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Pioneer Power Solutions, Inc. (PPSI) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Pioneer Power Solutions, Inc.

CIK: 1449792 Ticker: PPSI

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Pioneer Announces Fourth Quarter and Full Year 2014 Financial Results

 

 

Fort Lee, NJ, March 31, 2015 / 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, announced its results for the fourth quarter and full-year periods ended December 31, 2014.

 

Nathan Mazurek, Pioneer’s Chairman and Chief Executive Officer, said, “We expanded rapidly during 2014 with the acquisition of Titan Energy Systems at the end of the fourth quarter, following on the heels of the two acquisitions we completed in 2013. Despite significant headwinds we are now facing from the recent rapid decline in the price of oil and the Canadian dollar, these new businesses position Pioneer for 20% to 30% revenue growth in 2015, albeit at lower margins, and is reflected in our record backlog of $36.0 million as of the start of the year.”

 

Mr. Mazurek continued, "We invested heavily during 2014, primarily by adding new professional staff to expand our engineering capabilities, product scope, addressable markets, and our sales and marketing activities, all in support of our long-term sustainable growth and profitability. This put a heavy drag on our 2014 earnings, as revenue generated from these investments inevitably lag the increased expense, but has been successful in leading to significant increases in our sales pipeline. Today, we are bidding on more and larger projects, and our internal sourcing and cross-selling efforts are expected to drive further cost and revenue synergies in the future. The benefits of these investments are reflected in our 2015 revenue and earnings guidance.”

 

Fourth Quarter 2014 Financial Highlights

 

 

 

 

Revenue of $24.1 million, up 14.0% vs. $21.2 million in Q4 2013

 

Gross margin percentage of 9.7% vs. 24.6% in Q4 2013

 

Adjusted EBITDA of $(0.8) million, down from $1.8 million in Q4 2013

 

Non-GAAP diluted (loss) earnings per share of $(0.18) vs. $0.18 in Q4 2013

 

Backlog of $36 million, up 48% vs. $24.4 million at December 31, 2013

 

Year Ended December 31, 2014 Highlights

 

 

 

 

Revenue of $92.2 million, up 4.6% vs. $88.2 million during 2013

 

Gross margin of 19.7% of revenue vs. 24.7%  during 2013

 

Adjusted EBITDA of $5.0 million vs. $8.9 million in 2013

 

Non-GAAP diluted EPS of $0.25 vs. $0.80 last year

 

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The following information was filed by Pioneer Power Solutions, Inc. (PPSI) on Tuesday, March 31, 2015 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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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) Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Acquisitions
Acquisitions (narrative) (details)
Acquisitions (schedule Of Business Acquisitions, By Acquisition) (details)
Acquisitions (schedule Of Finite-lived Intangible Assets Acquired As Part Of Business Combination) (details)
Acquisitions (tables)
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)
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 (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)
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 (narrative) (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)
Other Assets
Other Assets (narrative) (details)
Pension Plan
Pension Plan (assumptions) (details)
Pension Plan (cost Of Benefits) (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 (tables)
Property, Plant And Equipment
Property, Plant And Equipment (schedule Of Property, Plant And Equipment) (details)
Property, Plant And Equipment (tables)
Recent Accounting Pronouncements
Shareholders' Equity
Shareholders' Equity (fair Value Of Warrants Assumptions) (details)
Shareholders' Equity (narrative) (details)
Shareholders' Equity (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)
Subsequent Event
Subsequent Events (narrative) (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (narrative) (details)
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: 0001449792-15-000011
Submitted to the SEC: Thu Apr 02 2015 4:18:16 PM EST
Accepted by the SEC: Thu Apr 02 2015
Period: Wednesday, December 31, 2014
Industry: Power Distribution And Specialty Transformers

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