$PSIX
POWER SOLUTIONS INTERNATIONAL, INC.

2015 Q2 Form 10-Q Financial Statement

#000119312515179857 Filed on May 08, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $94.63M $86.14M $66.74M
YoY Change 13.49% 29.08% 26.93%
Cost Of Revenue $77.26M $69.68M $54.81M
YoY Change 13.64% 27.15% 26.26%
Gross Profit $17.37M $16.46M $11.93M
YoY Change 12.85% 37.95% 30.11%
Gross Profit Margin 18.36% 19.11% 17.88%
Selling, General & Admin $6.656M $6.405M $4.811M
YoY Change 15.6% 33.13% 11.42%
% of Gross Profit 38.31% 38.92% 40.33%
Research & Development $6.243M $5.168M $3.598M
YoY Change 66.7% 43.64% 103.16%
% of Gross Profit 35.93% 31.4% 30.16%
Depreciation & Amortization $2.180M $833.0K $488.0K
YoY Change 81.67% 70.7% 34.07%
% of Gross Profit 12.55% 5.06% 4.09%
Operating Expenses $12.90M $12.39M $8.409M
YoY Change 35.74% 47.31% 38.1%
Operating Profit $4.475M $4.070M $3.521M
YoY Change -24.06% 15.59% 14.32%
Interest Expense $1.123M $489.0K $99.00K
YoY Change 194.75% 393.94% -48.97%
% of Operating Profit 25.09% 12.01% 2.81%
Other Income/Expense, Net $1.731M -$4.142M $111.0K
YoY Change 621.25% -3831.53% -102.2%
Pretax Income $6.206M -$72.00K $3.632M
YoY Change 1.19% -101.98% -285.31%
Income Tax $1.285M $1.384M $1.258M
% Of Pretax Income 20.71% 34.64%
Net Earnings $4.921M -$1.456M $2.374M
YoY Change 26.73% -161.33% -181.11%
Net Earnings / Revenue 5.2% -1.69% 3.56%
Basic Earnings Per Share $0.46 -$0.13 $0.23
Diluted Earnings Per Share $0.18 -$0.13 $0.19
COMMON SHARES
Basic Shares Outstanding 10.74M shares 10.73M shares 10.56M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.100M $10.20M $3.600M
YoY Change 7.02% 183.33% 1100.0%
Cash & Equivalents $6.100M $10.20M $3.600M
Short-Term Investments
Other Short-Term Assets $10.80M $8.100M $4.300M
YoY Change 27.06% 88.37% 13.16%
Inventory $121.6M $118.1M $68.75M
Prepaid Expenses
Receivables $85.20M $75.33M $48.91M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $223.7M $211.7M $125.6M
YoY Change 50.06% 68.57% 52.64%
LONG-TERM ASSETS
Property, Plant & Equipment $24.15M $22.26M $14.26M
YoY Change 30.28% 56.04% 82.22%
Goodwill $41.09M $23.55M
YoY Change 74.49%
Intangibles $35.02M $20.55M
YoY Change 57.26%
Long-Term Investments
YoY Change
Other Assets $7.677M $8.784M $3.579M
YoY Change 56.0% 145.43% 160.67%
Total Long-Term Assets $107.9M $75.14M $17.84M
YoY Change 58.49% 321.12% 93.92%
TOTAL ASSETS
Total Short-Term Assets $223.7M $211.7M $125.6M
Total Long-Term Assets $107.9M $75.14M $17.84M
Total Assets $331.7M $286.8M $143.4M
YoY Change 52.7% 99.98% 56.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.70M $57.10M $32.50M
YoY Change 5.44% 75.69% 47.06%
Accrued Expenses $21.00M $13.30M $5.200M
YoY Change 138.64% 155.77% 19.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.667M
YoY Change -100.0%
Total Short-Term Liabilities $61.73M $73.61M $38.18M
YoY Change 8.09% 92.79% 34.24%
LONG-TERM LIABILITIES
Long-Term Debt $53.57M $1.944M $26.20M
YoY Change 1577.11% -92.58% -17.87%
Other Long-Term Liabilities $1.489M $1.343M $851.0K
YoY Change 71.54% 57.81% 35.51%
Total Long-Term Liabilities $55.06M $3.287M $851.0K
YoY Change 1255.39% 286.25% 35.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.73M $73.61M $38.18M
Total Long-Term Liabilities $55.06M $3.287M $851.0K
Total Liabilities $236.7M $197.2M $87.56M
YoY Change 59.46% 125.19% 28.38%
SHAREHOLDERS EQUITY
Retained Earnings $24.54M $19.62M -$274.0K
YoY Change 489.41% -7261.31% -102.08%
Common Stock $74.69M $74.28M $60.39M
YoY Change 8.48% 23.0% 321.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.250M $4.250M $4.250M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 830.9K shares 830.9K shares 830.9K shares
Shareholders Equity $94.98M $89.65M $55.87M
YoY Change
Total Liabilities & Shareholders Equity $331.7M $286.8M $143.4M
YoY Change 52.7% 99.98% 56.79%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $4.921M -$1.456M $2.374M
YoY Change 26.73% -161.33% -181.11%
Depreciation, Depletion And Amortization $2.180M $833.0K $488.0K
YoY Change 81.67% 70.7% 34.07%
Cash From Operating Activities -$28.52M -$9.730M -$10.62M
YoY Change 710.23% -8.38% 346.03%
INVESTING ACTIVITIES
Capital Expenditures -$2.640M -$810.0K -$780.0K
YoY Change 60.98% 3.85% 16.42%
Acquisitions $9.735M
YoY Change
Other Investing Activities -$25.49M -$9.740M $0.00
YoY Change -42.68%
Cash From Investing Activities -$28.13M -$10.54M -$784.0K
YoY Change -38.99% 1244.39% 17.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 52.53M 23.95M 8.749M
YoY Change 1.64% 173.75% 212.46%
NET CHANGE
Cash From Operating Activities -28.52M -9.730M -10.62M
Cash From Investing Activities -28.13M -10.54M -784.0K
Cash From Financing Activities 52.53M 23.95M 8.749M
Net Change In Cash -4.120M 3.680M 7.965M
YoY Change -300.98% -53.8% -3311.69%
FREE CASH FLOW
Cash From Operating Activities -$28.52M -$9.730M -$10.62M
Capital Expenditures -$2.640M -$810.0K -$780.0K
Free Cash Flow -$25.88M -$8.920M -$9.840M
YoY Change 1276.6% -9.35% 475.1%

Facts In Submission

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Power Solutions International, Inc.
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PSIX
CY2015Q1 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. In May of 2014, the FASB and International Accounting Standards Board jointly issued a final standard on revenue recognition which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This standard will supersede most current revenue recognition guidance. Under the new standard, entities are required to identify the following within a contract with a customer: the separate performance obligations in the contract; the transaction price; allocation of the transaction price to the separate performance obligations in the contract; and the appropriate amount of revenue to be recognized when (or as) the entity satisfies each performance obligation. The standard is effective for fiscal years, and the interim periods within those years, beginning after December&#xA0;15, 2016. Entities have the option of using either retrospective transition or a modified approach in applying the new standard. The Company is currently evaluating the approach it will use to apply the new standard and the impact that the adoption of the new standard will have on the Company&#x2019;s unaudited condensed consolidated financial statements. In April of 2015, the FASB issued guidance to simplify the presentation of debt issuance costs. This new guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The standard is effective for financial statements issued for fiscal years beginning after December&#xA0;15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the approach it will use to apply the new standard and the impact that the adoption of the new standard will have on the Company&#x2019;s unaudited condensed consolidated financial statements. There were no additional new accounting pronouncements or guidance that have been issued or adopted during the three months ended March&#xA0;31, 2015, that are expected to have a significant effect on the Company&#x2019;s unaudited condensed consolidated financial statements.</p> </div>
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3M
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-9731000
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2015Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
163000
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.00 pure
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
3614000
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001137091
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements Domestic
EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic
0.39 pure
CY2015Q1 us-gaap Gross Profit
GrossProfit
16457000
CY2015Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
608000
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
86139000
CY2015Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
806000
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
8000000
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-672000
CY2015Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
18059000
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
9735000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
4070000
CY2015Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-18000
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4142000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-72000
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-39000
CY2015Q1 us-gaap Dividend Income Operating
DividendIncomeOperating
0
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-1456000
CY2015Q1 us-gaap Interest Paid
InterestPaid
435000
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-6251000
CY2015Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-47000
CY2015Q1 us-gaap Interest Expense
InterestExpense
489000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
12387000
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2750000
CY2015Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
850000
CY2015Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
812000
CY2015Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
221000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
3674000
CY2015Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
3614000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1384000
CY2015Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
69682000
CY2015Q1 us-gaap Depreciation
Depreciation
833000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
23946000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
568000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-10541000
CY2015Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
5168000
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4469000
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
32363000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-4820000
CY2015Q1 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-417000
CY2015Q1 psix Increase Decrease In Inventory Reserve
IncreaseDecreaseInInventoryReserve
-225000
CY2015Q1 psix Valuation Of Company Common Stock Under Sar Plan Description
ValuationOfCompanyCommonStockUnderSarPlanDescription
Commenced after the SAR Grant Date and prior to the expiration date
CY2015Q1 psix Effective Income Tax Rate Excluding Private Placement Expense
EffectiveIncomeTaxRateExcludingPrivatePlacementExpense
0.391 pure
CY2015Q1 psix Expenses On Stock Appreciation Rights
ExpensesOnStockAppreciationRights
49000
CY2015Q1 psix Net Income Loss Available To Common Stockholders
NetIncomeLossAvailableToCommonStockholders
-1456000
CY2015Q1 psix Service Period Associated With Stock Appreciation Rights Market Condition
ServicePeriodAssociatedWithStockAppreciationRightsMarketCondition
P1Y9M11D
CY2015Q1 psix Noncash Or Part Noncash Unpaid Property Plant Equipment And Other Assets
NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets
1001000
CY2015Q1 psix Private Placement Warrant Term
PrivatePlacementWarrantTerm
P5Y
CY2015Q1 psix Stock Option Granted Period Of Expiry From Grant Date
StockOptionGrantedPeriodOfExpiryFromGrantDate
P10Y
CY2015Q1 psix Increase Decrease In Share Based Compensation
IncreaseDecreaseInShareBasedCompensation
305000
CY2015Q1 psix Common Stock Shares Issuable Private Placement Warrants
CommonStockSharesIssuablePrivatePlacementWarrants
750002 shares
CY2015Q1 psix Noncash Interest Expense
NoncashInterestExpense
25000
CY2015Q1 psix Debt Default Certain Events Of Bankruptcy Insolvency Or Reorganization Redemption Percentage Of Principal Amount Of Notes Outstanding With Accrued And Unpaid Interest
DebtDefaultCertainEventsOfBankruptcyInsolvencyOrReorganizationRedemptionPercentageOfPrincipalAmountOfNotesOutstandingWithAccruedAndUnpaidInterest
0.25 pure
CY2015Q1 psix Estimated Share Based Compensation Expense
EstimatedShareBasedCompensationExpense
1800000

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