$PSIX
POWER SOLUTIONS INTERNATIONAL, INC.

2014 Q1 Form 10-K Financial Statement

#000119312514077913 Filed on February 28, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013
Revenue $66.74M $61.50M $237.8M
YoY Change 26.93% 17.14% 17.54%
Cost Of Revenue $54.81M $49.70M $193.3M
YoY Change 26.26% 12.95% 14.78%
Gross Profit $11.93M $11.80M $44.53M
YoY Change 30.11% 40.49% 31.28%
Gross Profit Margin 17.88% 19.19% 18.72%
Selling, General & Admin $4.811M $4.700M $19.12M
YoY Change 11.42% 4600.0% 34.42%
% of Gross Profit 40.33% 39.83% 42.94%
Research & Development $3.598M $3.100M $9.400M
YoY Change 103.16% -42.59% 38.24%
% of Gross Profit 30.16% 26.27% 21.11%
Depreciation & Amortization $488.0K $430.0K $1.568M
YoY Change 34.07% 19.44% 41.9%
% of Gross Profit 4.09% 3.64% 3.52%
Operating Expenses $8.409M $7.876M $29.56M
YoY Change 38.1% 45.85% 36.84%
Operating Profit $3.521M $3.925M $14.97M
YoY Change 14.32% 30.83% 21.52%
Interest Expense $99.00K -$6.500M $657.0K
YoY Change -48.97% 2066.67% -35.78%
% of Operating Profit 2.81% -165.61% 4.39%
Other Income/Expense, Net $111.0K $6.506M -$28.97M
YoY Change -102.2% -750.6% 1869.27%
Pretax Income $3.632M -$2.581M -$14.00M
YoY Change -285.31% -251.82% -229.1%
Income Tax $1.258M $1.171M $4.759M
% Of Pretax Income 34.64%
Net Earnings $2.374M -$3.752M -$18.76M
YoY Change -181.11% -636.0% -379.92%
Net Earnings / Revenue 3.56% -6.1% -7.89%
Basic Earnings Per Share $0.23 -$0.36
Diluted Earnings Per Share $0.19 -$0.36 -$1.918M
COMMON SHARES
Basic Shares Outstanding 10.56M shares 10.48M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2013
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.600M $6.300M $6.300M
YoY Change 1100.0% 1160.0% 1160.0%
Cash & Equivalents $3.600M $6.306M $6.300M
Short-Term Investments
Other Short-Term Assets $4.300M $5.000M $5.000M
YoY Change 13.16% 21.95% 21.95%
Inventory $68.75M $55.99M $56.00M
Prepaid Expenses
Receivables $48.91M $42.73M $42.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $125.6M $110.0M $110.0M
YoY Change 52.64% 34.03% 33.98%
LONG-TERM ASSETS
Property, Plant & Equipment $14.26M $13.10M $13.10M
YoY Change 82.22% 83.4% 84.51%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.579M $3.509M $3.500M
YoY Change 160.67% 127.41% 133.33%
Total Long-Term Assets $17.84M $16.61M $16.60M
YoY Change 93.92% 91.22% 90.8%
TOTAL ASSETS
Total Short-Term Assets $125.6M $110.0M $110.0M
Total Long-Term Assets $17.84M $16.61M $16.60M
Total Assets $143.4M $126.6M $126.6M
YoY Change 56.79% 39.5% 39.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.50M $24.40M $24.40M
YoY Change 47.06% -8.27% -8.27%
Accrued Expenses $5.200M $4.016M $7.800M
YoY Change 19.65% 53.58% 56.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $38.18M $32.39M $32.40M
YoY Change 34.24% -0.85% -0.92%
LONG-TERM LIABILITIES
Long-Term Debt $26.20M $17.90M $17.90M
YoY Change -17.87% -42.07% -42.07%
Other Long-Term Liabilities $851.0K $1.051M $25.60M
YoY Change 35.51% 68.7% 495.35%
Total Long-Term Liabilities $851.0K $1.051M $43.50M
YoY Change 35.51% 68.7% 23.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.18M $32.39M $32.40M
Total Long-Term Liabilities $851.0K $1.051M $43.50M
Total Liabilities $87.56M $76.20M $76.20M
YoY Change 28.38% 12.0% 12.06%
SHAREHOLDERS EQUITY
Retained Earnings -$274.0K -$2.648M
YoY Change -102.08% -116.43%
Common Stock $60.39M $57.32M
YoY Change 321.33% 427.22%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.250M $4.250M
YoY Change 0.0% 0.0%
Treasury Stock Shares 830.9K shares 830.9K shares
Shareholders Equity $55.87M $47.61M $50.40M
YoY Change
Total Liabilities & Shareholders Equity $143.4M $126.6M $126.6M
YoY Change 56.79% 39.5% 39.43%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013
OPERATING ACTIVITIES
Net Income $2.374M -$3.752M -$18.76M
YoY Change -181.11% -636.0% -379.92%
Depreciation, Depletion And Amortization $488.0K $430.0K $1.568M
YoY Change 34.07% 19.44% 41.9%
Cash From Operating Activities -$10.62M -$6.420M -$12.44M
YoY Change 346.03% 2040.0% 322.82%
INVESTING ACTIVITIES
Capital Expenditures -$780.0K -$1.690M -$6.010M
YoY Change 16.42% 70.71% 54.5%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$10.00K -$510.0K
YoY Change 0.0% 5000.0%
Cash From Investing Activities -$784.0K -$1.690M -$6.514M
YoY Change 17.54% 69.0% 67.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $36.75M
YoY Change 635.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.749M 6.080M 24.71M
YoY Change 212.46% 415.25% 234.76%
NET CHANGE
Cash From Operating Activities -10.62M -6.420M -12.44M
Cash From Investing Activities -784.0K -1.690M -6.514M
Cash From Financing Activities 8.749M 6.080M 24.71M
Net Change In Cash 7.965M -2.030M 5.763M
YoY Change -3311.69% 1591.67% 961.33%
FREE CASH FLOW
Cash From Operating Activities -$10.62M -$6.420M -$12.44M
Capital Expenditures -$780.0K -$1.690M -$6.010M
Free Cash Flow -$9.840M -$4.730M -$6.425M
YoY Change 475.1% -785.51% -777.03%

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CY2013Q4 psix Amount Of Merchandise Or Goods Held By Parent Company Available For Sale
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CY2011Q3 psix Conversion Price For Preferred Stock
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CY2011Q2 psix Preferred Convertible Stock
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5100000
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10000
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CY2011 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2011 us-gaap Basic Earnings Per Share Adjustment Pro Forma
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CY2011 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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CY2011 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2011 psix Reverse Recapitalization
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CY2011 psix Non Deductible Private Placement Warranty Expense Percent
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CY2011 psix Expenses On Stock Appreciation Rights
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CY2011 psix Non Cash Inflow From Issuance Of Rights To Purchase Common Shares At Predetermined Price
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399000
CY2011 psix Noncash Or Part Noncash Unpaid Property Plant Equipment And Other Assets
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CY2011 psix Income Tax Reconciliation Transaction Related Expense
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259000
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130000
CY2011 psix Net Proceeds From Private Placement
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10537000
CY2013 dei Trading Symbol
TradingSymbol
PSIX
CY2013 dei Entity Registrant Name
EntityRegistrantName
POWER SOLUTIONS INTERNATIONAL, INC.
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0001137091
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2013 dei Current Fiscal Year End Date
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--12-31
CY2013 dei Document Fiscal Period Focus
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FY
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.340 pure
CY2013 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
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2014-04-29
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CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2013 us-gaap Net Cash Provided By Used In Operating Activities
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CY2013 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>2. Recently issued accounting pronouncements</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <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, 2013, that are expected to have a significant effect on the Company&#x2019;s consolidated financial statements.</font></p> </div>
CY2013 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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CY2013 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><b><i>Concentrations</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company generally maintains cash balances in various accounts at one financial institution in the Midwest. During 2013 and as of December&#xA0;31, 2013, the Company maintained cash in non-interest bearing accounts at two financial institutions while transitioning its accounts from one financial institution to another financial institution. At December&#xA0;31, 2013, cash accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per institution and per depositor. The Company&#x2019;s cash balances exceeded the FDIC maximum insured amounts. At December&#xA0;31, 2012, the Company had no uninsured cash balances.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <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-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <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 2011 through 2013 and represented 16%, 16% and 15% of consolidated net sales in 2013, 2012, and 2011, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <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, 2013 and 2012. At December&#xA0;31, 2013 and 2012, Customer A represented 11% and 15% of consolidated accounts receivable, respectively. At December&#xA0;31, 2013 and 2012, Customer B represented 18% of consolidated accounts receivable. At December&#xA0;31, 2013 and 2012, Customer C represented 13% and 11% of consolidated accounts receivable, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Three vendors (&#x201C;Vendor A,&#x201D; &#x201C;Vendor B&#x201D; and &#x201C;Vendor C&#x201D;) individually accounted for more than 10% of the Company&#x2019;s purchases during one or more years from 2011 through 2013. Vendor A accounted for 30%, 30% and 37% of the Company&#x2019;s purchases in 2013, 2012 and 2011, respectively. Vendor B accounted for 16% of the Company&#x2019;s purchases in 2012, and less than 10% of the Company&#x2019;s purchases in 2013 and 2011. Vendor C accounted for 15% of the Company&#x2019;s purchases in 2013, and less than 10% of the Company&#x2019;s purchases in 2012 and 2011.</font></p> </div>
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CY2013 us-gaap Use Of Estimates
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3.31
CY2013 psix Income Tax Reconciliation Tax Reserve Adjustment
IncomeTaxReconciliationTaxReserveAdjustment
570000
CY2013 psix Related Party Transaction Expenses
RelatedPartyTransactionExpenses
127000000000
CY2013 psix Non Deductible Private Placement Warranty Expense Percent
NonDeductiblePrivatePlacementWarrantyExpensePercent
-0.680 pure
CY2013 psix Expenses On Stock Appreciation Rights
ExpensesOnStockAppreciationRights
907000
CY2013 psix Conversion Price For Preferred Stock
ConversionPriceForPreferredStock
12.00
CY2013 psix Depreciation Expenses
DepreciationExpenses
1528000
CY2013 psix Standard Product Warranty Accrual Charges To Costs And Expenses
StandardProductWarrantyAccrualChargesToCostsAndExpenses
1195000
CY2013 psix Number Of Warrant Shares Issuable Withheld By Entity
NumberOfWarrantSharesIssuableWithheldByEntity
42884 shares
CY2013 psix Effective Income Tax Rate Reconciliation Tax Reserve Adjustment
EffectiveIncomeTaxRateReconciliationTaxReserveAdjustment
-0.041 pure
CY2013 psix Commitment Towards Investments In Joint Venture
CommitmentTowardsInvestmentsInJointVenture
1200000
CY2013 psix Exercise Of Common Stock Warrant
ExerciseOfCommonStockWarrant
11584000
CY2013 psix Debt Instrument Extend Maturity Date
DebtInstrumentExtendMaturityDate
2017-03-20
CY2013 psix Transaction Cost Related To Reverse Recapitalization And Private Placement
TransactionCostRelatedToReverseRecapitalizationAndPrivatePlacement
5700000
CY2013 psix Noncash Or Part Noncash Unpaid Property Plant Equipment And Other Assets
NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets
1552000
CY2013 psix Income Tax Reconciliation Transaction Related Expense
IncomeTaxReconciliationTransactionRelatedExpense
CY2013 psix Effective Income Tax Rate Continuing Operations Excluding Effect Of Temporary Differences
EffectiveIncomeTaxRateContinuingOperationsExcludingEffectOfTemporaryDifferences
0.339 pure
CY2013 psix Allowance For Doubtful Accounts Receivable Charge Offs Net Of Recoveries Previously Charged Off
AllowanceForDoubtfulAccountsReceivableChargeOffsNetOfRecoveriesPreviouslyChargedOff
25000
CY2013 psix Service Period Associated With Stock Appreciation Rights Market Condition
ServicePeriodAssociatedWithStockAppreciationRightsMarketCondition
P1Y9M11D
CY2013 psix Proceeds From Exercise Of Private Placement Warrants
ProceedsFromExerciseOfPrivatePlacementWarrants
4412000
CY2013 psix Valuation Of Company Common Stock Under Sar Plan Description
ValuationOfCompanyCommonStockUnderSarPlanDescription
Commence after grant date and prior to expiration date
CY2013 psix Percentage Of Amount Invested By Investors
PercentageOfAmountInvestedByInvestors
0.015 pure
CY2013 psix Non Cash In Flow Associated With Change In Fair Value Associated With Exercised Warrants
NonCashInFlowAssociatedWithChangeInFairValueAssociatedWithExercisedWarrants
7172000
CY2013 psix Income Tax Reconciliation Nondeductible Private Placement Warranty Expense
IncomeTaxReconciliationNondeductiblePrivatePlacementWarrantyExpense
9531000
CY2013 psix Amount Of Increase Decrease Charged To Expense In Period
AmountOfIncreaseDecreaseChargedToExpenseInPeriod
-15000
CY2013 psix Increase Decrease In Revenue
IncreaseDecreaseInRevenue
100000
CY2013 psix Stock Option Granted Period Of Expiry From Grant Date
StockOptionGrantedPeriodOfExpiryFromGrantDate
P10Y
CY2013 psix Consecutive Period Of Liquidity Threshold
ConsecutivePeriodOfLiquidityThreshold
P60D
CY2013 psix Income Loss From Continuing Operations Excluded Tax Deductible Expenses
IncomeLossFromContinuingOperationsExcludedTaxDeductibleExpenses
14030000
CY2012 invest Investment Warrants Exercise Price
InvestmentWarrantsExercisePrice
13.00
CY2012 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340 pure
CY2012 us-gaap Basic Earnings Per Share Adjustment Pro Forma
BasicEarningsPerShareAdjustmentProForma
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.382 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.002 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment
-0.004 pure
CY2012 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2941000
CY2012 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities
-0.020 pure
CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.054 pure
CY2012 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
448000
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
535000
CY2012 us-gaap Gross Profit
GrossProfit
33917000
CY2012 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4353000
CY2012 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
202342000
CY2012 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
64000
CY2012 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
221000
CY2012 us-gaap Payments For Proceeds From Life Insurance Policies
PaymentsForProceedsFromLifeInsurancePolicies
8000
CY2012 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
-111000
CY2012 us-gaap Operating Income Loss
OperatingIncomeLoss
12316000
CY2012 us-gaap Interest Paid
InterestPaid
912000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
10845000
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7957000
CY2012 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1471000
CY2012 us-gaap Net Income Loss
NetIncomeLoss
6702000
CY2012 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6575000
CY2012 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
228000
CY2012 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
510000
CY2012 us-gaap Interest Expense
InterestExpense
1023000
CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
478000
CY2012 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
3890000
CY2012 us-gaap Undistributed Earnings
UndistributedEarnings
6702000
CY2012 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
448000
CY2012 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8299000
CY2012 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7382000
CY2012 us-gaap Cost Of Goods Sold
CostOfGoodsSold
168425000
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-716000
CY2012 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
-44000
CY2012 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
261000
CY2012 us-gaap Increase Decrease In Book Overdrafts
IncreaseDecreaseInBookOverdrafts
-3780000
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
543000
CY2012 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5925000
CY2012 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1053000
CY2012 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2500000
CY2012 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
924000
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
581000
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 Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3898000
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6800000
CY2012 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-174000
CY2012 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1105000
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
4859000
CY2012 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
3806000
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 psix Tax Deductible Expenses
TaxDeductibleExpenses
448000
CY2012 psix Increase Decrease In Share Based Compensation
IncreaseDecreaseInShareBasedCompensation
478000
CY2012 psix Income Tax Reconciliation Tax Reserve Adjustment
IncomeTaxReconciliationTaxReserveAdjustment
CY2012 psix Related Party Transaction Expenses
RelatedPartyTransactionExpenses
125000000000
CY2012 psix Non Deductible Private Placement Warranty Expense Percent
NonDeductiblePrivatePlacementWarrantyExpensePercent
0.014 pure
CY2012 psix Expenses On Stock Appreciation Rights
ExpensesOnStockAppreciationRights
478000
CY2012 psix Effective Income Tax Rate Continuing Operations Excluding Effect Of Temporary Differences
EffectiveIncomeTaxRateContinuingOperationsExcludingEffectOfTemporaryDifferences
0.367 pure
CY2012 psix Allowance For Doubtful Accounts Receivable Charge Offs Net Of Recoveries Previously Charged Off
AllowanceForDoubtfulAccountsReceivableChargeOffsNetOfRecoveriesPreviouslyChargedOff
2000
CY2012 psix Depreciation Expenses
DepreciationExpenses
1074000
CY2012 psix Standard Product Warranty Accrual Charges To Costs And Expenses
StandardProductWarrantyAccrualChargesToCostsAndExpenses
148000
CY2012 psix Exercise Of Common Stock Warrant
ExerciseOfCommonStockWarrant
230000
CY2012 psix Noncash Or Part Noncash Unpaid Property Plant Equipment And Other Assets
NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets
928000
CY2012 psix Income Tax Reconciliation Transaction Related Expense
IncomeTaxReconciliationTransactionRelatedExpense
CY2012 psix Proceeds From Exercise Of Private Placement Warrants
ProceedsFromExerciseOfPrivatePlacementWarrants
178000
CY2012 psix Strike Price Of Dilutive Common Shares
StrikePriceOfDilutiveCommonShares
22.07
CY2012 psix Non Cash In Flow Associated With Change In Fair Value Associated With Exercised Warrants
NonCashInFlowAssociatedWithChangeInFairValueAssociatedWithExercisedWarrants
52000
CY2012 psix Average Closing Market Price Of Common Stock Excluded From Diluted Earnings Per Share
AverageClosingMarketPriceOfCommonStockExcludedFromDilutedEarningsPerShare
15.51
CY2012 psix Income Tax Reconciliation Nondeductible Private Placement Warranty Expense
IncomeTaxReconciliationNondeductiblePrivatePlacementWarrantyExpense
152000
CY2012 psix Amount Of Increase Decrease Charged To Expense In Period
AmountOfIncreaseDecreaseChargedToExpenseInPeriod
-72000
CY2012 psix Income Loss From Continuing Operations Excluded Tax Deductible Expenses
IncomeLossFromContinuingOperationsExcludedTaxDeductibleExpenses
11293000

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