Cambridge-Lee Holdings Consolidated Results of Operations For Q1 2013

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, 2012

March 31, 2012

March 31, 2013

Assets

USD

USD

USD

Current Assets:

Cash and cash equivalents

$

2,027,000

$

728,000

$

1,985,000

Accounts Receivable - Net

39,013,000

40,870,000

44,073,000

Accounts Receivable - Affiliates

3,600,000

1,762,000

5,380,000

Other Receivables

794,000

441,000

3,258,000

Inventories — net

54,088,000

64,535,000

58,817,000

Other current assets

3,863,000

5,162,000

4,185,000

Deferred income taxes

1,222,000

1,222,000

Total current assets

104,607,000

113,498,000

118,920,000

Restricted Cash

4,000,000

4,000,000

Note Receivable — Affiliate

8,990,000

10,336,000

8,990,000

Property, Plant, and Equipment — Net

85,098,000

42,732,000

88,794,000

Deferred Financing Fees — Net

425,000

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 debt

164,000

839,000

164,000

Revolving credit facility

31,206,000

22,163,000

49,280,000

Trade Accounts Payable

20,353,000

11,685,000

13,040,000

Affiliates Payable

52,000

(2,784,000

)

30,000

Accrued expenses and taxes other than income tax

10,387,000

9,367,000

7,750,000

Deferred Income Taxes

72,000

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 Debt

5,250,000

344,000

15,206,000

Long-Term Obligations — Other

3,008,000

6,118,000

3,009,000

Deferred Revenue

670,000

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

1,000

1,000

1,000

Additional paid-in capital

84,205,000

84,205,000

84,205,000

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 earnings

107,400,000

99,561,000

108,633,000

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, 2012

March 31, 2012

March 31, 2013

USD

USD

USD

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 Income

47,272,000

28,638,000

10,537,000

Selling, General and Administrative Expenses

35,699,000

14,399,000

8,117,000

Operating Income

11,573,000

14,239,000

2,420,000

Other Expense:

Interest — net

(1,012,000

)

(2,246,000

)

(61,000

)

Other — net

(265,000

)

116,000

68,000

Total Other Expense

(1,277,000

)

(2,130,000

)

7,000

Income From Continuing Operations Before Provision for Income Taxes

10,296,000

12,109,000

2,427,000

Provision for Income Taxes

(338,000

)

5,354,000

1,209,000

Net Income from Continuing Operations

10,634,000

6,755,000

1,218,000

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 Income

10,192,000

6,755,000

1,218,000

Net Income Attributable to Noncontrolling Interest

309,000

(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 interest

36,000

Depreciation and amortization

1,346,000

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 facility

18,075,000

Proceeds from long term debt

9,956,000

Net cash provided by (used in) financing activities

28,030,000

EFFECT OF EXCHANGE RATE CHANGES ON CASH

Net increase in cash and cash equivalents

(4,042,000

)

Cash and cash equivalents at beginning of period

6,027,000

-

Cash and cash equivalents at end of period

1,985,000




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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