$PSIX
POWER SOLUTIONS INTERNATIONAL, INC.

2015 Q4 Form 10-K Financial Statement

#000119312516482422 Filed on February 26, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue $96.67M $112.0M $94.63M
YoY Change -6.97% 19.19% 13.49%
Cost Of Revenue $82.98M $96.70M $77.26M
YoY Change 0.19% 28.34% 13.64%
Gross Profit $13.70M $15.31M $17.37M
YoY Change -35.07% -17.82% 12.85%
Gross Profit Margin 14.17% 13.67% 18.36%
Selling, General & Admin $9.400M $7.259M $6.656M
YoY Change 44.62% 18.69% 15.6%
% of Gross Profit 68.64% 47.42% 38.31%
Research & Development $6.600M $5.562M $6.243M
YoY Change -12.0% 23.57% 66.7%
% of Gross Profit 48.19% 36.33% 35.93%
Depreciation & Amortization $2.790M $2.670M $2.180M
YoY Change 86.0% 85.42% 81.67%
% of Gross Profit 20.37% 17.44% 12.55%
Operating Expenses $14.43M $13.92M $12.90M
YoY Change 20.48% 25.3% 35.74%
Operating Profit -$738.0K $1.388M $4.475M
YoY Change -108.1% -81.54% -24.06%
Interest Expense -$100.0K $1.374M $1.123M
YoY Change -102.22% 237.59% 194.75%
% of Operating Profit 98.99% 25.09%
Other Income/Expense, Net -$149.0K $7.255M $1.731M
YoY Change -103.3% 100.14% 621.25%
Pretax Income -$887.0K $8.643M $6.206M
YoY Change -106.51% -22.44% 1.19%
Income Tax -$2.591M -$466.0K $1.285M
% Of Pretax Income -5.39% 20.71%
Net Earnings $1.704M $9.109M $4.921M
YoY Change -83.49% 27.43% 26.73%
Net Earnings / Revenue 1.76% 8.13% 5.2%
Basic Earnings Per Share $0.16 $0.84 $0.46
Diluted Earnings Per Share $0.04 $0.03 $0.18
COMMON SHARES
Basic Shares Outstanding 10.75M shares 10.75M shares 10.74M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.400M $12.30M $6.100M
YoY Change 27.27% 61.84% 7.02%
Cash & Equivalents $8.445M $12.30M $6.100M
Short-Term Investments
Other Short-Term Assets $125.0K $9.500M $10.80M
YoY Change 37.68% 27.06%
Inventory $162.1M $102.8M $121.6M
Prepaid Expenses
Receivables $70.53M $96.86M $85.20M
Other Receivables $5.300M $0.00 $0.00
Total Short-Term Assets $249.0M $221.4M $223.7M
YoY Change 23.0% 32.89% 50.06%
LONG-TERM ASSETS
Property, Plant & Equipment $22.81M $25.58M $24.15M
YoY Change 27.04% 31.11% 30.28%
Goodwill $29.84M $41.80M $41.09M
YoY Change 27.42% 79.11% 74.49%
Intangibles $31.75M $33.60M $35.02M
YoY Change 49.8% 54.27% 57.26%
Long-Term Investments
YoY Change
Other Assets $2.751M $7.706M $7.677M
YoY Change 44.56% 57.94% 56.0%
Total Long-Term Assets $104.8M $108.7M $107.9M
YoY Change 62.54% 56.37% 58.49%
TOTAL ASSETS
Total Short-Term Assets $249.0M $221.4M $223.7M
Total Long-Term Assets $104.8M $108.7M $107.9M
Total Assets $353.8M $330.1M $331.7M
YoY Change 32.55% 39.8% 52.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.82M $43.90M $40.70M
YoY Change 17.88% -5.39% 5.44%
Accrued Expenses $17.80M $21.60M $21.00M
YoY Change -2.2% 83.05% 138.64%
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 $0.00
YoY Change -100.0% -100.0% -100.0%
Total Short-Term Liabilities $105.9M $65.53M $61.73M
YoY Change 20.99% 9.46% 8.09%
LONG-TERM LIABILITIES
Long-Term Debt $53.81M $53.69M $53.57M
YoY Change 2178.91% 1832.83% 1577.11%
Other Long-Term Liabilities $10.43M $1.477M $1.489M
YoY Change 608.35% 72.75% 71.54%
Total Long-Term Liabilities $64.24M $55.17M $55.06M
YoY Change 1575.51% 1418.61% 1255.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.9M $65.53M $61.73M
Total Long-Term Liabilities $64.24M $55.17M $55.06M
Total Liabilities $269.0M $225.7M $236.7M
YoY Change 49.04% 46.71% 59.46%
SHAREHOLDERS EQUITY
Retained Earnings $12.94M $33.65M $24.54M
YoY Change -18.27% 174.28% 489.41%
Common Stock $75.19M $74.93M $74.69M
YoY Change 1.65% 0.97% 8.48%
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 $94.98M
YoY Change
Total Liabilities & Shareholders Equity $353.8M $330.1M $331.7M
YoY Change 32.55% 39.8% 52.7%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $1.704M $9.109M $4.921M
YoY Change -83.49% 27.43% 26.73%
Depreciation, Depletion And Amortization $2.790M $2.670M $2.180M
YoY Change 86.0% 85.42% 81.67%
Cash From Operating Activities -$230.0K $15.66M -$28.52M
YoY Change -85.98% 2169.57% 710.23%
INVESTING ACTIVITIES
Capital Expenditures -$1.750M -$3.210M -$2.640M
YoY Change -49.42% 37.77% 60.98%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$170.0K -$25.49M
YoY Change -100.0% -42.68%
Cash From Investing Activities -$1.750M -$3.390M -$28.13M
YoY Change -43.55% 45.49% -38.99%
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 52.53M
YoY Change -149.73% -273.45% 1.64%
NET CHANGE
Cash From Operating Activities -230.0K 15.66M -28.52M
Cash From Investing Activities -1.750M -3.390M -28.13M
Cash From Financing Activities -1.840M -6.140M 52.53M
Net Change In Cash -3.820M 6.130M -4.120M
YoY Change 267.31% 222.63% -300.98%
FREE CASH FLOW
Cash From Operating Activities -$230.0K $15.66M -$28.52M
Capital Expenditures -$1.750M -$3.210M -$2.640M
Free Cash Flow $1.520M $18.87M -$25.88M
YoY Change -16.48% 524.83% 1276.6%

Facts In Submission

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CY2014 psix Expenses On Stock Appreciation Rights
ExpensesOnStockAppreciationRights
329000
CY2014 psix Non Deductible Private Placement Warranty Expense Percent
NonDeductiblePrivatePlacementWarrantyExpensePercent
0.062 pure
CY2014 psix Income Tax Reconciliation Nondeductible Private Placement Warranty Expense
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-2159000
CY2014 psix Tax Deductible Expenses
TaxDeductibleExpenses
6169000
CY2014 psix Effective Income Tax Rate Continuing Operations Excluding Effect Of Temporary Differences
EffectiveIncomeTaxRateContinuingOperationsExcludingEffectOfTemporaryDifferences
0.381 pure
CY2014 psix Increase Decrease In Contingent Liability
IncreaseDecreaseInContingentLiability
-3840000
CY2014 psix Income Tax Reconciliation Tax Reserve Adjustment
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170000
CY2014 psix Exercise Of Common Stock Warrant
ExerciseOfCommonStockWarrant
8745000
CY2014 psix Non Cash In Flow Associated With Change In Fair Value Associated With Exercised Warrants
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7320000
CY2014 psix Increase Decrease In Share Based Compensation
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1254000
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799000
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-679000
CY2014 psix Allowance For Doubtful Accounts Receivable Charge Offs Net Of Recoveries Previously Charged Off
AllowanceForDoubtfulAccountsReceivableChargeOffsNetOfRecoveriesPreviouslyChargedOff
-4000
CY2014 psix Noncash Interest Expense
NoncashInterestExpense
87000
CY2014 psix Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Change In Fair Value Of Contingent Consideration
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3840000
CY2014 psix Amortization Of Inventory Step Up To Fair Value
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482000
CY2015 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
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CY2015 us-gaap Number Of Operating Segments
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1 Segment
CY2015 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>2.&#xA0;Recently issued accounting pronouncements</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 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 FASB 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 consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">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, as permitted under the standard, 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 5.50% Senior Notes as a direct deduction from the carrying value of the liability as of December&#xA0;31, 2015. Refer to Note 8, &#x201C;Debt&#x201D; for further details related to the issuance of the Company&#x2019;s 5.50% Senior Notes.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">In July 2015, the FASB issued final guidance to simplify the subsequent measurement of inventories by replacing the lower of cost or market test with a lower of cost and net realizable value test. The guidance applies to inventories for which cost is determined by methods other than LIFO and the retail inventory method. The amendment is to be applied prospectively and is effective for fiscal years, and the interim periods within those years, beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASC amendment, but does not expect it will have a significant effect on the Company&#x2019;s consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">In November 2015, the FASB issued final guidance that requires companies to classify all deferred tax assets and liabilities as noncurrent on the consolidated balance sheet instead of separating deferred taxes into current and noncurrent amounts. Although the standard is effective for the Company for financial statements issued for annual periods beginning after December&#xA0;15, 2016 and interim periods within those annual periods, the Company chose the early adoption provision of this standard as of the year ended December&#xA0;31, 2015, and has prospectively classified all deferred tax assets and liabilities as noncurrent on its consolidated balance sheet in accordance with the standard. Prior year&#x2019;s balances were not required to be retrospectively adjusted.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">There were no additional new accounting pronouncements or guidance that have been issued or adopted by authoritative accounting organizations during the year ended December&#xA0;31, 2015, that are expected to have a significant effect on the Company&#x2019;s consolidated financial statements.</font></p> </div>
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2015
CY2015 dei Amendment Flag
AmendmentFlag
false
CY2015 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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P13Y
CY2015 dei Document Type
DocumentType
10-K
CY2015 dei Entity Central Index Key
EntityCentralIndexKey
0001137091
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-0.004 pure
CY2015 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
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CY2015 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. As of December&#xA0;31, 2015 and 2014, the Company maintained cash in a non-interest bearing account at a financial institution. At December&#xA0;31, 2015 and 2014, cash accounts were 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 in both 2015 and 2014.</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">Three customers (&#x201C;Customer A&#x201D;, &#x201C;Customer B&#x201D; and &#x201C;Customer C&#x201D;) individually accounted for more than 10% of the Company&#x2019;s sales during one or more years from 2013 through 2015. Customer A represented 12%, 11% and 16% of consolidated net sales in 2015, 2014 and 2013, respectively. Customer B represented 16% and 11% of consolidated net sales in 2015 and 2014, respectively, and less than 10% of consolidated net sales in 2013. Customer C represented less than 10% of consolidated net sales in 2015 and 2013, respectively, and 11% of consolidated net sales in 2014.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Five customers (&#x201C;Customer A, &#x201C;Customer B,&#x201D; &#x201C;Customer C,&#x201D; all referred to above, &#x201C;Customer D&#x201D; and &#x201C;Customer E&#x201D;) individually accounted for more than 10% of consolidated accounts receivable at December&#xA0;31, 2015 or 2014. At December&#xA0;31, 2015 and December&#xA0;31, 2014, Customer A represented 13% of consolidated accounts receivable and less than 10% of consolidated accounts receivable, respectively. At December&#xA0;31, 2015 and 2014, Customer B represented less than 10% of consolidated accounts receivable and 14% of consolidated accounts receivable, respectively. At December&#xA0;31, 2015 and 2014, Customer C represented less than 10% of consolidated accounts receivable and 17% of consolidated accounts receivable, respectively. At December&#xA0;31, 2015 and 2014, Customer D represented less than 10% of consolidated accounts receivable and 11% of consolidated accounts receivable, respectively. Customer E represented 14% and 11% of consolidated accounts receivable in 2015 and 2014, respectively.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Two suppliers (&#x201C;Supplier A&#x201D; and &#x201C;Supplier B&#x201D;) individually accounted for more than 10% of the Company&#x2019;s purchases during the years from 2013 through 2015. Supplier A accounted for 21%, 15% and 30% of the Company&#x2019;s purchases in 2015, 2014 and 2013, respectively. Supplier B accounted for 11%, 27% and 15% of the Company&#x2019;s purchases in 2015, 2014 and 2013, respectively.</font></p> </div>
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0.013 pure
CY2015 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015 dei Entity Registrant Name
EntityRegistrantName
Power Solutions International, Inc.
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Reclassification</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Certain amounts recorded in the prior period consolidated financial statements presented have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported results of operations.</p> </div>
CY2015 us-gaap Fair Value Assumptions Expected Dividend Rate
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CY2015 dei Document Period End Date
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2015-12-31
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CY2015 dei Trading Symbol
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PSIX
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Use of estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The preparation of consolidated financial statements in conformity with GAAP requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates.</p> </div>
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2021-03-31
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CY2015 us-gaap Payments To Acquire Interest In Joint Venture
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CY2015 us-gaap Sales Revenue Goods Net
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CY2015 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
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CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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IncomeTaxExpenseBenefit
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CY2015Q1 us-gaap Other Nonoperating Income Expense
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CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2015Q2 us-gaap Other Nonoperating Income Expense
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SalesRevenueGoodsNet
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CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2015Q1 us-gaap Operating Expenses
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CY2015Q2 us-gaap Income Tax Expense Benefit
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CY2015Q2 us-gaap Operating Expenses
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CY2015Q1 us-gaap Cost Of Goods Sold
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