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Pioneer Power Solutions, Inc. (PPSI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Pioneer Power Solutions, Inc.

CIK: 1449792 Ticker: PPSI

 

 

Pioneer Reports Fourth Quarter and Full Year 2013 Results,

2013 revenues rise 5% to $88.2 million,
EPS increases 14% to $0.80 per share

 

Investments in Businesses Acquired During 2013 Expected to Drive Growth, Increased Profitability, in 2014

 

Fort Lee, NJ, March 7, 2014 / PRNewswire / –

 Pioneer Power Solutions, Inc. (Nasdaq: PPSI) (“Pioneer” or the “Company”), a manufacturer of specialty electrical transmission and distribution equipment for applications in the utility, industrial and commercial markets, announced its results for the fourth quarter and full year periods ended December 31, 2013 and provided revenue and earnings guidance for the year ending December 31, 2014.

 

2013 Financial Highlights

§Full-year revenue of $88.2 million, up 5% vs. $84.0 million in 2012
§Gross margin percentage reached 24.7%, up 2.1% compared to last year
§Adjusted EBITDA of $8.9 million, up 15% from $7.8 million in 2012
§Non-GAAP diluted EPS of $0.80, up 14% compared to $0.70 last year

 

Nathan Mazurek, Pioneer’s Chairman and Chief Executive Officer, said, "This was a year of solid execution, including top line growth and even stronger bottom line expansion. More importantly, we made significant progress on a strategic front and acquired two businesses that we expect to contribute meaningfully to our revenue and profitability growth in 2014 and beyond. We have spent considerable time realigning these businesses under their new identities, Pioneer Critical Power and Pioneer CEP, and will continue to invest in additional sales and engineering resources to broaden our reach and expand our offerings. We expect these strategic investments to drive incremental top and bottom line improvements beginning in 2014.”

 

Fourth Quarter 2013 Financial Highlights

§Fourth Quarter revenue decreased 6.3% to $21.2 million from $22.6 million in Q4 2012
§Gross margin percentage for the quarter reached 24.6%, up 0.8% versus last year
§Adjusted EBITDA for the quarter was $1.8 million, down from $2.4 million in Q4 2012
§Non-GAAP diluted EPS of $0.18 for the quarter compared to $0.24 in Q4 2012

 

“Not unexpectedly, we faced some headwinds against our revenue and earnings during the fourth quarter of 2013,” Mr. Mazurek continued. “Most of our quarterly revenue decline was due to foreign currency translation. In both periods, approximately two-thirds of our revenue was in Canadian dollars, which weakened by nearly 6% against our reporting currency, the U.S. dollar. Due to our public stock offering in September, we also experienced a 22% increase in our weighted average shares outstanding during Q4 2013, making our EPS comparison that much more challenging. In addition, as is always the case in our business, single quarter comparative results can be skewed by the timing of large orders.”

 


The following information was filed by Pioneer Power Solutions, Inc. (PPSI) on Friday, March 7, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Earnings
Consolidated Statements Of Shareholders' Equity
Acquisitions
Acquisitions (narrative) (details)
Basic And Diluted Earnings Per Common Share
Basic And Diluted Earnings Per Common Share (schedule Earnings Per Share) (details)
Basic And Diluted Earnings Per Common Share (tables)
Business And Organization
Business And Organization (details)
Commitments
Commitments (narrative) (details)
Commitments (schedule Of Minimum Annual Lease Commitments) (details)
Commitments (tables)
Debt
Debt (canadian Credit Facilities) (details)
Debt (schedule Of Long-term Debt) (details)
Debt (schedule Of Maturities Of Long-term Debt) (details)
Debt (tables)
Debt (united States Credit Facilities) (details)
Geographical Information
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Geographical Information (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (changes In Goodwill And Intangible Assets) (details)
Goodwill And Other Intangible Assets (components Of Intangible Assets) (details)
Goodwill And Other Intangible Assets (schedule Of Future Amortization Expense) (details)
Goodwill And Other Intangible Assets (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (reconciliation From Statutory Income Tax Rate And Effective Income Tax Rate) (details)
Income Taxes (reconciliation Of Beginning And Ending Amount Of Gross Unrecognized Tax Benefits) (details)
Income Taxes (schedule Of Classification Of Deferred Income Tax Asset (liability)) (details)
Income Taxes (schedule Of Deferred Tax Assets And Liabilities) (details)
Income Taxes (schedule Of Earnings Before Income Taxes) (details)
Income Taxes (schedule Of Income Tax Provision) (details)
Income Taxes (tables)
Inventories
Inventories (details)
Inventories (tables)
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Pension Plan (cost Of Benefits) (details)
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Pension Plan (reconciliation Of Plan Assets) (details)
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Pension Plan (schedule Of Accumulated Other Comprehensive Loss) (details)
Pension Plan (schedule Of Asset Allocation) (details)
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Pension Plan (schedule Of Fair Market Values) (details)
Pension Plan (schedule Of Other Changes In Plan Assets And Benefit Obligations) (details)
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Shareholders' Equity
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Stock-based Compensation (tables)
Summary Of Significant Accounting Policies
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Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (schedule Of Product Warranty) (details)
Summary Of Significant Accounting Policies (tables)
Ticker: PPSI
CIK: 1449792
Form Type: 10-K Annual Report
Accession Number: 0001144204-14-015838
Submitted to the SEC: Fri Mar 14 2014 5:06:47 PM EST
Accepted by the SEC: Fri Mar 14 2014
Period: Tuesday, December 31, 2013
Industry: Power Distribution And Specialty Transformers

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