$PSIX
POWER SOLUTIONS INTERNATIONAL, INC.

2014 Q2 Form 10-Q Financial Statement

#000119312514192673 Filed on May 09, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $83.38M $66.74M $52.58M
YoY Change 40.99% 26.93% 9.37%
Cost Of Revenue $67.98M $54.81M $43.41M
YoY Change 41.77% 26.26% 8.95%
Gross Profit $15.40M $11.93M $9.169M
YoY Change 37.66% 30.11% 11.42%
Gross Profit Margin 18.47% 17.88% 17.44%
Selling, General & Admin $5.758M $4.811M $4.318M
YoY Change 13.91% 11.42% 24.58%
% of Gross Profit 37.4% 40.33% 47.09%
Research & Development $3.745M $3.598M $1.771M
YoY Change 63.61% 103.16% 2.55%
% of Gross Profit 24.32% 30.16% 19.32%
Depreciation & Amortization $1.200M $488.0K $364.0K
YoY Change 207.69% 34.07% 56.9%
% of Gross Profit 7.79% 4.09% 3.97%
Operating Expenses $9.503M $8.409M $6.089M
YoY Change 29.4% 38.1% 17.25%
Operating Profit $5.893M $3.521M $3.080M
YoY Change 53.46% 14.32% 1.45%
Interest Expense $381.0K $99.00K $194.0K
YoY Change 58.09% -48.97% -14.54%
% of Operating Profit 6.47% 2.81% 6.3%
Other Income/Expense, Net $240.0K $111.0K -$5.040M
YoY Change -105.11% -102.2% 489.47%
Pretax Income $6.133M $3.632M -$1.960M
YoY Change -812.31% -285.31% -189.87%
Income Tax $2.250M $1.258M $967.0K
% Of Pretax Income 36.69% 34.64%
Net Earnings $3.883M $2.374M -$2.927M
YoY Change -284.9% -181.11% -354.52%
Net Earnings / Revenue 4.66% 3.56% -5.57%
Basic Earnings Per Share $0.37 $0.23 -$0.32
Diluted Earnings Per Share $0.34 $0.19 -$0.32
COMMON SHARES
Basic Shares Outstanding 10.56M shares 10.56M shares 9.121M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.700M $3.600M $300.0K
YoY Change 307.14% 1100.0% 50.0%
Cash & Equivalents $5.700M $3.600M $300.0K
Short-Term Investments
Other Short-Term Assets $8.500M $4.300M $3.800M
YoY Change 80.85% 13.16% 8.57%
Inventory $78.60M $68.75M $41.55M
Prepaid Expenses
Receivables $56.30M $48.91M $36.69M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $149.1M $125.6M $82.27M
YoY Change 67.26% 52.64% 11.93%
LONG-TERM ASSETS
Property, Plant & Equipment $18.54M $14.26M $7.828M
YoY Change 86.57% 82.22% 111.57%
Goodwill $23.55M
YoY Change
Intangibles $22.27M
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.921M $3.579M $1.373M
YoY Change 284.15% 160.67% -31.35%
Total Long-Term Assets $68.10M $17.84M $9.201M
YoY Change 507.09% 93.92% 61.42%
TOTAL ASSETS
Total Short-Term Assets $149.1M $125.6M $82.27M
Total Long-Term Assets $68.10M $17.84M $9.201M
Total Assets $217.2M $143.4M $91.47M
YoY Change 116.42% 56.79% 15.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.60M $32.50M $22.10M
YoY Change 64.26% 47.06% -30.94%
Accrued Expenses $8.800M $5.200M $4.346M
YoY Change 78.9% 19.65% 14.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.667M
YoY Change
Total Short-Term Liabilities $57.12M $38.18M $28.44M
YoY Change 99.67% 34.24% -24.16%
LONG-TERM LIABILITIES
Long-Term Debt $3.194M $26.20M $31.90M
YoY Change -91.41% -17.87%
Other Long-Term Liabilities $868.0K $851.0K $628.0K
YoY Change 44.91% 35.51% -97.46%
Total Long-Term Liabilities $4.062M $851.0K $628.0K
YoY Change 578.13% 35.51% -97.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.12M $38.18M $28.44M
Total Long-Term Liabilities $4.062M $851.0K $628.0K
Total Liabilities $148.4M $87.56M $68.21M
YoY Change 94.14% 28.38% 8.78%
SHAREHOLDERS EQUITY
Retained Earnings $4.164M -$274.0K $13.19M
YoY Change -62.44% -102.08%
Common Stock $68.85M $60.39M $14.33M
YoY Change 303.45% 321.33%
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 $68.76M $55.87M $23.27M
YoY Change
Total Liabilities & Shareholders Equity $217.2M $143.4M $91.47M
YoY Change 116.42% 56.79% 15.5%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $3.883M $2.374M -$2.927M
YoY Change -284.9% -181.11% -354.52%
Depreciation, Depletion And Amortization $1.200M $488.0K $364.0K
YoY Change 207.69% 34.07% 56.9%
Cash From Operating Activities -$3.520M -$10.62M -$2.381M
YoY Change 24.38% 346.03% -172.15%
INVESTING ACTIVITIES
Capital Expenditures -$1.640M -$780.0K -$670.0K
YoY Change -15.9% 16.42% 91.43%
Acquisitions
YoY Change
Other Investing Activities -$44.47M $0.00
YoY Change
Cash From Investing Activities -$46.11M -$784.0K -$667.0K
YoY Change 2264.62% 17.54% 93.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 51.68M 8.749M 2.800M
YoY Change 772.97% 212.46% -200.04%
NET CHANGE
Cash From Operating Activities -3.520M -10.62M -2.381M
Cash From Investing Activities -46.11M -784.0K -667.0K
Cash From Financing Activities 51.68M 8.749M 2.800M
Net Change In Cash 2.050M 7.965M -248.0K
YoY Change 79.82% -3311.69% -258.97%
FREE CASH FLOW
Cash From Operating Activities -$3.520M -$10.62M -$2.381M
Capital Expenditures -$1.640M -$780.0K -$670.0K
Free Cash Flow -$1.880M -$9.840M -$1.711M
YoY Change 113.64% 475.1% -146.88%

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NatureOfOperations
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. Description of the company and business operations</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b><i>Description of the company</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Power Solutions International, Inc., a Delaware corporation, (&#x201C;Company&#x201D;), is the successor in a migratory merger (&#x201C;Migratory Merger&#x201D;) effective August&#xA0;26, 2011, 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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;) (&#x201C;Reverse Recapitalization&#x201D;), and in connection with this transaction, Format changed its corporate name to Power Solutions International, Inc. The W Group was considered the accounting acquirer and remained as the surviving corporation of the reverse acquisition, becoming a wholly-owned subsidiary of Power Solutions International, Inc.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Nature of business operations</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company is a global producer and distributor of a broad range of high performance, certified low emission, power systems, including alternative fuel 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. 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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 produces an internally-designed engine, all of which engines are then integrated into the Company&#x2019;s power systems. Additionally, the Company is 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 its customers with 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>
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2014Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements Domestic
EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic
0.370 pure
CY2014Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.346 pure
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-10622000
CY2014Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>3. Recently issued accounting pronouncements</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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, 2014, that are expected to have a significant effect on the Company&#x2019;s unaudited condensed consolidated financial statements.</p> </div>
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P15M
CY2014Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
-8000
CY2014Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-233000
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-580000
CY2014Q1 us-gaap Gross Profit
GrossProfit
11930000
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
66735000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-23000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3521000
CY2014Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
2141000
CY2014Q1 us-gaap Interest Paid
InterestPaid
86000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
3632000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6170000
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
111000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
2374000
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
12945000
CY2014Q1 us-gaap Related Party Transaction Other Revenues From Transactions With Related Party
RelatedPartyTransactionOtherRevenuesFromTransactionsWithRelatedParty
2500000
CY2014Q1 us-gaap Dividend Income Operating
DividendIncomeOperating
0
CY2014Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-33000
CY2014Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
784000
CY2014Q1 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
2500000
CY2014Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-233000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2984000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8749000
CY2014Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
54805000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2657000
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1827000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-2530000
CY2014Q1 us-gaap Interest Expense
InterestExpense
99000
CY2014Q1 psix Increase Decrease In Share Based Compensation
IncreaseDecreaseInShareBasedCompensation
321000
CY2014Q1 psix Expenses On Stock Appreciation Rights
ExpensesOnStockAppreciationRights
123000
CY2014Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
418000
CY2014Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-367000
CY2014Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
3598000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-784000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
488000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
8409000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
7220000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1258000
CY2014Q1 psix Effective Income Tax Rate Excluding Private Placement Expense
EffectiveIncomeTaxRateExcludingPrivatePlacementExpense
0.370 pure
CY2014Q1 psix Service Period Associated With Stock Appreciation Rights Market Condition
ServicePeriodAssociatedWithStockAppreciationRightsMarketCondition
P1Y9M11D
CY2014Q1 psix Commitment Towards Investments In Joint Venture
CommitmentTowardsInvestmentsInJointVenture
1200000
CY2014Q1 psix Estimated Share Based Compensation Expense
EstimatedShareBasedCompensationExpense
1800000
CY2014Q1 psix Noncash Or Part Noncash Unpaid Property Plant Equipment And Other Assets
NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets
854000
CY2014Q1 psix Proceeds From Exercise Of Private Placement Warrants
ProceedsFromExerciseOfPrivatePlacementWarrants
523000
CY2014Q1 psix Valuation Of Company Common Stock Under Sar Plan Description
ValuationOfCompanyCommonStockUnderSarPlanDescription
Commenced after the grant date and prior to the expiration date
CY2014Q1 psix Fair Value Measurement With Unobservable Inputs Change In Warrant Liability Due To Exercise Of Private Placement Warrants
FairValueMeasurementWithUnobservableInputsChangeInWarrantLiabilityDueToExerciseOfPrivatePlacementWarrants
-2226000
CY2014Q1 psix Non Cash In Flow Associated With Change In Fair Value Associated With Exercised Warrants
NonCashInFlowAssociatedWithChangeInFairValueAssociatedWithExercisedWarrants
2226000
CY2014Q1 psix Noncash Interest Expense
NoncashInterestExpense
14000
CY2014Q1 psix Increase Decrease In Inventory Reserve
IncreaseDecreaseInInventoryReserve
-183000
CY2014Q1 psix Stock Option Granted Period Of Expiry From Grant Date
StockOptionGrantedPeriodOfExpiryFromGrantDate
P10Y
CY2014Q1 psix Change In Value Of Private Placements Warrants
ChangeInValueOfPrivatePlacementsWarrants
-233000
CY2012Q3 psix Expenses On Stock Appreciation Rights
ExpensesOnStockAppreciationRights
211000

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