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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