Cambridge-Lee Holdings Consolidated Results of Operations For Q2 2013

Cambridge-Lee Holdings Consolidated Results of Operations For Q2 2013

READING, Pa.--(BUSINESS WIRE)-- Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the first six 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 June 30, 2012 & 2013

Figures in US Dollars

December 31, 2012

June 30, 2012

June 30, 2013

Assets

Current Assets:

Cash and cash equivalents

$

2,027,000

$

797,000

1,734,000

Accounts Receivable - Net

39,013,000

45,957,000

47,232,000

Accounts Receivable - Affiliates

3,600,000

4,757,000

7,686,000

Other Receivables

794,000

885,000

335,000

Inventories — net

54,088,000

51,825,000

47,875,000

Other current assets

3,863,000

4,290,000

3,841,000

Deferred income taxes

1,222,000

1,222,000

Total current assets

104,607,000

108,511,000

109,925,000

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

43,513,000

94,932,000

Deferred Financing Fees — Net

587,000

Other Long-Term Assets

1,685,000

0

1,554,000

Total

$

204,380,000

$

166,947,000

$

215,401,000

Liabilities and Shareholders' Equity

Current Liabilities:

Current portion of long-term debt

164,000

593,000

182,000

Revolving credit facility

31,206,000

13,912,000

34,925,000

Trade Accounts Payable

20,353,000

10,717,000

15,213,000

Affiliates Payable

52,000

1,372,000

959,000

Accrued expenses and taxes other than income tax

10,387,000

8,166,000

9,984,000

Deferred Income Taxes

72,000

Income taxes payable

5,217,000

3,292,000

1,140,000

Total current liabilities

67,379,000

38,124,000

62,403,000

Long-Term Debt

5,250,000

304,000

20,195,000

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

53,759,000

92,879,000

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

100,305,000

109,119,000

Accumulated other comprehensive income (loss)

(2,656,000

)

(2,922,000

)

(2,656,000

)

Noncontrolling owner's interest

5,365,000

5,113,000

5,367,000

Total shareholders' equity

120,801,000

113,188,000

122,522,000

TOTAL

$

204,380,000

$

166,947,000

$

215,401,000

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 June 30, 2012 & 2013

Figures in US Dollars

December 31, 2012

June 30, 2012

June 30, 2013

Revenues:

Net Sales

$

422,413,000

$

218,805,000

$

205,152,000

Cost of Sales

375,141,000

195,971,000

185,701,000

Gross Income

47,272,000

22,834,000

19,451,000

Selling, General and Administrative Expenses

35,699,000

16,993,000

16,022,000

Operating Income

11,573,000

5,841,000

3,429,000

Other Expense:

Interest — net

(1,012,000

)

(517,000

)

(188,000

)

Other — net

(265,000

)

304,000

456,000

Total Other Expense

(1,277,000

)

(213,000

)

268,000

Income From Continuing Operations Before Provision for Income Taxes

10,296,000

5,628,000

3,697,000

Provision for Income Taxes

(338,000

)

2,730,000

1,977,000

Net Income from Continuing Operations

10,634,000

2,898,000

1,720,000

Gain (Loss) From Discontinued Operations (Including loss on disposal of $398,000 in Dec 2010)

(1,187,000

)

0

0

Provision for Income Taxes

(745,000

)

0

0

0

0

Net Loss from Discontinued Operations

(442,000

)

0

0

Net Income

10,192,000

2,898,000

1,720,000

Net Income Attributable to Noncontrolling Interest

309,000

87,000

51,430

Net Income Attributable to Cambridge-Lee Holdings, Inc.

9,883,000

2,811,000

1,668,570

CAMBRIDGE-LEE HOLDINGS, INC

STATEMENT OF CASH FLOW

As of June 30, 2013

US Dollars

OPERATING ACTIVITIES:

Net income (loss)

1,669,000

Less Net income (loss) from disposition

Net income (loss)

1,669,000

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Noncontrolling interest

51,000

Depreciation and amortization

2,710,000

Allowance for doubtful accounts receivable

(6,000

)

Changes in assets and liabilities which provided (used) cash:

-

(Increase) decrease in accounts and notes receivable

(11,391,000

)

(Increase) decrease in inventories

6,213,000

(Increase) decrease in prepaid expenses, deposits and other assets

617,000

Increase (decrease) in other long term obligations

-

Increase (decrease) in accounts payable, accrued expenses and amounts due to affiliates

(6,219,000

)

Increase (decrease) in income taxes payable

(4,077,000

)

Increase (decrease) in assets from dispositions

-

Total adjustments

(12,100,000

)

-

net cash provided by (used in) operating activities

(10,432,000

)

-

CASH FLOWS FROM INVESTING ACTIVITIES:

-

Purchases of property, plant and equipment

(12,545,000

)

Net cash provided by (used in) investing activities

(12,545,000

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Increase (decrease) in revolving credit facility

3,738,000

Proceeds from long term debt

14,946,000

Net cash provided by (used in) financing activities

18,683,000

EFFECT OF EXCHANGE RATE CHANGES ON CASH

-

Net increase in cash and cash equivalents

(4,293,000

)

Cash and cash equivalents at beginning of period

6,027,000

-

Cash and cash equivalents at end of period

1,734,000




Cambridge-Lee Holdings, Inc.
Francisco Rodríguez, (5255) 52164028
frodriguez@iusa.com.mx

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS:

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