0001387131-17-002668.txt : 20170512 0001387131-17-002668.hdr.sgml : 20170512 20170512113121 ACCESSION NUMBER: 0001387131-17-002668 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 68 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170512 DATE AS OF CHANGE: 20170512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER POWER SOLUTIONS, INC. CENTRAL INDEX KEY: 0001449792 STANDARD INDUSTRIAL CLASSIFICATION: POWER, DISTRIBUTION & SPECIALTY TRANSFORMERS [3612] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35212 FILM NUMBER: 17837160 BUSINESS ADDRESS: STREET 1: 400 KELBY STREET, 12TH FLOOR CITY: FORT LEE STATE: NJ ZIP: 07024 BUSINESS PHONE: 212-867-0700 MAIL ADDRESS: STREET 1: 400 KELBY STREET, 12TH FLOOR CITY: FORT LEE STATE: NJ ZIP: 07024 FORMER COMPANY: FORMER CONFORMED NAME: SIERRA CONCEPTS, INC. DATE OF NAME CHANGE: 20081112 FORMER COMPANY: FORMER CONFORMED NAME: SIERRA CONCEPTS DATE OF NAME CHANGE: 20081112 10-Q 1 ppsi-10q_033117.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2017

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-35212

PIONEER POWER SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)

Delaware		27-1347616
(State of incorporation)		(I.R.S. Employer Identification No.)

400 Kelby Street, 12th Floor

Fort Lee, New Jersey 07024

(Address of principal executive offices)

(212) 867-0700

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (Check one):

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	(Do not check if a smaller reporting company)
Smaller reporting company	☒	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of the registrant’s common stock, $0.001 par value, as of May 12, 2017 was 8,712,712.

PIONEER POWER SOLUTIONS, INC.

Form 10-Q

For the Quarter Ended March 31, 2017

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

	Page
Item 1. Financial Statements	1
Unaudited Consolidated Statements of Income for the Three Months Ended March 31, 2017 and 2016	1
Unaudited Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2017 and 2016	2
Consolidated Balance Sheets at March 31, 2017 (unaudited) and December 31, 2016	3
Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2017 and 2016	4
Notes to Unaudited Consolidated Financial Statements	5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3. Quantitative and Qualitative Disclosures About Market Risk	26
Item 4. Controls and Procedures	26
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	27
Item 1A. Risk Factors	27
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3. Defaults Upon Senior Securities	27
Item 4. Mine Safety Disclosures	27
Item 5. Other Information	27
Item 6. Exhibits	27

PART I - FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

PIONEER POWER SOLUTIONS, INC.

Consolidated Statements of Income

(In thousands, except per share data)

(Unaudited)

	Three Months Ended
	March 31,
	2017			2016
Revenues	$	27,262		$	26,570
Cost of goods sold		21,146			20,711
Gross profit		6,116			5,859
Operating expenses
Selling, general and administrative		4,865			4,693
Restructuring and integration		155			119
Foreign exchange gain		(60	)		(47	)
Total operating expenses		4,960			4,765
Operating Income		1,156			1,094
Interest expense		508			285
Other expense		235			16
Income before taxes		413			793
Income tax expense		280			224
Net income	$	133		$	569

Net income per common share:
Basic	$	0.02		$	0.07
Diluted	$	0.02		$	0.07

Weighted average common shares outstanding:
Basic		8,702			8,700
Diluted		8,737			8,709

The accompanying notes are an integral part of these consolidated financial statements.

PIONEER POWER SOLUTIONS, INC.

Consolidated Statements of Comprehensive Income

(In thousands)

(Unaudited)

	Three Months Ended March 31,
	2017		2016
Net income	$	133	$	569
Other comprehensive income
Foreign currency translation adjustments		62		475
Amortization of net prior service costs and net actuarial gains / (losses), net of tax		26		(103	)
Other comprehensive income		88		372
Comprehensive income	$	221	$	941

The accompanying notes are an integral part of these consolidated financial statements.

PIONEER POWER SOLUTIONS, INC.

Consolidated Balance Sheets

(In thousands, except share data)

	March 31,			December 31,
	2017			2016
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	235		$	246
Accounts receivable, net		16,398			17,508
Inventories, net		29,828			26,147
Income taxes receivable		759			72
Prepaid expenses and other current assets		1,919			2,215
Total current assets		49,139			46,188
Property, plant and equipment, net		6,809			6,591
Deferred income taxes		5,588			5,659
Other assets		820			830
Intangible assets, net		7,756			8,168
Goodwill		9,972			9,972
Total assets	$	80,084		$	77,408

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Bank overdrafts	$	964		$	1,200
Revolving credit facilities		18,276			17,689
Short term borrowings		3,809			3,973
Accounts payable and accrued liabilities		20,711			18,139
Current maturities of long-term debt and capital lease obligations		397			1,379
Income taxes payable		1,502			1,360
Total current liabilities		45,659			43,740
Long-term debt, net of current maturities		4,830			4,005
Pension deficit		132			172
Other long-term liabilities		446			892
Noncurrent deferred income taxes		2,508			2,400
Total liabilities		53,575			51,209
Stockholders’ equity
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued		—			—
Common stock, $0.001 par value, 30,000,000 shares authorized; 8,712,712 shares issued and outstanding on March 31, 2017 and 8,699,712 shares issued and outstanding on December 31, 2016		9			9
Additional paid-in capital		23,304			23,215
Accumulated other comprehensive loss		(5,775	)		(5,863	)
Retained earnings		8,971			8,838
Total stockholders’ equity		26,509			26,199
Total liabilities and stockholders’ equity	$	80,084		$	77,408

The accompanying notes are an integral part of these consolidated financial statements

PIONEER POWER SOLUTIONS, INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three Months Ended
	March 31,
	2017			2016
Operating activities
Net income	$	133		$	569
Depreciation		307			287
Amortization of intangible assets		414			454
Amortization of debt issuance cost		74			29
Deferred income tax expense		180			12
Change in receivable reserves		44			220
Change in inventory reserves		13			265
Accrued pension		(16	)		(28	)
Stock-based compensation		30			54
Other		4			2
Foreign currency remeasurement gain / (loss)		1			(31	)
Changes in current operating assets and liabilities:
Accounts receivable		1,121			(1,106	)
Inventories		(3,618	)		(2,775	)
Prepaid expenses and other assets		308			(596	)
Income taxes		(561	)		146
Accounts payable and accrued liabilities		2,544			(2,252	)
Net cash provided / (used) in operating activities		978			(4,750	)

Investing activities
Additions to property, plant and equipment		(496	)		(154	)
Proceeds from sale of fixed assets		5			5
Net cash used in investing activities		(491	)		(149	)

Financing activities
(Decrease) / increase in bank overdrafts		(241	)		564
Repayment of short term borrowings		(164	)		—
Borrowings under debt agreement		11,392			12,628
Repayment of debt		(11,438	)		(8,802	)
Payment of debt issuance costs		(52	)		(3	)
Proceeds from the exercise of options for common stock		59			—
Net cash (used) / provided by financing activities		(444	)		4,387

Increase / (decrease) in cash and cash equivalents		43			(512	)
Effect of foreign exchange on cash and cash equivalents		(54	)		23

Cash and cash equivalents
Beginning of period		246			648
End of period	$	235		$	159

The accompanying notes are an integral part of these consolidated financial statements

PIONEER POWER SOLUTIONS, INC.
Notes to Unaudited Consolidated Financial Statements

1. BASIS OF PRESENTATION

Overview

Pioneer Power Solutions, Inc. and its wholly owned subsidiaries (referred to herein as the “Company,” “Pioneer,” “we,” “our” and “us”) manufacture, sell and service a broad range of specialty electrical transmission, distribution and on-site power generation equipment for applications in the utility, industrial, commercial and backup power markets. The Company is headquartered in Fort Lee, New Jersey and operates from twelve additional locations in the U.S., Canada and Mexico for manufacturing, centralized distribution, engineering, sales and administration.

We have two reportable segments as defined in our Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2017: Transmission and Distribution Solutions (“T&D Solutions”) and Critical Power Solutions (“Critical Power”).

Presentation

The accompanying unaudited consolidated financial statements of the Company have been prepared pursuant to the rules of the SEC and reflect the accounts of the Company as of March 31, 2017. Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), have been condensed or omitted pursuant to those rules and regulations. We believe that the disclosures made are adequate to make the information presented not misleading to the reader. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations and cash flows with respect to the interim consolidated financial statements have been included. The results of operations for the interim period are not necessarily indicative of the results for the entire fiscal year. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP for a year-end balance sheet.

All dollar amounts (except share and per share data) presented in the notes to our unaudited consolidated financial statements are stated in thousands of dollars, unless otherwise noted. Amounts may not foot due to rounding.

These unaudited consolidated financial statements include the accounts of Pioneer and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. As further described in the two paragraphs below, certain prior year amounts have been reclassified to conform to the current year presentation.

During the process of the Company implementing the remediation plans discussed under the heading “Part I – Item 4. Controls and Procedures” of this Quarterly Report on Form 10-Q, which is ongoing, the Company determined that there were inconsistencies in classification of expenses between its business units in the reporting periods prior to December 31, 2016. As a result, the company reclassified certain expenses from operating expenses to cost of goods sold for the year ended December 31, 2016, as previously disclosed in the Annual Report on Form 10-K filed with the SEC on March 29, 2017, and for the three months ended March 31, 2016, resulting in a decrease to gross profit of $55, or negative 0.21% as a percentage of sales for the three months ended March 31, 2016.

These unaudited consolidated financial statements should be read in conjunction with the risk factors and the audited consolidated financial statements and notes thereto of the Company and its subsidiaries included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company’s significant accounting policies are described in Note 2 to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. There have been no significant changes in the Company’s accounting policies during the first quarter of 2017.

Recent Accounting Pronouncements

There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on the Company’s financial statements.

Revenue from Contracts with Customers. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.

PIONEER POWER SOLUTIONS, INC.
Notes to Unaudited Consolidated Financial Statements

In July 2015, the FASB made a decision to defer the effective date of the new standard for one year and permit early adoption as of the original effective date. The Company is currently reviewing its various revenue streams from its two reportable segments: (i) T&D Solutions and (ii) Critical Power. Concurrently, through the use of various data gathering methods, we are categorizing the types of sales for our business units for the purpose of comparing how we currently recognize revenue for the purpose of quantifying the impact, if any, that this new standard will have on our consolidated financial statements and we have not yet determined the method by which we will adopt the standard in 2018.

Simplifying the Measurement of Inventory. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This standard amends Topic 330, Inventory, which currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. When this standard is adopted, an entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company adopted ASU No. 2015-11 in 2017 and has reflected the impact in the current year’s consolidated financial statements, however the adoption of this ASU will result in a significant increase to the Company’s stated assets and liabilities.

Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires, among other things, a lessee to recognize a liability representing future lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For operating leases, a lessee will be required to recognize at inception a right-of-use asset and a lease liability equal to the net present value of the lease payments, with lease expense recognized over the lease term on a straight-line basis. For leases with a term of twelve months or less, ASU 2016-02 allows a reporting entity to make an accounting policy election to not recognize a right-of-use asset and a lease liability, and to recognize lease expense on a straight-line basis. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Upon adoption, a reporting entity should apply the provisions of ASU 2016-02 at the beginning of the earliest period presented using a modified retrospective approach, which includes certain optional practical expedients that an entity may elect to apply. The Company is evaluating the potential impact of adopting ASU 2016-02 on its consolidated financial statements.

Share-Based Compensation. In April 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting”. Under ASU No. 2016-09, companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in capital (“APIC”). Instead, they will record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement and the APIC pools will be eliminated. In addition, ASU No. 2016-09 eliminates the requirement that excess tax benefits be realized before companies can recognize them. ASU No. 2016-09 also requires companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity. Furthermore, ASU No. 2016-09 will increase the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer’s statutory income tax withholding obligation. An employer with a statutory income tax withholding obligation will now be allowed to withhold shares with a fair value up to the amount of taxes owed using the maximum statutory tax rate in the employee’s applicable jurisdiction(s). ASU No. 2016-09 requires a company to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on the statement of cash flows. Under current GAAP, it was not specified how these cash flows should be classified. In addition, companies will now have to elect whether to account for forfeitures on share-based payments by (1) recognizing forfeitures of awards as they occur or (2) estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, as is currently required. The Amendments of this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted but all of the guidance must be adopted in the same period. The Company adopted ASU No. 2016-09 in 2017. The adoption of the new guidance did not materially affect the Company’s financial position, results of operations or cash flows.

PIONEER POWER SOLUTIONS, INC.

Notes to Unaudited Consolidated Financial Statements

3. OTHER EXPENSE

Other expense in the consolidated statements of operations for the three months ended March 31, 2017 and 2016 are as follows:

	Three Months Ended March 31,
	2017		2016
Payroll tax interest and penalties accrued / (abated)	$	47	$	(139	)
Acquisition transactions and other expenses		188		155
Other expense	$	235	$	16

The Company continues to record interest on past due and unpaid payroll tax obligations.

4. INVENTORIES

The components of inventories are summarized below:

	March 31,			December 31,
	2017			2016
Raw materials	$	10,855		$	10,175
Work in process		7,912			6,535
Finished goods		11,438			9,826
Provision for excess and obsolete inventory		(377	)		(389	)
Total inventories	$	29,828		$	26,147

Included in raw materials and finished goods at March 31, 2017 and December 31, 2016 are goods in transit of approximately $3.1 million.

At March 31, 2017 and December 31, 2016, raw materials not pledged to our secured creditor were used as collateral to secure short term borrowings under a product financing agreement amounting to $3.0 million and $4.0 million, respectively.

5. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are summarized below:

	March 31,			December 31,
	2017			2016
Land	$	47		$	46
Buildings		2,315			2,293
Machinery and equipment		9,596			9,421
Furniture and fixtures		782			466
Computer hardware and software		1,315			1,289
Leasehold improvements		555			534
Construction in progress		18			18
		14,628			14,067
Less: Accumulated depreciation		(7,819	)		(7,476	)
Total property, plant and equipment, net	$	6,809		$	6,591

Depreciation expense was $0.3 million in the three months ended March 31, 2017 and 2016.

PIONEER POWER SOLUTIONS, INC.

Notes to Unaudited Consolidated Financial Statements

6. OTHER ASSETS

In December 2011 and January 2012, the Company made two loans, each in the amount of $0.3 million to a developer of a renewable energy project in the U.S. The promissory notes accrue interest at a rate of 4.5% per annum with a final payment of all unpaid principal and interest becoming fully due and payable upon the earlier to occur of (i) the four year anniversary of the issuance date of the promissory notes, or (ii) an event of default. As defined in the promissory notes, an event of default includes, but is not limited to, the following: any bankruptcy, reorganization or similar proceeding involving the borrower, a sale or transfer of substantially all the assets of the borrower, a default by the borrower relating to any indebtedness due to third parties, the incurrence of additional indebtedness by the borrower without the Company’s written consent and failure of the borrower to perform its obligations pursuant to its other agreements with the Company, including its purchase order for pad mount transformers. The full loan receivable is outstanding at March 31, 2017, and December 31, 2016. The Company expects to fully recover these amounts. The Company is actively evaluating its alternatives to either foreclose on its security interests underlying the loans, or otherwise renegotiate and extend them. As the Company does not currently expect repayment of the loans receivable within the next twelve months, they have been classified as long-term in the Company’s Consolidated Balance Sheets.

Also included in Other Assets at March 31, 2017, and December 31, 2016, is a customer note receivable of $0.2 million.

7. GOODWILL AND OTHER INTANGIBLE ASSETS

There were no changes in the carrying values of goodwill for the three months ended March 31, 2017.

	T&D			Critical Power
	Solutions			Solutions		Total
	Segment			Segment		Goodwill
Gross Goodwill:
Balance as of January 1, 2017	$	7,978		$	2,970	$	10,948
No activity		—			—		—
Balance as of March 31, 2017	$	7,978		$	2,970	$	10,948
Accumulated impairment losses:
Balance as of January 1, 2017	$	(976	)	$	—	$	(976	)
No activity		—			—		—
Balance as of March 31, 2017	$	(976	)	$	—	$	(976	)

Net Goodwill as of March 31, 2017	$	7,002		$	2,970	$	9,972

Changes in the carrying values of intangible assets for the three months ended March 31, 2017, were as follows:

	T&D			Critical Power			Total
	Solutions			Solutions			Intangible
	Segment			Segment			Assets
Balance as of January 1, 2017		5,565			2,603			8,168
Amortization		(104	)		(310	)		(414	)
Foreign currency translation		2			—			2
Balance as of March 31, 2017	$	5,463		$	2,293		$	7,756

PIONEER POWER SOLUTIONS, INC.

Notes to Unaudited Consolidated Financial Statements

The components of intangible assets as of March 31, 2017 are summarized below:

	Weighted
	Average		Gross					Foreign
	Amortization		Carrying		Accumulated			Currency			Net Book
	Years		Amount		Amortization			Translation			Value
Customer relationships		7	$	7,201	$	(3,899	)	$	—		$	3,302
Non-compete agreements		6		705		(408	)		—			297
Trademarks		Indefinite		1,816		—			—			1,816
Distributor territory license		4		474		(267	)		—			207
Internally developed software		7		289		(93	)		—			196
Developed technology		10		492		(111	)		—			381
Technology-related industry accreditations		Indefinite		1,577		—			(20	)		1,557
Total intangible assets			$	12,554	$	(4,778	)	$	(20	)	$	7,756

8. DEBT

Canadian Credit Facilities

Our Canadian subsidiaries have maintained credit facilities with BMO since October 2009. In June 2011, our wholly owned subsidiary Pioneer Electrogroup Canada Inc. entered into a letter loan agreement with BMO (the “Initial Canadian Facilities”) that replaced and superseded all of our businesses’ prior financing arrangements with the bank.

Our Initial Canadian Facilities originally provided for up to $22.0 million Canadian dollars (“CAD”) (approximately $15.9 million expressed in U.S. dollars) consisting of a $10.0 million CAD demand revolving credit facility (“Facility A”) to finance ongoing operations, a $2.0 million CAD term credit facility (“Facility B”) that financed a plant expansion, and a $10.0 million CAD term credit facility (“Facility C”) that financed a business acquisition and the purchase and expansion of its manufacturing facilities.

The Initial Canadian Facilities required us to comply on a consolidated Canadian basis with various financial covenants, including maintaining a minimum fixed charge coverage ratio, a maximum funded debt to EBITDA ratio and a limitation on funded debt as a percent of capitalization.

Facility A was originally subject to margin criteria and borrowings bore interest at BMO’s prime rate plus 0.50% per annum on amounts borrowed in Canadian dollars, or its U.S. base rate plus 0.50% per annum or LIBOR plus 2.00% per annum on amounts borrowed in U.S. dollars.

Borrowings under Facility B originally bore interest at BMO’s prime rate plus 1.00% per annum with principal repayments becoming due on a five year amortization schedule.

Borrowings under Facility C were repayable according to a five year principal amortization schedule and bore interest at the following rates: if the funded debt to EBITDA ratio is equal to or greater than 2.00, BMO’s prime rate plus 1.25% per annum on amounts borrowed in Canadian dollars, or its U.S. base rate plus 1.25% per annum or LIBOR plus 2.50% per annum on amounts borrowed in U.S. dollars; or, if the funded debt to EBITDA ratio is less than 2.00, BMO’s prime rate plus 1.00% per annum on amounts borrowed in Canadian dollars, or its U.S. base rate plus 1.00% per annum or LIBOR plus 2.25% per annum on amounts borrowed in U.S. dollars. In addition, Facility C was subject to a standby fee which is calculated monthly using the unused portion of the facility at either 0.625% per annum if the funded debt to EBITDA ratio is equal to or greater than 2.00 or 0.5625% per annum if the funded debt to EBITDA ratio is less than 2.00.

In the third quarter of 2015, in connection with an amendment to our United States credit facilities, we elected to prepay $5.0 million Canadian dollars (approximately $4.0 million expressed in U.S. dollars) of Facility C with cash available on hand.

PIONEER POWER SOLUTIONS, INC.

Notes to Unaudited Consolidated Financial Statements

In April 2016, our wholly owned subsidiary, Pioneer Electrogroup Canada Inc. (“PECI”), entered into an Amended and Restated Credit Agreement (“CAD ARCA”) with BMO with respect to our existing Canadian credit facilities (as amended and restated, the “Canadian Facilities”) that replaced and superseded all of our businesses’ prior financing arrangements with the bank. This CAD ARCA extended the maturity date of our Canadian Facilities to July 31, 2017. Additionally, defaults relating to the breach of certain financial covenants under the prior financing arrangements with the bank existing as of December 31, 2015 were waived by BMO. On March 15, 2017, the CAD ARCA was further amended (the “2017 CAD ARCA Amendment”).

Our Canadian Facilities provided for up to $8.1 million CAD (approximately $6.3 million expressed in U.S. dollars) consisting of a revolving $7.0 million CAD Facility A to finance ongoing operations, a $0.5 million CAD Facility B that financed a plant expansion, and a $0.7 million USD Facility C that financed a business acquisition and the purchase and expansion of its manufacturing facilities. The 2017 CAD ARCA Amendment increased the Facility A to $8.0 million CAD, increasing the total amount of loans available under the Canadian Facilities to $9.1 million CAD.

Facility A, as amended and restated, is subject to margin criteria and borrowings bear interest at BMO’s prime rate plus 0.75% per annum on amounts borrowed in Canadian dollars, or its U.S. base rate plus 0.75% per annum or LIBOR plus 2.25% per annum on amounts borrowed in U.S. dollars. Pursuant to the 2017 CAD ARCA Amendment, Facility A will mature on July 31, 2018.

Borrowings under Facility B, as amended and restated, bear interest at BMO’s prime rate plus 1.25% per annum with principal repayments becoming due on a five year amortization schedule. Pursuant to the CAD ARCA, quarterly principal repayments were reduced to $47 CAD, with a balloon payment of $141 CAD due on July 31, 2017. The 2017 CAD ARCA Amendment amended the payment schedules so that the quarterly principal payments of $47 CAD will continue after July 31, 2017 until our borrowings under the facility is fully paid on April 30, 2018.

Borrowings under Facility C, as amended and restated, bear interest at BMO’s prime rate plus 1.50% per annum on amounts borrowed in Canadian dollars, or its U.S. base rate plus 1.50% per annum or LIBOR plus 2.75% per annum on amounts borrowed in U.S. dollars. Pursuant to the CAD ARCA, a principal repayment of $72 USD was due on June 30, 2016, and the reduced quarterly principal repayments of $36 USD was to be made beginning on October 31, 2016, with a balloon payment of $496 USD due on July 31, 2017. The 2017 CAD ARCA Amendment amended the payment schedules so that the quarterly payments of $36 USD will continue until July 31, 2018, with a balloon payment of $352 due on July 31, 2018.

The CAD ARCA modified financial covenant testing so that testing will be performed on our consolidated financial statements. The financial covenants were changed pursuant to the CAD 2017 Amendment to require certain minimum working capital ratios, minimum EBITDA levels and effective tangible net worth levels for each fiscal quarter, which were further modified by the 2017 CAD ARCA Amendment. We are in compliance with all financial covenants at March 31, 2017. On March 6, 2017, we received a waiver from BMO on a certain financial covenant as of December 31, 2016.

As of March 31, 2017, we had approximately $4.3 million in U.S. dollar equivalents outstanding under our Canadian Credit Facilities. Our borrowings consisted of approximately $3.5 million outstanding under Facility A, $0.2 million outstanding under Facility B and $0.6 million outstanding under Facility C.

United States Credit Facilities

On December 2, 2014, our existing U.S. credit facilities (the “U.S. Facilities”) were amended in order to provide a $5.0 million term loan facility that was used for the acquisition of Titan. The term loan facility had principal repayments becoming due on a five year amortization schedule.

The U.S. Facilities initially required us to comply with a two-step test of financial covenants. First, as measured on a consolidated basis, we were required to comply with a maximum funded debt to adjusted EBITDA ratio of (a) 3.15x for the quarter ended December 31, 2014 and the quarter ending March 31, 2015, (b) 3.25x for the quarter ending June 30, 2015, (c) 3.65x for the quarter ending September 30, 2015, and (d) 2.75x for the quarter ending December 31, 2015 and all testing periods thereafter. Secondly, if the funded debt to adjusted EBITDA tests above are met, and our fixed charge coverage ratio is at or above 1.10x for the quarter ended December 31, 2014, and at or above 1.25x for all testing periods thereafter, then no further compliance tests were required.

Alternatively, we could comply with the financial covenant requirements of the U.S. Facilities if our U.S. operations maintained a maximum funded debt to capitalization ratio and various minimum fixed charge coverage ratios and maximum funded debt to adjusted EBITDA ratios which were set at different thresholds by time period.

Borrowings under the demand revolving credit facility (USD Facility A) bore interest, at our option, at the bank’s prime rate plus 1.00% per annum on U.S. prime rate loans, or an adjusted LIBOR rate plus 2.25% per annum on Eurodollar loans. Borrowings under the term loan facility (USD Facility B) bore interest, at our option, at the bank’s prime rate plus 1.25% per annum on U.S. prime rate loans, or an adjusted LIBOR rate plus 2.50% per annum on Eurodollar loans.

PIONEER POWER SOLUTIONS, INC.

Notes to Unaudited Consolidated Financial Statements

In April 2016, we entered into an Amended and Restated Credit Agreement (“US ARCA”) with BMO with respect to our U.S. Facilities that replaced and superseded all of our businesses’ prior financing arrangements with the bank. Additionally, defaults relating to the breach of certain financial covenants under the prior financing arrangements with the bank existing as of December 31, 2015 were waived by BMO. On March 15, 2017, the US ARCA was further amended (the “2017 US ARCA Amendment”).

Our U.S. Facilities, as amended and restated by the US ARCA, provided for up to $19.1 million USD consisting of a $14.0 million USD Facility A to finance ongoing operations, a $5.0 million USD Facility B that financed the acquisition of Titan, and a new $0.1 million revolving credit facility provided pursuant to a MasterCard is to be used to pay for and temporarily finance our day-to-day business expenses and for no other purpose. The 2017 US ARCA Amendment increased the USD Facility A to $15.0 million, increasing the total amount of loans available under the U.S. Facilities to $20.1 million USD.

USD Facility A continues to bear interest, at our option, at the bank’s prime rate plus 1.00% per annum on U.S. prime rate loans, or an adjusted LIBOR rate plus 2.25% per annum on Eurodollar loans. USD Facility A had a maturity date of July 31, 2017, which was extended to July 31, 2018 pursuant to the 2017 US ARCA Amendment.

Borrowings under USD Facility B bear interest, at our option, at U.S. base rate plus 1.25% per annum on U.S. prime loans, or an adjusted LIBOR rate plus 2.50% per annum on Eurodollar loans. Pursuant to the US ARCA, our quarterly principal payments were reduced to $31 USD for calendar year 2016 and going forward, with the original amortization schedule continuing to apply to all quarterly principal payments made after December 31, 2016, and the final maturity date of December 2, 2019. The 2017 US ARCA Amendment reduced the scheduled quarterly principal payments to $31 USD, commencing March 31, 2017, to continue until July 31, 2018, with a balloon payment of $4,438 on July 31, 2018.

The US ARCA modified financial covenant testing so that testing will be performed on our consolidated financial statements. The financial covenants were changed pursuant to the US ARCA to require certain minimum working capital ratios, minimum EBITDA levels and effective tangible net worth levels for each fiscal quarter, which were further modified by the 2017 US ARCA Amendment. We are in compliance with all financial covenants at March 31, 2017. On March 6, 2017, we received a waiver from BMO on a certain financial covenant as of December 31, 2016.

Our obligations under the U.S. Facilities are guaranteed by all our wholly-owned U.S. subsidiaries. In addition, we and our wholly-owned U.S. subsidiaries granted a security interest in substantially all of our assets, including 65% of the shares of Pioneer Electrogroup Canada Inc. held by us, to secure our obligations for borrowed money under the U.S. Facilities. The U.S. Facilities also restrict our ability to incur indebtedness, create or incur liens, make investments, make distributions or dividends and enter into merger agreements for the sale of any or all our assets.

As of March 31, 2017, we had approximately $19.4 million outstanding under our U.S. Credit Facilities. Our borrowings consisted of approximately $14.8 million outstanding under USD Facility A, and $4.6 million outstanding under USD Facility B.

Nexus Promissory Note

On July 25, 2012, the Company’s Mexican subsidiary, Nexus Magneticos de Mexico, S. de R.L. de C.V. (“Nexus”), entered into a $1.65 million term loan agreement with GE CF Mexico, S.A. de C.V. (“GE Capital Mexico”). The term loan is payable in 60 consecutive monthly installments and bears interest, payable monthly, at a rate of 6.93% per annum. The obligations of Nexus under the term loan are secured by certain machinery and equipment located in Mexico and by a corporate guaranty by the Company. As of March 31, 2017 and December 31, 2016, there was approximately $0.1 and $0.2 million outstanding, respectively, under the Nexus Promissory Note.

PIONEER POWER SOLUTIONS, INC.

Notes to Unaudited Consolidated Financial Statements

Long-term debt consists of the following:

	March 31,			December 31,
	2017			2016
Term credit facilities, net (a)	$	5,116		$	5,194
Nexus promissory note		107			185
Capital lease obligations		4			5
Total debt		5,227			5,384
Less current portion		(397	)		(1,379	)
Total long-term debt	$	4,830		$	4,005

(a) The balances as of March 31, 2017, and December 31, 2016, are net of debt issuance costs of $223 and $245, respectively.

9. PENSION PLAN

The Company’s Canadian subsidiary sponsors a defined benefit pension plan at one of its locations in which a majority of its employees are members. The subsidiary funds 100% of all contributions to the plan. The benefits, or the rate per year of credit service, are established by the Company and updated at its discretion.

The components of the expense the Company incurred under the pension plan are as follows:

	Three Months Ended March 31,
	2017			2016
Current service cost, net of employee contributions	$	14		$	11
Interest cost on accrued benefit obligation		25			24
Expected return on plan assets		(40	)		(39	)
Amortization of transitional obligation		3			2
Amortization of past service costs		2			2
Amortization of net actuarial gain		12			8
Total cost of benefit	$	16		$	8

The Company’s policy is to fund the pension plan at or above the minimum level required by law. The Company made $14 and $22 of contributions to its defined benefit pension plan during the three months ended March 31, 2017 and 2016, respectively. Changes in the discount rate and actual investment returns that are lower than the long-term expected return on plan assets could result in the Company making additional contributions.

10. STOCKHOLDERS’ EQUITY

Common Stock

The Company had 8,712,712 and 8,699,712 shares of common stock, $0.001 par value per share, outstanding as of March 31, 2017 and December 31, 2016, respectively.

Warrants

As of March 31, 2017 and December 31, 2016, the Company had warrants outstanding to purchase 50,600 shares of common stock with a weighted average exercise price of $7.00 per share. The warrants expire on September 18, 2018. No warrants were exercised during the three months ended March 31, 2017.

PIONEER POWER SOLUTIONS, INC.

Notes to Unaudited Consolidated Financial Statements

Stock-Based Compensation

A summary of stock option activity under the 2011 Long-Term Incentive Plan as of March 31, 2017, and changes during the three months ended March 31, 2017, are presented below:

	Stock Options			Weighted average exercise price		Weighted average remaining contractual term		Aggregate intrinsic value
Outstanding as of January 1, 2017		247,400		$	8.75			$
Granted		262,000			7.30
Exercised		(13,000	)		4.53
Forfeited		—			—
Outstanding as of March 31, 2017		496,400		$	8.10		8.1	$	293,790
Exercisable as of March 31, 2017		226,066			9.15		5.9		215,922

As of March 31, 2017, there were 203,600 shares available for future grants under the Company’s 2011 Long-Term Incentive Plan.

Stock-based compensation expense recorded for the three months ended March 31, 2017 and 2016 was approximately $30 and $54, respectively. At March 31, 2017, the Company had total stock-based compensation expense remaining to be recognized in the consolidated statements of operations of approximately $642.

Foreign Currency Translation

Foreign assets and liabilities are translated using the exchange rate in effect at the balance sheet date and results of operations are translated using an average rate for the period. Translation adjustments are accumulated and reported as a component of accumulated other comprehensive income. The Company had foreign currency translation adjustments resulting in unrealized income of $0.1 million and $0.5 million for the three months ended March 31, 2017, and 2016, respectively.

PIONEER POWER SOLUTIONS, INC.

Notes to Unaudited Consolidated Financial Statements

11. BASIC AND DILUTED INCOME PER COMMON SHARE

Basic and diluted income per common share is calculated based on the weighted average number of shares outstanding during the period. The Company’s employee and director stock option awards, as well as incremental shares issuable upon exercise of warrants, are not considered in the calculations if the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted income per share (in thousands, except per share data):

	Three Months Ended March 31,
	2017		2016
Numerator:
Net income	$	133	$	569

Denominator:
Weighted average basic shares outstanding		8,702		8,700
Effect of dilutive securities - equity based compensation plans		32		9
Net dilutive effect of warrants outstanding		3		—
Denominator for diluted net income per common share		8,737		8,709

Net income per common share:
Basic	$	0.02	$	0.07
Diluted	$	0.02	$	0.07

Anti-dilutive securities (excluded from per share calculation):
Equity based compensation plans		146		314
Warrants		—		51

12. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

The Company follows ASC 280 - Segment Reporting in determining its reportable segments. The Company considered the way its management team, most notably its chief operating decision maker, makes operating decisions and assesses performance and considered which components of the Company’s enterprise have discrete financial information available. As the Company makes decisions using a manufactured products vs. distributed products and services group focus, its analysis resulted in two reportable segments: T&D Solutions and Critical Power. The Critical Power reportable segment is the Company’s Titan Energy Systems Inc. subsidiary. The T&D Solutions reportable segment is an aggregation of all other Company subsidiaries, together with sales and expenses attributable to the strategic sales group for its T&D Solutions marketing activities.

The T&D Solutions segment is involved in the design, manufacture and distribution of electrical transformers and switchgear used primarily by utilities, large industrial and commercial operations to manage their electrical power distribution needs. The Critical Power segment provides power generation equipment and aftermarket field-services primarily to help customers ensure smooth, uninterrupted power to operations during times of emergency.

PIONEER POWER SOLUTIONS, INC.

Notes to Unaudited Consolidated Financial Statements

The following tables present information about segment income and loss:

	Three Months Ended March 31,
	2017		2016
Revenues
T&D Solutions
Transformers	$	21,284	$	18,377
Switchgear		2,205		3,887
		23,489		22,264
Critical Power
Equipment		1,578		2,535
Service		2,195		1,771
		3,773		4,306
Consolidated	$	27,262	$	26,570

	Three Months Ended March 31,
	2017		2016
Depreciation and Amortization
T&D Solutions	$	352	$	356
Critical Power		351		369
Unallocated Corporate Overhead Expenses		18		16
Consolidated	$	721	$	741

	Three Months Ended March 31,
	2017			2016
Operating Income
T&D Solutions	$	2,062		$	2,047
Critical Power		(102	)		(133	)
Unallocated Corporate Overhead Expenses		(804	)		(820	)
Consolidated	$	1,156		$	1,094

Revenues are attributable to countries based on the location of the Company’s customers:

	Three Months Ended March 31,
	2017		2016
United States	$	18,581	$	17,553
Canada		8,681		8,952
Others		—		65
Total	$	27,262	$	26,570

13. SUBSEQUENT EVENTS

In April 2017, the Internal Revenue Service agreed to abate the penalties and interest for unpaid payroll tax liabilities from 2014 for PCPI, the last business unit of the Company to receive the abatement. The amount of this abatement is less than $100 and will be recorded in the second quarter of 2017.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the accompanying consolidated interim financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and with our Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the Securities and Exchange Commission on March 29, 2017.

Unless the context requires otherwise, references in this Form 10-Q to the “Company,” “Pioneer,” “we,” “our” and “us” refer to Pioneer Power Solutions, Inc. and its subsidiaries.

Special Note Regarding Forward-Looking Statements

This Form 10-Q contains “forward-looking statements,” which include information relating to future events, future financial performance, financial projections, strategies, expectations, competitive environment and regulation. Words such as “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information we have when those statements are made or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to:

●

General economic conditions and their effect on demand for electrical equipment, particularly in the commercial construction market, but also in the power generation, industrial production, data center, oil and gas, marine and infrastructure industries.

●

The effects of fluctuations in sales on our business, revenues, expenses, net income, income (loss) per share, margins and profitability.

●

Many of our competitors are better established and have significantly greater resources, and may subsidize their competitive offerings with other products and services, which may make it difficult for us to attract and retain customers.

●

We depend on Siemens Industry, Inc. (“Siemens”) for a large portion of our business, and any change in the level of orders from Siemens could have a significant impact on our results of operations.

●

The potential loss or departure of key personnel, including Nathan J. Mazurek, our chairman, president and chief executive officer.

●

Our ability to expand our business through strategic acquisitions.

●

Our ability to integrate acquisitions and related businesses.

●

Our ability to generate internal growth, maintain market acceptance of our existing products and gain acceptance for our new products.

●

Unanticipated increases in raw material prices or disruptions in supply could increase production costs and adversely affect our profitability.

●

Restrictive loan covenants and/or our ability to repay or refinance debt under our credit facilities could limit our future financing options and liquidity position and may limit our ability to grow our business.

●

Our ability to realize revenue reported in our backlog.

●

Operating margin risk due to competitive pricing and operating efficiencies, supply chain risk, material, labor or overhead cost increases, interest rate risk and commodity risk.

●

Strikes or labor disputes with our employees may adversely affect our ability to conduct our business.

●

A significant portion of our revenue and expenditures are derived or spent in Canadian dollars. However, we report our financial condition and results of operations in U.S. dollars. As a result, fluctuations between the U.S. dollar and the Canadian dollar will impact the amount of our revenues and net income (loss).

●

The impact of geopolitical activity on the economy, changes in government regulations such as income taxes, duties and tariffs on the importation of products we sell into the United States, climate control initiatives, the timing or strength of an economic recovery in our markets and our ability to access capital markets.

●

Our chairman controls a majority of our voting power, and may have, or may develop in the future, interests that may diverge from yours.

●

Material weaknesses in internal controls.

●

Future sales of large blocks of our common stock may adversely impact our stock price.

●

The liquidity and trading volume of our common stock.

The foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or risk factors that we are faced with that may cause our actual results to differ from those anticipated in our forward-looking statements. Moreover, new risks regularly emerge and it is not possible for us to predict or articulate all risks we face, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination of risks, may cause actual results to differ from those contained in any forward-looking statements. Except to the extent required by applicable laws or rules, we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should review carefully the risks and uncertainties described under the heading “Part II - Item 1A. Risk Factors” in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2016 for a discussion of the foregoing and other risks that relate to our business and investing in shares of our common stock.

Business Overview

We manufacture, sell and service a broad range of specialty electrical transmission, distribution and on-site power generation equipment for applications in the utility, industrial, commercial and backup power markets. Our principal products and services include custom-engineered electrical transformers, switchgear and engine-generator sets and controls, complemented by a national field-service network to maintain and repair power generation assets. We are headquartered in Fort Lee, New Jersey and operate from 12 additional locations in the U.S., Canada and Mexico for manufacturing, service, centralized distribution, engineering, sales and administration.

Description of Business Segments

We have two reportable segments: Transmission & Distribution Solutions (“T&D Solutions”) and Critical Power Solutions (“Critical Power”).

●

Our T&D Solutions business provides equipment solutions that help customers effectively and efficiently manage their electrical power distribution systems to desired specifications. The reporting segment is comprised of two primary product categories: electrical transformers and switchgear. These solutions are marketed principally through our Pioneer Transformers Ltd. (“PTL”), Jefferson Electric, Inc. (“Jefferson”), Bemag Transformers, Inc. (“Bemag”), Pioneer Critical Power, Inc. (“PCPI”) and Pioneer Custom Electric Products, Inc. (“PCEP”) brand names.

●

Our Critical Power business provides customers with sophisticated power generation equipment and an advanced data collection and monitoring platform, the combination of which is used to ensure smooth, uninterrupted power to operations during times of emergency. These solutions are marketed by our operations headquartered in Minnesota, currently doing business through Titan Energy Systems Inc. (“Titan”), either under the Titan or the Pioneer Critical Power brand names.

Foreign Currency Exchange Rates

Although we report our results in accordance with U.S. GAAP and in U.S. dollars, PTL and Bemag are Canadian operations whose functional currency is the Canadian dollar. As such, the financial position, results of operations, cash flows and equity of these operations are initially consolidated in Canadian dollars. Their assets and liabilities are then translated from Canadian dollars to U.S. dollars by applying the foreign currency exchange rate in effect at the balance sheet date, while the results of their operations and cash flows are translated to U.S. dollars by applying weighted average foreign currency exchange rates in effect during the reporting period. The resulting translation adjustments are included in other comprehensive income or loss.

The following table provides actual end of period exchange rates used to translate the financial position of our Canadian operations at the end of each period reported. The average exchange rates presented below, as provided by the Bank of Canada, are indicative of the weighted average rates we used to translate the revenues and expenses of our Canadian operations into U.S. dollars (rates expressed as the number of U.S. dollars to one Canadian dollar for each period reported):

	2017						2016
	Balance Sheet		Statements of Operations and Comprehensive Income				Balance Sheet		Statements of Operations and Comprehensive Income
Quarter Ended	End of Period		Period Average		Cumulative Average		End of Period		Period Average		Cumulative Average
March 31	$	0.7519	$	0.7559	$	0.7559	$	0.7700	$	0.7274	$	0.7274

Reclassifications

Critical Accounting Policies

There have been no material changes to our critical accounting policies as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2016.

RESULTS OF OPERATIONS

Overview of Three Months Results

Selected financial and operating data for our reportable business segments for the most recent reporting period is summarized below. This information, as well as the selected financial data provided in Note 12 – Business Segment and Geographic Information and in our unaudited Consolidated Financial Statements and related notes included in this Quarterly Report on Form 10-Q, should be referred to when reading our discussion and analysis of results of operations below.

Our summary of operating results during the three months ended March 31, 2017 and 2016 are as follows:

	Three Months Ended March 31,
	2017			2016
Revenues
T&D Solutions	$	23,489		$	22,264
Critical Power		3,773			4,306
Consolidated		27,262			26,570
Cost of sales
T&D Solutions		18,180			16,861
Critical Power		2,966			3,850
Consolidated		21,146			20,711
Gross profit		6,116			5,859
Selling, general and administrative expenses		4,342			4,153
Depreciation and amortization expense		523			540
Restructuring and integration		155			119
Foreign exchange gain		(60	)		(47	)
Total operating expenses		4,960			4,765
Operating income		1,156			1,094
Interest expense		508			285
Other expense		235			16
Income before taxes		413			793
Income tax expense		280			224
Net income	$	133		$	569

Backlog

Our backlog is based on firm orders from our customers expected to be delivered in the future, most of which is expected to occur during the next twelve months. Backlog may vary significantly from reporting period to reporting period due to the timing of customer commitments. The time between receipt of an order and actual delivery, or completion, of our products and services varies from one or more days, in the case of inventoried standard products, to three to nine months, in the case of certain custom engineered equipment solutions, and up to one year or more under our service contracts.

The following table represents the progression of our backlog, by reporting segment, as of the end of the last five quarters:

	March 31, 2017		December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016
T&D Solutions	$	31,705	$	34,588	$	36,699	$	33,653	$	31,647
Critical Power		5,039		3,970		4,831		4,146		3,586
Total order backlog	$	36,744	$	38,558	$	41,530	$	37,799	$	35,233

Revenue

The following table represents our revenues by reporting segment and major product category for the periods indicated:

	Three Months Ended March 31,
	2017		2016		Variance			%
T&D Solutions
Transformers	$	21,284	$	18,377	$	2,907			15.8
Switchgear		2,205		3,887		(1,682	)		(43.3	)
		23,489		22,264		1,225			5.5
Critical Power
Equipment		1,578		2,535		(957	)		(37.8	)
Service		2,195		1,771		424			23.9
		3,773		4,306		(533	)		(12.4	)
Total revenue	$	27,262	$	26,570	$	692			2.6

For the three months ended March 31, 2017, our consolidated revenue increased by $692, or 2.6%, to $27.3 million, up from $26.6 million during the three months ended March 31, 2016.

T&D Solutions. During the three months ended March 31, 2017, revenue from our transformer product lines increased by $2.9 million, or 15.8%. The increase was driven by higher sales of our dry type product lines, which increased by $1.8 million or 15.9%, with the balance of the increase from our liquid-filled transformers.

Our sales of T&D switchgear decreased by 43.3% to $2.2 million, during the three months ended March 31, 2017, as compared to the same period of the prior year. This decrease is the result of lower sales of our medium voltage switchgear products, which decreased by $1.6 million when compared to the same period last year.

Critical Power. Titan is the only business unit in the Critical Power segment. For the three months ended March 31, 2017, equipment sales were decreased by $957 as compared to the same period in the prior year, resulting from a reduced focus on this revenue stream.

For the three months ended March 31, 2017, service revenue increased by $424 or 23.9%, as compared to the same period in the prior year. This increase in our service business is the result of expanding our multi-location customers.

Gross Profit and Gross Margin

The following table represents our gross profit by reporting segment for the periods indicated:

	Three Months Ended March 31,
	2017		2016		Variance			%
T&D Solutions
Gross profit	$	5,309	$	5,403	$	(94	)		(1.7	)
Gross margin %		22.6		24.3		(1.7	)

Critical Power
Gross profit		807		456		351			77.0
Gross margin %		21.4		10.6		10.8

Consolidated gross profit	$	6,116	$	5,859	$	257			4.4
Consolidated gross margin %		22.4		22.1		0.3

For the three months ended March 31, 2017, our gross margin was 22.4% of revenues, compared to 22.1% during the three months ended March 31, 2016. The 0.3% increase in our consolidated gross margin percentage is explained mostly by the results of our Critical Power segment.

T&D Solutions. During the three months ended March 31, 2017, the 1.7% decrease in our T&D Solutions gross margin resulted primarily from lower margins in our switchgear and dry type transformer business partially offset by an increase in our liquid-filled transformer sales.

Critical Power. During the three months ended March 31, 2017, the gross margin increased by 10.8% when compared to the three months ended March 31, 2016. This increase is the result of revenue mix with shift towards service sales, which provide a greater gross margin than equipment sales.

Operating Expenses

The following table represents our operating expenses by reportable segment for the periods indicated:

	Three Months Ended March 31,
	2017			2016			Variance			%
T&D Solutions
Selling, general and administrative expense	$	2,997		$	3,161		$	(164	)		(5.2	)
Depreciation and amortization expense		155			155			—			—
Restructuring and integration		155			87			68			78.2
Foreign exchange gain		(60	)		(47	)		(13	)		27.7
Segment operating expense	$	3,247		$	3,356		$	(109	)		(3.2	)

Critical Power
Selling, general and administrative expense	$	558		$	221		$	337			152.5
Depreciation and amortization expense		351			369			(18	)		(4.9	)
Restructuring and integration		—			(1	)		1			—
Segment operating expense	$	909		$	589		$	320			54.3

Unallocated Corporate Overhead Expenses
Selling, general and administrative expense	$	787		$	771		$	16			2.1
Depreciation expense		17			16			1			6.3
Restructuring and integration		—			33			(33	)		(100.0	)
Foreign exchange gain		—			—			—			—
Segment operating expense	$	804		$	820		$	(16	)		(2.0	)

Consolidated
Selling, general and administrative expense	$	4,342		$	4,153		$	189			4.6
Depreciation and amortization expense		523			540			(17	)		(3.1	)
Restructuring and integration		155			119			36			30.3
Foreign exchange gain		(60	)		(47	)		(13	)		27.7
Consolidated operating expense	$	4,960		$	4,765		$	195			4.1

Selling, General and Administrative Expense. For the three months ended March 31, 2017, consolidated selling, general and administrative expense, increased by approximately $189, or 4.6%, to $4.3 million, as compared to $4.2 million during the three months ended March 31, 2016. As a percentage of our consolidated revenue, selling, general and administrative expense increased to 15.9% in the 2017 period, as compared to 15.6% in 2016.

The increase in our selling, general and administrative expense is attributable mostly to an increase in professional fees of $352 for the three months ended March 31, 2017 when compared to the 2016 period. This increase was offset by lower payroll and benefits costs for the same period.

Depreciation and Amortization Expenses. Depreciation and amortization expense consists primarily of amortization of definite-lived intangible assets, depreciation of fixed assets and excludes amounts included in cost of sales.

Restructuring and Integration Expenses. For the three months ended March 31, 2017, restructuring and integration expense increased by approximately $36, or 30.3%, to $155, as compared to $119 during the three months ended March 31, 2016.

Foreign Exchange Gain. During the three months ended March 31, 2017, approximately 30%, of our consolidated operating revenues were denominated in Canadian dollars (as compared to 26% in the corresponding 2016 period) and most of our expenses were denominated and disbursed in U.S. dollars. We have not historically engaged in currency hedging activities. Fluctuations in foreign currency exchange rates between the time we initiate and then settle transactions with our customers and suppliers can have an impact on our operating results. For the three months ended March 31, 2017, we recorded a gain of $60 due to currency fluctuations, compared to a gain of approximately $47 during the three months ended March 31, 2016.

Operating Income

The following table represents our operating income or loss by reportable segment for the periods indicated:

	Three Months Ended March 31,
	2017			2016			Variance		%
T&D Solutions	$	2,062		$	2,047		$	15		0.7
Critical Power		(102	)		(133	)		31		(23.3	)
Unallocated Corporate Overhead Expenses		(804	)		(820	)		16		(2.0	)
Total operating income	$	1,156		$	1,094		$	62		5.7

T&D Solutions. During the three months ended March 31, 2017 and 2016, T&D segment operating income was $2.1 and $2.0 million, respectively.

Critical Power. During the three months ended March 31, 2017 and 2016, our Critical Power segment generated an operating loss of $102 and $133, respectively.

Unallocated Corporate Overhead Expenses. Our corporate expenses consists primarily of executive management, corporate accounting and human resources personnel, office expenses, financing and corporate development activities, payroll and benefits administration, treasury, tax compliance, legal, stock-based compensation, public reporting costs, and costs not specifically allocated to reportable business segments. During the three months period ended March 31, 2017, our Unallocated Corporate Overhead Expenses decreased by $16, or 2.0%, compared to the three months ended March 31, 2016, primarily due to lower salary and benefit costs, partially offset by higher professional fees recorded at corporate.

Non-Operating Expense

Interest Expense. For the three months ended March 31, 2017, interest expense was approximately $508, as compared to $285 during the three months ended March 31, 2016. The increase in our interest expense was due to higher average borrowings outstanding under our credit facilities and the increased utilization of short term borrowings during the three months ended March 31, 2017, as compared to the three months ended March 31, 2016.

Other Expense. For the three months ended March 31, 2017, other non-operating expense was $235, as compared to $16 during the same periods of 2016. Included in other expense for the three months ended March 31, 2016, was an abatement of the payroll tax penalties of $369.

Income Tax Expense. Our effective income tax rate was 67.8% for the three months ended March 31, 2017, as compared to 28.2% during the same period in 2016, as set forth below (dollars in thousands):

	Three Months Ended March 31,
	2017		2016		Variance
Income before income taxes	$	413	$	793	$	(380	)
Income tax expense		280		224		56
Effective income tax rate %		67.8		28.2		39.6

Our effective income tax rate increased by 39.6% during the three months ended March 31, 2017, as compared to the same period of the prior year, primarily due to inclusion of deemed dividends from our Canadian operations, partially offset by foreign income taxed at lower tax rate. Excluding the impact of the deemed dividends and foreign income taxed at lower tax rate, the effective income tax rate for the three months ended March 31, 2017, is 31.2%.

Net Income

We generated net income of $133 during the three months ended March 31, 2017, as compared to a net income of $569 for the three months ended March 31, 2016. Our net income per basic and diluted share for the three months ended March 31, 2017 was $0.02, as compared to $0.07 for the three months ended March 31, 2016. The overall decrease in our net income was driven by increases in our interest expense, other expenses and income tax expense when compared to the same period in 2016.

LIQUIDITY AND CAPITAL RESOURCES

General. At March 31, 2017, we had total debt of $28,276 and $235 of cash and cash equivalents on hand. We have historically met our cash needs through a combination of cash flows from operating activities and bank borrowings under our revolving credit facilities. Our cash requirements are generally for operating activities, debt repayment, capital improvements and acquisitions. We believe that working capital, the borrowing capacity available under our credit facilities and funds generated from operations should be sufficient to finance our cash requirements for anticipated operating activities, capital improvements and principal repayments of debt through at least the next twelve months.

Cash Provided by / (Used in) Operating Activities. Cash provided by our operating activities was $978 during the three months ended March 31, 2017, compared to cash used in our operating activities of $4,750 during the three months ended March 31, 2016. The principal elements of cash provided by operating activities during the three months ended March 31, 2017, were approximately $133 of net income and $1,046 of non-cash expenses consisting of depreciation, amortization of intangibles and deferred issuance costs, changes in receivable and inventory reserves and stock-based compensation. These sources of cash during the period were offset by $206 of cash used for working capital purposes.

Cash Used in Investing Activities. Cash used in investing activities during the three months ended March 31, 2017, was approximately $491, as compared to $149 during the three months ended March 31, 2016. During the three months ended March 31, 2017, additions to our property, plant and equipment were $496.

Cash (Used in) / Provided by Financing Activities. Cash used in our financing activities was $444 during the three months ended March 31, 2017, as compared to $4,387 of cash provided by financing activities during the three months ended March 31, 2016. During the three months ended March 31, 2017, our net cash provided by financing activities included approximately $241 decrease in bank overdrafts and $11,392 of increased borrowings under our credit facilities, offset by payments of $11,438 on our credit facilities and a decrease in short term borrowings of $164 as a result of a product financing arrangement.

Working Capital. As of March 31, 2017, we had working capital of $3,480, including $235 of cash and equivalents, compared to working capital of $2,448, including $246 of cash and equivalents at December 31, 2016. Our current assets were approximately 1.1 times our current liabilities at March 31, 2017 and December 31, 2016. At March 31, 2017 and December 31, 2016, we had $2,753 and $1,535, respectively, of available and unused borrowing capacity from our revolving credit facilities, without taking into account cash and equivalents on hand. However, the availability of this capacity under our revolving credit facilities is subject to restrictions on the use of proceeds and is dependent upon our ability to satisfy certain financial and operating covenants, including financial ratios.

Credit Facilities and Long-Term Debt

Canadian Credit Facilities

Borrowings under Facility B originally bore interest at BMO’s prime rate plus 1.00% per annum with principal repayments becoming due on a five year amortization schedule.

United States Credit Facilities

On December 2, 2014, our existing U.S. credit facilities (the “U.S. Facilities) were amended in order to provide a $5.0 million term loan facility that was used for the acquisition of Titan. The term loan facility had principal repayments becoming due on a five year amortization schedule.

Nexus Promissory Note

On July 25, 2012, Nexus Magneticos de Mexico, S. de R.L. de C.V., a subsidiary of Jefferson Electric, Inc., entered into a $1.7 million term loan agreement with GE CF Mexico, S.A. de C.V. The term loan from GE CF Mexico, S.A. de C.V. is payable in 60 consecutive monthly installments and bears interest, payable monthly, at a rate of 6.93% per annum. In December 2013, we elected to make a $250 advance payment against the Nexus Promissory Note. We provided a guaranty to GE CF Mexico, S.A. de C.V. of all of Nexus Magneticos de Mexico, S. de R.L. de C.V.’s obligations under the term loan agreement. As of March 31, 2017, and December 31, 2016, there was approximately $0.1 and $0.2 million outstanding, respectively, under the Nexus Promissory Note.

Capital Lease Obligations

As of March 31, 2017, and December 31, 2016, we had an immaterial amount of capital lease obligations outstanding that were assumed in connection with the acquisition of Titan.

Capital Expenditures

Our additions to property, plant and equipment were $496 during the three months ended March 31, 2017, as compared to $154 during the three months ended March 31, 2016. We have no major future capital projects planned, or significant replacement spending anticipated during 2017.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable

ITEM 4. CONTROLS AND PROCEDURES

Management’s Conclusions Regarding Effectiveness of Disclosure Controls and Procedures

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The matters that management identified in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 29, 2017, continued to exist and were still considered material weaknesses in our internal control over financial reporting at March 31, 2017.

We conducted an evaluation of the effectiveness of our “disclosure controls and procedures” (“Disclosure Controls”), as defined by Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of March 31, 2017, the end of the period covered by this Quarterly Report on Form 10-Q. The Disclosure Controls evaluation was done in conjunction with an independent consulting firm and under the supervision and with the participation of management, including our chief executive officer and chief financial officer. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures. As of March 31, 2017, based on the evaluation of these disclosure controls and procedures, and in light of the material weaknesses found in our internal controls over financial reporting, our chief executive officer and chief financial officer have concluded that our disclosure controls and procedures were not effective.

Remediation Plan

As of March 31, 2017, there were control deficiencies which constituted a material weakness in our internal control over financial reporting. Management has taken, and is taking steps to strengthen our internal control over financial reporting. Specifically

●

We have executed a plan that provided for the recruitment of new senior personnel at our reporting unit locations, as well as additional training for existing accounting staff as it relates to our financial reporting requirements.

●

Members of management and the accounting staff have received additional training related to policies, procedures and internal controls, including Pioneer’s policies regarding monthly reconciliations and supervisory review procedures for all significant accounts.

●

Our corporate accounting group, assisted by an independent consulting firm that has been engaged, has reviewed and assessed progress on the remediation plan noted above.

In addition, we have implemented a component part of our restructuring and integration plan, designed to reduce the number of our production facilities from six locations to three. As a result, the controls and procedures which were previously identified as ineffective at our Bemag and PCPI reporting units have become inapplicable, as performance of their relevant business activities has been transferred to other Pioneer locations having suitable entity-level controls and financial closing and reporting processes. While we have taken certain actions to address the material weaknesses identified, additional measures may be necessary as we work to improve the overall effectiveness of our internal controls over financial reporting. Until the remediation plan is fully implemented and operating for a sufficient period of time, we will not be able to conclude that the material weaknesses have been remediated. We will continue to monitor and assess our remediation activities to address the material weaknesses discussed above through remediation as soon as practicable.

Changes in Internal Control over Financial Reporting

Other than the changes discussed above in the Remediation Plan, there have been no changes in our internal control over financial reporting during the first quarter ended March 31, 2017, that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we may become involved in lawsuits, investigations and claims that arise in the ordinary course of business.

On January 11, 2016, Myers Power Products, Inc., a specialty electrical products manufacturer, filed suit with the Superior Court of the State of California, County of Los Angeles, against us, PCEP and two PCEP’s employees who are former employees of Myers Power Products, Inc., Geo Murickan, the president of PCEP (“Murickan”), and Brett DeChellis (“DeChellis”), alleging, among other things, that Murickan wrongly used and retained confidential business information of Myers Power Products, Inc. for the benefit of us and PCEP, in breach of their confidentiality agreement and/or employment agreement entered into with Myers Power Products, Inc., and that we and PCEP knowingly received and used such confidential business information. Myers Power Products, Inc. is seeking injunctive relief enjoining us, PCEP and our employees from using its confidential business information and compensatory damages of an unspecified unlimited (exceeding $25,000) amount. On March 18, 2016, we filed an answer to the complaint, denying generally each and every allegation and relief sought by Myers Power Products, Inc. and seeking dismissal based on, among other things, failure to state facts sufficient to constitute a cause of action. We intend to contest the matter vigorously. Due to the uncertainties of litigation, however, we can give no assurance that we, PCEP and our employees will prevail on any claims made against us, PCEP and our employees in any such lawsuit. Also, we can give no assurance that any other lawsuits or claims brought in the future will not have an adverse effect on our financial condition, liquidity or operating results.

As of the date of this filing, we are not aware of any other material legal proceedings to which we or any of our subsidiaries is a party or to which any of our property is subject, nor are we aware of any such threatened or pending litigation or any such proceedings known to be contemplated by governmental authorities other than other than the foregoing suit filed by Myers Power Products, Inc.

We are not aware of any material proceedings in which any of our directors, officers or affiliates or any registered or beneficial shareholder of more than 5% of our common stock is an adverse party or has a material interest adverse to our interest.

ITEM 1A. RISK FACTORS

During the fiscal quarter ended March 31, 2017, there were no material changes from the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2016.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

See the Exhibit Index following the signature page to this Quarterly Report on Form 10-Q for a list of exhibits filed or furnished with this report, which Exhibit Index is incorporated herein by reference.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		PIONEER POWER SOLUTIONS, INC.

Date: May 12, 2017	By:	/s/ Nathan J. Mazurek
		Name: Nathan J. Mazurek
		Title: Chief Executive Officer

Date: May 12, 2017		/s/ Thomas Klink
		Name: Thomas Klink
		Title: Chief Financial Officer
		(Principal Financial Officer duly authorized to sign on behalf of Registrant)

EXHIBIT INDEX

Exhibit No.		Description
3.1		Composite Certificate of Incorporation (Incorporated by reference to Exhibit 3.1 to Amendment No. 4 to the Registration Statement on Form S-1 of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on June 21, 2011).

3.2		Bylaws (Incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on December 2, 2009).

10.1		Waiver Letter, dated March 6, 2017, from Bank of Montreal, Chicago Branch, as lender (Incorporated by reference to Exhibit 10.55 to the Annual Report on Form 10-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on March 29, 2017).

10.2		First Amending Agreement, dated as of March 15, 2017, by and among Pioneer Power Solutions, Inc., as borrower, each of the domestic subsidiary guarantors signatory thereto and Bank of Montreal, Chicago Branch, as lender (Incorporated by reference to Exhibit 10.56 to the Annual Report on Form 10-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on March 29, 2017).

10.3		First Amending Agreement, dated as of March 15, 2017, by and among Pioneer Electrogroup Canada Inc., as borrower, each of the Canadian subsidiary guarantors signatory thereto and Bank of Montreal, as lender (Incorporated by reference to Exhibit 10.57 to the Annual Report on Form 10-K of Pioneer Power Solutions, Inc. filed with the Securities and Exchange Commission on March 29, 2017).

31.1*		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101*		The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, formatted in XBRL (eXtensible Business Reporting Language), (i) Consolidated Statements of Operations, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Cash Flows and (v) Notes to the Consolidated Financial Statements.

* Filed herewith.

EX-31.1 2 ex31-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Pioneer Power Solutions, Inc. 10-Q

EXHIBIT 31.1

CERTIFICATION

I, Nathan J. Mazurek, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Pioneer Power Solutions, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and;

	b.	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 12, 2017

/s/ Nathan J. Mazurek

Nathan J. Mazurek

President, Chief Executive Officer and

Chairman of the Board of Directors (Principal Executive Officer duly authorized to sign on behalf of Registrant)

EX-31.2 3 ex31-2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER

Pioneer Power Solutions, Inc. 10-Q

EXHIBIT 31.2

CERTIFICATION

I, Thomas Klink, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Pioneer Power Solutions, Inc.;

	a.	designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a.	all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and;

	b.	any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 12, 2017	/s/ Thomas Klink
	Thomas Klink
	Chief Financial Officer
	(Principal Financial Officer duly authorized to sign on behalf of Registrant)

EX-32.1 4 ex32-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Pioneer Power Solutions, Inc. 10-Q

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

This certification is furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and accompanies the Quarterly Report on Form 10-Q (the “Form 10-Q”) for the fiscal quarter ended March 31, 2017 of Pioneer Power Solutions, Inc. (the “Company”). I, Nathan J. Mazurek, the Chief Executive Officer of the Company, certify that, based on my knowledge:

	(1)	The Form 10-Q fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and
	(2)	The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods covered in this report.

Date: May 12, 2017	By:	/s/ Nathan J. Mazurek
	Name:	Nathan J. Mazurek
	Title:	Chief Executive Officer

The foregoing certification is being furnished as an exhibit to the Form 10-Q pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and, accordingly, is not being filed as part of the Form 10-Q for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

EX-32.2 5 ex32-2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER

Pioneer Power Solutions, Inc. 10-Q

EXHIBIT 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

This certification is furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and accompanies the Quarterly Report on Form 10-Q (the “Form 10-Q”) for the fiscal quarter ended March 31, 2017 of Pioneer Power Solutions, Inc. (the “Company”). I, Thomas Klink, the Chief Financial Officer of the Company, certify that, based on my knowledge:

	(1)	The Form 10-Q fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and
	(2)	The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the periods covered in this report.

Date: May 12, 2017	By:	/s/ Thomas Klink
	Name:	Thomas Klink
	Title:	Chief Financial Officer

The foregoing certification is being furnished as an exhibit to the Form 10-K pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and, accordingly, is not being filed as part of the Form 10-Q for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   The Company’s significant accounting policies are described in Note 2 to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. There have been no significant changes in the Company’s accounting policies during the first quarter of 2017.    Recent Accounting Pronouncements   There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on the Company’s financial statements.   Revenue from Contracts with Customers. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.   In July 2015, the FASB made a decision to defer the effective date of the new standard for one year and permit early adoption as of the original effective date.  The Company is currently reviewing its various revenue streams from its two reportable segments: (i) T&D Solutions and (ii) Critical Power. Concurrently, through the use of various data gathering methods, we are categorizing the types of sales for our business units for the purpose of comparing how we currently recognize revenue for the purpose of quantifying the impact, if any, that this new standard will have on our consolidated financial statements and we have not yet determined the method by which we will adopt the standard in 2018.   Simplifying the Measurement of Inventory. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This standard amends Topic 330, Inventory, which currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. When this standard is adopted, an entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company adopted ASU No. 2015-11 in 2017 and has reflected the impact in the current year’s consolidated financial statements, however the adoption of this ASU will result in a significant increase to the Company’s stated assets and liabilities.   Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires, among other things, a lessee to recognize a liability representing future lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For operating leases, a lessee will be required to recognize at inception a right-of-use asset and a lease liability equal to the net present value of the lease payments, with lease expense recognized over the lease term on a straight-line basis. For leases with a term of twelve months or less, ASU 2016-02 allows a reporting entity to make an accounting policy election to not recognize a right-of-use asset and a lease liability, and to recognize lease expense on a straight-line basis. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Upon adoption, a reporting entity should apply the provisions of ASU 2016-02 at the beginning of the earliest period presented using a modified retrospective approach, which includes certain optional practical expedients that an entity may elect to apply. The Company is evaluating the potential impact of adopting ASU 2016-02 on its consolidated financial statements.   Share-Based Compensation. In April 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting”. Under ASU No. 2016-09, companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in capital (“APIC”). Instead, they will record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement and the APIC pools will be eliminated. In addition, ASU No. 2016-09 eliminates the requirement that excess tax benefits be realized before companies can recognize them. ASU No. 2016-09 also requires companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity. Furthermore, ASU No. 2016-09 will increase the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer’s statutory income tax withholding obligation. An employer with a statutory income tax withholding obligation will now be allowed to withhold shares with a fair value up to the amount of taxes owed using the maximum statutory tax rate in the employee’s applicable jurisdiction(s). ASU No. 2016-09 requires a company to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on the statement of cash flows. Under current GAAP, it was not specified how these cash flows should be classified. In addition, companies will now have to elect whether to account for forfeitures on share-based payments by (1) recognizing forfeitures of awards as they occur or (2) estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, as is currently required. The Amendments of this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted but all of the guidance must be adopted in the same period. The Company adopted ASU No. 2016-09 in 2017. The adoption of the new guidance did not materially affect the Company’s financial position, results of operations or cash flows.

3. OTHER EXPENSE   Other expense in the consolidated statements of operations for the three months ended March 31, 2017 and 2016 are as follows:   <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">Three Months Ended March 31,</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">2017</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">2016</td> <td style="font-weight: bold"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 62%">Payroll tax interest and penalties accrued / (abated)</td> <td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 14%">47</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 14%">(139</td> <td style="text-align: left; width: 1%">)</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left">Acquisition transactions and other expenses</td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">188</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">155</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt">Other expense</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">235</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">16</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>   The Company continues to record interest on past due and unpaid payroll tax obligations.

4.  INVENTORIES   The components of inventories are summarized below:   <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">March 31,</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">December 31,</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">2016</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; width: 62%">Raw materials</td> <td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 14%">10,855</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 14%">10,175</td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left">Work in process</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,912</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,535</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">Finished goods</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,438</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,826</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Provision for excess and obsolete inventory</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(377</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(389</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">Total inventories</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">29,828</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">26,147</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>   Included in raw materials and finished goods at March 31, 2017 and December 31, 2016 are goods in transit of approximately $3.1 million.   At March 31, 2017 and December 31, 2016, raw materials not pledged to our secured creditor were used as collateral to secure short term borrowings under a product financing agreement amounting to $3.0 million and $4.0 million, respectively.

5. PROPERTY, PLANT AND EQUIPMENT   Property, plant and equipment are summarized below:   <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">March 31,</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">December 31,</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">2017</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold">2016</td> <td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="width: 62%">Land</td> <td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 14%">47</td> <td style="text-align: left; width: 1%"> </td> <td style="width: 3%"> </td> <td style="text-align: left; width: 1%">$</td> <td style="text-align: right; width: 14%">46</td> <td style="text-align: left; width: 1%"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td>Buildings</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,315</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,293</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">Machinery and equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,596</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,421</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left">Furniture and fixtures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">782</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">466</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left">Computer hardware and software</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,315</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,289</td> <td style="text-align: left"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left">Leasehold improvements</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">555</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">534</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Construction in progress</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">18</td> <td style="text-align: left; padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">18</td> <td style="text-align: left; padding-bottom: 1pt"> </td></tr> <tr style="background-color: white; vertical-align: bottom"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,628</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,067</td> <td style="text-align: left"> </td></tr> <tr style="background-color: rgb(204,238,255); vertical-align: bottom"> <td style="text-align: left; padding-bottom: 1pt">Less: Accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(7,819</td> <td style="text-align: left; padding-bottom: 1pt">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(7,476</td> <td style="text-align: left; padding-bottom: 1pt">)</td></tr> <tr style="background-color: white; vertical-align: bottom"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">Total property, plant and equipment, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">6,809</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">6,591</td> <td style="text-align: left; padding-bottom: 2.5pt"> </td></tr> </table>   Depreciation expense was $0.3 million in the three months ended March 31, 2017 and 2016.

6.  OTHER ASSETS   In December 2011 and January 2012, the Company made two loans, each in the amount of $0.3 million to a developer of a renewable energy project in the U.S. The promissory notes accrue interest at a rate of 4.5% per annum with a final payment of all unpaid principal and interest becoming fully due and payable upon the earlier to occur of (i) the four year anniversary of the issuance date of the promissory notes, or (ii) an event of default. As defined in the promissory notes, an event of default includes, but is not limited to, the following: any bankruptcy, reorganization or similar proceeding involving the borrower, a sale or transfer of substantially all the assets of the borrower, a default by the borrower relating to any indebtedness due to third parties, the incurrence of additional indebtedness by the borrower without the Company’s written consent and failure of the borrower to perform its obligations pursuant to its other agreements with the Company, including its purchase order for pad mount transformers.  The full loan receivable is outstanding at March 31, 2017, and December 31, 2016. The Company expects to fully recover these amounts. The Company is actively evaluating its alternatives to either foreclose on its security interests underlying the loans, or otherwise renegotiate and extend them. As the Company does not currently expect repayment of the loans receivable within the next twelve months, they have been classified as long-term in the Company’s Consolidated Balance Sheets.   Also included in Other Assets at March 31, 2017, and December 31, 2016, is a customer note receivable of $0.2 million.

7.  GOODWILL AND OTHER INTANGIBLE ASSETS   There were no changes in the carrying values of goodwill for the three months ended March 31, 2017.   <table cellspacing="0" cellpadding="0" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">T&D</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Critical Power</td> <td style="font-weight: bold"> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Solutions</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Solutions</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Total</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Segment</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Segment</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Goodwill</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-left: 0.125in">Gross Goodwill:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 52%">Balance as of January 1, 2017</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">7,978</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">2,970</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">10,948</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.125in">No activity</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Balance as of March 31, 2017</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">7,978</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">2,970</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">10,948</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Accumulated impairment losses:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance as of January 1, 2017</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(976</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(976</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.125in">No activity</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Balance as of March 31, 2017</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">(976</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">(976</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-weight: bold; padding-bottom: 2.5pt; padding-left: 0.125in">Net Goodwill as of March 31, 2017</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">7,002</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">2,970</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">9,972</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   Changes in the carrying values of intangible assets for the three months ended March 31, 2017, were as follows:   <table cellspacing="0" cellpadding="0" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">T&D</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Critical Power</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Total</td> <td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Solutions</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Solutions</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intangible</td> <td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Segment</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Segment</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Assets</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Balance as of January 1, 2017</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">5,565</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">2,603</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">8,168</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.125in">Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(104</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(310</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(414</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.125in">Foreign currency translation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Balance as of March 31, 2017</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">5,463</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">2,293</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">7,756</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   The components of intangible assets as of March 31, 2017 are summarized below:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td> <td style="font-weight: bold; text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Gross</td> <td style="font-weight: bold; text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Foreign</td> <td style="font-weight: bold; text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Amortization</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Carrying</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Accumulated</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Currency</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Net Book</td> <td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Years</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Amount</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Amortization</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Translation</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Value</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Customer relationships</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 9%; text-align: center">7</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">7,201</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">(3,899</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">3,302</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Non-compete agreements</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">6</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">705</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(408</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">297</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Trademarks</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">Indefinite</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,816</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,816</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Distributor territory license</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">4</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">474</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(267</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">207</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Internally developed software</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">7</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">289</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(93</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">196</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Developed technology</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">10</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">492</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(111</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">381</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Technology-related industry accreditations</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="text-align: center">Indefinite</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,577</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(20</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,557</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left; padding-left: 0.125in">Total intangible assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td> <td style="text-align: center"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">12,554</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">(4,778</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">(20</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">7,756</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

9. PENSION PLAN   The Company’s Canadian subsidiary sponsors a defined benefit pension plan at one of its locations in which a majority of its employees are members. The subsidiary funds 100% of all contributions to the plan. The benefits, or the rate per year of credit service, are established by the Company and updated at its discretion.   The components of the expense the Company incurred under the pension plan are as follows:   <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left; padding-left: 0.75pt">Current service cost, net of employee contributions</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">14</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">11</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.75pt">Interest cost on accrued benefit obligation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">25</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.75pt">Expected return on plan assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(40</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(39</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.75pt">Amortization of transitional obligation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.75pt">Amortization of past service costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.75pt">Amortization of net actuarial gain</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">12</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">8</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2pt; text-align: left; padding-left: 0.125in">Total cost of benefit</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">16</td> <td style="padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">8</td> <td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table>   The Company’s policy is to fund the pension plan at or above the minimum level required by law. The Company made $14 and $22 of contributions to its defined benefit pension plan during the three months ended March 31, 2017 and 2016, respectively. Changes in the discount rate and actual investment returns that are lower than the long-term expected return on plan assets could result in the Company making additional contributions.

10. STOCKHOLDERS’ EQUITY   Common Stock   The Company had 8,712,712 and 8,699,712 shares of common stock, $0.001 par value per share, outstanding as of March 31, 2017 and December 31, 2016, respectively.   Warrants   As of March 31, 2017 and December 31, 2016, the Company had warrants outstanding to purchase 50,600 shares of common stock with a weighted average exercise price of $7.00 per share. The warrants expire on September 18, 2018. No warrants were exercised during the three months ended March 31, 2017.   Stock-Based Compensation   A summary of stock option activity under the 2011 Long-Term Incentive Plan as of March 31, 2017, and changes during the three months ended March 31, 2017, are presented below:   <table cellspacing="0" cellpadding="0" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Stock Options</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Weighted average exercise price</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Weighted average remaining contractual term</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Aggregate intrinsic value</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 42%; text-align: left">Outstanding as of January 1, 2017</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">247,400</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">8.75</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.125in">Granted</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">262,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">Exercised</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(13,000</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.53</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.125in">Forfeited</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Outstanding as of March 31, 2017</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">496,400</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">8.10</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">8.1</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">293,790</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Exercisable as of March 31, 2017</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">226,066</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">9.15</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">5.9</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">215,922</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>    As of March 31, 2017, there were 203,600 shares available for future grants under the Company’s 2011 Long-Term Incentive Plan.   Stock-based compensation expense recorded for the three months ended March 31, 2017 and 2016 was approximately $30 and $54, respectively. At March 31, 2017, the Company had total stock-based compensation expense remaining to be recognized in the consolidated statements of operations of approximately $642.   Foreign Currency Translation   Foreign assets and liabilities are translated using the exchange rate in effect at the balance sheet date and results of operations are translated using an average rate for the period. Translation adjustments are accumulated and reported as a component of accumulated other comprehensive income. The Company had foreign currency translation adjustments resulting in unrealized income of $0.1 million and $0.5 million for the three months ended March 31, 2017, and 2016, respectively.

11. BASIC AND DILUTED INCOME PER COMMON SHARE   Basic and diluted income per common share is calculated based on the weighted average number of shares outstanding during the period. The Company’s employee and director stock option awards, as well as incremental shares issuable upon exercise of warrants, are not considered in the calculations if the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted income per share (in thousands, except per share data):    <table cellspacing="0" cellpadding="0" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Numerator:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; padding-bottom: 2pt; text-align: left; text-indent: 10pt">Net income</td> <td style="width: 1%; padding-bottom: 2pt"> </td> <td style="width: 1%; border-bottom: black 2pt double; text-align: left">$</td> <td style="width: 12%; border-bottom: black 2pt double; text-align: right">133</td> <td style="width: 1%; padding-bottom: 2pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 2pt"> </td> <td style="width: 1%; border-bottom: black 2pt double; text-align: left">$</td> <td style="width: 12%; border-bottom: black 2pt double; text-align: right">569</td> <td style="width: 1%; padding-bottom: 2pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 6.75pt; text-indent: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.75pt">Denominator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 10pt">Weighted average basic shares outstanding</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,702</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,700</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 10pt">Effect of dilutive securities - equity based compensation plans</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">32</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; text-indent: 10pt">Net dilutive effect of warrants outstanding</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2pt; text-align: left; text-indent: 10pt">Denominator for diluted net income per common share</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left"> </td> <td style="border-bottom: black 2pt double; text-align: right">8,737</td> <td style="padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left"> </td> <td style="border-bottom: black 2pt double; text-align: right">8,709</td> <td style="padding-bottom: 2pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.75pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.75pt">Net income per common share:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 10pt">Basic</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.02</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.07</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt">Diluted</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.02</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.07</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.75pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.75pt">Anti-dilutive securities (excluded from per share calculation):</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 10pt">Equity based compensation plans</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">146</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">314</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt">Warrants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">51</td> <td style="text-align: left"> </td></tr> </table>

12. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION   The Company follows ASC 280 - Segment Reporting in determining its reportable segments. The Company considered the way its management team, most notably its chief operating decision maker, makes operating decisions and assesses performance and considered which components of the Company’s enterprise have discrete financial information available. As the Company makes decisions using a manufactured products vs. distributed products and services group focus, its analysis resulted in two reportable segments: T&D Solutions and Critical Power. The Critical Power reportable segment is the Company’s Titan Energy Systems Inc. subsidiary. The T&D Solutions reportable segment is an aggregation of all other Company subsidiaries, together with sales and expenses attributable to the strategic sales group for its T&D Solutions marketing activities.   The T&D Solutions segment is involved in the design, manufacture and distribution of electrical transformers and switchgear used primarily by utilities, large industrial and commercial operations to manage their electrical power distribution needs. The Critical Power segment provides power generation equipment and aftermarket field-services primarily to help customers ensure smooth, uninterrupted power to operations during times of emergency.    The following tables present information about segment income and loss:   <table cellspacing="0" cellpadding="0" style="width: 90%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Revenues</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 0.125in">T&D Solutions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; padding-left: 0.25in">Transformers</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">21,284</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">18,377</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.25in">Switchgear</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,205</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,887</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,489</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,264</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.125in">Critical Power</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in">Equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,578</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,535</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.25in">Service</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,195</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,771</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,773</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">4,306</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.125in">Consolidated</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">27,262</td> <td style="padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">26,570</td> <td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 90%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Depreciation and Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left; padding-left: 0.125in">T&D Solutions</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">352</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">356</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.125in">Critical Power</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">351</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">369</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">Unallocated Corporate Overhead Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">18</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">16</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.125in">Consolidated</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">721</td> <td style="padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">741</td> <td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 90%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Operating Income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left; padding-left: 0.125in">T&D Solutions</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">2,062</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">2,047</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.125in">Critical Power</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(102</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(133</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">Unallocated Corporate Overhead Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(804</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(820</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.125in">Consolidated</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">1,156</td> <td style="padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">1,094</td> <td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table>    Revenues are attributable to countries based on the location of the Company’s customers:   <table cellspacing="0" cellpadding="0" style="width: 90%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left; padding-left: 0.125in">United States</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">18,581</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">17,553</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.125in">Canada</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,681</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,952</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Others</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">65</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.125in">Total</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">27,262</td> <td style="padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">26,570</td> <td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table>

13. SUBSEQUENT EVENTS    In April 2017, the Internal Revenue Service agreed to abate the penalties and interest for unpaid payroll tax liabilities from 2014 for PCPI, the last business unit of the Company to receive the abatement. The amount of this abatement is less than $100 and will be recorded in the second quarter of 2017.

Recent Accounting Pronouncements   There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on the Company’s financial statements.   Revenue from Contracts with Customers. In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.   In July 2015, the FASB made a decision to defer the effective date of the new standard for one year and permit early adoption as of the original effective date.  The Company is currently reviewing its various revenue streams from its two reportable segments: (i) T&D Solutions and (ii) Critical Power. Concurrently, through the use of various data gathering methods, we are categorizing the types of sales for our business units for the purpose of comparing how we currently recognize revenue for the purpose of quantifying the impact, if any, that this new standard will have on our consolidated financial statements and we have not yet determined the method by which we will adopt the standard in 2018.   Simplifying the Measurement of Inventory. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. This standard amends Topic 330, Inventory, which currently requires an entity to measure inventory at the lower of cost or market. Market could be replacement cost, net realizable value, or net realizable value less an approximately normal profit margin. When this standard is adopted, an entity should measure in scope inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company adopted ASU No. 2015-11 in 2017 and has reflected the impact in the current year’s consolidated financial statements, however the adoption of this ASU will result in a significant increase to the Company’s stated assets and liabilities.   Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires, among other things, a lessee to recognize a liability representing future lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. For operating leases, a lessee will be required to recognize at inception a right-of-use asset and a lease liability equal to the net present value of the lease payments, with lease expense recognized over the lease term on a straight-line basis. For leases with a term of twelve months or less, ASU 2016-02 allows a reporting entity to make an accounting policy election to not recognize a right-of-use asset and a lease liability, and to recognize lease expense on a straight-line basis. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. Upon adoption, a reporting entity should apply the provisions of ASU 2016-02 at the beginning of the earliest period presented using a modified retrospective approach, which includes certain optional practical expedients that an entity may elect to apply. The Company is evaluating the potential impact of adopting ASU 2016-02 on its consolidated financial statements.   Share-Based Compensation. In April 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting”. Under ASU No. 2016-09, companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in capital (“APIC”). Instead, they will record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement and the APIC pools will be eliminated. In addition, ASU No. 2016-09 eliminates the requirement that excess tax benefits be realized before companies can recognize them. ASU No. 2016-09 also requires companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity. Furthermore, ASU No. 2016-09 will increase the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer’s statutory income tax withholding obligation. An employer with a statutory income tax withholding obligation will now be allowed to withhold shares with a fair value up to the amount of taxes owed using the maximum statutory tax rate in the employee’s applicable jurisdiction(s). ASU No. 2016-09 requires a company to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on the statement of cash flows. Under current GAAP, it was not specified how these cash flows should be classified. In addition, companies will now have to elect whether to account for forfeitures on share-based payments by (1) recognizing forfeitures of awards as they occur or (2) estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, as is currently required. The Amendments of this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted but all of the guidance must be adopted in the same period. The Company adopted ASU No. 2016-09 in 2017. The adoption of the new guidance did not materially affect the Company’s financial position, results of operations or cash flows.

Other expense in the consolidated statements of operations for the three months ended March 31, 2017 and 2016 are as follows:   <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: left">Payroll tax interest and penalties accrued / (abated)</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">47</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">(139</td> <td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Acquisition transactions and other expenses</td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">188</td> <td style="text-align: left"> </td> <td> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">155</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Other expense</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">235</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">16</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The components of inventories are summarized below:   <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%; text-align: left">Raw materials</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">10,855</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">10,175</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Work in process</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7,912</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">6,535</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Finished goods</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,438</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,826</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Provision for excess and obsolete inventory</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(377</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(389</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left; padding-left: 0.125in">Total inventories</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">29,828</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">26,147</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Property, plant and equipment are summarized below:   <table cellspacing="0" cellpadding="0" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 62%">Land</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">47</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right">46</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Buildings</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,315</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,293</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Machinery and equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,596</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9,421</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Furniture and fixtures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">782</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">466</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer hardware and software</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,315</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,289</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Leasehold improvements</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">555</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">534</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Construction in progress</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">18</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">18</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,628</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">14,067</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Less: Accumulated depreciation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(7,819</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(7,476</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left; padding-left: 0.125in">Total property, plant and equipment, net</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">6,809</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">6,591</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

There were no changes in the carrying values of goodwill for the three months ended March 31, 2017.   <table cellspacing="0" cellpadding="0" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">T&D</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Critical Power</td> <td style="font-weight: bold"> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Solutions</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Solutions</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Total</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Segment</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Segment</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Goodwill</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-left: 0.125in">Gross Goodwill:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 52%">Balance as of January 1, 2017</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">7,978</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">2,970</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">10,948</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.125in">No activity</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Balance as of March 31, 2017</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">7,978</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">2,970</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">10,948</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Accumulated impairment losses:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Balance as of January 1, 2017</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(976</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">(976</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.125in">No activity</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt">Balance as of March 31, 2017</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">(976</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">(976</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="font-weight: bold; padding-bottom: 2.5pt; padding-left: 0.125in">Net Goodwill as of March 31, 2017</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">7,002</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">2,970</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">9,972</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Changes in the carrying values of intangible assets for the three months ended March 31, 2017, were as follows:   <table cellspacing="0" cellpadding="0" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">T&D</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Critical Power</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Total</td> <td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Solutions</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Solutions</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intangible</td> <td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Segment</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Segment</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Assets</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Balance as of January 1, 2017</td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">5,565</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">2,603</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">8,168</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.125in">Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(104</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(310</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(414</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.125in">Foreign currency translation</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Balance as of March 31, 2017</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">5,463</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">2,293</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">7,756</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The components of intangible assets as of March 31, 2017 are summarized below:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td> <td style="font-weight: bold; text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Gross</td> <td style="font-weight: bold; text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Foreign</td> <td style="font-weight: bold; text-align: center"> </td> <td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Amortization</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Carrying</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Accumulated</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Currency</td> <td style="font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; text-align: center"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Net Book</td> <td style="font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Years</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Amount</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Amortization</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Translation</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Value</td> <td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Customer relationships</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: center"> </td> <td style="width: 9%; text-align: center">7</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">7,201</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">(3,899</td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">—</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">3,302</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Non-compete agreements</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">6</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">705</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(408</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">297</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Trademarks</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">Indefinite</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,816</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,816</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Distributor territory license</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">4</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">474</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(267</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">207</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Internally developed software</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">7</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">289</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(93</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">196</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left">Developed technology</td> <td> </td> <td style="text-align: center"> </td> <td style="text-align: center">10</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">492</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(111</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">381</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Technology-related industry accreditations</td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td style="text-align: center">Indefinite</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,577</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(20</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,557</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt; text-align: left; padding-left: 0.125in">Total intangible assets</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: center"> </td> <td style="text-align: center"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">12,554</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">(4,778</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">(20</td> <td style="padding-bottom: 2.5pt; text-align: left">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">7,756</td> <td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Long-term debt consists of the following:   <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left; padding-left: 0.75pt">Term credit facilities, net (a)</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">5,116</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">5,194</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.75pt">Nexus promissory note</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">107</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">185</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.75pt">Capital lease obligations</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">4</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">5</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 10pt">Total debt</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,227</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">5,384</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.75pt">Less current portion</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(397</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(1,379</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2pt; text-align: left; text-indent: 10pt">Total long-term debt</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">4,830</td> <td style="padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">4,005</td> <td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table>   (a) The balances as of March 31, 2017, and December 31, 2016, are net of debt issuance costs of $223 and $245, respectively.

The components of the expense the Company incurred under the pension plan are as follows:   <table cellspacing="0" cellpadding="0" align="center" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left; padding-left: 0.75pt">Current service cost, net of employee contributions</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">14</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right">11</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.75pt">Interest cost on accrued benefit obligation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">25</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">24</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.75pt">Expected return on plan assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(40</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(39</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.75pt">Amortization of transitional obligation</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">3</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.75pt">Amortization of past service costs</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.75pt">Amortization of net actuarial gain</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">12</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">8</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2pt; text-align: left; padding-left: 0.125in">Total cost of benefit</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">16</td> <td style="padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">8</td> <td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table>

A summary of stock option activity under the 2011 Long-Term Incentive Plan as of March 31, 2017, and changes during the three months ended March 31, 2017, are presented below:   <table cellspacing="0" cellpadding="0" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Stock Options</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Weighted average exercise price</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Weighted average remaining contractual term</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Aggregate intrinsic value</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 42%; text-align: left">Outstanding as of January 1, 2017</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right">247,400</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">8.75</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 11%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 13%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.125in">Granted</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">262,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">7.30</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">Exercised</td> <td style="text-align: left"> </td> <td style="text-align: left"> </td> <td style="text-align: right">(13,000</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4.53</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; padding-left: 0.125in">Forfeited</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left">Outstanding as of March 31, 2017</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">496,400</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">8.10</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">8.1</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left">$</td> <td style="border-bottom: black 1pt solid; text-align: right">293,790</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left">Exercisable as of March 31, 2017</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">226,066</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">9.15</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">5.9</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">215,922</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

The following table sets forth the computation of basic and diluted income per share (in thousands, except per share data):    <table cellspacing="0" cellpadding="0" style="width: 80%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Numerator:</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; padding-bottom: 2pt; text-align: left; text-indent: 10pt">Net income</td> <td style="width: 1%; padding-bottom: 2pt"> </td> <td style="width: 1%; border-bottom: black 2pt double; text-align: left">$</td> <td style="width: 12%; border-bottom: black 2pt double; text-align: right">133</td> <td style="width: 1%; padding-bottom: 2pt; text-align: left"> </td> <td style="width: 1%; padding-bottom: 2pt"> </td> <td style="width: 1%; border-bottom: black 2pt double; text-align: left">$</td> <td style="width: 12%; border-bottom: black 2pt double; text-align: right">569</td> <td style="width: 1%; padding-bottom: 2pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 6.75pt; text-indent: 10pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.75pt">Denominator:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 10pt">Weighted average basic shares outstanding</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,702</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,700</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 10pt">Effect of dilutive securities - equity based compensation plans</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">32</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">9</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1pt; text-align: left; text-indent: 10pt">Net dilutive effect of warrants outstanding</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2pt; text-align: left; text-indent: 10pt">Denominator for diluted net income per common share</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left"> </td> <td style="border-bottom: black 2pt double; text-align: right">8,737</td> <td style="padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left"> </td> <td style="border-bottom: black 2pt double; text-align: right">8,709</td> <td style="padding-bottom: 2pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.75pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.75pt">Net income per common share:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 10pt">Basic</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.02</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.07</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt">Diluted</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.02</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.07</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.75pt"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.75pt">Anti-dilutive securities (excluded from per share calculation):</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: 10pt">Equity based compensation plans</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">146</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">314</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-indent: 10pt">Warrants</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">51</td> <td style="text-align: left"> </td></tr> </table>

The following tables present information about segment income and loss:   <table cellspacing="0" cellpadding="0" style="width: 90%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Revenues</td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 0.125in">T&D Solutions</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; padding-left: 0.25in">Transformers</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">21,284</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">18,377</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.25in">Switchgear</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,205</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,887</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">23,489</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,264</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.125in">Critical Power</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.25in">Equipment</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,578</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,535</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.25in">Service</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">2,195</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">1,771</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">3,773</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">4,306</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.125in">Consolidated</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">27,262</td> <td style="padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">26,570</td> <td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 90%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Depreciation and Amortization</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left; padding-left: 0.125in">T&D Solutions</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">352</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">356</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.125in">Critical Power</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">351</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">369</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">Unallocated Corporate Overhead Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">18</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">16</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.125in">Consolidated</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">721</td> <td style="padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">741</td> <td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="width: 90%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Operating Income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left; padding-left: 0.125in">T&D Solutions</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">2,062</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">2,047</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: left; padding-left: 0.125in">Critical Power</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(102</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(133</td> <td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 0.125in">Unallocated Corporate Overhead Expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(804</td> <td style="padding-bottom: 1pt; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">(820</td> <td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.125in">Consolidated</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">1,156</td> <td style="padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">1,094</td> <td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table>

Revenues are attributable to countries based on the location of the Company’s customers:   <table cellspacing="0" cellpadding="0" style="width: 90%; border-collapse: collapse; font-size: 10pt"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">Three Months Ended March 31,</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2017</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; font-weight: bold; text-align: center">2016</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 72%; text-align: left; padding-left: 0.125in">United States</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">18,581</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 11%; text-align: right">17,553</td> <td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.125in">Canada</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,681</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">8,952</td> <td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in">Others</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left"> </td> <td style="border-bottom: black 1pt solid; text-align: right">65</td> <td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 0.125in">Total</td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">27,262</td> <td style="padding-bottom: 2pt; text-align: left"> </td> <td style="padding-bottom: 2pt"> </td> <td style="border-bottom: black 2pt double; text-align: left">$</td> <td style="border-bottom: black 2pt double; text-align: right">26,570</td> <td style="padding-bottom: 2pt; text-align: left"> </td></tr> </table>

10948000

7978000

2970000

976000

642000

414000

454000

104000

310000

2000

1. BASIS OF PRESENTATION   Overview   Pioneer Power Solutions, Inc. and its wholly owned subsidiaries (referred to herein as the “Company,” “Pioneer,” “we,” “our” and “us”) manufacture, sell and service a broad range of specialty electrical transmission, distribution and on-site power generation equipment for applications in the utility, industrial, commercial and backup power markets. The Company is headquartered in Fort Lee, New Jersey and operates from twelve additional locations in the U.S., Canada and Mexico for manufacturing, centralized distribution, engineering, sales and administration.   We have two reportable segments as defined in our Annual Report on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2017: Transmission and Distribution Solutions (“T&D Solutions”) and Critical Power Solutions (“Critical Power”).   Presentation   The accompanying unaudited consolidated financial statements of the Company have been prepared pursuant to the rules of the SEC and reflect the accounts of the Company as of March 31, 2017. Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), have been condensed or omitted pursuant to those rules and regulations. We believe that the disclosures made are adequate to make the information presented not misleading to the reader. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations and cash flows with respect to the interim consolidated financial statements have been included. The results of operations for the interim period are not necessarily indicative of the results for the entire fiscal year. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP for a year-end balance sheet.   All dollar amounts (except share and per share data) presented in the notes to our unaudited consolidated financial statements are stated in thousands of dollars, unless otherwise noted. Amounts may not foot due to rounding.   These unaudited consolidated financial statements include the accounts of Pioneer and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. As further described in the two paragraphs below, certain prior year amounts have been reclassified to conform to the current year presentation.   During the process of the Company implementing the remediation plans discussed under the heading “Part I – Item 4. Controls and Procedures” of this Quarterly Report on Form 10-Q, which is ongoing, the Company determined that there were inconsistencies in classification of expenses between its business units in the reporting periods prior to December 31, 2016. As a result, the company reclassified certain expenses from operating expenses to cost of goods sold for the year ended December 31, 2016, as previously disclosed in the Annual Report on Form 10-K filed with the SEC on March 29, 2017, and for the three months ended March 31, 2016, resulting in a decrease to gross profit of $55, or negative 0.21% as a percentage of sales for the three months ended March 31, 2016.   These unaudited consolidated financial statements should be read in conjunction with the risk factors and the audited consolidated financial statements and notes thereto of the Company and its subsidiaries included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

8. DEBT   Canadian Credit Facilities   Our Canadian subsidiaries have maintained credit facilities with BMO since October 2009. In June 2011, our wholly owned subsidiary Pioneer Electrogroup Canada Inc. entered into a letter loan agreement with BMO (the “Initial Canadian Facilities”) that replaced and superseded all of our businesses’ prior financing arrangements with the bank.   Our Initial Canadian Facilities originally provided for up to $22.0 million Canadian dollars (“CAD”) (approximately $15.9 million expressed in U.S. dollars) consisting of a $10.0 million CAD demand revolving credit facility (“Facility A”) to finance ongoing operations, a $2.0 million CAD term credit facility (“Facility B”) that financed a plant expansion, and a $10.0 million CAD term credit facility (“Facility C”) that financed a business acquisition and the purchase and expansion of its manufacturing facilities.   The Initial Canadian Facilities required us to comply on a consolidated Canadian basis with various financial covenants, including maintaining a minimum fixed charge coverage ratio, a maximum funded debt to EBITDA ratio and a limitation on funded debt as a percent of capitalization.   Facility A was originally subject to margin criteria and borrowings bore interest at BMO’s prime rate plus 0.50% per annum on amounts borrowed in Canadian dollars, or its U.S. base rate plus 0.50% per annum or LIBOR plus 2.00% per annum on amounts borrowed in U.S. dollars.   Borrowings under Facility B originally bore interest at BMO’s prime rate plus 1.00% per annum with principal repayments becoming due on a five year amortization schedule.   Borrowings under Facility C were repayable according to a five year principal amortization schedule and bore interest at the following rates: if the funded debt to EBITDA ratio is equal to or greater than 2.00, BMO’s prime rate plus 1.25% per annum on amounts borrowed in Canadian dollars, or its U.S. base rate plus 1.25% per annum or LIBOR plus 2.50% per annum on amounts borrowed in U.S. dollars; or, if the funded debt to EBITDA ratio is less than 2.00, BMO’s prime rate plus 1.00% per annum on amounts borrowed in Canadian dollars, or its U.S. base rate plus 1.00% per annum or LIBOR plus 2.25% per annum on amounts borrowed in U.S. dollars. In addition, Facility C was subject to a standby fee which is calculated monthly using the unused portion of the facility at either 0.625% per annum if the funded debt to EBITDA ratio is equal to or greater than 2.00 or 0.5625% per annum if the funded debt to EBITDA ratio is less than 2.00.   In the third quarter of 2015, in connection with an amendment to our United States credit facilities, we elected to prepay $5.0 million Canadian dollars (approximately $4.0 million expressed in U.S. dollars) of Facility C with cash available on hand.   In April 2016, our wholly owned subsidiary, Pioneer Electrogroup Canada Inc. (“PECI”), entered into an Amended and Restated Credit Agreement (“CAD ARCA”) with BMO with respect to our existing Canadian credit facilities (as amended and restated, the “Canadian Facilities”) that replaced and superseded all of our businesses’ prior financing arrangements with the bank. This CAD ARCA extended the maturity date of our Canadian Facilities to July 31, 2017. Additionally, defaults relating to the breach of certain financial covenants under the prior financing arrangements with the bank existing as of December 31, 2015 were waived by BMO. On March 15, 2017, the CAD ARCA was further amended (the “2017 CAD ARCA Amendment”).   Our Canadian Facilities provided for up to $8.1 million CAD (approximately $6.3 million expressed in U.S. dollars) consisting of a revolving $7.0 million CAD Facility A to finance ongoing operations, a $0.5 million CAD Facility B that financed a plant expansion, and a $0.7 million USD Facility C that financed a business acquisition and the purchase and expansion of its manufacturing facilities. The 2017 CAD ARCA Amendment increased the Facility A to $8.0 million CAD, increasing the total amount of loans available under the Canadian Facilities to $9.1 million CAD.   Facility A, as amended and restated, is subject to margin criteria and borrowings bear interest at BMO’s prime rate plus 0.75% per annum on amounts borrowed in Canadian dollars, or its U.S. base rate plus 0.75% per annum or LIBOR plus 2.25% per annum on amounts borrowed in U.S. dollars. Pursuant to the 2017 CAD ARCA Amendment, Facility A will mature on July 31, 2018.   Borrowings under Facility B, as amended and restated, bear interest at BMO’s prime rate plus 1.25% per annum with principal repayments becoming due on a five year amortization schedule. Pursuant to the CAD ARCA, quarterly principal repayments were reduced to $47 CAD, with a balloon payment of $141 CAD due on July 31, 2017. The 2017 CAD ARCA Amendment amended the payment schedules so that the quarterly principal payments of $47 CAD will continue after July 31, 2017 until our borrowings under the facility is fully paid on April 30, 2018.   Borrowings under Facility C, as amended and restated, bear interest at BMO’s prime rate plus 1.50% per annum on amounts borrowed in Canadian dollars, or its U.S. base rate plus 1.50% per annum or LIBOR plus 2.75% per annum on amounts borrowed in U.S. dollars. Pursuant to the CAD ARCA, a principal repayment of $72 USD was due on June 30, 2016, and the reduced quarterly principal repayments of $36 USD was to be made beginning on October 31, 2016, with a balloon payment of $496 USD due on July 31, 2017. The 2017 CAD ARCA Amendment amended the payment schedules so that the quarterly payments of $36 USD will continue until July 31, 2018, with a balloon payment of $352 due on July 31, 2018.   The CAD ARCA modified financial covenant testing so that testing will be performed on our consolidated financial statements. The financial covenants were changed pursuant to the CAD 2017 Amendment to require certain minimum working capital ratios, minimum EBITDA levels and effective tangible net worth levels for each fiscal quarter, which were further modified by the 2017 CAD ARCA Amendment. We are in compliance with all financial covenants at March 31, 2017. On March 6, 2017, we received a waiver from BMO on a certain financial covenant as of December 31, 2016.   As of March 31, 2017, we had approximately $4.3 million in U.S. dollar equivalents outstanding under our Canadian Credit Facilities. Our borrowings consisted of approximately $3.5 million outstanding under Facility A, $0.2 million outstanding under Facility B and $0.6 million outstanding under Facility C.   United States Credit Facilities   On December 2, 2014, our existing U.S. credit facilities (the “U.S. Facilities”) were amended in order to provide a $5.0 million term loan facility that was used for the acquisition of Titan. The term loan facility had principal repayments becoming due on a five year amortization schedule.   The U.S. Facilities initially required us to comply with a two-step test of financial covenants. First, as measured on a consolidated basis, we were required to comply with a maximum funded debt to adjusted EBITDA ratio of (a) 3.15x for the quarter ended December 31, 2014 and the quarter ending March 31, 2015, (b) 3.25x for the quarter ending June 30, 2015, (c) 3.65x for the quarter ending September 30, 2015, and (d) 2.75x for the quarter ending December 31, 2015 and all testing periods thereafter. Secondly, if the funded debt to adjusted EBITDA tests above are met, and our fixed charge coverage ratio is at or above 1.10x for the quarter ended December 31, 2014, and at or above 1.25x for all testing periods thereafter, then no further compliance tests were required.   Alternatively, we could comply with the financial covenant requirements of the U.S. Facilities if our U.S. operations maintained a maximum funded debt to capitalization ratio and various minimum fixed charge coverage ratios and maximum funded debt to adjusted EBITDA ratios which were set at different thresholds by time period.   Borrowings under the demand revolving credit facility (USD Facility A) bore interest, at our option, at the bank’s prime rate plus 1.00% per annum on U.S. prime rate loans, or an adjusted LIBOR rate plus 2.25% per annum on Eurodollar loans. Borrowings under the term loan facility (USD Facility B) bore interest, at our option, at the bank’s prime rate plus 1.25% per annum on U.S. prime rate loans, or an adjusted LIBOR rate plus 2.50% per annum on Eurodollar loans.   In April 2016, we entered into an Amended and Restated Credit Agreement (“US ARCA”) with BMO with respect to our U.S. Facilities that replaced and superseded all of our businesses’ prior financing arrangements with the bank. Additionally, defaults relating to the breach of certain financial covenants under the prior financing arrangements with the bank existing as of December 31, 2015 were waived by BMO. On March 15, 2017, the US ARCA was further amended (the “2017 US ARCA Amendment”).   Our U.S. Facilities, as amended and restated by the US ARCA, provided for up to $19.1 million USD consisting of a $14.0 million USD Facility A to finance ongoing operations, a $5.0 million USD Facility B that financed the acquisition of Titan, and a new $0.1 million revolving credit facility provided pursuant to a MasterCard is to be used to pay for and temporarily finance our day-to-day business expenses and for no other purpose. The 2017 US ARCA Amendment increased the USD Facility A to $15.0 million, increasing the total amount of loans available under the U.S. Facilities to $20.1 million USD.   USD Facility A continues to bear interest, at our option, at the bank’s prime rate plus 1.00% per annum on U.S. prime rate loans, or an adjusted LIBOR rate plus 2.25% per annum on Eurodollar loans. USD Facility A had a maturity date of July 31, 2017, which was extended to July 31, 2018 pursuant to the 2017 US ARCA Amendment.   Borrowings under USD Facility B bear interest, at our option, at U.S. base rate plus 1.25% per annum on U.S. prime loans, or an adjusted LIBOR rate plus 2.50% per annum on Eurodollar loans. Pursuant to the US ARCA, our quarterly principal payments were reduced to $31 USD for calendar year 2016 and going forward, with the original amortization schedule continuing to apply to all quarterly principal payments made after December 31, 2016, and the final maturity date of December 2, 2019. The 2017 US ARCA Amendment reduced the scheduled quarterly principal payments to $31 USD, commencing March 31, 2017, to continue until July 31, 2018, with a balloon payment of $4,438 on July 31, 2018.   The US ARCA modified financial covenant testing so that testing will be performed on our consolidated financial statements. The financial covenants were changed pursuant to the US ARCA to require certain minimum working capital ratios, minimum EBITDA levels and effective tangible net worth levels for each fiscal quarter, which were further modified by the 2017 US ARCA Amendment. We are in compliance with all financial covenants at March 31, 2017. On March 6, 2017, we received a waiver from BMO on a certain financial covenant as of December 31, 2016.   Our obligations under the U.S. Facilities are guaranteed by all our wholly-owned U.S. subsidiaries. In addition, we and our wholly-owned U.S. subsidiaries granted a security interest in substantially all of our assets, including 65% of the shares of Pioneer Electrogroup Canada Inc. held by us, to secure our obligations for borrowed money under the U.S. Facilities. The U.S. Facilities also restrict our ability to incur indebtedness, create or incur liens, make investments, make distributions or dividends and enter into merger agreements for the sale of any or all our assets.   As of March 31, 2017, we had approximately $19.4 million outstanding under our U.S. Credit Facilities. Our borrowings consisted of approximately $14.8 million outstanding under USD Facility A, and $4.6 million outstanding under USD Facility B.   Nexus Promissory Note   On July 25, 2012, the Company’s Mexican subsidiary, Nexus Magneticos de Mexico, S. de R.L. de C.V. (“Nexus”), entered into a $1.65 million term loan agreement with GE CF Mexico, S.A. de C.V. (“GE Capital Mexico”). The term loan is payable in 60 consecutive monthly installments and bears interest, payable monthly, at a rate of 6.93% per annum. The obligations of Nexus under the term loan are secured by certain machinery and equipment located in Mexico and by a corporate guaranty by the Company. As of March 31, 2017 and December 31, 2016, there was approximately $0.1 and $0.2 million outstanding, respectively, under the Nexus Promissory Note.   Long-term debt consists of the following:   <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">March 31,</td> <td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">December 31,</td> <td style="font: bold 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="text-align: center; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2017</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2016</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 0.75pt; width: 68%; text-align: left; font: 10pt Times New Roman, Times, Serif">Term credit facilities, net (a)</td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">5,116</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">5,194</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 0.75pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Nexus promissory note</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">107</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">185</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 0.75pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Capital lease obligations</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 0in; text-align: left; text-indent: 10pt; font: 10pt Times New Roman, Times, Serif">Total debt</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,227</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,384</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 0.75pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Less current portion</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(397</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,379</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2pt; padding-left: 0in; text-align: left; text-indent: 10pt; font: 10pt Times New Roman, Times, Serif">Total long-term debt</td> <td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,830</td> <td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: Black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,005</td> <td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> </table>    (a) The balances as of March 31, 2017, and December 31, 2016, are net of debt issuance costs of $223 and $245, respectively.

4778000

3899000

408000

267000

93000

111000

100000

The balance as of December 31, 2016 and 2015 included deferred financing fees of $223 and $245, respectively.

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MasterCard [Member] Credit Facility B [Member] Award Type [Axis] Incentive Stock Option [Member] Antidilutive Securities [Axis] Equity Based Compensation Plans [Member] Warrant [Member] Segments [Axis] T And D Segment [Member] Critical Power Segment [Member] Corporate [Member] Geographical [Axis] United States Canada Others Countries [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Income Tax Authority, Name [Axis] Internal Revenue Service [Member] Range [Axis] Minimum [Member] Legal Entity [Axis] Pioneer Critical Power, Inc. [Member] Collateral [Axis] Inventory [Member] Property, Plant and Equipment, Type [Axis] Land [Member] Building [Member] Machinery and Equipment [Member] Furniture and Fixtures [Member] Computer Hardware And Software [Member] Leasehold Improvements [Member] Construction in Progress [Member] Receivable Type [Axis] Notes Receivable - Developer [Member] Finite-Lived Intangible Assets By Major Class [Axis] Customer Relationships [Member] Noncompete Agreements [Member] Distributor Territory License [Member] Internally Developed Software [Member] Developed Technology [Member] Trademarks [Member] Indefinite-lived Intangible Assets [Axis] Technology Related Industry Accreditations [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Trading Symbol Document Period End Date Amendment Flag Current Fiscal Year End Date Entity a Well-known Seasoned Issuer Entity a Voluntary Filer Entity's Reporting Status Current Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Income Statement [Abstract] Revenues Cost of goods sold Gross profit Operating expenses Selling, general and administrative Restructuring and integration Foreign exchange gain Total operating expenses Operating Income Interest expense Other expense Income before taxes Income tax expense Net income Net income per common share: Basic (in dollars per share) Diluted (in dollars per share) Weighted average common shares outstanding: Basic (in shares) Diluted (in shares) Net income Other comprehensive income Foreign currency translation adjustments Amortization of net prior service costs and net actuarial gains / (losses), net of tax Other comprehensive income Comprehensive income Statement of Financial Position [Abstract] ASSETS Current assets Cash and cash equivalents Accounts receivable, net Inventories, net Income taxes receivable Prepaid expenses and other current assets Total current assets Property, plant and equipment, net Deferred income taxes Other assets Intangible assets, net Goodwill Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Bank overdrafts Revolving credit facilities Short term borrowings Accounts payable and accrued liabilities Current maturities of long-term debt and capital lease obligations Income taxes payable Total current liabilities Long-term debt, net of current maturities Pension deficit Other long-term liabilities Noncurrent deferred income taxes Total liabilities Stockholders' equity Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued Common stock, $0.001 par value, 30,000,000 shares authorized; 8,712,712 shares issued and outstanding on March 31, 2017 and 8,699,712 shares issued and outstanding on December 31, 2016 Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Preferred stock, par value (in dollars per share) Preferred stock, authorized Preferred stock, issued Common stock, par value (in dollars per share) Common stock, authorized Common stock, issued Common stock, outstanding Statement of Cash Flows [Abstract] Operating activities Depreciation Amortization of intangible assets Amortization of debt issuance cost Deferred income tax expense Change in receivable reserves Change in inventory reserves Accrued pension Stock-based compensation Other Foreign currency remeasurement gain / (loss) Changes in current operating assets and liabilities: Accounts receivable Inventories Prepaid expenses and other assets Income taxes Accounts payable and accrued liabilities Net cash provided / (used) in operating activities Investing activities Additions to property, plant and equipment Proceeds from sale of fixed assets Net cash used in investing activities Financing activities (Decrease) / increase in bank overdrafts Repayment of short term borrowings Borrowings under debt agreement Repayment of debt Payment of debt issuance costs Proceeds from the exercise of options for common stock Net cash (used) / provided by financing activities Increase / (decrease) in cash and cash equivalents Effect of foreign exchange on cash and cash equivalents Cash and cash equivalents Beginning of period End of period Organization, Consolidation and Presentation of Financial Statements [Abstract] BASIS OF PRESENTATION EX-101.PRE 11 ppsi-20170331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 12, 2017
Document And Entity Information
Entity Registrant Name	PIONEER POWER SOLUTIONS, INC.
Entity Central Index Key	0001449792
Document Type	10-Q
Trading Symbol	PPSI
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		8,712,712
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2017

XML 13 R2.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenues	$ 27,262	$ 26,570
Cost of goods sold	21,146	20,711
Gross profit	6,116	5,859
Operating expenses
Selling, general and administrative	4,865	4,693
Restructuring and integration	155	119
Foreign exchange gain	(60)	(47)
Total operating expenses	4,960	4,765
Operating Income	1,156	1,094
Interest expense	508	285
Other expense	235	16
Income before taxes	413	793
Income tax expense	280	224
Net income	$ 133	$ 569
Net income per common share:
Basic (in dollars per share)	$ 0.02	$ 0.07
Diluted (in dollars per share)	$ 0.02	$ 0.07
Weighted average common shares outstanding:
Basic (in shares)	8,702	8,700
Diluted (in shares)	8,737	8,709

XML 14 R3.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net income	$ 133	$ 569
Other comprehensive income
Foreign currency translation adjustments	62	475
Amortization of net prior service costs and net actuarial gains / (losses), net of tax	26	(103)
Other comprehensive income	88	372
Comprehensive income	$ 221	$ 941

XML 15 R4.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 235	$ 246
Accounts receivable, net	16,398	17,508
Inventories, net	29,828	26,147
Income taxes receivable	759	72
Prepaid expenses and other current assets	1,919	2,215
Total current assets	49,139	46,188
Property, plant and equipment, net	6,809	6,591
Deferred income taxes	5,588	5,659
Other assets	820	830
Intangible assets, net	7,756	8,168
Goodwill	9,972	9,972
Total assets	80,084	77,408
Current liabilities
Bank overdrafts	964	1,200
Revolving credit facilities	18,276	17,689
Short term borrowings	3,809	3,973
Accounts payable and accrued liabilities	20,711	18,139
Current maturities of long-term debt and capital lease obligations	397	1,379
Income taxes payable	1,502	1,360
Total current liabilities	45,659	43,740
Long-term debt, net of current maturities	4,830	4,005
Pension deficit	132	172
Other long-term liabilities	446	892
Noncurrent deferred income taxes	2,508	2,400
Total liabilities	53,575	51,209
Stockholders' equity
Preferred stock, $0.001 par value, 5,000,000 shares authorized; none issued
Common stock, $0.001 par value, 30,000,000 shares authorized; 8,712,712 shares issued and outstanding on March 31, 2017 and 8,699,712 shares issued and outstanding on December 31, 2016	9	9
Additional paid-in capital	23,304	23,215
Accumulated other comprehensive loss	(5,775)	(5,863)
Retained earnings	8,971	8,838
Total stockholders' equity	26,509	26,199
Total liabilities and stockholders' equity	$ 80,084	$ 77,408

XML 16 R5.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	30,000,000	30,000,000
Common stock, issued	8,712,712	8,699,712
Common stock, outstanding	8,712,712	8,699,712

XML 17 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net income	$ 133	$ 569
Depreciation	307	287
Amortization of intangible assets	414	454
Amortization of debt issuance cost	74	29
Deferred income tax expense	180	12
Change in receivable reserves	44	220
Change in inventory reserves	13	265
Accrued pension	(16)	(28)
Stock-based compensation	30	54
Other	4	2
Foreign currency remeasurement gain / (loss)	1	(31)
Changes in current operating assets and liabilities:
Accounts receivable	1,121	(1,106)
Inventories	(3,618)	(2,775)
Prepaid expenses and other assets	308	(596)
Income taxes	(561)	146
Accounts payable and accrued liabilities	2,544	(2,252)
Net cash provided / (used) in operating activities	978	(4,750)
Investing activities
Additions to property, plant and equipment	(496)	(154)
Proceeds from sale of fixed assets	5	5
Net cash used in investing activities	(491)	(149)
Financing activities
(Decrease) / increase in bank overdrafts	(241)	564
Repayment of short term borrowings	(164)
Borrowings under debt agreement	11,392	12,628
Repayment of debt	(11,438)	(8,802)
Payment of debt issuance costs	(52)	(3)
Proceeds from the exercise of options for common stock	59
Net cash (used) / provided by financing activities	(444)	4,387
Increase / (decrease) in cash and cash equivalents	43	(512)
Effect of foreign exchange on cash and cash equivalents	(54)	23
Cash and cash equivalents
Beginning of period	246	648
End of period	$ 235	$ 159

XML 18 R7.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

1. BASIS OF PRESENTATION

Overview

Presentation

XML 19 R8.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Recent Accounting Pronouncements

There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on the Company’s financial statements.

XML 20 R9.htm IDEA: XBRL DOCUMENT

OTHER EXPENSE

3 Months Ended

Mar. 31, 2017

Other Income and Expenses [Abstract]

OTHER EXPENSE

3. OTHER EXPENSE

Other expense in the consolidated statements of operations for the three months ended March 31, 2017 and 2016 are as follows:

	Three Months Ended March 31,
	2017		2016
Payroll tax interest and penalties accrued / (abated)	$	47	$	(139	)
Acquisition transactions and other expenses		188		155
Other expense	$	235	$	16

The Company continues to record interest on past due and unpaid payroll tax obligations.

XML 21 R10.htm IDEA: XBRL DOCUMENT

INVENTORIES

3 Months Ended

Mar. 31, 2017

Inventory Disclosure [Abstract]

INVENTORIES

4. INVENTORIES

The components of inventories are summarized below:

	March 31,			December 31,
	2017			2016
Raw materials	$	10,855		$	10,175
Work in process		7,912			6,535
Finished goods		11,438			9,826
Provision for excess and obsolete inventory		(377	)		(389	)
Total inventories	$	29,828		$	26,147

Included in raw materials and finished goods at March 31, 2017 and December 31, 2016 are goods in transit of approximately $3.1 million.

XML 22 R11.htm IDEA: XBRL DOCUMENT

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

5. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are summarized below:

	March 31,			December 31,
	2017			2016
Land	$	47		$	46
Buildings		2,315			2,293
Machinery and equipment		9,596			9,421
Furniture and fixtures		782			466
Computer hardware and software		1,315			1,289
Leasehold improvements		555			534
Construction in progress		18			18
		14,628			14,067
Less: Accumulated depreciation		(7,819	)		(7,476	)
Total property, plant and equipment, net	$	6,809		$	6,591

Depreciation expense was $0.3 million in the three months ended March 31, 2017 and 2016.

XML 23 R12.htm IDEA: XBRL DOCUMENT

OTHER ASSETS

3 Months Ended

Mar. 31, 2017

Other Assets [Abstract]

OTHER ASSETS

6. OTHER ASSETS

Also included in Other Assets at March 31, 2017, and December 31, 2016, is a customer note receivable of $0.2 million.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

XML 24 R13.htm IDEA: XBRL DOCUMENT

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

7. GOODWILL AND OTHER INTANGIBLE ASSETS

There were no changes in the carrying values of goodwill for the three months ended March 31, 2017.

	T&D			Critical Power
	Solutions			Solutions		Total
	Segment			Segment		Goodwill
Gross Goodwill:
Balance as of January 1, 2017	$	7,978		$	2,970	$	10,948
No activity		—			—		—
Balance as of March 31, 2017	$	7,978		$	2,970	$	10,948
Accumulated impairment losses:
Balance as of January 1, 2017	$	(976	)	$	—	$	(976	)
No activity		—			—		—
Balance as of March 31, 2017	$	(976	)	$	—	$	(976	)

Net Goodwill as of March 31, 2017	$	7,002		$	2,970	$	9,972

Changes in the carrying values of intangible assets for the three months ended March 31, 2017, were as follows:

	T&D			Critical Power			Total
	Solutions			Solutions			Intangible
	Segment			Segment			Assets
Balance as of January 1, 2017		5,565			2,603			8,168
Amortization		(104	)		(310	)		(414	)
Foreign currency translation		2			—			2
Balance as of March 31, 2017	$	5,463		$	2,293		$	7,756

The components of intangible assets as of March 31, 2017 are summarized below:

	Weighted
	Average		Gross					Foreign
	Amortization		Carrying		Accumulated			Currency			Net Book
	Years		Amount		Amortization			Translation			Value
Customer relationships		7	$	7,201	$	(3,899	)	$	—		$	3,302
Non-compete agreements		6		705		(408	)		—			297
Trademarks		Indefinite		1,816		—			—			1,816
Distributor territory license		4		474		(267	)		—			207
Internally developed software		7		289		(93	)		—			196
Developed technology		10		492		(111	)		—			381
Technology-related industry accreditations		Indefinite		1,577		—			(20	)		1,557
Total intangible assets			$	12,554	$	(4,778	)	$	(20	)	$	7,756

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

XML 25 R14.htm IDEA: XBRL DOCUMENT

DEBT

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

DEBT

8. DEBT

Canadian Credit Facilities

Borrowings under Facility B originally bore interest at BMO’s prime rate plus 1.00% per annum with principal repayments becoming due on a five year amortization schedule.

United States Credit Facilities

Nexus Promissory Note

Long-term debt consists of the following:

	March 31,			December 31,
	2017			2016
Term credit facilities, net (a)	$	5,116		$	5,194
Nexus promissory note		107			185
Capital lease obligations		4			5
Total debt		5,227			5,384
Less current portion		(397	)		(1,379	)
Total long-term debt	$	4,830		$	4,005

(a) The balances as of March 31, 2017, and December 31, 2016, are net of debt issuance costs of $223 and $245, respectively.

XML 26 R15.htm IDEA: XBRL DOCUMENT

PENSION PLAN

3 Months Ended

Mar. 31, 2017

Defined Benefit Plan [Abstract]

PENSION PLAN

9. PENSION PLAN

The components of the expense the Company incurred under the pension plan are as follows:

	Three Months Ended March 31,
	2017			2016
Current service cost, net of employee contributions	$	14		$	11
Interest cost on accrued benefit obligation		25			24
Expected return on plan assets		(40	)		(39	)
Amortization of transitional obligation		3			2
Amortization of past service costs		2			2
Amortization of net actuarial gain		12			8
Total cost of benefit	$	16		$	8

XML 27 R16.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

10. STOCKHOLDERS’ EQUITY

Common Stock

The Company had 8,712,712 and 8,699,712 shares of common stock, $0.001 par value per share, outstanding as of March 31, 2017 and December 31, 2016, respectively.

Warrants

Stock-Based Compensation

A summary of stock option activity under the 2011 Long-Term Incentive Plan as of March 31, 2017, and changes during the three months ended March 31, 2017, are presented below:

	Stock Options			Weighted average exercise price		Weighted average remaining contractual term		Aggregate intrinsic value
Outstanding as of January 1, 2017		247,400		$	8.75			$
Granted		262,000			7.30
Exercised		(13,000	)		4.53
Forfeited		—			—
Outstanding as of March 31, 2017		496,400		$	8.10		8.1	$	293,790
Exercisable as of March 31, 2017		226,066			9.15		5.9		215,922

As of March 31, 2017, there were 203,600 shares available for future grants under the Company’s 2011 Long-Term Incentive Plan.

Foreign Currency Translation

XML 28 R17.htm IDEA: XBRL DOCUMENT

BASIC AND DILUTED INCOME PER COMMON SHARE

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

BASIC AND DILUTED INCOME PER COMMON SHARE

11. BASIC AND DILUTED INCOME PER COMMON SHARE

	Three Months Ended March 31,
	2017		2016
Numerator:
Net income	$	133	$	569

Denominator:
Weighted average basic shares outstanding		8,702		8,700
Effect of dilutive securities - equity based compensation plans		32		9
Net dilutive effect of warrants outstanding		3		—
Denominator for diluted net income per common share		8,737		8,709

Net income per common share:
Basic	$	0.02	$	0.07
Diluted	$	0.02	$	0.07

Anti-dilutive securities (excluded from per share calculation):
Equity based compensation plans		146		314
Warrants		—		51

XML 29 R18.htm IDEA: XBRL DOCUMENT

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

12. BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION

The following tables present information about segment income and loss:

	Three Months Ended March 31,
	2017		2016
Revenues
T&D Solutions
Transformers	$	21,284	$	18,377
Switchgear		2,205		3,887
		23,489		22,264
Critical Power
Equipment		1,578		2,535
Service		2,195		1,771
		3,773		4,306
Consolidated	$	27,262	$	26,570

	Three Months Ended March 31,
	2017		2016
Depreciation and Amortization
T&D Solutions	$	352	$	356
Critical Power		351		369
Unallocated Corporate Overhead Expenses		18		16
Consolidated	$	721	$	741

	Three Months Ended March 31,
	2017			2016
Operating Income
T&D Solutions	$	2,062		$	2,047
Critical Power		(102	)		(133	)
Unallocated Corporate Overhead Expenses		(804	)		(820	)
Consolidated	$	1,156		$	1,094

Revenues are attributable to countries based on the location of the Company’s customers:

	Three Months Ended March 31,
	2017		2016
United States	$	18,581	$	17,553
Canada		8,681		8,952
Others		—		65
Total	$	27,262	$	26,570

XML 30 R19.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

13. SUBSEQUENT EVENTS

XML 31 R20.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Recent Accounting Pronouncements

There have been no recent accounting pronouncements not yet adopted by the Company which would have a material impact on the Company’s financial statements.

XML 32 R21.htm IDEA: XBRL DOCUMENT

OTHER EXPENSE (Tables)

3 Months Ended

Mar. 31, 2017

Other Income and Expenses [Abstract]

Schedule of other expense

Other expense in the consolidated statements of operations for the three months ended March 31, 2017 and 2016 are as follows:

	Three Months Ended March 31,
	2017		2016
Payroll tax interest and penalties accrued / (abated)	$	47	$	(139	)
Acquisition transactions and other expenses		188		155
Other expense	$	235	$	16

XML 33 R22.htm IDEA: XBRL DOCUMENT

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2017

Inventory Disclosure [Abstract]

Schedule of the components of inventories

The components of inventories are summarized below:

	March 31,			December 31,
	2017			2016
Raw materials	$	10,855		$	10,175
Work in process		7,912			6,535
Finished goods		11,438			9,826
Provision for excess and obsolete inventory		(377	)		(389	)
Total inventories	$	29,828		$	26,147

XML 34 R23.htm IDEA: XBRL DOCUMENT

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2017

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

Property, plant and equipment are summarized below:

	March 31,			December 31,
	2017			2016
Land	$	47		$	46
Buildings		2,315			2,293
Machinery and equipment		9,596			9,421
Furniture and fixtures		782			466
Computer hardware and software		1,315			1,289
Leasehold improvements		555			534
Construction in progress		18			18
		14,628			14,067
Less: Accumulated depreciation		(7,819	)		(7,476	)
Total property, plant and equipment, net	$	6,809		$	6,591

XML 35 R24.htm IDEA: XBRL DOCUMENT

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by segment

There were no changes in the carrying values of goodwill for the three months ended March 31, 2017.

	T&D			Critical Power
	Solutions			Solutions		Total
	Segment			Segment		Goodwill
Gross Goodwill:
Balance as of January 1, 2017	$	7,978		$	2,970	$	10,948
No activity		—			—		—
Balance as of March 31, 2017	$	7,978		$	2,970	$	10,948
Accumulated impairment losses:
Balance as of January 1, 2017	$	(976	)	$	—	$	(976	)
No activity		—			—		—
Balance as of March 31, 2017	$	(976	)	$	—	$	(976	)

Net Goodwill as of March 31, 2017	$	7,002		$	2,970	$	9,972

Schedule of changes in intangible asset balances

Changes in the carrying values of intangible assets for the three months ended March 31, 2017, were as follows:

	T&D			Critical Power			Total
	Solutions			Solutions			Intangible
	Segment			Segment			Assets
Balance as of January 1, 2017		5,565			2,603			8,168
Amortization		(104	)		(310	)		(414	)
Foreign currency translation		2			—			2
Balance as of March 31, 2017	$	5,463		$	2,293		$	7,756

Schedule of components of intangible assets

The components of intangible assets as of March 31, 2017 are summarized below:

	Weighted
	Average		Gross					Foreign
	Amortization		Carrying		Accumulated			Currency			Net Book
	Years		Amount		Amortization			Translation			Value
Customer relationships		7	$	7,201	$	(3,899	)	$	—		$	3,302
Non-compete agreements		6		705		(408	)		—			297
Trademarks		Indefinite		1,816		—			—			1,816
Distributor territory license		4		474		(267	)		—			207
Internally developed software		7		289		(93	)		—			196
Developed technology		10		492		(111	)		—			381
Technology-related industry accreditations		Indefinite		1,577		—			(20	)		1,557
Total intangible assets			$	12,554	$	(4,778	)	$	(20	)	$	7,756

XML 36 R25.htm IDEA: XBRL DOCUMENT

DEBT (Tables)

3 Months Ended

Mar. 31, 2017

Debt Tables

Schedule of long-term debt

Long-term debt consists of the following:

	March 31,			December 31,
	2017			2016
Term credit facilities, net (a)	$	5,116		$	5,194
Nexus promissory note		107			185
Capital lease obligations		4			5
Total debt		5,227			5,384
Less current portion		(397	)		(1,379	)
Total long-term debt	$	4,830		$	4,005

(a) The balances as of March 31, 2017, and December 31, 2016, are net of debt issuance costs of $223 and $245, respectively.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

XML 37 R26.htm IDEA: XBRL DOCUMENT

PENSION PLAN (Tables)

3 Months Ended

Mar. 31, 2017

Defined Benefit Plan [Abstract]

Schedule of pension plan expenses

The components of the expense the Company incurred under the pension plan are as follows:

	Three Months Ended March 31,
	2017			2016
Current service cost, net of employee contributions	$	14		$	11
Interest cost on accrued benefit obligation		25			24
Expected return on plan assets		(40	)		(39	)
Amortization of transitional obligation		3			2
Amortization of past service costs		2			2
Amortization of net actuarial gain		12			8
Total cost of benefit	$	16		$	8

XML 38 R27.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2017

Stockholders' Equity Note [Abstract]

Schedule of stock option activity

A summary of stock option activity under the 2011 Long-Term Incentive Plan as of March 31, 2017, and changes during the three months ended March 31, 2017, are presented below:

	Stock Options			Weighted average exercise price		Weighted average remaining contractual term		Aggregate intrinsic value
Outstanding as of January 1, 2017		247,400		$	8.75			$
Granted		262,000			7.30
Exercised		(13,000	)		4.53
Forfeited		—			—
Outstanding as of March 31, 2017		496,400		$	8.10		8.1	$	293,790
Exercisable as of March 31, 2017		226,066			9.15		5.9		215,922

XML 39 R28.htm IDEA: XBRL DOCUMENT

BASIC AND DILUTED INCOME PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted income per share

The following table sets forth the computation of basic and diluted income per share (in thousands, except per share data):

	Three Months Ended March 31,
	2017		2016
Numerator:
Net income	$	133	$	569

Denominator:
Weighted average basic shares outstanding		8,702		8,700
Effect of dilutive securities - equity based compensation plans		32		9
Net dilutive effect of warrants outstanding		3		—
Denominator for diluted net income per common share		8,737		8,709

Net income per common share:
Basic	$	0.02	$	0.07
Diluted	$	0.02	$	0.07

Anti-dilutive securities (excluded from per share calculation):
Equity based compensation plans		146		314
Warrants		—		51

XML 40 R29.htm IDEA: XBRL DOCUMENT

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Schedule of information about segment income and loss

The following tables present information about segment income and loss:

	Three Months Ended March 31,
	2017		2016
Revenues
T&D Solutions
Transformers	$	21,284	$	18,377
Switchgear		2,205		3,887
		23,489		22,264
Critical Power
Equipment		1,578		2,535
Service		2,195		1,771
		3,773		4,306
Consolidated	$	27,262	$	26,570

	Three Months Ended March 31,
	2017		2016
Depreciation and Amortization
T&D Solutions	$	352	$	356
Critical Power		351		369
Unallocated Corporate Overhead Expenses		18		16
Consolidated	$	721	$	741

	Three Months Ended March 31,
	2017			2016
Operating Income
T&D Solutions	$	2,062		$	2,047
Critical Power		(102	)		(133	)
Unallocated Corporate Overhead Expenses		(804	)		(820	)
Consolidated	$	1,156		$	1,094

Schedule of revenues attributable to countries

Revenues are attributable to countries based on the location of the Company’s customers:

	Three Months Ended March 31,
	2017		2016
United States	$	18,581	$	17,553
Canada		8,681		8,952
Others		—		65
Total	$	27,262	$	26,570

XML 41 R30.htm IDEA: XBRL DOCUMENT

BASIS OF PRESENTATION (Details Narrative) $ in Thousands	3 Months Ended
BASIS OF PRESENTATION (Details Narrative) $ in Thousands	Mar. 31, 2016 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassification - decrease to gross profit	$ 55
Reclassification adjustment (percent)	(0.21%)

XML 42 R31.htm IDEA: XBRL DOCUMENT

OTHER EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended
OTHER EXPENSE (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Other Income and Expenses [Abstract]
Payroll tax interest and penalties accrued / (abated)	$ 47	$ (139)
Acquisition transaction and other expenses	188	155
Other expense	$ 235	$ 16

XML 43 R32.htm IDEA: XBRL DOCUMENT

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 10,855	$ 10,175
Work in process	7,912	6,535
Finished goods	11,438	9,826
Provision for excess and obsolete inventory	(377)	(389)
Total inventories	$ 29,828	$ 26,147

XML 44 R33.htm IDEA: XBRL DOCUMENT

INVENTORIES (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Goods in transit	$ 3,100	$ 3,100
Inventory [Member]
Collateral pledged	$ 3,000	$ 4,000

XML 45 R34.htm IDEA: XBRL DOCUMENT

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 14,628	$ 14,067
Less: accumulated depreciation	(7,819)	(7,476)
Total property, plant and equipment, net	6,809	6,591
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	47	46
Building [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,315	2,293
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	9,596	9,421
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	782	466
Computer Hardware And Software [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,315	1,289
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	555	534
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 18	$ 18

XML 46 R35.htm IDEA: XBRL DOCUMENT

PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Property Plant And Equipment Details Narrative
Depreciation expense	$ 307	$ 287

XML 47 R36.htm IDEA: XBRL DOCUMENT

OTHER ASSETS (Details Narrative) $ in Thousands	Jan. 31, 2012 USD ($) loan	Dec. 31, 2011 USD ($) loan	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer note receivable			$ 200	$ 200
Notes Receivable - Developer [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Principal amount	$ 300	$ 300
Number of promissory notes \| loan	2	2
Accrued interest rate (in percent)	4.50%	4.50%

XML 48 R37.htm IDEA: XBRL DOCUMENT

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($)
Goodwill
Balance, beginning	$ 10,948
Additions due to acquisitions
Balance, ending	10,948
Accumulated impairment losses:
Balance, beginning	(976)
Balance, ending	(976)
Net Goodwill	9,972
T And D Segment [Member]
Goodwill
Balance, beginning	7,978
Additions due to acquisitions
Balance, ending	7,978
Accumulated impairment losses:
Balance, beginning	(976)
Balance, ending	(976)
Net Goodwill	7,002
Critical Power Segment [Member]
Goodwill
Balance, beginning	2,970
Additions due to acquisitions
Balance, ending	2,970
Accumulated impairment losses:
Net Goodwill	$ 2,970

XML 49 R38.htm IDEA: XBRL DOCUMENT

GOODWILL AND OTHER INTANGIBLE ASSETS (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Intangible assets, balance	$ 8,168
Amortization	(414)	$ (454)
Foreign currency translation	2
Intangible assets, balance	7,756
T And D Segment [Member]
Intangible assets, balance	5,565
Amortization	(104)
Foreign currency translation	2
Intangible assets, balance	5,463
Critical Power Segment [Member]
Intangible assets, balance	2,603
Amortization	(310)
Intangible assets, balance	$ 2,293

XML 50 R39.htm IDEA: XBRL DOCUMENT

GOODWILL AND OTHER INTANGIBLE ASSETS (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Gross carrying amount	$ 12,554
Accumulated amortization	(4,778)
Foreign currency translation	(20)
Intangible assets, net	7,756	$ 8,168
Technology Related Industry Accreditations [Member]
Gross carrying amount	1,577
Foreign currency translation	(20)
Intangible assets, net	$ 1,557
Customer Relationships [Member]
Weighted average amortization years	7 years
Gross carrying amount	$ 7,201
Accumulated amortization	(3,899)
Intangible assets, net	$ 3,302
Noncompete Agreements [Member]
Weighted average amortization years	6 years
Gross carrying amount	$ 705
Accumulated amortization	(408)
Intangible assets, net	297
Trademarks [Member]
Gross carrying amount	1,816
Intangible assets, net	$ 1,816
Distributor Territory License [Member]
Weighted average amortization years	4 years
Gross carrying amount	$ 474
Accumulated amortization	(267)
Intangible assets, net	$ 207
Internally Developed Software [Member]
Weighted average amortization years	7 years
Gross carrying amount	$ 289
Accumulated amortization	(93)
Intangible assets, net	$ 196
Developed Technology [Member]
Weighted average amortization years	10 years
Gross carrying amount	$ 492
Accumulated amortization	(111)
Intangible assets, net	$ 381

XML 51 R40.htm IDEA: XBRL DOCUMENT

DEBT (Details) - USD ($)
$ in Thousands

Mar. 31, 2017

Dec. 31, 2016

Debt Instrument [Line Items]

Total debt

$ 5,227

$ 5,384

Less current portion

(397)

(1,379)

Total long-term debt

4,830

4,005

Line of Credit [Member]

Debt Instrument [Line Items]

Total debt

^[1]

5,116

5,194

Nexus Promissory Note [Member]

Debt Instrument [Line Items]

Total debt

107

185

Capital Lease Obligations [Member]

Debt Instrument [Line Items]

Total debt

$ 4

$ 5

[1]	The balance as of December 31, 2016 and 2015 included deferred financing fees of $223 and $245, respectively.

XML 52 R41.htm IDEA: XBRL DOCUMENT

DEBT (Details Narrative) CAD in Thousands, $ in Thousands			1 Months Ended		3 Months Ended
DEBT (Details Narrative) CAD in Thousands, $ in Thousands	Mar. 15, 2017 USD ($)	Mar. 15, 2017 CAD	Jun. 30, 2016 USD ($)	Jun. 30, 2011 USD ($)	Mar. 31, 2017 CAD	Dec. 31, 2015 USD ($)	Dec. 31, 2015 CAD	Mar. 31, 2017 USD ($)	Mar. 31, 2017 CAD	Mar. 15, 2017 CAD	Dec. 31, 2016 USD ($)	Jun. 30, 2011 CAD
Debt Instrument [Line Items]
Credit facilities amount outstanding								$ 18,276			$ 17,689
Debt issuance costs								223			$ 245
Canadian Credit Facilities C [Member]
Debt Instrument [Line Items]
Maximum Credit Facilities Amount to Borrow								700
Frequency of payments			Quarterly
Quarterly principal payment	$ 36		$ 72
Balloon payment	$ 352							496
Credit facilities amount outstanding								600
Prepayment of debt						$ 4,000
Canadian Credit Facilities C [Member] \| EBITDA Equal to or Greater than 2.00 [Member]
Debt Instrument [Line Items]
Interest rate spread				1.25%
Variable rate description				BMO’s prime rate plus
Standby fee percentage				0.625%
Canadian Credit Facilities C [Member] \| EBITDA is Less than 2.00 [Member]
Debt Instrument [Line Items]
Interest rate spread				1.00%
Variable rate description				BMO’s prime rate plus
Standby fee percentage				0.5625%
Canadian Credit Facilities C [Member] \| U.S. Base Rate [Member]
Debt Instrument [Line Items]
Interest rate spread					1.50%
Variable rate description					U.S. Base Rate
Canadian Credit Facilities C [Member] \| U.S. Base Rate [Member] \| EBITDA Equal to or Greater than 2.00 [Member]
Debt Instrument [Line Items]
Interest rate spread				1.25%
Variable rate description				U.S. Base Rate
Canadian Credit Facilities C [Member] \| U.S. Base Rate [Member] \| EBITDA is Less than 2.00 [Member]
Debt Instrument [Line Items]
Interest rate spread				1.00%
Variable rate description				U.S. Base Rate
Canadian Credit Facilities C [Member] \| Libor [Member]
Debt Instrument [Line Items]
Interest rate spread					2.75%
Variable rate description					Libor
Canadian Credit Facilities C [Member] \| Libor [Member] \| EBITDA Equal to or Greater than 2.00 [Member]
Debt Instrument [Line Items]
Interest rate spread				2.50%
Variable rate description				Libor
Canadian Credit Facilities C [Member] \| Libor [Member] \| EBITDA is Less than 2.00 [Member]
Debt Instrument [Line Items]
Interest rate spread				2.25%
Variable rate description				Libor
Canadian Credit Facilities C [Member] \| Canada, Dollars
Debt Instrument [Line Items]
Maximum Credit Facilities Amount to Borrow \| CAD												CAD 10,000
Interest rate spread					1.50%
Variable rate description					BMO’s prime rate plus
Frequency of payments					Quarterly
Quarterly principal payment \| CAD					CAD 36
Prepayment of debt \| CAD							CAD 5,000
Line of Credit [Member]
Debt Instrument [Line Items]
Maximum Credit Facilities Amount to Borrow				$ 15,900
Line of Credit [Member] \| Canada, Dollars
Debt Instrument [Line Items]
Maximum Credit Facilities Amount to Borrow \| CAD												22,000
Canadian Credit Facilities A [Member]
Debt Instrument [Line Items]
Interest rate spread				0.50%	0.75%
Variable rate description				BMO’s prime rate plus	BMO’s prime rate plus
Credit facilities amount outstanding								3,500
Canadian Credit Facilities A [Member] \| U.S. Base Rate [Member]
Debt Instrument [Line Items]
Interest rate spread				0.50%	0.75%
Variable rate description				U.S. Base Rate	U.S. Base Rate
Canadian Credit Facilities A [Member] \| Libor [Member]
Debt Instrument [Line Items]
Interest rate spread				2.00%	2.25%
Variable rate description				Libor	Libor
Canadian Credit Facilities A [Member] \| Canada, Dollars
Debt Instrument [Line Items]
Maximum Credit Facilities Amount to Borrow \| CAD									CAD 7,000	CAD 8,000		10,000
Canadian Credit Facilities B [Member]
Debt Instrument [Line Items]
Interest rate spread				1.00%
Variable rate description				BMO’s prime rate plus
Debt instrument amortization period				5 years
Credit facilities amount outstanding								200
Canadian Credit Facilities B [Member] \| Canada, Dollars
Debt Instrument [Line Items]
Maximum Credit Facilities Amount to Borrow \| CAD									500			CAD 2,000
Interest rate spread					1.25%
Variable rate description					BMO’s prime rate plus
Frequency of payments					Quarterly
Quarterly principal payment \| CAD		CAD 47			CAD 47
Balloon payment								141
Debt instrument amortization period					5 years
Canadian Facilities [Member]
Debt Instrument [Line Items]
Maximum Credit Facilities Amount to Borrow								6,300
Credit facilities amount outstanding								$ 4,300
Canadian Facilities [Member] \| Canada, Dollars
Debt Instrument [Line Items]
Maximum Credit Facilities Amount to Borrow \| CAD									CAD 8,100	CAD 9,100

XML 53 R42.htm IDEA: XBRL DOCUMENT

DEBT (Details Narrative 1) $ in Thousands		3 Months Ended
DEBT (Details Narrative 1) $ in Thousands	Mar. 15, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2014	Dec. 31, 2016 USD ($)	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 02, 2014 USD ($)
Line of Credit Facility [Line Items]
Credit facilities amount outstanding		$ 18,276		$ 17,689
U.S. Credit Facilities [Member]
Line of Credit Facility [Line Items]
Maximum Credit Facilities Amount to Borrow	$ 20,100	$ 19,100						$ 5,000
Percentage of subsidiary shares used to secure borrowings in facility		65.00%
Credit facilities amount outstanding		$ 19,400
Minimum fixed charge coverage ratio			1.10
U.S. Credit Facilities [Member] \| Scenario, Plan [Member]
Line of Credit Facility [Line Items]
EBITDA benchmark ratio			3.15		2.75	3.65	3.25
Minimum fixed charge coverage ratio		1.25
U.S. Credit Facilities A [Member]
Line of Credit Facility [Line Items]
Maximum Credit Facilities Amount to Borrow	$ 15,000	$ 14,000
Credit facilities amount outstanding		$ 14,800
U.S. Credit Facilities A [Member] \| Bank's Prime Rate [Member]
Line of Credit Facility [Line Items]
Interest rate spread		1.00%
Variable rate description		BMO's Prime Rate on US Prime Loans
U.S. Credit Facilities A [Member] \| Libor [Member]
Line of Credit Facility [Line Items]
Interest rate spread		2.25%
Variable rate description		Adjusted Libor Rate on Eurodollar Loans
U.S. Credit Facilities B [Member]
Line of Credit Facility [Line Items]
Maximum Credit Facilities Amount to Borrow		$ 5,000
Frequency of payments		Quarterly
Quarterly principal payment		$ 31
Credit facilities amount outstanding		4,600
Balloon payment		$ 4,438
U.S. Credit Facilities B [Member] \| Libor [Member]
Line of Credit Facility [Line Items]
Interest rate spread		2.50%
Variable rate description		Adjusted Libor Rate on Eurodollar Loans
U.S. Credit Facilities B [Member] \| U.S. Base Rate [Member]
Line of Credit Facility [Line Items]
Interest rate spread		1.25%
Variable rate description		US Base Rate on US Prime Loans
U.S. Credit Facility - MasterCard [Member]
Line of Credit Facility [Line Items]
Maximum Credit Facilities Amount to Borrow		$ 100
Credit Facility B [Member]
Line of Credit Facility [Line Items]
Frequency of payments	Quarterly
Quarterly principal payment	$ 31

XML 54 R43.htm IDEA: XBRL DOCUMENT

DEBT (Details Narrative 2) - Nexus Promissory Note [Member] $ in Thousands	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jul. 25, 2012 USD ($) installments
Debt Instrument [Line Items]
Note amount			$ 1,650
Carryng amount	$ 100	$ 200
Rate of interest of debt instrument			6.93%
Number of installments \| installments			60

XML 55 R44.htm IDEA: XBRL DOCUMENT

PENSION PLAN (Details) - USD ($) $ in Thousands	3 Months Ended
PENSION PLAN (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Defined Benefit Plan [Abstract]
Current service cost, net of employee contributions	$ 14	$ 11
Interest cost on accrued benefit obligation	25	24
Expected return on plan assets	(40)	(39)
Amortization of transitional obligation	3	2
Amortization of past service costs	2	2
Amortization of net actuarial gain	12	8
Total cost of benefit	$ 16	$ 8

XML 56 R45.htm IDEA: XBRL DOCUMENT

PENSION PLAN (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
PENSION PLAN (Details Narrative) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Defined Benefit Plan [Abstract]
Funded contributions by subsidiary (percent)	100.00%
Defined benefit contributions	$ 14	$ 22

XML 57 R46.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($) $ / shares shares
Stock options
Balance at beginning of period \| shares	247,400
Granted \| shares	262,000
Exercised \| shares	(13,000)
Balance at end of period \| shares	496,400
Exercisable at end of period \| shares	226,066
Weighted average exercise price
Balance at beginning of period \| $ / shares	$ 8.75
Granted \| $ / shares	7.30
Exercised \| $ / shares	4.53
Forfeited \| $ / shares	8.10
Balance at end of period \| $ / shares	$ 9.15
Weighted average remaining contractual term
Balance	8 years 1 month 6 days
Exercisable at the end of period	5 years 10 months 24 days
Aggregate intrinsic value
Balance at end of period \| $	$ 293,790
Exercisable at end of period \| $	$ 215,922

XML 58 R47.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Common stock, outstanding shares	8,712,712		8,699,712
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Outstanding purchase of warrants (in shares)	50,600		50,600
Weighted average exercise price - warrants	$ 7.00		$ 7.00
Warrant expiration date range end	Sep. 18, 2018		Sep. 18, 2018
Stock-based compensation	$ 30	$ 54
Recognized stock-based compensation	642
Foreign currency translation adjustments	$ 62	$ 475
Incentive Stock Option [Member]
Number of shares available for future grants	203,600

XML 59 R48.htm IDEA: XBRL DOCUMENT

BASIC AND DILUTED INCOME PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net income	$ 133	$ 569
Denominator:
Weighted average basic shares outstanding	8,702	8,700
Effect of dilutive securities - equity based compensation plans	32	9
Net dilutive effect of warrants outstanding	3
Denominator for diluted net income per common share	8,737	8,709
Net loss per common share:
Basic	$ 0.02	$ 0.07
Diluted	$ 0.02	$ 0.07
Equity Based Compensation Plans [Member]
Anti-dilutive securities (excluded from per share calculation):
Excluded securities from computation of basic and diluted EPS	146	314
Warrant [Member]
Anti-dilutive securities (excluded from per share calculation):
Excluded securities from computation of basic and diluted EPS		51

XML 60 R49.htm IDEA: XBRL DOCUMENT

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Revenues	$ 27,262	$ 26,570
Depreciation and Amortization	721	741
Operating Income (Loss)	1,156	1,094
T And D Segment [Member]
Revenues
Transformers	21,284	18,377
Switchgear	2,205	3,887
Revenues	23,489	22,264
Depreciation and Amortization	352	356
Operating Income (Loss)	2,062	2,047
Critical Power Segment [Member]
Revenues
Equipment	1,578	2,535
Service	2,195	1,771
Revenues	3,773	4,306
Depreciation and Amortization	351	369
Operating Income (Loss)	(102)	(133)
Corporate [Member]
Revenues
Depreciation and Amortization	18	16
Operating Income (Loss)	$ (804)	$ (820)

XML 61 R50.htm IDEA: XBRL DOCUMENT

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues	$ 27,262	$ 26,570
United States
Revenues	18,581	17,553
Canada
Revenues	$ 8,681	8,952
Others Countries [Member]
Revenues		$ 65

XML 62 R51.htm IDEA: XBRL DOCUMENT

BUSINESS SEGMENT AND GEOGRAPHIC INFORMATION (Details Narrative)	3 Months Ended
	Mar. 31, 2017 Seg
Segment Reporting [Abstract]
Number of reportable segments	2

XML 63 R52.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Narrative) $ in Thousands	1 Months Ended
SUBSEQUENT EVENTS (Details Narrative) $ in Thousands	Apr. 30, 2017 USD ($)
Subsequent Event [Member] \| Internal Revenue Service [Member] \| Minimum [Member] \| Pioneer Critical Power, Inc. [Member]
Amount of abate for interest and penalities	$ 100

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