$PSIX
POWER SOLUTIONS INTERNATIONAL, INC.

2015 Q4 Form 10-Q Financial Statement

#000119312515372156 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $96.67M $112.0M $93.97M
YoY Change -6.97% 19.19% 45.4%
Cost Of Revenue $82.98M $96.70M $75.34M
YoY Change 0.19% 28.34% 44.18%
Gross Profit $13.70M $15.31M $18.63M
YoY Change -35.07% -17.82% 50.57%
Gross Profit Margin 14.17% 13.67% 19.82%
Selling, General & Admin $9.400M $7.259M $6.116M
YoY Change 44.62% 18.69% 22.32%
% of Gross Profit 68.64% 47.42% 32.83%
Research & Development $6.600M $5.562M $4.501M
YoY Change -12.0% 23.57% 38.49%
% of Gross Profit 48.19% 36.33% 24.16%
Depreciation & Amortization $2.790M $2.670M $1.440M
YoY Change 86.0% 85.42% 269.23%
% of Gross Profit 20.37% 17.44% 7.73%
Operating Expenses $14.43M $13.92M $11.11M
YoY Change 20.48% 25.3% 34.65%
Operating Profit -$738.0K $1.388M $7.519M
YoY Change -108.1% -81.54% 82.41%
Interest Expense -$100.0K $1.374M $407.0K
YoY Change -102.22% 237.59% 201.48%
% of Operating Profit 98.99% 5.41%
Other Income/Expense, Net -$149.0K $7.255M $3.625M
YoY Change -103.3% 100.14% -128.5%
Pretax Income -$887.0K $8.643M $11.14M
YoY Change -106.51% -22.44% -229.6%
Income Tax -$2.591M -$466.0K $3.996M
% Of Pretax Income -5.39% 35.86%
Net Earnings $1.704M $9.109M $7.148M
YoY Change -83.49% 27.43% -171.62%
Net Earnings / Revenue 1.76% 8.13% 7.61%
Basic Earnings Per Share $0.16 $0.84 $0.66
Diluted Earnings Per Share $0.04 $0.03 $0.56
COMMON SHARES
Basic Shares Outstanding 10.75M shares 10.75M shares 10.73M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.400M $12.30M $7.600M
YoY Change 27.27% 61.84% -8.43%
Cash & Equivalents $8.445M $12.30M $7.600M
Short-Term Investments
Other Short-Term Assets $125.0K $9.500M $6.900M
YoY Change 37.68% 27.78%
Inventory $162.1M $102.8M $83.24M
Prepaid Expenses
Receivables $70.53M $96.86M $68.89M
Other Receivables $5.300M $0.00 $0.00
Total Short-Term Assets $249.0M $221.4M $166.6M
YoY Change 23.0% 32.89% 62.56%
LONG-TERM ASSETS
Property, Plant & Equipment $22.81M $25.58M $19.51M
YoY Change 27.04% 31.11% 72.06%
Goodwill $29.84M $41.80M $23.34M
YoY Change 27.42% 79.11%
Intangibles $31.75M $33.60M $21.78M
YoY Change 49.8% 54.27%
Long-Term Investments
YoY Change
Other Assets $2.751M $7.706M $4.879M
YoY Change 44.56% 57.94% 186.49%
Total Long-Term Assets $104.8M $108.7M $69.50M
YoY Change 62.54% 56.37% 432.96%
TOTAL ASSETS
Total Short-Term Assets $249.0M $221.4M $166.6M
Total Long-Term Assets $104.8M $108.7M $69.50M
Total Assets $353.8M $330.1M $236.1M
YoY Change 32.55% 39.8% 104.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.82M $43.90M $46.40M
YoY Change 17.88% -5.39% 93.33%
Accrued Expenses $17.80M $21.60M $11.80M
YoY Change -2.2% 83.05% 66.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00 $1.667M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $105.9M $65.53M $59.86M
YoY Change 20.99% 9.46% 92.73%
LONG-TERM LIABILITIES
Long-Term Debt $53.81M $53.69M $2.778M
YoY Change 2178.91% 1832.83% -77.41%
Other Long-Term Liabilities $10.43M $1.477M $855.0K
YoY Change 608.35% 72.75% 46.66%
Total Long-Term Liabilities $64.24M $55.17M $3.633M
YoY Change 1575.51% 1418.61% 523.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.9M $65.53M $59.86M
Total Long-Term Liabilities $64.24M $55.17M $3.633M
Total Liabilities $269.0M $225.7M $153.9M
YoY Change 49.04% 46.71% 139.67%
SHAREHOLDERS EQUITY
Retained Earnings $12.94M $33.65M $12.27M
YoY Change -18.27% 174.28% 1011.32%
Common Stock $75.19M $74.93M $74.21M
YoY Change 1.65% 0.97% 36.25%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.45M $4.250M $4.250M
YoY Change 3.15% 0.0% 0.0%
Treasury Stock Shares 660.0K shares 830.9K shares 830.9K shares
Shareholders Equity $84.87M $104.3M $82.23M
YoY Change
Total Liabilities & Shareholders Equity $353.8M $330.1M $236.1M
YoY Change 32.55% 39.8% 104.38%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $1.704M $9.109M $7.148M
YoY Change -83.49% 27.43% -171.62%
Depreciation, Depletion And Amortization $2.790M $2.670M $1.440M
YoY Change 86.0% 85.42% 269.23%
Cash From Operating Activities -$230.0K $15.66M $690.0K
YoY Change -85.98% 2169.57% -185.19%
INVESTING ACTIVITIES
Capital Expenditures -$1.750M -$3.210M -$2.330M
YoY Change -49.42% 37.77% 37.06%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$170.0K $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$1.750M -$3.390M -$2.330M
YoY Change -43.55% 45.49% 5.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.840M -6.140M 3.540M
YoY Change -149.73% -273.45% -64.28%
NET CHANGE
Cash From Operating Activities -230.0K 15.66M 690.0K
Cash From Investing Activities -1.750M -3.390M -2.330M
Cash From Financing Activities -1.840M -6.140M 3.540M
Net Change In Cash -3.820M 6.130M 1.900M
YoY Change 267.31% 222.63% -72.46%
FREE CASH FLOW
Cash From Operating Activities -$230.0K $15.66M $690.0K
Capital Expenditures -$1.750M -$3.210M -$2.330M
Free Cash Flow $1.520M $18.87M $3.020M
YoY Change -16.48% 524.83% 239.33%

Facts In Submission

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<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>3. Recently issued accounting pronouncements</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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. Entities have the option of using either retrospective transition or a modified approach in applying the new standard. On July&#xA0;9, 2015, the FASB voted to issue a final Accounting Standards Update (ASU) that defers for one year the effective date of the new revenue standard and allows early adoption as of the original effective date (i.e., annual reporting periods beginning after December&#xA0;15, 2016, including interim reporting periods within those annual periods). After reviewing and discussing the feedback received, the Board decided to adopt the standard as originally proposed. Thus, the anticipated final ASU will be effective for annual reporting periods (including interim reporting periods within those periods) beginning after December&#xA0;15, 2017. 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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. Although 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 chose to early adopt this guidance as of June&#xA0;30, 2015, and has therefore presented the debt issuance costs associated with the issuance of its 5.5% Senior Notes as a direct deduction from the carrying value of the liability as of September&#xA0;30, 2015. Refer to Note 9, &#x201C;Debt&#x201D; for further details related to the issuance of the Company&#x2019;s 5.5% Senior Notes.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> There were no additional new accounting pronouncements or guidance that have been issued or adopted by authoritative accounting organizations during the three months ended September&#xA0;30, 2015, that are expected to have a significant effect on the Company&#x2019;s unaudited condensed consolidated financial statements.</p> </div>
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