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 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, 2011 | 31-Dec-12 | |||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 1,305,000 | $ | 2,027,000 | ||||
Accounts Receivable - Net | 35,700,000 | 39,013,000 | ||||||
Accounts Receivable - Affiliates | 4,674,000 | 3,600,000 | ||||||
Other Receivables | 1,022,000 | 794,000 | ||||||
Inventories — net | 58,904,000 | 54,088,000 | ||||||
Other current assets | 4,469,000 | 3,863,000 | ||||||
Deferred income taxes | 1,222,000 | |||||||
Total current assets | 106,074,000 | 104,607,000 | ||||||
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 | 85,098,000 | ||||||
Deferred Financing Fees — Net | 507,000 | |||||||
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 debt | 1,059,000 | 164,000 | ||||||
Revolving credit facility | 18,583,000 | 31,206,000 | ||||||
Trade Accounts Payable | 7,684,000 | 20,353,000 | ||||||
Affiliates Payable | 786,000 | 52,000 | ||||||
Accrued expenses and taxes other than income tax | 10,400,000 | 10,387,000 | ||||||
Deferred Income Taxes | 72,000 | |||||||
Income taxes payable | 5,217,000 | |||||||
Total current liabilities | 38,584,000 | 67,379,000 | ||||||
Long-Term Debt | 154,000 | 5,250,000 | ||||||
Long-Term Obligations — Other | 6,118,000 | 3,008,000 | ||||||
Deferred Revenue | 670,000 | |||||||
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 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 | 107,400,000 | ||||||
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, 2011 | Dec 31, 2012 | |||||||
Revenues: | ||||||||
Net Sales | $ | 497,852,000 | $ | 422,413,000 | ||||
Cost of Sales | 439,117,000 | 375,141,000 | ||||||
Gross Income | 58,735,000 | 47,272,000 | ||||||
Selling, General and Administrative Expenses | 35,654,000 | 35,699,000 | ||||||
Operating Income | 23,081,000 | 11,573,000 | ||||||
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 Taxes | 21,133,000 | 10,296,000 | ||||||
Provision for Income Taxes | 5,721,000 | (338,000 | ) | |||||
Net Income from Continuing Operations | 15,412,000 | 10,634,000 | ||||||
Gain (Loss) From Discontinued Operations (Including loss on disposal of $398,000 in Dec 2010) | 15,120,000 | (1,187,000 | ) | |||||
Provision for Income Taxes | 4,457,000 | (745,000 | ) | |||||
Net Loss from Discontinued Operations | 10,663,000 | (442,000 | ) | |||||
Net Income | 26,075,000 | 10,192,000 | ||||||
Net Income Attributable to Noncontrolling Interest | 780,000 | 309,000 | ||||||
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 interest | 309,000 | ||||
Depreciation and amortization | 5,901,000 | ||||
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 inventories | 4,817,000 | ||||
(Increase) decrease in prepaid expenses, deposits and other assets | 606,000 | ||||
Increase (decrease) in other long term obligations | (3,613,000) | ||||
Increase (decrease) in accounts payable, accrued expenses and amounts due to affiliates | 14,974,000 | ||||
Increase (decrease) in income taxes payable | 4,603,000 | ||||
Increase (decrease) in assets from dispositions | 1,306,000 | ||||
Total adjustments | 21,951,000 | ||||
net cash provided by (used in) operating activities | 31,834,000 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Purchases of property, plant and equipment | (45,855,000) | ||||
Proceeds from sale of property, plant and equipment | |||||
disposal | 29,000 | ||||
Net cash provided by (used in) investing activities | (45,826,000) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Increase (decrease) in revolving credit facility | 12,623,000 | ||||
Increase (decrease) in short-term borrowings | 5,000,000 | ||||
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 activities | 14,704,000 | ||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 10,000 | ||||
Net increase in cash and cash equivalents | 722,000 | ||||
Cash and cash equivalents at beginning of period | 1,305,000 | ||||
Cash and cash equivalents at end of period | 2,027,000 | ||||
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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