10-Q Filing

PULSE ELECTRONICS CORP CIK: 96763 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001140361-13-019224`
Period End Date	20130331
Filing Date	20130507
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	puls-20130329.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 34 Cash Flow Statement 62 Comprehensive Income 10

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.61M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$31.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$25.44M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.15M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$61.12M	USD	Point-in-time
Preferred Stock, no par value (in dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$62.96M	USD	Point-in-time
Preferred Stock, no par value (in dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred Stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	0.00	shares	Point-in-time
Inventory, net	`InventoryNet`	$30.15M	USD	Point-in-time
Preferred Stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1,000.00	shares	Point-in-time
Inventory, net	`InventoryNet`	$31.43M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$21.50M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$18.07M	USD	Point-in-time
Preferred Stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, shares issued (in shares)	`PreferredStockSharesIssued`	1,000.00	shares	Point-in-time
Preferred Stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	1,000.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$134.78M	USD	Point-in-time
Preferred Stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$147.37M	USD	Point-in-time
Common stock, par value per share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.12	USD	Point-in-time
Common stock, par value per share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.12	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipmentGross`	$94.81M	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipmentGross`	$94.11M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	275.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	175.00M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	79.47M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	79.47M	shares	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$66.07M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$64.71M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$29.41M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$28.74M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$2.44M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$2.44M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.95M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.07M	USD	Point-in-time
Other assets	`OtherAssets`	$11.01M	USD	Point-in-time
Other assets	`OtherAssets`	$6.32M	USD	Point-in-time
Total Assets	`Assets`	$188.60M	USD	Point-in-time
Total Assets	`Assets`	$179.92M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$65.88M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$61.80M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$44.20M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$34.11M	USD	Point-in-time
Warrant liability	`ProductWarrantyAccrualClassifiedCurrent`	$12.18M	USD	Point-in-time
Warrant liability	`ProductWarrantyAccrualClassifiedCurrent`	-	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$95.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$122.25M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$96.75M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$102.20M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$7.62M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$7.62M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$9.96M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$11.52M	USD	Point-in-time
Preferred stock, no par value, 1,000 shares and 0 shares authorized, issued and outstanding at March 28, 2013 and December 28, 2012, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value, 1,000 shares and 0 shares authorized, issued and outstanding at March 28, 2013 and December 28, 2012, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.125 par value, 275,000,000 and 175,000,000 shares authorized; 79,473,375 outstanding at March 29, 2013 and December 28, 2012, respectively	`CommonStockValue`	$9.93M	USD	Point-in-time
Common stock, $0.125 par value, 275,000,000 and 175,000,000 shares authorized; 79,473,375 outstanding at March 29, 2013 and December 28, 2012, respectively	`CommonStockValue`	$9.93M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$247.65M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$226.22M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-312.48M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-319.60M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$20.70M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$20.19M	USD	Point-in-time
Total Pulse Electronics Corporation shareholders' deficit	`StockholdersEquity`	$-41.83M	USD	Point-in-time
Total Pulse Electronics Corporation shareholders' deficit	`StockholdersEquity`	$-55.62M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$6.07M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$6.08M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-35.76M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-49.54M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$179.92M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$188.60M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$84.81M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$94.14M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$64.62M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$75.74M	USD	1 Quarter
Gross profit	`GrossProfit`	$18.40M	USD	1 Quarter
Gross profit	`GrossProfit`	$20.18M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$19.17M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$18.99M	USD	1 Quarter
Severance, impairment and other associated costs	`RestructuringSettlementAndImpairmentProvisions`	$1.54M	USD	1 Quarter
Severance, impairment and other associated costs	`RestructuringSettlementAndImpairmentProvisions`	$19.00K	USD	1 Quarter
Legal reserve	`LegalReserve`	$38.00K	USD	1 Quarter
Legal reserve	`LegalReserve`	-	USD	1 Quarter
Operating profit (loss)	`OperatingIncomeLoss`	$-2.13M	USD	1 Quarter
Operating profit (loss)	`OperatingIncomeLoss`	$950.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$2.59M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$5.11M	USD	1 Quarter
Other (expense) income , net	`NonoperatingIncomeExpense`	$1.08M	USD	1 Quarter
Other (expense) income , net	`NonoperatingIncomeExpense`	$-2.53M	USD	1 Quarter
Total other expense	`TotalOtherExpenseIncome`	$1.51M	USD	1 Quarter
Total other expense	`TotalOtherExpenseIncome`	$7.65M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.70M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.65M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$434.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$657.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-4.30M	USD	1 Quarter
Net loss	`ProfitLoss`	$-7.13M	USD	1 Quarter
Less: Net loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-14.00K	USD	1 Quarter
Less: Net loss attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-197.00K	USD	1 Quarter
Net loss attributable to Pulse Electronics Corporation	`NetIncomeLoss`	$-7.12M	USD	1 Quarter
Net loss attributable to Pulse Electronics Corporation	`NetIncomeLoss`	$-4.11M	USD	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-0.09	USD	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-0.10	USD	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.09	USD	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.10	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-4.30M	USD	1 Quarter
Net loss	`ProfitLoss`	$-7.13M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.75M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.94M	USD	1 Quarter
Amortization and write-off of deferred loan costs	`AmortizationAndWriteOffOfDeferredLoanCosts`	$929.00K	USD	1 Quarter
Amortization and write-off of deferred loan costs	`AmortizationAndWriteOffOfDeferredLoanCosts`	$288.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.15M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	-	USD	1 Quarter
Payment-in-kind interest on debt	`PaidInKindInterest`	-	USD	1 Quarter
Payment-in-kind interest on debt	`PaidInKindInterest`	$2.94M	USD	1 Quarter
Unrealized loss on warrant liability	`UnrealizedGainLossOnWarrantyLiability`	$-2.88M	USD	1 Quarter
Unrealized loss on warrant liability	`UnrealizedGainLossOnWarrantyLiability`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$8.73M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.86M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-2.44M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-2.60M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-202.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$943.00K	USD	1 Quarter
Accounts payable and accrued expenses	`ChangeInAccountsPayable`	$-7.81M	USD	1 Quarter
Accounts payable and accrued expenses	`ChangeInAccountsPayable`	$-403.00K	USD	1 Quarter
Severance, impairment and other associated costs, net of cash payments	`RestructuringCostsAndAssetImpairmentCharges`	$-537.00K	USD	1 Quarter
Severance, impairment and other associated costs, net of cash payments	`RestructuringCostsAndAssetImpairmentCharges`	-	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$227.00K	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$243.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.88M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.52M	USD	1 Quarter
Deposit received from pending divestiture	`ProceedsFromDivestitureOfBusinesses`	-	USD	1 Quarter
Deposit received from pending divestiture	`ProceedsFromDivestitureOfBusinesses`	$5.10M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.49M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.59M	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$531.00K	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$36.00K	USD	1 Quarter
Foreign currency impact on intercompany lending	`ForeignCurrencyImpactOnIntercompanyLending`	$159.00K	USD	1 Quarter
Foreign currency impact on intercompany lending	`ForeignCurrencyImpactOnIntercompanyLending`	$870.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.71M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.27M	USD	1 Quarter
Credit facility borrowings	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Credit facility borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$11.00M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$1.25M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$966.00K	USD	1 Quarter
Change in restricted cash	`IncreaseDecreaseInRestrictedCash`	-	USD	1 Quarter
Change in restricted cash	`IncreaseDecreaseInRestrictedCash`	$500.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.74M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.47M	USD	1 Quarter
Net effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$19.00K	USD	1 Quarter
Net effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$46.00K	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.04M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.54M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$17.61M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$31.48M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$25.44M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$21.15M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$17.61M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$31.48M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$25.44M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$21.15M	USD	Point-in-time
Capital expenditures included in accounts payable and accrued liabilities	`CapitalExpendituresIncurredButNotYetPaid`	$973.00K	USD	1 Quarter
Capital expenditures included in accounts payable and accrued liabilities	`CapitalExpendituresIncurredButNotYetPaid`	-	USD	1 Quarter
Debt issuance costs included in accounts payable and accrued liabilities	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$1.11M	USD	1 Quarter
Debt issuance costs included in accounts payable and accrued liabilities	`DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction`	$79.00K	USD	1 Quarter
Warrants issued in connection with senior credit facility amendment	`WarrantsIssuedInConnectionWithSeniorCreditFacilityAmendment`	$2.01M	USD	1 Quarter
Warrants issued in connection with senior credit facility amendment	`WarrantsIssuedInConnectionWithSeniorCreditFacilityAmendment`	-	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-4.30M	USD	1 Quarter
Net loss	`ProfitLoss`	$-7.13M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-513.00K	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-402.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.71M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-7.64M	USD	1 Quarter
Less: Comprehensive loss attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-14.00K	USD	1 Quarter
Less: Comprehensive loss attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-197.00K	USD	1 Quarter
Comprehensive loss attributable to Pulse Electronics Corporation	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-4.51M	USD	1 Quarter
Comprehensive loss attributable to Pulse Electronics Corporation	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-7.63M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.