power solutions internationa (PSIX) Key Developments
Power Solutions International, Inc. Announces Purchase Agreement and Enters into a Third Amendment to its Amended and Restated Credit Agreement
Apr 29 15
On April 24, 2015, Power Solutions International, Inc. entered into a purchase agreement with certain institutional investors for a private sale of $55.0 million aggregate principal amount of three year unsecured 5.50% Senior Notes due 2018 of the Company for $55.0 million in cash. The sale closed on April 29, 2015. The Notes and related guarantees were offered in a private transaction exempt from registration requirements pursuant to 4(a)(2) of the Securities Act of 1933. Piper Jaffray & Co. served as exclusive placement agent. On April 29, 2015, the Company entered into a Third Amendment to its Amended and Restated Credit Agreement dated as of April 1, 2014, by and among Wells Fargo Bank, N.A. as agent for itself and other lenders party thereto, each of the lenders party thereto, the Company and the Company’s subsidiaries. The Company entered into the Amendment for the purpose of facilitating the issuance of the Notes under the Indenture. The Amendment exempts the Indenture and the Notes from the provisions of the Credit Agreement that limit the ability of the Company to incur indebtedness and issue guarantees, and shortens the maturity of the Credit Agreement while the Notes are outstanding, to insure that the Credit Agreement will come due before the Notes are payable at maturity or upon a special mandatory offer to purchase.
Power Solutions International, Inc. Presents at Robert W. Baird & Co. Inc. 2015 Growth Stock Conference, May-05-2015 12:40 PM
Apr 20 15
Power Solutions International, Inc. Presents at Robert W. Baird & Co. Inc. 2015 Growth Stock Conference, May-05-2015 12:40 PM. Venue: Four Seasons Hotel, Chicago, Illinois, United States. Speakers: Daniel P. Gorey, Chief Financial Officer.
Power Solutions International, Inc. Announces Demise of H. Samuel Greenwalt, an Independent Director and Member of the Audit Committee
Apr 15 15
Power Solutions International, Inc. announced that H. Samuel Greenwalt, an independent director of the company and member of the audit committee, passed away on March 25, 2015.
Power Solutions International Receives Non-Compliance Notice From Nasdaq
Apr 15 15
On March 26, 2015, Power Solutions International, Inc. notified The Nasdaq Stock Market (Nasdaq) that H. Samuel Greenwalt, an independent director of the Company and member of the Audit Committee, passed away on March 25, 2015. As a result of Mr. Greenawalt’s death, the Company’s board of directors is no longer comprised of a majority of independent directors and the Company’s Audit Committee is no longer comprised of at least three independent directors, as required for continued listing by Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2)(A), respectively. On April 14, 2015, the Company received a deficiency letter from Nasdaq acknowledging the failure of the Company to continue to satisfy the aforementioned Nasdaq Listing Rules. In accordance with Nasdaq Listing Rules 5605(b)(1)(A) and 5605(c)(4)(A) and the Nasdaq Notice, the Company must evidence compliance no later than September 21, 2015. The Board intends to identify candidates to replace Mr. Greenawalt and appoint a new director who satisfies the independence requirements of the Nasdaq Listing Rules prior to the expiration of the cure period.
Power Solutions International, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reiterates Sales Guidance for 2015; Announces Sales Guidance for 2016
Feb 26 15
Power Solutions International, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, net sales were $103.910 million against $61.500 million a year ago. Operating income was $9.111 million against $3.925 million a year ago. Income before income taxes was $13.630 million against loss before income taxes of $2.581 million a year ago. Net income was $10.321 million or $0.48 per diluted share against net loss of $3.752 million or $0.36 per diluted share a year ago. Adjusted diluted EPS was $0.48 against loss per share of $0.36 a year ago.
For the year, net sales were $347.995 million against $237.842 million a year ago. Operating income was $26.044 million against $14.967 million a year ago. Income before income taxes was $34.539 million against loss before income taxes of $14.001 million a year ago. Net income was $23.726 million or $1.58 per diluted share against net loss of $18.760 million or $1.92 per diluted share a year ago. Net cash used in operating activities was $15.685 million against $12.435 million a year ago. Purchases of property, plant, equipment and other assets was $7.239 million against $6.007 million a year ago.
The company reiterates its previously issued outlook for sales growth in 2015. The company continues to expect sales for the year in a range of $480 to $500 million.
The company also confirms 2016 sales are expected to be in a range of $580 to $620 million.