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Exhibit 99.1
Power Solutions International, Inc. | 201 Mittel Drive | |||
Wood Dale, Illinois 60191 | ||||
www.psiengines.com |
Power Solutions International Announces Fourth Quarter and Full Year 2019
Financial Results and the Filing of its Form 10-K
Significant gross margin and profitability improvement for full year of 2019; Full year 2019 net
sales of $546 million and earnings per share of $0.38
WOOD DALE, Ill., May 4, 2020 Power Solutions International, Inc. (the Company) (OTC Pink: PSIX), a leader in the design, engineering and manufacture of emission-certified engines and power systems, announced fourth quarter and full year 2019 financial results and the filing of its Annual Report on Form
10-K for the year ended December 31, 2019 and its Form 10-Qs for the first three quarters of 2019 with the U.S. Securities and Exchange Commission (the SEC).Fourth Quarter 2019 Results
Sales for the fourth quarter of 2019 were $153.1 million, an increase of $14.9 million, or 11%, versus the comparable period last year, the result of sales increases of $18.1 million and $13.9 million within the transportation and energy end markets, respectively, partly offset by a sales decrease of $17.2 million within the industrial end market. Higher transportation end market sales were primarily attributable to increased demand for products used in the medium-duty truck market and included approximately $30 million of sales associated with the shipment of certain engines at the request of one of the Companys customers in the fourth quarter of 2019 that were originally scheduled for the first half of 2020, partly offset by lower demand for products used in the school bus market. Higher sales within the energy end market were attributable to stronger demand for demand response products, partly offset by lower demand for other power generation products, including those used within the oil and gas market. Lower sales in the industrial end market were mostly caused by lower demand for products used in the material handling/forklift market. Gross margin in the fourth quarter of 2019 was 19.4%, a significant improvement of 10.7 percentage points versus the same period last year. Gross profit was $29.7 million, an increase of $17.7 million versus the fourth quarter of 2018 primarily due to higher sales, improved mix, a $3.8 million decline in warranty costs, strategic price increases and operational productivity improvements. Operating expenses decreased by $8.4 million, as compared to the comparable period in 2018, in part attributable to lower selling, general and administrative expenses (SG&A), mostly due to a reduced amount of incremental financial reporting and government investigation expenses given the completion of the restatement of the Companys financial statements in May 2019, and the absence of asset impairment charges, among other factors. Net income was $8.1 million, or $0.35 per share, versus a net loss of $9.9
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Power Solutions International, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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The increase in the tax benefit for the three months ended March 31, 2020 is primarily attributable to the impact of the CARES Act enacted during the quarter, which allows the Company to elect bonus depreciation for the 2018 and 2019 tax years, carryback net operating losses to earlier years, and immediately refund AMT credits as well as a change in the deferred tax liability related to an indefinite-lived intangible asset.
Reduced transportation end market sales are primarily due to lower demand for products used in the medium duty truck market mostly attributable to the previously disclosed acceleration of the shipment of certain engines during the fourth quarter of 2019, which negatively impacted sales in the current quarter, partly offset by stronger demand for products used in the school bus market.
The following table presents a reconciliation from Net loss to Adjusted net loss for the three months ended March 31, 2020 and 2019: 28 The following table presents a reconciliation from Loss per common share - diluted to Adjusted loss per share for the three months ended March 31, 2020 and 2019: The following table presents a reconciliation from Net loss to EBITDA and Adjusted EBITDA for the three months ended March 31, 2020 and 2019: Cash was impacted as follows: Cash Flow from Operating Activities Net cash provided by operating activities was $24.3 million in the three months ended March 31, 2020 compared to net cash used in operating activities of $0.7 million in the three months ended March 31, 2019, resulting in an increase of $25.0 million in cash provided by operating activities year-over-year.
Adjusted net loss is defined as net loss as adjusted for certain items that the Company believes are not indicative of its ongoing operating performance.
Gross margin was 16.9% during the three months ended March 31, 2020, an improvement compared to 15.3% for the three months ended March 31, 2019, primarily due to improved product mix and strategic pricing actions, partly offset by reduced operating leverage due to lower sales and higher warranty expense.
Interest expense decreased $0.8 million...Read more
These amounts reflect a net...Read more
Accordingly, these adverse impacts may...Read more
The decreased sales within the...Read more
The increase in cash provided...Read more
For a reconciliation of each...Read more
Adjusted net loss, which excludes...Read more
Selling, general and administrative ("SG&A")...Read more
Interest expense decreased by $0.8...Read more
These non-GAAP financial measures have...Read more
Adjusted net loss, Adjusted loss...Read more
As of May 31, 2020,...Read more
The measures with regard to...Read more
Significant uncertainties exist about the...Read more
In addition, in early March...Read more
There can be no assurance...Read more
The Company has initiated certain...Read more
For the three months ended...Read more
The Company recognized a gain...Read more
25 Results of operations for...Read more
Gross profit was virtually unchanged...Read more
Commitments and Contingencies for additional...Read more
For the three months ended...Read more
Financial Statements, Disclosures and Schedules
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Material Contracts, Statements, Certifications & more
Power Solutions International, Inc. provided additional information to their SEC Filing as exhibits
Ticker: PSIX
CIK: 1137091
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-20-010039
Submitted to the SEC: Mon Jun 29 2020 6:36:15 PM EST
Accepted by the SEC: Tue Jun 30 2020
Period: Tuesday, March 31, 2020
Industry: Engines And Turbines