the Company has begun designing and developing 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 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></p> </div>
CY2013Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1578000
CY2013Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
43407000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-2927000
CY2013Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-5040000
CY2013Q1 us-gaap Dividend Income Operating
DividendIncomeOperating
0
CY2013Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2438000
CY2013Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-503000
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
6089000
CY2013Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-4852000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
967000
CY2013Q1 us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.0025 pure
CY2013Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
667000
CY2013Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
52576000
CY2013Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
-16000
CY2013Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
4846000
CY2013Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
55000
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
597918 shares
CY2013Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-665000
CY2013Q1 us-gaap Interest Expense
InterestExpense
194000
CY2013Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
914000
CY2013Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
14000
CY2013Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
1771000
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2381000
CY2013Q1 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 authoritative accounting organizations, including the Financial Accounting Standards Board (FASB), to determine the impact of new pronouncements on GAAP and the Company. There were no new accounting pronouncements that have been issued or adopted during the three months ended March&#xA0;31, 2013, that are expected to have a significant effect on the Company&#x2019;s unaudited condensed consolidated financial statements.</font></p> </div>
CY2013Q1 psix Stock Option Granted Number Of Years Of Expiry From Grant Date
StockOptionGrantedNumberOfYearsOfExpiryFromGrantDate
10 Y
CY2013Q1 psix Liquidated Damages
LiquidatedDamages
300000
CY2013Q1 psix Aggregate Number Of Days In Which Conditions Regarding Suspension Persist
AggregateNumberOfDaysInWhichConditionsRegardingSuspensionPersist
P45D
CY2013Q1 psix Common Stock Shares Issuable Private Placement Warrants
CommonStockSharesIssuablePrivatePlacementWarrants
597918 shares
CY2013Q1 psix Consecutive Days Of Liquidity Threshold
ConsecutiveDaysOfLiquidityThreshold
P60D
CY2013Q1 psix Conversion Price For Preferred Stock
ConversionPriceForPreferredStock
12.00
CY2013Q1 psix Debt Instrument Extend Maturity Date
DebtInstrumentExtendMaturityDate
2017-03-20
CY2013Q1 psix Expenses On Stock Appreciation Rights
ExpensesOnStockAppreciationRights
207000
CY2013Q1 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)
CY2013Q1 psix Gross Proceed From Issuance Of Common Stock And Additional Warrants
GrossProceedFromIssuanceOfCommonStockAndAdditionalWarrants
5000000
CY2013Q1 psix Noncash Or Part Noncash Unpaid Property Plant Equipment And Other Assets
NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets
371000
CY2013Q1 psix Number Of Consecutive Days For Suspension Of Registration Statement
NumberOfConsecutiveDaysForSuspensionOfRegistrationStatement
P20D
CY2013Q1 psix Number Of Months As Base Period For Aggregate And Consecutive Period
NumberOfMonthsAsBasePeriodForAggregateAndConsecutivePeriod
P12M
CY2013Q1 psix Percentage Of Amount Invested By Investors
PercentageOfAmountInvestedByInvestors
0.015 pure
CY2013Q1 psix Percentage Of Common Stock
PercentageOfCommonStock
0.50 pure
CY2013Q1 psix Period For Filing Registration Statement To Register Registrable Securities For Resale
PeriodForFilingRegistrationStatementToRegisterRegistrableSecuritiesForResale
P30D
CY2013Q1 psix Increase Decrease Equity Based Compensation
IncreaseDecreaseEquityBasedCompensation
207000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
1150000
CY2012Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-855000
CY2013Q1 psix Registration Rights Agreement Filing Description
RegistrationRightsAgreementFilingDescription
The Registration Rights Agreement provides that if 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.
CY2013Q1 psix Service Period Associated With Stock Appreciation Rights Market Condition
ServicePeriodAssociatedWithStockAppreciationRightsMarketCondition
P1Y9M11D
CY2013Q1 psix Valuation Of Company Common Stock Under Sar Plan Description
ValuationOfCompanyCommonStockUnderSarPlanDescription
Commence after May 30, 2012 and prior to May 30, 2022
CY2013Q1 psix Proceeds From Exercise Of Private Placement Warrants
ProceedsFromExerciseOfPrivatePlacementWarrants
1797000
CY2013Q1 psix Non Cash In Flow Associated With Change In Fair Value Associated With Exercised Warrants
NonCashInFlowAssociatedWithChangeInFairValueAssociatedWithExercisedWarrants
1457000
CY2013Q1 psix Commitment Towards Investments In Joint Venture
CommitmentTowardsInvestmentsInJointVenture
1200000
CY2012Q1 invest Investment Warrants Exercise Price
InvestmentWarrantsExercisePrice
13.00
CY2012Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-628000
CY2012Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
232000
CY2012Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
6000
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-345000
CY2012Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1896000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2181000
CY2012Q1 us-gaap Interest Paid
InterestPaid
189000
CY2012Q1 us-gaap Increase Decrease In Book Overdrafts
IncreaseDecreaseInBookOverdrafts
-3780000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
156000
CY2012Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1702000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3036000
CY2012Q1 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
98000
CY2012Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
8820000
CY2012Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
39843000
CY2012Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-308000
CY2012Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1764000
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2799000
CY2012Q1 us-gaap Gross Profit
GrossProfit
8229000
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
522000
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
5193000
CY2012Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
8089000
CY2012Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
105000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1031000
CY2012Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
345000
CY2012Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
48072000
CY2012Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
42000
CY2012Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
593000
CY2012Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
155000
CY2012Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-246000
CY2012Q1 us-gaap Interest Expense
InterestExpense
227000
CY2012Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
1184000
CY2012Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-26000
CY2012Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
1727000
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3300000
CY2012Q1 us-gaap Gains Losses On Sales Of Other Assets
GainsLossesOnSalesOfOtherAssets
-36000
CY2012Q1 psix Effective Income Tax Rate Reconciliation Tax Settlements Domestic Quarterly
EffectiveIncomeTaxRateReconciliationTaxSettlementsDomesticQuarterly
0.473 pure
CY2012Q1 psix Noncash Or Part Noncash Unpaid Property Plant Equipment And Other Assets
NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets
75000
CY2012Q1 psix Effective Income Tax Rate Excluding Private Placement Expense
EffectiveIncomeTaxRateExcludingPrivatePlacementExpense
0.362 pure

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