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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