Cambridge-Lee Holdings Consolidated Results of Operations for 2012

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.

 
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

   

Figures in USD

Dec 31, 2011     Dec 31, 2012
Assets
Current Assets:
Cash and cash equivalents $ 1,305,000 $ 2,263,000
Accounts Receivable - Net 35,700,000 39,013,000
Accounts Receivable - Affiliates 4,674,000 4,011,000
Other Receivables 1,022,000 962,000
Inventories — net 58,904,000 53,332,000
Other current assets 4,469,000 3,766,000
Deferred income taxes        
Total current assets   106,074,000         103,347,000  
 
Restricted Cash 4,000,000 4,000,000
Note Receivable — Affiliate 10,336,000 8,990,000
Property, Plant, and Equipment — Net 43,391,000 86,293,000
Deferred Financing Fees — Net 507,000 0
Other Long-Term Assets   38,000         1,685,000  
Total $ 164,346,000       $ 204,315,000  
 
Liabilities and Shareholders' Equity
 
Current Liabilities:
Current portion of long-term debt 1,059,000 164,000
Revolving credit facility 18,583,000 31,206,000
Trade Accounts Payable 7,684,000 19,642,000
Affiliates Payable 786,000 117,000
Accrued expenses and taxes other than income tax 10,400,000 9,257,000
Deferred Income Taxes 72,000 72,000
Income taxes payable         6,411,000  
Total current liabilities   38,584,000         66,869,000  
 
Long-Term Debt 154,000 5,250,000
Long-Term Obligations — Other 6,118,000 3,394,000
Deferred Income Taxes   9,213,000         9,213,000  
Total liabilities   54,069,000         84,726,000  
 
SHAREHOLDERS’ EQUITY:

Common stock, no par — authorized, 1,500 shares; issued and outstanding, 1,000 shares

1,000 1,000
Additional paid-in capital 84,205,000 84,205,000
Retirement Inter-Company Bonds (56,000,000 ) (56,000,000 )

Excess of liabilities assumed over book value of assets transferred

(17,514,000 ) (17,514,000 )
Retained earnings 97,517,000 106,493,000
Accumulated other comprehensive income (loss) (2,982,000 ) (2,875,000 )
Noncontrolling owner’s interest   5,050,000         5,279,000  
Total shareholders' equity   110,277,000         119,589,000  
       
TOTAL $ 164,346,000       $ 204,315,000  
 
 
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

     
Figures in USD Dec 31, 2011 Dec 31, 2012
Revenues:
Net Sales $ 497,852,000 $ 422,413,333
Cost of Sales   439,117,000       376,345,279  
Gross Income 58,735,000 46,068,054
 
Selling, General and Administrative Expenses   35,654,000       34,212,336  
Operating Income 23,081,000 11,855,718
 
Other Expense:
Interest — net (1,922,000 ) (1,011,674 )
Other — net   (26,000 )     1,640,239  
Total Other Expense (1,948,000 ) 628,565
     
Income From Continuing Operations Before Provision for Income Taxes 21,133,000 12,484,283
 
Provision for Income Taxes 5,721,000 3,246,574
     
Net Income from Continuing Operations 15,412,000 9,237,709
 
Gain (Loss) From Discontinued Operations (Including loss on disposal of $398,000 in Dec 2010) 15,120,000 0
Provision for Income Taxes   4,457,000       0  
Net Loss from Discontinued Operations 10,663,000 0
     
Net Income 26,075,000 9,237,709
 
Net Income Attributable to Noncontrolling Interest   780,000       276,704  
     
Net Income Attributable to Cambridge-Lee Holdings, Inc.   25,295,000       8,961,005  
 
 
CAMBRIDGE-LEE HOLDINGS, INC
STATEMENT OF CASH FLOW
(UNAUDITED)
Figures in USD
    Dec 31, 2012
OPERATING ACTIVITIES:
Net income (loss) 8,961,000  
Net income (loss) 8,961,000
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest 277,000
Depreciation and amortization 5,244,000
Allowance for doubtful accounts receivable (31,000 )
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable (1,943,000 )
(Increase) decrease in inventories 5,573,000
(Increase) decrease in prepaid expenses, deposits and other assets 249,000
Increase (decrease) in other long term obligations (2,724,000 )
Increase (decrease) in accounts payable, accrued expenses and amounts due to affiliates 10,891,000
Increase (decrease) in income taxes payable 5,784,000
Increase (decrease) in assets from dispositions -  
Total adjustments 23,319,000  
 
net cash provided by (used in) operating activities 32,280,000  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (48,145,000 )
 
Net cash provided by (used in) investing activities (48,145,000 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility 11,727,000
Proceeds from long term debt 5,096,000
 
Net cash provided by (used in) financing activities 16,824,000  
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
 
Net increase in cash and cash equivalents 959,000
Cash and cash equivalents at beginning of period 1,305,000  
 
Cash and cash equivalents at end of period 2,263,000  
 



for Cambridge-Lee Holdings, Inc.
Francisco Rodriguez, (5255) 5216 4028
frodriguez@iusa.com.mx

KEYWORDS:   United States  North America  Pennsylvania

INDUSTRY KEYWORDS:

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