Cambridge-Lee Holdings Consolidated Results of Operations For Q1 2013

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Cambridge-Lee Holdings Consolidated Results of Operations For Q1 2013

READING, Pa.--(BUSINESS WIRE)-- Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the first three months of 2013.

   
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED BALANCE SHEETS
As of Dec 31, 2012 and March 31, 2012 & 2013
 
December 31, 2012March 31, 2012March 31, 2013
AssetsUSDUSDUSD
Current Assets:
Cash and cash equivalents$2,027,000$728,000$1,985,000
Accounts Receivable - Net39,013,00040,870,00044,073,000
Accounts Receivable - Affiliates3,600,0001,762,0005,380,000
Other Receivables794,000441,0003,258,000
Inventories — net54,088,00064,535,00058,817,000
Other current assets3,863,0005,162,0004,185,000
Deferred income taxes 1,222,000     1,222,000 
Total current assets 104,607,000   113,498,000   118,920,000 
 
Restricted Cash4,000,0004,000,000
Note Receivable — Affiliate8,990,00010,336,000

8,990,000

Property, Plant, and Equipment — Net85,098,00042,732,00088,794,000
Deferred Financing Fees — Net425,000
Other Long-Term Assets 1,685,000   39,000   1,596,000 
Total$204,380,000$171,030,000$218,300,000
 
Liabilities and Shareholders' Equity
 
Current Liabilities:
Current portion of long-term debt164,000839,000164,000
Revolving credit facility31,206,00022,163,00049,280,000
Trade Accounts Payable20,353,00011,685,00013,040,000
Affiliates Payable52,000(2,784,000)30,000
Accrued expenses and taxes other than income tax10,387,0009,367,0007,750,000
Deferred Income Taxes72,000
Income taxes payable 5,217,000   1,567,000   528,000 
Total current liabilities 67,379,000   42,909,000   70,792,000 
 
Long-Term Debt5,250,000344,00015,206,000

Long-Term Obligations — Other

3,008,0006,118,0003,009,000
Deferred Revenue670,000
Deferred Income Taxes 7,272,000   9,213,000   7,272,000 
Total liabilities 83,579,000   58,584,000   96,279,000 
 
SHAREHOLDERS' EQUITY:
Common stock, no par — authorized, 1,500 shares; issued and outstanding, 1,000 shares
1,0001,0001,000
Additional paid-in capital84,205,00084,205,00084,205,000
Retirement Inter-Company Bonds(56,000,000)(56,000,000)(56,000,000)
Excess of liabilities assumed over book value of assets transferred
(17,514,000)(17,514,000)(17,514,000)
Retained earnings107,400,00099,561,000108,633,000
Accumulated other comprehensive income (loss)(2,656,000)(2,922,000)(2,656,000)
Noncontrolling owner's interest 5,365,000   5,115,000   5,352,000 
Total shareholders' equity 120,801,000   112,446,000   122,021,000 
     
TOTAL$204,380,000  $171,030,000  $218,300,000 
 
   
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED STATEMENTS OF OPERATIONS
As of Dec 31, 2012 and March 31, 2012 & 2013
 
 
December 31, 2012March 31, 2012March 31, 2013
USDUSDUSD
Revenues:
Net Sales$422,413,000$238,724,000$103,509,000
Cost of Sales 375,141,000   210,086,000   92,972,000 
Gross Income47,272,00028,638,00010,537,000
 
Selling, General and Administrative Expenses35,699,00014,399,0008,117,000
     
Operating Income11,573,00014,239,0002,420,000
 
Other Expense:
Interest — net(1,012,000)(2,246,000)(61,000)
Other — net(265,000)116,00068,000
     
Total Other Expense(1,277,000)(2,130,000)7,000
     
Income From Continuing Operations Before Provision for Income Taxes10,296,00012,109,0002,427,000
 
Provision for Income Taxes(338,000)5,354,0001,209,000
     
Net Income from Continuing Operations10,634,0006,755,0001,218,000
 
Gain (Loss) From Discontinued Operations (Including loss on disposal of $398,000 in Dec 2010)(1,187,000)
Provision for Income Taxes(745,000)
     
Net Loss from Discontinued Operations(442,000)0
     
Net Income10,192,0006,755,0001,218,000
 
Net Income Attributable to Noncontrolling Interest309,000(202,000)36,000
     
Net Income Attributable to Cambridge-Lee Holdings, Inc. 9,883,000   6,553,000   1,182,000 
 
 
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
  
STATEMENT OF CASH FLOW
March 31, 2013
USD
OPERATING ACTIVITIES:
Net income (loss)1,182,000 
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest36,000
Depreciation and amortization1,346,000
Allowance for doubtful accounts receivable(6,000)
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable(6,854,000)
(Increase) decrease in inventories(4,729,000)
(Increase) decrease in prepaid expenses, deposits and other assets(2,692,000)
Increase (decrease) in other long term obligations-
Increase (decrease) in accounts payable, accrued expenses & amounts due to affiliates(10,625,000)
Increase (decrease) in income taxes payable(4,689,000)
 
Total adjustments(28,213,000)
 
net cash provided by (used in) operating activities(27,031,000)
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment(5,042,000)
 
Net cash provided by (used in) investing activities(5,042,000)
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility18,075,000
Proceeds from long term debt9,956,000
 
Net cash provided by (used in) financing activities28,030,000 
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
 
Net increase in cash and cash equivalents(4,042,000)
Cash and cash equivalents at beginning of period6,027,000 
-
Cash and cash equivalents at end of period1,985,000 
 




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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