10-Q Filing

PULSE ELECTRONICS CORP CIK: 96763 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001140361-14-020189`
Period End Date	20140331
Filing Date	20140512
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	puls-20140328.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 38 Cash Flow Statement 60 Comprehensive Income 10

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$26.90M	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`	$20.55M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$57.66M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$62.19M	USD	Point-in-time
Preferred Stock, no par value (in dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred Stock, no par value (in dollars per share)	`PreferredStockNoParValue`	-	USD	Point-in-time
Inventory, net	`InventoryNet`	$36.13M	USD	Point-in-time
Preferred Stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	2,000.00	shares	Point-in-time
Inventory, net	`InventoryNet`	$36.73M	USD	Point-in-time
Preferred Stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	2,000.00	shares	Point-in-time
Preferred Stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	1,000.00	shares	Point-in-time
Preferred Stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$18.97M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssets`	$18.33M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$132.67M	USD	Point-in-time
Common stock, par value per share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.12	USD	Point-in-time
Total current assets	`AssetsCurrent`	$144.78M	USD	Point-in-time
Common stock, par value per share (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.12	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	31.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	31.00M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	17.22M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	7.96M	shares	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipmentGross`	$96.89M	USD	Point-in-time
Property, plant and equipment	`PropertyPlantAndEquipmentGross`	$96.61M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$68.66M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$70.00M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$27.95M	USD	Point-in-time
Net property, plant and equipment	`PropertyPlantAndEquipmentNet`	$26.89M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$4.56M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$4.56M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.04M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$2.04M	USD	Point-in-time
Deferred loan costs and other assets	`DeferredFinanceCostsNoncurrentNet`	$11.02M	USD	Point-in-time
Deferred loan costs and other assets	`DeferredFinanceCostsNoncurrentNet`	$9.50M	USD	Point-in-time
Total Assets	`Assets`	$188.83M	USD	Point-in-time
Total Assets	`Assets`	$177.17M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$63.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$70.87M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$36.34M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$36.38M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.57M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$22.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$129.52M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$101.38M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$111.33M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$90.03M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$11.79M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$11.79M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$11.05M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$11.51M	USD	Point-in-time
Commitments and contingencies ( Note 7 )	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies ( Note 7 )	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, no par value, 2,000 shares authorized; 0 and 1,000 shares outstanding at March 28, 2014 and December 27, 2013, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, no par value, 2,000 shares authorized; 0 and 1,000 shares outstanding at March 28, 2014 and December 27, 2013, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.125 par value, 31,000,000 shares authorized; 17,217,690 and 7,955,508 outstanding at March 28, 2014 and December 27, 2013, respectively	`CommonStockIncludingAdditionalPaidInCapital`	$2.15M	USD	Point-in-time
Common stock, $0.125 par value, 31,000,000 shares authorized; 17,217,690 and 7,955,508 outstanding at March 28, 2014 and December 27, 2013, respectively	`CommonStockIncludingAdditionalPaidInCapital`	$995.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$260.38M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$257.82M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-339.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-348.66M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.06M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$21.11M	USD	Point-in-time
Total Pulse Electronics Corporation deficit	`StockholdersEquity`	$-65.03M	USD	Point-in-time
Total Pulse Electronics Corporation deficit	`StockholdersEquity`	$-59.75M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$6.21M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$6.19M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-58.83M	USD	Point-in-time
Total shareholders' deficit	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-53.56M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$188.83M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$177.17M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$84.81M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$81.65M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$64.13M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$64.62M	USD	1 Quarter
Gross profit	`GrossProfit`	$17.53M	USD	1 Quarter
Gross profit	`GrossProfit`	$20.18M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$17.92M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$19.17M	USD	1 Quarter
Severance, impairment and other associated costs	`RestructuringSettlementAndImpairmentProvisions`	$961.00K	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`	$11.00K	USD	1 Quarter
Operating (loss) profit	`OperatingIncomeLoss`	$-1.37M	USD	1 Quarter
Operating (loss) profit	`OperatingIncomeLoss`	$950.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$5.11M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$7.12M	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-73.00K	USD	1 Quarter
Other expense, net	`NonoperatingIncomeExpense`	$-2.53M	USD	1 Quarter
Total other expense	`TotalOtherExpenseIncome`	$7.65M	USD	1 Quarter
Total other expense	`TotalOtherExpenseIncome`	$7.19M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.70M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-8.56M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$472.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$434.00K	USD	1 Quarter
Net loss	`ProfitLoss`	$-7.13M	USD	1 Quarter
Net loss	`ProfitLoss`	$-9.03M	USD	1 Quarter
Less: Net earnings (loss) attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$14.00K	USD	1 Quarter
Less: Net earnings (loss) attributable to non-controlling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-14.00K	USD	1 Quarter
Net loss attributable to Pulse Electronics Corporation	`NetIncomeLoss`	$-7.12M	USD	1 Quarter
Net loss attributable to Pulse Electronics Corporation	`NetIncomeLoss`	$-9.04M	USD	1 Quarter
Basic shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	7.96M	shares	1 Quarter
Basic shares outstanding (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	12.65M	shares	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-0.89	USD	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-0.72	USD	1 Quarter
Diluted shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.65M	shares	1 Quarter
Diluted shares outstanding (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.96M	shares	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.89	USD	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.72	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-7.13M	USD	1 Quarter
Net loss	`ProfitLoss`	$-9.03M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.80M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.75M	USD	1 Quarter
Stock incentive plan expense	`StockOptionPlanExpense`	$579.00K	USD	1 Quarter
Stock incentive plan expense	`StockOptionPlanExpense`	$506.00K	USD	1 Quarter
Amortization and write-off of deferred loan costs	`AmortizationAndWriteOffOfDeferredLoanCosts`	$288.00K	USD	1 Quarter
Amortization and write-off of deferred loan costs	`AmortizationAndWriteOffOfDeferredLoanCosts`	$797.00K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.31M	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$1.15M	USD	1 Quarter
Payment-in-kind interest on debt	`PaidInKindInterest`	$2.94M	USD	1 Quarter
Payment-in-kind interest on debt	`PaidInKindInterest`	$3.57M	USD	1 Quarter
Change in fair value on warrant liability	`UnrealizedGainLossOnWarrantyLiability`	-	USD	1 Quarter
Change in fair value on warrant liability	`UnrealizedGainLossOnWarrantyLiability`	$-2.88M	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`	$644.00K	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$-511.00K	USD	1 Quarter
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$921.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.86M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.32M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-498.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-2.44M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$943.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-521.00K	USD	1 Quarter
Accounts payable and accrued expenses	`ChangeInAccountsPayable`	$-7.81M	USD	1 Quarter
Accounts payable and accrued expenses	`ChangeInAccountsPayable`	$-8.45M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-3.04M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.59M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$951.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.59M	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$402.00K	USD	1 Quarter
Proceeds from sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$36.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.55M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-549.00K	USD	1 Quarter
Principal repayments of debt	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Principal repayments of debt	`RepaymentsOfLongTermDebt`	$2.39M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$966.00K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$1.31M	USD	1 Quarter
Change in restricted cash	`IncreaseDecreaseInRestrictedCash`	$500.00K	USD	1 Quarter
Change in restricted cash	`IncreaseDecreaseInRestrictedCash`	$-500.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.20M	USD	1 Quarter
Net cash used in 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`	$-4.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.04M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.35M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$26.90M	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`	$20.55M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$26.90M	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`	$20.55M	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`	$390.00K	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`	$1.68M	USD	1 Quarter
Conversion of senior convertible notes to common stock	`DebtConversionConvertedInstrumentAmount1`	$3.48M	USD	1 Quarter
Conversion of senior convertible notes to common stock	`DebtConversionConvertedInstrumentAmount1`	-	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-7.13M	USD	1 Quarter
Net loss	`ProfitLoss`	$-9.03M	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$48.00K	USD	1 Quarter
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-513.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-7.64M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-8.98M	USD	1 Quarter
Less: Comprehensive earnings (loss) attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$14.00K	USD	1 Quarter
Less: Comprehensive earnings (loss) attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-14.00K	USD	1 Quarter
Comprehensive loss attributable to Pulse Electronics Corporation	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-9.00M	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.