8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

_________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

_________________

Date of Report (Date of earliest event reported):  March 10, 2010

PIONEER POWER SOLUTIONS, INC.

(Exact Name of Registrant as Specified in Charter)

Delaware	333-155375	26-3387077
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

9 West 57th Street 26th Floor New York, New York	10019
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 867-0700

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

  o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

  o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 DFR 240.14a-12)

  o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

  o Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 2.02.  Results of Operations and Financial Condition.

On March 10, 2010, Pioneer Power Solutions, Inc. issued a press release announcing its results for the fiscal year ended December 31, 2009. A copy of the press release is attached to this report as Exhibit 99.1 and is being furnished pursuant to Item 2.02 of Form 8-K. The information contained in the press release is incorporated herein by reference.

Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release, dated March 10, 2010

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PIONEER POWER SOLUTIONS, INC.
Dated: March 17, 2010	By:	/s/ Nathan J. Mazurek
		Name: Nathan J. Mazurek
		Title:  Chief Executive Officer

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EX-99.1

Exhibit 99.1

Pioneer Announces Record 2009 Results, Earnings More Than Double Versus Last Year

New York, NY — March 10, 2010 — Pioneer Power Solutions, Inc. (OTCBB: PPSI), a manufacturer of liquid-filled electric transformers for utility, industrial and commercial applications, today announced results for the year ended December 31, 2009.

Full year 2009 results were highlighted by:

·   Revenue of $40.6 million

·   Gross margin increase to 29.2%

·   Operating income of $7.9 million

·   Net earnings of $5.1 million

·   Earnings per share of $0.22, versus $0.09 last year

“Achieving these solid 2009 results, despite challenging economic conditions, reflects the strength of our product offerings and dedication of our employees,” said Nathan Mazurek, Chairman and Chief Executive Officer. “Our record earnings were achieved by aggressively managing our product mix towards larger, more highly-engineered products; products designed for the specific needs and applications of our customers.” Mazurek continued, “the expansion of our manufacturing facility, scheduled for completion in the fourth quarter of 2010, will enable us to continue our migration towards these larger and more complex products while providing some much-needed additional production capacity.”

Mr. Mazurek concluded, “While the overall economy remains fragile, we are optimistic about our long-term prospects given our expansion plans and our two new contracts with Hydro-Québec announced last week. We are dedicated to growing our business organically, though we believe we are well-capitalized to make strategic acquisitions of companies with strengths in niche market segments not presently served by us, or that would extend the scale and scope of our business into new products, channels and geographies.”

For a full presentation of Pioneer’s 2009 financial performance, including audited financial statements and management’s discussion of the company’s financial condition and results of operations, please refer to the Form S-1/A filed with the Securities Exchange Commission on March 10, 2010.

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PIONEER POWER SOLUTIONS, INC. Consolidated Statements of Earnings (Audited)
	Year Ended December 31, 2009			Year Ended December 31, 2008
Sales	$	40,596,576		$	43,884,261
Cost of Goods Sold (including depreciation of $139,463 in 2009, $117,566 in 2008)		28,733,839			34,895,796
Gross Margin		11,864,737			8,988,465
Expenses:
Selling, General and Administrative		4,052,459			4,205,135
Depreciation		167,614			174,043
Foreign Exchange Loss (Gain)		(272,026	)		(98,428	)
Total Operating Expenses		3,948,047			4,280,705
Operating Income		7,916,690			4,707,715
Interest & Factoring Fees		(311,498	)		(512,421	)
Write-down of Advances to Limited Partners of a Shareholder		0			(700,335	)
Earnings Before Income Taxes		7,605,192			3,494,959
Income Taxes:
Current Income taxes		2,488,000			1,265,000
Deferred Income taxes		2,000			92,000
		2,490,000			1,357,000
Net Earnings	$	5,115,192		$	2,137,959
Basic and Diluted Weighted Average Number of Common Shares Outstanding		23,292,603			22,800,000
Basic and Diluted Earnings Per Common Share	$	0.22		$	0.09

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PIONEER POWER SOLUTIONS, INC. Condensed Consolidated Balance Sheet (Audited)
	December 31, 2009		December 31, 2008
ASSETS
Current Assets	$	13,588,113	$	10,726,939
Net Property, Plant and Equipment		987,261		827,672
Other Assets		20,171		0
Total Assets	$	14,595,545	$	11,554,611
LIABILITIES & EQUITY
Current Liabilities		4,626,736		8,999,809
Long-term Debt Due After One Year		0		111,519
Deferred and Other Liabilities		361,751		327,915
Shareholders' Equity		9,607,058		2,115,368
Total Liabilities and Shareholders Equity	$	14,595,545	$	11,554,611

About Pioneer Power Solutions, Inc.

Through its subsidiaries, Pioneer has been engaged in the design, development and manufacturing of liquid-filled power, distribution and specialty electric transformers for over 50 years. Pioneer serves customers in a variety of industries with particular emphasis on the electric utility, industrial and commercial construction markets in Canada and the United States. To learn more about Pioneer, please visit our website at at www.pioneerpowersolutions.com.

Contact:

Mitchell Benus

Pioneer Power Investor Relations

+1 347 326 8573

investors@pioneerpowersolutions.com

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Forward-looking Statements:

This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associate d with: (i) fluctuations in foreign currency exchange rates; (ii) the loss of significant customers; (iii) increases in the prices of raw materials; (iv) development of new products and service offerings; (v) the company's ability to integrate acquisitions; (vi) the effectiveness, profitability, and marketability of the company's current and prospective products and services; (vii) the impact of current, pending, or future legislation and regulation on the company's industry; and (viii) the impact of competitive products, services, pricing or technological changes. More detailed information about the company and the risk factors that may affect the realization of forward-looking statements is set forth in the company's filings with the Securities and Exchange Commission, including the company's Form S-1/A filed with the SEC on March 10, 2010. Investors and security holders are urged to read this document free of charge on the SEC's web site at www.sec.gov. The company does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

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