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Pioneer Power Solutions, Inc. (PPSI) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Pioneer Power Solutions, Inc.

CIK: 1449792 Ticker: PPSI

Exhibit 99.1

 

 

Pioneer Announces Preliminary Fourth Quarter and Full-Year 2015 Results

 

Revenue Meets Full-Year Revenue Guidance, Exceeds Profitability Outlook;

Company Schedules Conference Call for March 29, 2016 to Discuss Complete Financial Results

 

Fort Lee, NJ, March 14, 2016 / PRNewswire / – Pioneer Power Solutions, Inc. (Nasdaq: PPSI) ("Pioneer" or the "Company"), a company engaged in the manufacture, sale and service of electrical transmission, distribution and on-site power generation equipment, today provided preliminary, financial results for the fourth quarter and full-year periods ended December 31, 2015. The Company decided to release preliminary results due to upcoming presentations by management at investor conferences. Pioneer expects to release complete financial results on March 29, 2016.

 

Preliminary Unaudited Fourth Quarter Results:

·Revenue of $26.2 million, up 5.3% sequentially and 8.8% year-over-year
·Gross margin percentage of 22.6% vs. 9.7% in Q4 2014 and compared sequentially to 19.4% in Q3 2015
·Adjusted EBITDA* of $1.8 million, up 92.1% sequentially and a $2.6 million improvement compared to Q4 2014

 

Preliminary and Unaudited Full-Year 2015 Results:

·Revenue of $106.5 million, within the guidance range of $105 and $109 million and up 15.5% year-over-year
·Gross margin percentage of 19.8%, up year-over-year from 19.7%
·Adjusted EBITDA* of $3.8 million, exceeding guidance of $3.0 to $3.5 million, and compared to $5.0 million in 2014

 

Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, “We nearly doubled our Adjusted EBITDA from the third quarter to the fourth quarter, demonstrating the progress we have made in streamlining operations, reducing expenses, and expanding margins. This 91% sequential improvement in Adjusted EBITDA is without the full benefit of our cost reduction initiatives. This initiative, including the consolidation of six manufacturing facilities to three and the rationalization of our Canadian dry-type transformer operations, was completed during the fourth quarter and will fully benefit our 2016 results. The fourth quarter Adjusted EBITDA puts us ahead of the quarterly level we would need to meet our 2016 guidance, and we expect further improvements in 2016.”

 

“During the last two years we have fully integrated several acquisitions to build a full suite of engineered product solutions, opening new and exciting opportunities for us,” continued Mr. Mazurek. “With more solutions to sell, and greater leverage in our cost structure, our revenue and earnings power has notably increased. Our confidence is underscored by a growing backlog, which has expanded by $6 million in the last two months, reaching the highest levels in more than a year. Today, Pioneer is positioned for success with a lean cost structure and growing revenues.”

 


The following information was filed by Pioneer Power Solutions, Inc. (PPSI) on Monday, March 14, 2016 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 Pioneer Power Solutions, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

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 Loss
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Acquisitions
Acquisitions (major Classes Of Intangible Assets Acquired And Amortization Expenses) (details)
Acquisitions (narrative) (details)
Acquisitions (schedule Of Finite-lived Intangible Assets Acquired As Part Of Business Combination) (details)
Acquisitions (summary Of Acquisitions) (details)
Acquisitions (tables)
Basic And Diluted Income (loss) Per Common Share
Basic And Diluted Income (loss) Per Common Share (schedule Earnings Per Share) (details)
Basic And Diluted Income (loss) Per Common Share (tables)
Basis Of Presentation
Basis Of Presentation (narrative) (details)
Business Segment, Geographic And Customer Information
Business Segment, Geographic And Customer Information (narrative) (details)
Business Segment, Geographic And Customer Information (reconciliation Of Assets From Segment To Consolidated) (details)
Business Segment, Geographic And Customer Information (reconciliation Of Revenue From Segments To Consolidated) (details)
Business Segment, Geographic And Customer Information (schedule Of Geographical Information) (details)
Business Segment, Geographic And Customer Information (tables)
Commitments And Contingencies
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (schedule Of Minimum Annual Lease Commitments) (details)
Commitments And Contingencies (tables)
Debt
Debt (narrative) (canadian Credit Facilities) (details)
Debt (narrative) (nexus Promissory Note) (details)
Debt (narrative) (titan Note Payable) (details)
Debt (narrative) (united States Credit Facilities) (details)
Debt (schedule Of Long-term Debt) (details)
Debt (schedule Of Maturities Of Long-term Debt) (details)
Debt (tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (narrative) (details)
Goodwill And Other Intangible Assets (schedule Of Carrying Value Of Intangible Assets) (details)
Goodwill And Other Intangible Assets (schedule Of Future Amortization Expense) (details)
Goodwill And Other Intangible Assets (schedule Of Goodwill) (details)
Goodwill And Other Intangible Assets (schedule Of Intangible Assets) (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 (narrative) (details)
Inventories (schedule Of Inventories) (details)
Inventories (tables)
Other Assets
Other Assets (narrative) (details)
Other Expense
Other Expense (narrative) (details)
Other Expense (schedule Of Other Expense) (details)
Other Expense (tables)
Pension Plan
Pension Plan (assumptions) (details)
Pension Plan (funded Status) (details)
Pension Plan (narrative) (details)
Pension Plan (reconciliation Of Plan Assets) (details)
Pension Plan (reconciliation Of Projected Benefit Obligation) (details)
Pension Plan (schedule Of Accumulated Other Comprehensive Loss) (details)
Pension Plan (schedule Of Asset Allocation) (details)
Pension Plan (schedule Of Expected Benefit Payments) (details)
Pension Plan (schedule Of Fair Market Values) (details)
Pension Plan (schedule Of Other Changes In Plan Assets And Benefit Obligations) (details)
Pension Plan (schedule Of Pension Plan Expenses) (details)
Pension Plan (tables)
Property, Plant And Equipment
Property, Plant And Equipment (schedule Of Property, Plant And Equipment) (details)
Property, Plant And Equipment (tables)
Restructuring And Impairment
Restructuring And Impairment (components And Changes In Restructuring Liability) (details)
Restructuring And Impairment (summary Of The Components Of Restructuring, Integration And Impairment Expenses) (details)
Restructuring And Impairment (tables)
Stock-based Compensation
Stock-based Compensation (narrative) (details)
Stock-based Compensation (schedule Of Assumptions Used To Estimate Fair Value Of Stock Option Award Using Black-scholes Valuation Model) (details)
Stock-based Compensation (schedule Of Other Information) (details)
Stock-based Compensation (schedule Of Stock Option Activity) (details)
Stock-based Compensation (tables)
Stockholders' Equity
Stockholders' Equity (narrative) (details)
Subsequent Events
Subsequent Events (narrative) (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policies)
Ticker: PPSI
CIK: 1449792
Form Type: 10-K Annual Report
Accession Number: 0001144204-16-091897
Submitted to the SEC: Thu Mar 31 2016 3:07:51 PM EST
Accepted by the SEC: Thu Mar 31 2016
Period: Thursday, December 31, 2015
Industry: Power Distribution And Specialty Transformers

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