$PSIX
POWER SOLUTIONS INTERNATIONAL, INC.

2016 Q2 Form 10-Q Financial Statement

#000119312516585806 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q4
Revenue $85.77M $76.47M $96.67M
YoY Change -9.36% -11.22% -6.97%
Cost Of Revenue $81.25M $69.83M $82.98M
YoY Change 5.18% 0.21% 0.19%
Gross Profit $4.518M $6.643M $13.70M
YoY Change -74.0% -59.63% -35.07%
Gross Profit Margin 5.27% 8.69% 14.17%
Selling, General & Admin $6.700M $9.854M $9.400M
YoY Change 0.66% 53.85% 44.62%
% of Gross Profit 148.3% 148.34% 68.64%
Research & Development $4.817M $4.904M $6.600M
YoY Change -22.84% -5.11% -12.0%
% of Gross Profit 106.62% 73.82% 48.19%
Depreciation & Amortization $2.560M $1.118M $2.790M
YoY Change 17.43% 34.21% 86.0%
% of Gross Profit 56.66% 16.83% 20.37%
Operating Expenses $13.73M $13.08M $14.43M
YoY Change 6.41% 5.61% 20.48%
Operating Profit -$9.208M -$6.439M -$738.0K
YoY Change -305.77% -258.21% -108.1%
Interest Expense $1.649M $1.438M -$100.0K
YoY Change 46.84% 194.07% -102.22%
% of Operating Profit
Other Income/Expense, Net -$1.584M -$241.0K -$149.0K
YoY Change -191.51% -94.18% -103.3%
Pretax Income -$10.79M -$6.680M -$887.0K
YoY Change -273.9% 9177.78% -106.51%
Income Tax $18.00M -$3.357M -$2.591M
% Of Pretax Income
Net Earnings -$28.79M -$3.323M $1.704M
YoY Change -685.08% 128.23% -83.49%
Net Earnings / Revenue -33.57% -4.35% 1.76%
Basic Earnings Per Share -$0.42 $0.16
Diluted Earnings Per Share -$2.667M -$0.42 $0.04
COMMON SHARES
Basic Shares Outstanding 10.88M shares 10.82M shares 10.75M shares
Diluted Shares Outstanding 10.82M shares

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $400.0K $1.500M $8.400M
YoY Change -93.44% -85.29% 27.27%
Cash & Equivalents $435.0K $1.495M $8.445M
Short-Term Investments
Other Short-Term Assets $4.000M $4.100M $125.0K
YoY Change -62.96% -49.38%
Inventory $115.1M $139.5M $162.1M
Prepaid Expenses
Receivables $57.88M $45.38M $70.53M
Other Receivables $3.400M $1.700M $5.300M
Total Short-Term Assets $180.8M $192.3M $249.0M
YoY Change -19.19% -9.18% 23.0%
LONG-TERM ASSETS
Property, Plant & Equipment $20.39M $20.66M $22.81M
YoY Change -15.6% -7.17% 27.04%
Goodwill $29.84M $29.84M $29.84M
YoY Change -27.38% 26.71% 27.42%
Intangibles $28.89M $30.32M $31.75M
YoY Change -17.52% 47.51% 49.8%
Long-Term Investments
YoY Change
Other Assets $2.621M $2.664M $2.751M
YoY Change -65.86% -69.67% 44.56%
Total Long-Term Assets $81.73M $102.8M $104.8M
YoY Change -24.28% 36.76% 62.54%
TOTAL ASSETS
Total Short-Term Assets $180.8M $192.3M $249.0M
Total Long-Term Assets $81.73M $102.8M $104.8M
Total Assets $262.5M $295.0M $353.8M
YoY Change -20.85% 2.85% 32.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.73M $43.16M $79.82M
YoY Change 22.18% -24.41% 17.88%
Accrued Expenses $19.20M $17.90M $17.80M
YoY Change -8.57% 34.59% -2.2%
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%
Total Short-Term Liabilities $83.05M $66.57M $105.9M
YoY Change 34.53% -9.56% 20.99%
LONG-TERM LIABILITIES
Long-Term Debt $110.9M $53.80M $53.81M
YoY Change 107.08% 2667.44% 2178.91%
Other Long-Term Liabilities $12.83M $11.95M $10.43M
YoY Change 761.85% 789.95% 608.35%
Total Long-Term Liabilities $123.8M $65.75M $64.24M
YoY Change 124.79% 1900.33% 1575.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.05M $66.57M $105.9M
Total Long-Term Liabilities $123.8M $65.75M $64.24M
Total Liabilities $207.2M $213.1M $269.0M
YoY Change -12.47% 8.08% 49.04%
SHAREHOLDERS EQUITY
Retained Earnings -$19.18M $9.612M $12.94M
YoY Change -178.15% -51.01% -18.27%
Common Stock $12.00K $75.51M $75.19M
YoY Change -99.98% 1.66% 1.65%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.54M $11.45M $11.45M
YoY Change 171.46% 169.46% 3.15%
Treasury Stock Shares 830.9K shares 660.0K shares
Shareholders Equity $55.34M $81.90M $84.87M
YoY Change
Total Liabilities & Shareholders Equity $262.5M $295.0M $353.8M
YoY Change -20.85% 2.85% 32.55%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q4
OPERATING ACTIVITIES
Net Income -$28.79M -$3.323M $1.704M
YoY Change -685.08% 128.23% -83.49%
Depreciation, Depletion And Amortization $2.560M $1.118M $2.790M
YoY Change 17.43% 34.21% 86.0%
Cash From Operating Activities $10.60M $13.91M -$230.0K
YoY Change -137.17% -242.96% -85.98%
INVESTING ACTIVITIES
Capital Expenditures -$880.0K -$1.100M -$1.750M
YoY Change -66.67% 35.8% -49.42%
Acquisitions
YoY Change
Other Investing Activities $2.470M $0.00 $0.00
YoY Change -109.69% -100.0% -100.0%
Cash From Investing Activities $1.590M -$1.099M -$1.750M
YoY Change -105.65% -89.57% -43.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.25M -$19.76M -1.840M
YoY Change -125.22% -182.51% -149.73%
NET CHANGE
Cash From Operating Activities 10.60M $13.91M -230.0K
Cash From Investing Activities 1.590M -$1.099M -1.750M
Cash From Financing Activities -13.25M -$19.76M -1.840M
Net Change In Cash -1.060M -$6.950M -3.820M
YoY Change -74.27% -288.86% 267.31%
FREE CASH FLOW
Cash From Operating Activities $10.60M $13.91M -$230.0K
Capital Expenditures -$880.0K -$1.100M -$1.750M
Free Cash Flow $11.48M $15.01M $1.520M
YoY Change -144.36% -268.27% -16.48%

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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 or adopted 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 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.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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&#xA0;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.</p> <p style="font-size:1px;margin-top:12px;margin-bottom:0px"> &#xA0;</p> <p style="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> In February 2016, the FASB issued ASU No.&#xA0;2016-02, Leases, Topic 842. This ASU requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. The accounting by lessors will remain largely unchanged. Adoption for this standard is to be applied with a modified retrospective transition, and is effective for fiscal years, and interim periods within those fiscal years, beginning after December&#xA0;15, 2018, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASC, but cannot make an assessment as to the impact that the adoption of this ASU will have on the Company&#x2019;s consolidated financial statements.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> In March 2016, the FASB issued ASU No.&#xA0;2016-09, Improvements to Employee Share-Based Payment Accounting, which amends ASC 718, Compensation &#x2013; Stock Compensation. The ASU includes provisions intended to simplify various provisions related to how share-based payments are accounted for and presented in the financial statements. Early adoption will be permitted in any interim or annual period, with any adjustments reflected as of the beginning of the fiscal year of adoption. The amendment is effective for annual reporting periods beginning after December&#xA0;15, 2016, and interim periods within that reporting period. The Company is currently evaluating the impact of adopting this ASC, but cannot make an assessment as to the impact that the adoption of this ASU will have on the Company&#x2019;s consolidated financial statements.</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 March&#xA0;31, 2016, that are expected to have a significant effect on the Company&#x2019;s consolidated financial statements.</p> </div>
CY2016Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016Q1 dei Document Type
DocumentType
10-Q
CY2016Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001137091
CY2016Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2016Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-1256000
CY2016Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2016Q1 dei Entity Registrant Name
EntityRegistrantName
Power Solutions International, Inc.
CY2016Q1 dei Document Period End Date
DocumentPeriodEndDate
2016-03-31
CY2016Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
62000
CY2016Q1 dei Trading Symbol
TradingSymbol
PSIX
CY2016Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements Domestic
EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic
0.370 pure
CY2016Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.412 pure
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-5251000
CY2016Q1 us-gaap Interest Paid
InterestPaid
479000
CY2016Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
63633000
CY2016Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1306000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-8681000
CY2016Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-9393000
CY2016Q1 us-gaap Gross Profit
GrossProfit
4056000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-85000
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-250000
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-41140000
CY2016Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
214000
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
61814000
CY2016Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
100000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-5251000
CY2016Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-85000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-8931000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3680000
CY2016Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-1256000
CY2016Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-106000
CY2016Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
5250000
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2609000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-6950000
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
12737000
CY2016Q1 us-gaap Interest Expense
InterestExpense
1421000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-214000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-16731000
CY2016Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
0
CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3492000
CY2016Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-35274000
CY2016Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3449000
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
46902000
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1429000
CY2016Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
57758000
CY2016Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1429000
CY2016Q1 us-gaap Depreciation
Depreciation
1270000
CY2016Q1 psix Share Based Compensation Aggregate Compensation Cost Not Yet Recognized
ShareBasedCompensationAggregateCompensationCostNotYetRecognized
227000
CY2016Q1 psix Expenses On Stock Appreciation Rights
ExpensesOnStockAppreciationRights
32000
CY2016Q1 psix Noncash Or Part Noncash Unpaid Property Plant Equipment And Other Assets
NoncashOrPartNoncashUnpaidPropertyPlantEquipmentAndOtherAssets
687000
CY2016Q1 psix Common Stock Shares Issuable Private Placement Warrants
CommonStockSharesIssuablePrivatePlacementWarrants
750002 shares
CY2016Q1 psix Debt Default Certain Events Of Bankruptcy Insolvency Or Reorganization Redemption Percentage Of Principal Amount Of Notes Outstanding With Accrued And Unpaid Interest
DebtDefaultCertainEventsOfBankruptcyInsolvencyOrReorganizationRedemptionPercentageOfPrincipalAmountOfNotesOutstandingWithAccruedAndUnpaidInterest
0.250 pure
CY2016Q1 psix Effective Income Tax Rate Excluding Private Placement Expense
EffectiveIncomeTaxRateExcludingPrivatePlacementExpense
0.361 pure
CY2016Q1 psix Estimated Share Based Compensation Expense
EstimatedShareBasedCompensationExpense
2133000
CY2016Q1 psix Increase Decrease In Share Based Compensation
IncreaseDecreaseInShareBasedCompensation
321000
CY2016Q1 psix Increase Decrease In Inventory Reserve
IncreaseDecreaseInInventoryReserve
219000
CY2016Q1 psix Noncash Interest Expense
NoncashInterestExpense
149000

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