Cambridge-Lee Holdings Consolidated Results of Operations for 2012

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Cambridge-Lee Holdings Consolidated Results of Operations for 2012

READING, Pa.--(BUSINESS WIRE)-- Cambridge-Lee Holdings, Inc., has announced its audited 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
As of December 31, 2011; December 31, 2012    
Figures in U.S. Dollars  
Dec 31, 201131-Dec-12
Assets
Current Assets:
Cash and cash equivalents$1,305,000$2,027,000
Accounts Receivable - Net35,700,00039,013,000
Accounts Receivable - Affiliates4,674,0003,600,000
Other Receivables1,022,000794,000
Inventories — net58,904,00054,088,000
Other current assets4,469,0003,863,000
Deferred income taxes  1,222,000 
Total current assets 106,074,000   104,607,000 
 
Restricted Cash4,000,0004,000,000
Note Receivable — Affiliate10,336,0008,990,000
Property, Plant, and Equipment — Net43,391,00085,098,000
Deferred Financing Fees — Net507,000
Other Long-Term Assets 38,000   1,685,000 
Total$164,346,000  $204,380,000 
 
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt1,059,000164,000
Revolving credit facility18,583,00031,206,000
Trade Accounts Payable7,684,00020,353,000
Affiliates Payable786,00052,000
Accrued expenses and taxes other than income tax10,400,00010,387,000
Deferred Income Taxes72,000
Income taxes payable   5,217,000 
Total current liabilities 38,584,000   67,379,000 
 
Long-Term Debt154,0005,250,000
Long-Term Obligations — Other6,118,0003,008,000
Deferred Revenue670,000
Deferred Income Taxes 9,213,000   7,272,000 
Total liabilities 54,069,000   83,579,000 
 
SHAREHOLDERS' EQUITY:
Common stock, no par — authorized, 1,500 shares;
issued and outstanding, 1,000 shares1,0001,000
Additional paid-in capital84,205,00084,205,000
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 earnings97,517,000107,400,000
Accumulated other comprehensive income (loss)(2,982,000)(2,656,000)
Noncontrolling owner's interest 5,050,000   5,365,000 
Total shareholders' equity 110,277,000   120,801,000 
   
TOTAL$164,346,000  $204,380,000 
 
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 December 31, 2011; December 31, 2012    
Figures in U.S. Dollars
Dec 31, 2011Dec 31, 2012
 
Revenues:
Net Sales$497,852,000$422,413,000
Cost of Sales 439,117,000   375,141,000 
Gross Income58,735,00047,272,000
 
Selling, General and Administrative Expenses35,654,00035,699,000
   
Operating Income23,081,00011,573,000
 
Other Expense:
Interest — net(1,922,000)(1,012,000)
Other — net(26,000)(265,000)
   
Total Other Expense(1,948,000)(1,277,000)
   
Income From Continuing Operations Before Provision for Income Taxes21,133,00010,296,000
 
Provision for Income Taxes5,721,000(338,000)
   
Net Income from Continuing Operations15,412,00010,634,000
 
Gain (Loss) From Discontinued Operations (Including loss on disposal of $398,000 in Dec 2010)15,120,000(1,187,000)
Provision for Income Taxes4,457,000(745,000)
   
Net Loss from Discontinued Operations10,663,000(442,000)
   
Net Income26,075,00010,192,000
 
Net Income Attributable to Noncontrolling Interest780,000309,000
   
Net Income Attributable to Cambridge-Lee Holdings, Inc. 25,295,000   9,883,000 
 
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES 
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
STATEMENT OF CASH FLOW
Figures in U.S. Dollars
Dec 31, 2012
OPERATING ACTIVITIES:
Net income (loss)9,883,000
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest309,000
Depreciation and amortization5,901,000
Allowance for doubtful accounts receivable(31,000)
(Gain) loss on sale of property, plant and equipment(29,000)
Increase (decrease) in deferred income taxes(3,125,000)
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable(3,767,000)
(Increase) decrease in inventories4,817,000
(Increase) decrease in prepaid expenses, deposits and other assets606,000
Increase (decrease) in other long term obligations(3,613,000)
Increase (decrease) in accounts payable, accrued expenses and amounts due to affiliates14,974,000
Increase (decrease) in income taxes payable4,603,000
Increase (decrease) in assets from dispositions1,306,000
Total adjustments21,951,000
 
net cash provided by (used in) operating activities31,834,000
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment(45,855,000)
Proceeds from sale of property, plant and equipment
disposal29,000
Net cash provided by (used in) investing activities(45,826,000)
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility12,623,000
Increase (decrease) in short-term borrowings5,000,000
Proceeds from long term debt(920,000)
Payment under capital lease obligations(222,000)
Payment of debt issuance costs(1,777,000)
Net cash provided by (used in) financing activities14,704,000
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH10,000
 
Net increase in cash and cash equivalents722,000
Cash and cash equivalents at beginning of period1,305,000
 
Cash and cash equivalents at end of period2,027,000



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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