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Selected Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) Set forth below is unaudited quarterly financial data for 2017 and 2016.
POWER SOLUTIONS INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) |  | As of
|  | March 31, 2017 |  | June 30, 2017 |  | September 30, 2017
ASSETS |  |  |  |  |  |
Current assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 342 |  |  | $ | — |  |  | $ | — |
Accounts receivable, net |  | 64,305 |  |  | 56,673 |  |  | 60,811 |
Income tax receivable |  | 6,829 |  |  | 1,996 |  |  | 841 |
Inventories, net |  | 97,286 |  |  | 103,335 |  |  | 113,074 |
Prepaid expenses and other current assets |  | 15,291 |  |  | 12,453 |  |  | 14,536 |
Total current assets |  | 184,053 |  |  | 174,457 |  |  | 189,262 |
Property, plant and equipment, net |  | 19,230 |  |  | 19,050 |  |  | 18,974 |
Intangible assets, net |  | 24,819 |  |  | 23,610 |  |  | 22,401 |
Goodwill |  | 29,835 |  |  | 29,835 |  |  | 29,835 |
Other noncurrent assets |  | 5,053 |  |  | 4,518 |  |  | 6,035 |
TOTAL ASSETS |  | $ | 262,990 |  |  | $ | 251,470 |  |  | $ | 266,507 |
LIABILITIES, MEZZANINE AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Accounts payable |  | $ | 67,167 |  |  | $ | 55,610 |  |  | $ | 54,195 |
Contingent consideration |  | 30 |  |  | 29 |  |  | 20 |
Revolving line of credit, current |  | 16,887 |  |  | 25,263 |  |  | 41,332 |
Other accrued liabilities |  | 35,234 |  |  | 35,379 |  |  | 41,393 |
Total current liabilities |  | 119,318 |  |  | 116,281 |  |  | 136,940 |
Deferred income taxes |  | 933 |  |  | 1,066 |  |  | 1,210 |
Warrants |  | 20,700 |  |  | 21,500 |  |  | 23,200 |
Long-term debt, less current maturities, net |  | 54,045 |  |  | 54,168 |  |  | 54,305 |
Other noncurrent liabilities |  | 13,328 |  |  | 12,438 |  |  | 13,312 |
TOTAL LIABILITIES |  | $ | 208,324 |  |  | $ | 205,453 |  |  | $ | 228,967 |
MEZZANINE EQUITY |  |  |  |  |  |
Series B convertible preferred stock, net of issuance costs |  | $ | 24,617 |  |  | $ | 27,807 |  |  | $ | 31,411 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Preferred stock |  | $ | — |  |  | $ | — |  |  | $ | — |
Common stock |  | 14 |  |  | 14 |  |  | 14 |
Additional paid-in capital |  | 100,686 |  |  | 96,543 |  |  | 91,737 |
Accumulated deficit |  | (59,070 | ) |  | (66,817 | ) |  | (76,018 | )
Treasury stock, at cost |  | (11,582 | ) |  | (11,530 | ) |  | (9,604 | )
TOTAL STOCKHOLDERS’ EQUITY |  | 30,048 |  |  | 18,210 |  |  | 6,129 |
TOTAL LIABILITIES, MEZZANINE AND STOCKHOLDERS’ EQUITY |  | $ | 262,990 |  |  | $ | 251,470 |  |  | $ | 266,507 |
POWER SOLUTIONS INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) |  | As of
|  | March 31, 2016 (Restated) |  | June 30, 2016 |  | September 30, 2016
ASSETS |  |  |  |  |  |
Current assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,495 |  |  | $ | 435 |  |  | $ | 1,610 |
Accounts receivable, net |  | 45,384 |  |  | 57,884 |  |  | 53,364 |
Income tax receivable |  | 1,723 |  |  | 3,384 |  |  | 5,737 |
Inventories, net |  | 139,519 |  |  | 115,062 |  |  | 111,133 |
Prepaid expenses and other current assets |  | 4,132 |  |  | 4,026 |  |  | 5,146 |
Total current assets |  | 192,253 |  |  | 180,791 |  |  | 176,990 |
Property, plant and equipment, net |  | 20,662 |  |  | 20,386 |  |  | 20,257 |
Intangible assets, net |  | 30,316 |  |  | 28,888 |  |  | 27,459 |
Goodwill |  | 29,835 |  |  | 29,835 |  |  | 29,835 |
Deferred income taxes |  | 19,285 |  |  | — |  |  | — |
Other noncurrent assets |  | 2,664 |  |  | 2,621 |  |  | 2,821 |
TOTAL ASSETS |  | $ | 295,015 |  |  | $ | 262,521 |  |  | $ | 257,362 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Accounts payable |  | $ | 43,160 |  |  | $ | 49,729 |  |  | $ | 45,764 |
Current maturities of long-term debt |  | — |  |  | — |  |  | 375 |
Contingent consideration |  | 5,481 |  |  | 100 |  |  | 88 |
Revolving line of credit, current |  | — |  |  | 14,038 |  |  | 16,994 |
Other accrued liabilities |  | 17,929 |  |  | 19,182 |  |  | 22,405 |
Total current liabilities |  | 66,570 |  |  | 83,049 |  |  | 85,626 |
Revolving line of credit |  | 80,568 |  |  | — |  |  | — |
Deferred income taxes |  | — |  |  | 372 |  |  | 522 |
Warrants |  | 226 |  |  | — |  |  | — |
Long-term debt, less current maturities, net |  | 53,799 |  |  | 110,929 |  |  | 111,517 |
Other noncurrent liabilities |  | 11,952 |  |  | 12,833 |  |  | 12,730 |
TOTAL LIABILITIES |  | $ | 213,115 |  |  | $ | 207,184 |  |  | $ | 210,395 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Preferred stock |  | $ | — |  |  | $ | — |  |  | $ | — |
Common stock |  | 11 |  |  | 12 |  |  | 12 |
Additional paid-in capital |  | 83,729 |  |  | 86,043 |  |  | 86,408 |
Retained earnings (accumulated deficit) |  | 9,612 |  |  | (19,180 | ) |  | (27,895 | )
Treasury stock, at cost |  | (11,452 | ) |  | (11,537 | ) |  | (11,558 | )
TOTAL STOCKHOLDERS’ EQUITY |  | 81,900 |  |  | 55,337 |  |  | 46,967 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |  | $ | 295,015 |  |  | $ | 262,521 |  |  | $ | 257,362 |
POWER SOLUTIONS INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts) |  | For the Quarter Ended
|  | March 31, 2017 |  | June 30, 2017 |  | September 30, 2017 |  | December 31, 2017
Net sales |  | $ | 84,265 |  |  | $ | 100,922 |  |  | $ | 99,953 |  |  | $ | 131,476 |
Cost of sales |  | 74,497 |  |  | 88,443 |  |  | 86,702 |  |  | 115,981 |
Gross profit |  | 9,768 |  |  | 12,479 |  |  | 13,251 |  |  | 15,495 |
Operating expenses: |  |  |  |  |  |  |  |
Research, development and engineering expenses |  | 3,950 |  |  | 3,848 |  |  | 5,687 |  |  | 6,459 |
Selling, general and administrative expenses |  | 10,209 |  |  | 10,688 |  |  | 12,062 |  |  | 11,297 |
Asset impairment charges |  | — |  |  | — |  |  | — |  |  | 1 |
Amortization of intangible assets |  | 1,209 |  |  | 1,209 |  |  | 1,210 |  |  | 1,210 |
Total operating expenses |  | 15,368 |  |  | 15,745 |  |  | 18,959 |  |  | 18,967 |
Operating loss |  | (5,600 | ) |  | (3,266 | ) |  | (5,708 | ) |  | (3,472 | )
Other expense: |  |  |  |  |  |  |  |
Interest expense |  | 6,080 |  |  | 1,404 |  |  | 1,654 |  |  | 1,703 |
Loss from change in fair value of warrants |  | — |  |  | 800 |  |  | 1,700 |  |  | 1,500 |
Loss on debt extinguishment and modifications |  | 11,921 |  |  | — |  |  | — |  |  | — |
Other expense (income), net |  | 453 |  |  | 2,142 |  |  | (9 | ) |  | (225 | )
Total other expense |  | 18,454 |  |  | 4,346 |  |  | 3,345 |  |  | 2,978 |
Loss before income taxes |  | (24,054 | ) |  | (7,612 | ) |  | (9,053 | ) |  | (6,450 | )
Income tax expense (benefit) |  | 479 |  |  | 135 |  |  | 149 |  |  | (320 | )
Net loss |  | (24,533 | ) |  | (7,747 | ) |  | (9,202 | ) |  | (6,130 | )
Deemed dividend on Series B convertible stock |  | — |  |  | (3,190 | ) |  | (3,603 | ) |  | (31,067 | )
Net loss available to common stockholders |  | $ | (24,533 | ) |  | $ | (10,937 | ) |  | $ | (12,805 | ) |  | $ | (37,197 | )
POWER SOLUTIONS INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts) |  | For the Quarter Ended
|  | March 31, 2016 (Restated) |  | June 30, 2016 |  | September 30, 2016 |  | December 31, 2016
Net sales |  | $ | 76,470 |  |  | $ | 85,771 |  |  | $ | 78,944 |  |  | $ | 98,280 |
Cost of sales |  | 69,827 |  |  | 81,253 |  |  | 72,820 |  |  | 86,376 |
Gross profit |  | 6,643 |  |  | 4,518 |  |  | 6,124 |  |  | 11,904 |
Operating expenses: |  |  |  |  |  |  |  |
Research, development and engineering expenses |  | 4,904 |  |  | 4,817 |  |  | 4,498 |  |  | 4,742 |
Selling, general and administrative expenses |  | 6,405 |  |  | 6,699 |  |  | 6,855 |  |  | 8,563 |
Asset impairment charges |  | 345 |  |  | 1,064 |  |  | 38 |  |  | 167 |
Amortization of intangible assets |  | 1,428 |  |  | 1,429 |  |  | 1,429 |  |  | 1,430 |
Contingent consideration |  | — |  |  | (283 | ) |  | — |  |  | — |
Total operating expenses |  | 13,082 |  |  | 13,726 |  |  | 12,820 |  |  | 14,902 |
Operating loss |  | (6,439 | ) |  | (9,208 | ) |  | (6,696 | ) |  | (2,998 | )
Other expense: |  |  |  |  |  |  |  |
Interest expense |  | 1,438 |  |  | 1,649 |  |  | 3,726 |  |  | 4,402 |
Gain from change in fair value of warrants |  | (1,256 | ) |  | (157 | ) |  | — |  |  | — |
Loss on debt extinguishment and modifications |  | — |  |  | — |  |  | 25 |  |  | 332 |
Other expense, net |  | 59 |  |  | 92 |  |  | 62 |  |  | 146 |
Total other expense |  | 241 |  |  | 1,584 |  |  | 3,813 |  |  | 4,880 |
Loss before income taxes |  | (6,680 | ) |  | (10,792 | ) |  | (10,509 | ) |  | (7,878 | )
Income tax (benefit) expense |  | (3,357 | ) |  | 18,000 |  |  | (1,792 | ) |  | (1,238 | )
Net loss |  | $ | (3,323 | ) |  | $ | (28,792 | ) |  | $ | (8,717 | ) |  | $ | (6,640 | )
POWER SOLUTIONS INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) |  | For the Year to Date Period Ended
|  | March 31, 2017 |  | June 30, 2017 |  | September 30, 2017
Cash provided by (used in) operating activities |  |  |  |  |  |
Net loss |  | $ | (24,533 | ) |  | $ | (32,280 | ) |  | $ | (41,482 | )
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |  |  |  |
Amortization of intangible assets |  | 1,209 |  |  | 2,419 |  |  | 3,628 |
Depreciation |  | 1,172 |  |  | 2,342 |  |  | 3,502 |
Change in valuation of warrants |  | — |  |  | 800 |  |  | 2,500 |
Stock compensation expense |  | (865 | ) |  | (1,028 | ) |  | (297 | )
Amortization of financing fees |  | 3,109 |  |  | 3,441 |  |  | 3,778 |
Deferred income taxes |  | 469 |  |  | 602 |  |  | 746 |
Loss on extinguishment of debt |  | 11,921 |  |  | 11,921 |  |  | 11,921 |
Provision for doubtful accounts |  | 48 |  |  | 131 |  |  | 216 |
Provision for inventory obsolescence |  | 146 |  |  | 539 |  |  | 882 |
Loss on disposal of fixed assets |  | 10 |  |  | 66 |  |  | 115 |
Other sources, net |  | 135 |  |  | 198 |  |  | 189 |
Changes in operating assets and liabilities: |  |  |  |  |  |
Trade accounts receivable, net |  | (4,017 | ) |  | 3,532 |  |  | (691 | )
Inventory, net |  | 3,122 |  |  | (3,326 | ) |  | (13,408 | )
Prepaid expenses and other assets |  | (1,624 | ) |  | 1,238 |  |  | (1,359 | )
Trade accounts payable |  | 15,186 |  |  | 3,244 |  |  | 1,879 |
Income taxes refundable |  | 298 |  |  | 5,135 |  |  | 6,293 |
Accrued expenses |  | 2,432 |  |  | 3,242 |  |  | 8,867 |
Other noncurrent liabilities |  | (121 | ) |  | (894 | ) |  | (821 | )
Net cash provided by (used in) operating activities |  | 8,097 |  |  | 1,322 |  |  | (13,542 | )
Cash (used in) provided by investing activities |  |  |  |  |  |
Capital expenditures |  | (1,896 | ) |  | (2,669 | ) |  | (3,856 | )
Other sources, net |  | — |  |  | 245 |  |  | 245 |
Net cash used in investing activities |  | (1,896 | ) |  | (2,424 | ) |  | (3,611 | )
Cash (used in) provided by financing activities |  |  |  |  |  |
Repayments of issuance of long-term debt |  | (71,400 | ) |  | (71,400 | ) |  | (71,400 | )
Financing fees |  | (253 | ) |  | (928 | ) |  | (928 | )
Net proceeds from stock offering and warrant |  | 59,396 |  |  | 59,396 |  |  | 59,396 |
Proceeds from revolving line of credit |  | 85,945 |  |  | 209,082 |  |  | 324,416 |
Repayments of revolving line of credit |  | (81,833 | ) |  | (196,593 | ) |  | (295,859 | )
Acquisition of businesses contingent consideration payments |  | (6 | ) |  | (9 | ) |  | (19 | )
Other uses, net |  | — |  |  | (738 | ) |  | (745 | )
Net cash (used in) provided by financing activities |  | (8,151 | ) |  | (1,190 | ) |  | 14,861 |
Decrease in cash |  | (1,950 | ) |  | (2,292 | ) |  | (2,292 | )
Cash at beginning of the year |  | 2,292 |  |  | 2,292 |  |  | 2,292 |
Cash at end of the period |  | $ | 342 |  |  | $ | — |  |  | $ | — |
POWER SOLUTIONS INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) |  | For the Year to Date Period Ended
|  | March 31, 2016 (Restated) |  | June 30, 2016 |  | September 30, 2016
Cash provided by (used in) operating activities |  |  |  |  |  |
Net loss |  | $ | (3,323 | ) |  | $ | (32,115 | ) |  | $ | (40,832 | )
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |  |  |  |
Amortization of intangible assets |  | 1,429 |  |  | 2,857 |  |  | 4,286 |
Depreciation |  | 1,118 |  |  | 2,250 |  |  | 3,412 |
Change in valuation of warrants |  | (1,256 | ) |  | (1,413 | ) |  | (1,413 | )
Stock compensation expense |  | 441 |  |  | 692 |  |  | 1,188 |
Amortization of financing fees |  | 143 |  |  | 445 |  |  | 1,451 |
Deferred income taxes |  | (1,628 | ) |  | 18,029 |  |  | 18,179 |
Loss on extinguishment of debt |  | — |  |  | — |  |  | 25 |
Asset impairment charges |  | 345 |  |  | 1,410 |  |  | 1,447 |
Change in valuation of contingent consideration |  | — |  |  | (283 | ) |  | (283 | )
(Income) provision for doubtful accounts |  | (10 | ) |  | 24 |  |  | 69 |
Provision for inventory obsolescence |  | 288 |  |  | 3,441 |  |  | 3,928 |
Loss (gain) on disposal of fixed assets |  | 236 |  |  | (852 | ) |  | (846 | )
Other sources, net |  | 113 |  |  | 205 |  |  | 266 |
Changes in operating assets and liabilities: |  |  |  |  |  |
Trade accounts receivable, net |  | 25,158 |  |  | 12,624 |  |  | 17,100 |
Inventory, net |  | 22,288 |  |  | 42,947 |  |  | 46,390 |
Prepaid expenses and other assets |  | (207 | ) |  | (1,261 | ) |  | (2,443 | )
Trade accounts payable |  | (36,459 | ) |  | (30,324 | ) |  | (34,056 | )
Income taxes refundable (payable) |  | 3,441 |  |  | 1,783 |  |  | (682 | )
Accrued expenses |  | 1,891 |  |  | 3,041 |  |  | 6,099 |
Other noncurrent liabilities |  | (98 | ) |  | 1,011 |  |  | 1,028 |
Net cash provided by operating activities |  | 13,910 |  |  | 24,511 |  |  | 24,313 |
Cash flows from investing activities |  |  |  |  |  |
Capital expenditures |  | (1,099 | ) |  | (1,977 | ) |  | (3,286 | )
Proceeds from disposal of assets |  | — |  |  | 2,466 |  |  | 2,466 |
Other uses, net |  | — |  |  | — |  |  | (245 | )
Net cash (used in) provided by investing activities |  | (1,099 | ) |  | 489 |  |  | (1,065 | )
Cash flows from financing activities |  |  |  |  |  |
Proceeds from issuance of long-term debt |  | — |  |  | 60,000 |  |  | 60,000 |
Financing fees |  | — |  |  | (3,402 | ) |  | (3,402 | )
Net proceeds from stock offering and warrant |  | — |  |  | 2,001 |  |  | 2,001 |
Proceeds from revolving line of credit |  | 46,902 |  |  | 111,902 |  |  | 196,179 |
Repayments of revolving line of credit |  | (63,634 | ) |  | (195,164 | ) |  | (276,484 | )
Acquisition of businesses contingent consideration payments |  | (3,029 | ) |  | (8,258 | ) |  | (8,279 | )
Other uses, net |  | — |  |  | (89 | ) |  | (98 | )
Net cash used in financing activities |  | (19,761 | ) |  | (33,010 | ) |  | (30,083 | )
Decrease in cash |  | (6,950 | ) |  | (8,010 | ) |  | (6,835 | )
Cash at beginning of the year |  | 8,445 |  |  | 8,445 |  |  | 8,445 |
Cash at end of the period |  | $ | 1,495 |  |  | $ | 435 |  |  | $ | 1,610 |
EFFECT OF RESTATEMENT The restatement adjustments identified in the three months ended March 31, 2016 were similar in nature to those described in Note 2. Restatement of Previously Issued Consolidated Financial Statements and arose during the Company's comprehensive internal review of its accounting practices as well as its previously issued consolidated financial statements. The Company identified the following categories that required restatement or reclassification and were comprised of a number of related adjustments that have been aggregated for disclosure purposes:
(in thousands) |  | Three Months Ended March 31, 2016
|  | Net Sales |  | (Loss) Income Before Income Taxes
Previously Reported |  | $ | 61,814 |  |  | $ | (8,931 | )
Restatement adjustments: |  |  |  |
Revenue recognition adjustments |  | $ | 14,656 |  |  | $ | 3,111 |
Product development cost |  | — |  |  | 123 |
Inventory valuation |  | — |  |  | (404 | )
Impairment of long-lived assets |  | — |  |  | (557 | )
Product warranty |  | — |  |  | (319 | )
Accrued liabilities |  | — |  |  | 422 |
Equity investment |  | — |  |  | (125 | )
Net restatement adjustments |  | 14,656 |  |  | 2,251 |
Restated |  | $ | 76,470 |  |  | $ | (6,680 | )
The following table presents the effect of the restatement adjustments and reclassifications on the Consolidated Statement of Operations for three months ended March 31, 2016:
(in thousands, except for per share data) |  | Three Months Ended March 31, 2016
|  | Previously Reported |  | Restatement Adjustments and Reclassifications |  | Restated
Net sales |  | $ | 61,814 |  |  | $ | 14,656 |  |  | $ | 76,470 |
Cost of sales |  | 57,758 |  |  | 12,069 |  |  | 69,827 |
Gross profit |  | 4,056 |  |  | 2,587 |  |  | 6,643 |
Operating expenses: |  |  |  |  |  |
Research, development and engineering expenses |  | 5,250 |  |  | (346 | ) |  | 4,904 |
Selling, general and administrative expenses |  | 6,058 |  |  | 347 |  |  | 6,405 |
Asset impairment charge |  | — |  |  | 345 |  |  | 345 |
Amortization of intangible assets |  | 1,429 |  |  | (1 | ) |  | 1,428 |
Total operating expenses |  | 12,737 |  |  | 345 |  |  | 13,082 |
Operating loss |  | (8,681 | ) |  | 2,242 |  |  | (6,439 | )
Other expense (income): |  |  |  |  |  |
Interest expense |  | 1,421 |  |  | 17 |  |  | 1,438 |
Private placement warrants income |  | (1,256 | ) |  | — |  |  | (1,256 | )
Other expense, net |  | 85 |  |  | (26 | ) |  | 59 |
Total other expense |  | 250 |  |  | (9 | ) |  | 241 |
Loss before income taxes |  | (8,931 | ) |  | 2,251 |  |  | (6,680 | )
Income tax benefit |  | (3,680 | ) |  | 323 |  |  | (3,357 | )
Net loss |  | $ | (5,251 | ) |  | $ | 1,928 |  |  | $ | (3,323 | )
Weighted-average common shares outstanding: |  |  |  |  |  |
Basic |  | 10,819 |  |  | — |  |  | 10,819 |
Diluted |  | 10,819 |  |  | — |  |  | 10,819 |
(Loss) earnings per common share: |  |  |  |  |  |
Basic |  | $ | (0.49 | ) |  | $ | 0.07 |  |  | $ | (0.42 | )
Diluted |  | $ | (0.49 | ) |  | $ | 0.07 |  |  | $ | (0.42 | )
as of March 31, 2016:
(in thousands) |  | As of March 31, 2016
|  | Previously Reported |  | Restatement Adjustments and Reclassifications |  | Restated
ASSETS |  |  |  |  |  |
Current assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,495 |  |  | $ | — |  |  | $ | 1,495 |
Accounts receivable, net |  | 63,163 |  |  | (17,779 | ) |  | 45,384 |
Income tax receivable |  | — |  |  | 1,723 |  |  | 1,723 |
Inventories, net |  | 120,735 |  |  | 18,784 |  |  | 139,519 |
Prepaid expenses and other current assets |  | 9,496 |  |  | (5,364 | ) |  | 4,132 |
Total current assets |  | 194,889 |  |  | (2,636 | ) |  | 192,253 |
Property, plant and equipment, net |  | 24,289 |  |  | (3,627 | ) |  | 20,662 |
Intangible assets, net |  | 30,316 |  |  | — |  |  | 30,316 |
Goodwill |  | 41,466 |  |  | (11,631 | ) |  | 29,835 |
Deferred income taxes |  | 819 |  |  | 18,466 |  |  | 19,285 |
Other noncurrent assets |  | 7,181 |  |  | (4,517 | ) |  | 2,664 |
TOTAL ASSETS |  | $ | 298,960 |  |  | $ | (3,945 | ) |  | $ | 295,015 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Accounts payable |  | $ | 41,491 |  |  | $ | 1,669 |  |  | $ | 43,160 |
Contingent consideration |  | — |  |  | 5,481 |  |  | 5,481 |
Other accrued liabilities |  | 19,692 |  |  | (1,763 | ) |  | 17,929 |
Total current liabilities |  | 61,183 |  |  | 5,387 |  |  | 66,570 |
Revolving line of credit |  | 80,568 |  |  | — |  |  | 80,568 |
Warrants |  | 226 |  |  | — |  |  | 226 |
Long-term debt, less current maturities, net |  | 53,946 |  |  | (147 | ) |  | 53,799 |
Other noncurrent liabilities |  | 1,670 |  |  | 10,282 |  |  | 11,952 |
TOTAL LIABILITIES |  | $ | 197,593 |  |  | $ | 15,522 |  |  | $ | 213,115 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Preferred stock |  | $ | — |  |  | $ | — |  |  | $ | — |
Common stock |  | 12 |  |  | (1 | ) |  | 11 |
Additional paid-in capital |  | 75,500 |  |  | 8,229 |  |  | 83,729 |
Retained earnings |  | 30,105 |  |  | (20,493 | ) |  | 9,612 |
Treasury stock, at cost |  | (4,250 | ) |  | (7,202 | ) |  | (11,452 | )
TOTAL STOCKHOLDERS’ EQUITY |  | 101,367 |  |  | (19,467 | ) |  | 81,900 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |  | $ | 298,960 |  |  | $ | (3,945 | ) |  | $ | 295,015 |
The restatement effect on the previously issued condensed Consolidated Statement of Cash Flow for the three months ended March 31, 2016 is as follows:
(in thousands) |  | Three Months Ended March 31, 2016
|  | Previously Reported |  | Restatement and Reclassification |  | Reclassified
Net cash provided by operating activities |  | $ | 9,995 |  |  | $ | 3,915 |  |  | $ | 13,910 |
Net cash used in investing activities |  | (214 | ) |  | (885 | ) |  | (1,099 | )
Net cash used in financing activities |  | (16,731 | ) |  | (3,030 | ) |  | (19,761 | )
Decrease in cash |  | (6,950 | ) |  | — |  |  | (6,950 | )
Cash at beginning of year |  | 8,445 |  |  | — |  |  | 8,445 |
Cash at end of period |  | $ | 1,495 |  |  | $ | — |  |  | $ | 1,495 |
The primary reclassification moved payment of contingent consideration to financing from operating.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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