$PSIX
POWER SOLUTIONS INTERNATIONAL, INC.

2013 Q4 Form 10-Q Financial Statement

#000119312513438364 Filed on November 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $61.50M $64.63M $51.70M
YoY Change 17.14% 25.0% 20.81%
Cost Of Revenue $49.70M $52.26M $43.29M
YoY Change 12.95% 20.7% 19.48%
Gross Profit $11.80M $12.37M $8.410M
YoY Change 40.49% 47.11% 28.16%
Gross Profit Margin 19.19% 19.14% 16.27%
Selling, General & Admin $4.700M $5.000M $3.527M
YoY Change 4600.0% 41.76% 19.2%
% of Gross Profit 39.83% 40.41% 41.94%
Research & Development $3.100M $3.250M $2.010M
YoY Change -42.59% 61.69% 59.52%
% of Gross Profit 26.27% 26.27% 23.9%
Depreciation & Amortization $430.0K $390.0K $280.0K
YoY Change 19.44% 39.29% 33.33%
% of Gross Profit 3.64% 3.15% 3.33%
Operating Expenses $7.876M $8.250M $5.537M
YoY Change 45.85% 49.0% 31.24%
Operating Profit $3.925M $4.122M $2.873M
YoY Change 30.83% 43.47% 22.62%
Interest Expense -$6.500M $135.0K $249.0K
YoY Change 2066.67% -45.78% 27.69%
% of Operating Profit -165.61% 3.28% 8.67%
Other Income/Expense, Net $6.506M -$12.72M -$50.00K
YoY Change -750.6% 25342.0% -112.63%
Pretax Income -$2.581M -$8.599M $2.823M
YoY Change -251.82% -404.61% 3.07%
Income Tax $1.171M $1.382M $977.0K
% Of Pretax Income 34.61%
Net Earnings -$3.752M -$9.981M $1.846M
YoY Change -636.0% -640.68% -2.89%
Net Earnings / Revenue -6.1% -15.44% 3.57%
Basic Earnings Per Share -$0.36 -$0.97 $0.20
Diluted Earnings Per Share -$0.36 -$0.97 $0.20
COMMON SHARES
Basic Shares Outstanding 10.48M shares 10.38M shares 9.068B shares
Diluted Shares Outstanding 9.068B shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.300M $8.300M $700.0K
YoY Change 1160.0% 1085.71%
Cash & Equivalents $6.306M $8.300M $700.0K
Short-Term Investments
Other Short-Term Assets $5.000M $5.400M $3.100M
YoY Change 21.95% 74.19% 63.16%
Inventory $55.99M $49.52M $44.55M
Prepaid Expenses
Receivables $42.73M $39.22M $31.75M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $110.0M $102.5M $80.10M
YoY Change 34.03% 27.94% 30.89%
LONG-TERM ASSETS
Property, Plant & Equipment $13.10M $11.34M $6.413M
YoY Change 83.4% 76.8% 121.14%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.509M $1.703M $1.978M
YoY Change 127.41% -13.9% 64.83%
Total Long-Term Assets $16.61M $13.04M $8.391M
YoY Change 91.22% 55.42% 104.66%
TOTAL ASSETS
Total Short-Term Assets $110.0M $102.5M $80.10M
Total Long-Term Assets $16.61M $13.04M $8.391M
Total Assets $126.6M $115.5M $88.49M
YoY Change 39.5% 30.54% 35.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.40M $24.00M $28.90M
YoY Change -8.27% -16.96% 25.11%
Accrued Expenses $4.016M $7.084M $3.662M
YoY Change 53.58% 93.45% 14.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $23.00K
YoY Change
Total Short-Term Liabilities $32.39M $31.06M $33.28M
YoY Change -0.85% -6.67% -23.84%
LONG-TERM LIABILITIES
Long-Term Debt $17.90M $12.30M $20.00K
YoY Change -42.07% 61400.0%
Other Long-Term Liabilities $1.051M $583.0K $649.0K
YoY Change 68.7% -10.17% -72.96%
Total Long-Term Liabilities $1.051M $583.0K $669.0K
YoY Change 68.7% -12.86% -72.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.39M $31.06M $33.28M
Total Long-Term Liabilities $1.051M $583.0K $669.0K
Total Liabilities $76.20M $64.20M $66.72M
YoY Change 12.0% -3.77% 44.09%
SHAREHOLDERS EQUITY
Retained Earnings -$2.648M $1.104M $15.37M
YoY Change -116.43% -92.82%
Common Stock $57.32M $54.47M $10.66M
YoY Change 427.22% 410.9% 9.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.250M $4.250M $4.250M
YoY Change 0.0% 0.0%
Treasury Stock Shares 830.9K shares 830.9K shares 830.9K shares
Shareholders Equity $47.61M $51.32M $21.78M
YoY Change
Total Liabilities & Shareholders Equity $126.6M $115.5M $88.49M
YoY Change 39.5% 30.54% 35.52%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income -$3.752M -$9.981M $1.846M
YoY Change -636.0% -640.68% -2.89%
Depreciation, Depletion And Amortization $430.0K $390.0K $280.0K
YoY Change 19.44% 39.29% 33.33%
Cash From Operating Activities -$6.420M -$810.0K -$3.450M
YoY Change 2040.0% -76.52% 178.23%
INVESTING ACTIVITIES
Capital Expenditures -$1.690M -$1.700M -$1.620M
YoY Change 70.71% 4.94% 390.91%
Acquisitions
YoY Change
Other Investing Activities -$10.00K -$500.0K $0.00
YoY Change 0.0%
Cash From Investing Activities -$1.690M -$2.200M -$1.620M
YoY Change 69.0% 35.8% 390.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.080M 9.910M 5.150M
YoY Change 415.25% 92.43% 230.13%
NET CHANGE
Cash From Operating Activities -6.420M -810.0K -3.450M
Cash From Investing Activities -1.690M -2.200M -1.620M
Cash From Financing Activities 6.080M 9.910M 5.150M
Net Change In Cash -2.030M 6.900M 80.00K
YoY Change 1591.67% 8525.0% -900.0%
FREE CASH FLOW
Cash From Operating Activities -$6.420M -$810.0K -$3.450M
Capital Expenditures -$1.690M -$1.700M -$1.620M
Free Cash Flow -$4.730M $890.0K -$1.830M
YoY Change -785.51% -148.63% 101.1%

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us-gaap Basic Earnings Per Share Adjustment Pro Forma
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us-gaap Basis Of Accounting
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<div> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 0pt; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> <b>2. Basis of presentation</b></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6pt; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> <b><i>Unaudited condensed consolidated financial statements</i></b></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6pt; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> 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.</p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12pt; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> 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.</p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 18pt; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> <b><i>Principles of consolidation</i></b></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6pt; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> 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.</p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 18pt; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> <b><i>Significant accounting policies</i></b></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6pt; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> 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.</p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 12pt; TEXT-INDENT: 4%; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> In order to provide further description related to its policy on revenue recognition, the Company has outlined its policy below:</p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 18pt; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 62px; WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> <b><i>Revenue recognition</i></b></p> <p style="TEXT-TRANSFORM: none; MARGIN-TOP: 6pt; TEXT-INDENT: 0px; LETTER-SPACING: normal; FONT: 10pt 'Times New Roman'; WHITE-SPACE: normal; MARGIN-BOTTOM: 0pt; COLOR: rgb(0,0,0); MARGIN-LEFT: 62px; WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> The Company recognizes revenue upon transfer of title and risk of loss to the customer, which is typically when products are shipped, provided there is persuasive evidence of an arrangement, the sales price is fixed or determinable and management believes collectability is reasonably assured.</p> </div>
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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Description of the company and business operations</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b><i>Description of the company</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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).</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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.</p> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b><i>Nature of business operations</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 purchased 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.</p> </div>
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