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February 28, 2013
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Cambridge-Lee Holdings Consolidated Results of Operations for 2012
READING, Pa.--(BUSINESS WIRE)-- Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the twelve months of 2012.
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| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES |
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) |
| |
|
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of December 31, 2011; December 31, 2012
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Figures in USD
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Dec 31, 2011 |
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Dec 31, 2012 |
| Assets |
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| Current Assets: |
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| Cash and cash equivalents |
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$ |
1,305,000 |
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$ |
2,263,000 |
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| Accounts Receivable - Net |
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35,700,000 |
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39,013,000 |
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| Accounts Receivable - Affiliates |
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4,674,000 |
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4,011,000 |
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| Other Receivables |
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1,022,000 |
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962,000 |
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| Inventories — net |
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58,904,000 |
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53,332,000 |
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| Other current assets |
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4,469,000 |
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3,766,000 |
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| Deferred income taxes |
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| Total current assets |
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106,074,000 |
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103,347,000 |
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| Restricted Cash |
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4,000,000 |
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4,000,000 |
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| Note Receivable — Affiliate |
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10,336,000 |
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8,990,000 |
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| Property, Plant, and Equipment — Net |
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43,391,000 |
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86,293,000 |
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| Deferred Financing Fees — Net |
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507,000 |
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0 |
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| Other Long-Term Assets |
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38,000 |
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1,685,000 |
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| Total |
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$ |
164,346,000 |
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$ |
204,315,000 |
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| Liabilities and Shareholders' Equity |
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| Current Liabilities: |
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| Current portion of long-term debt |
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1,059,000 |
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164,000 |
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| Revolving credit facility |
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18,583,000 |
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31,206,000 |
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| Trade Accounts Payable |
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7,684,000 |
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19,642,000 |
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| Affiliates Payable |
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786,000 |
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117,000 |
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| Accrued expenses and taxes other than income tax |
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10,400,000 |
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9,257,000 |
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| Deferred Income Taxes |
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72,000 |
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72,000 |
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| Income taxes payable |
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6,411,000 |
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| Total current liabilities |
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38,584,000 |
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66,869,000 |
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| Long-Term Debt |
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154,000 |
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5,250,000 |
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| Long-Term Obligations — Other |
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6,118,000 |
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3,394,000 |
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| Deferred Income Taxes |
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9,213,000 |
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9,213,000 |
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| Total liabilities |
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54,069,000 |
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84,726,000 |
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| SHAREHOLDERS’ EQUITY: |
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Common stock, no par — authorized, 1,500 shares; issued and outstanding, 1,000 shares
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1,000 |
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1,000 |
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| Additional paid-in capital |
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84,205,000 |
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84,205,000 |
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| Retirement Inter-Company Bonds |
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(56,000,000 |
) |
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(56,000,000 |
) |
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Excess of liabilities assumed over book value of assets transferred
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(17,514,000 |
) |
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(17,514,000 |
) |
| Retained earnings |
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97,517,000 |
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106,493,000 |
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| Accumulated other comprehensive income (loss) |
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(2,982,000 |
) |
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(2,875,000 |
) |
| Noncontrolling owner’s interest |
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5,050,000 |
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5,279,000 |
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| Total shareholders' equity |
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110,277,000 |
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119,589,000 |
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| TOTAL |
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$ |
164,346,000 |
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$ |
204,315,000 |
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| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES |
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) |
| |
|
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
As of December 31, 2011; December 31, 2012
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| Figures in USD |
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Dec 31, 2011 |
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Dec 31, 2012 |
| Revenues: |
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| Net Sales |
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$ |
497,852,000 |
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$ |
422,413,333 |
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| Cost of Sales |
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439,117,000 |
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376,345,279 |
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| Gross Income |
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58,735,000 |
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46,068,054 |
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| Selling, General and Administrative Expenses |
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35,654,000 |
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34,212,336 |
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| Operating Income |
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23,081,000 |
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11,855,718 |
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| Other Expense: |
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| Interest — net |
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(1,922,000 |
) |
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(1,011,674 |
) |
| Other — net |
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(26,000 |
) |
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1,640,239 |
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| Total Other Expense |
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(1,948,000 |
) |
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628,565 |
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| Income From Continuing Operations Before Provision for Income Taxes |
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21,133,000 |
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12,484,283 |
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| Provision for Income Taxes |
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5,721,000 |
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3,246,574 |
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| Net Income from Continuing Operations |
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15,412,000 |
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9,237,709 |
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| Gain (Loss) From Discontinued Operations (Including loss on disposal of $398,000 in Dec 2010) |
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15,120,000 |
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0 |
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| Provision for Income Taxes |
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4,457,000 |
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0 |
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| Net Loss from Discontinued Operations |
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10,663,000 |
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0 |
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| Net Income |
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26,075,000 |
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9,237,709 |
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| Net Income Attributable to Noncontrolling Interest |
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780,000 |
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276,704 |
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| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
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25,295,000 |
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8,961,005 |
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| CAMBRIDGE-LEE HOLDINGS, INC |
| STATEMENT OF CASH FLOW |
| (UNAUDITED) |
| Figures in USD |
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Dec 31, 2012 |
| OPERATING ACTIVITIES: |
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| Net income (loss) |
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8,961,000 |
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| Net income (loss) |
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8,961,000 |
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| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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Noncontrolling interest |
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277,000 |
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Depreciation and amortization |
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5,244,000 |
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Allowance for doubtful accounts receivable |
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(31,000 |
) |
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| Changes in assets and liabilities which provided (used) cash: |
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(Increase) decrease in accounts and notes receivable |
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(1,943,000 |
) |
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(Increase) decrease in inventories |
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5,573,000 |
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(Increase) decrease in prepaid expenses, deposits and other assets |
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249,000 |
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Increase (decrease) in other long term obligations |
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(2,724,000 |
) |
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Increase (decrease) in accounts payable, accrued expenses and amounts due to affiliates |
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10,891,000 |
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Increase (decrease) in income taxes payable |
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5,784,000 |
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Increase (decrease) in assets from dispositions |
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- |
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Total adjustments |
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23,319,000 |
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net cash provided by (used in) operating activities |
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32,280,000 |
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| CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchases of property, plant and equipment |
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(48,145,000 |
) |
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Net cash provided by (used in) investing activities |
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(48,145,000 |
) |
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| CASH FLOWS FROM FINANCING ACTIVITIES: |
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Increase (decrease) in revolving credit facility |
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11,727,000 |
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Proceeds from long term debt |
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5,096,000 |
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Net cash provided by (used in) financing activities |
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16,824,000 |
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| EFFECT OF EXCHANGE RATE CHANGES ON CASH |
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| Net increase in cash and cash equivalents |
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959,000 |
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| Cash and cash equivalents at beginning of period |
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1,305,000 |
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| Cash and cash equivalents at end of period |
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2,263,000 |
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for Cambridge-Lee Holdings, Inc.
Francisco Rodriguez, (5255) 5216 4028
frodriguez@iusa.com.mx
KEYWORDS: United States North America Pennsylvania
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