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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