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, 2012June 30, 2012June 30, 2013
Assets
Current Assets:
Cash and cash equivalents$2,027,000$797,0001,734,000
Accounts Receivable - Net39,013,00045,957,00047,232,000
Accounts Receivable - Affiliates3,600,0004,757,0007,686,000
Other Receivables794,000885,000335,000
Inventories — net54,088,00051,825,00047,875,000
Other current assets3,863,0004,290,0003,841,000
Deferred income taxes1,222,0001,222,000
   
Total current assets 104,607,000  108,511,000  109,925,000 
 
Restricted Cash4,000,0004,000,000
 
Note Receivable — Affiliate8,990,00010,336,0008,990,000
Property, Plant, and Equipment — Net85,098,00043,513,00094,932,000
Deferred Financing Fees — Net587,000
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 debt164,000593,000182,000
Revolving credit facility31,206,00013,912,00034,925,000
Trade Accounts Payable20,353,00010,717,00015,213,000
Affiliates Payable52,0001,372,000959,000
Accrued expenses and taxes other than income tax10,387,0008,166,0009,984,000
Deferred Income Taxes72,000
Income taxes payable5,217,0003,292,0001,140,000
   
Total current liabilities 67,379,000  38,124,000  62,403,000 
 
Long-Term Debt5,250,000304,00020,195,000
Long-Term Obligations — Other3,008,0006,118,0003,009,000
Deferred Revenue670,000
Deferred Income Taxes7,272,0009,213,0007,272,000
   
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
1,0001,0001,000
Additional paid-in capital84,205,00084,205,00084,205,000
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 earnings107,400,000100,305,000109,119,000
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, 2012June 30, 2012June 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 Income47,272,00022,834,00019,451,000
 
Selling, General and Administrative Expenses35,699,00016,993,00016,022,000
   
Operating Income11,573,0005,841,0003,429,000
 
Other Expense:
Interest — net(1,012,000)(517,000)(188,000)
Other — net(265,000)304,000456,000
   
Total Other Expense(1,277,000)(213,000)268,000
   
Income From Continuing Operations Before Provision for Income Taxes10,296,0005,628,0003,697,000
 
Provision for Income Taxes(338,000)2,730,0001,977,000
   
Net Income from Continuing Operations10,634,0002,898,0001,720,000
 
Gain (Loss) From Discontinued Operations (Including loss on disposal of $398,000 in Dec 2010)(1,187,000)00
Provision for Income Taxes(745,000)00
  0  0 
Net Loss from Discontinued Operations(442,000)00
   
Net Income10,192,0002,898,0001,720,000
 
Net Income Attributable to Noncontrolling Interest309,00087,00051,430
   
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 interest51,000
Depreciation and amortization2,710,000
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 inventories6,213,000
(Increase) decrease in prepaid expenses, deposits and other assets617,000
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 facility3,738,000
Proceeds from long term debt14,946,000
 
Net cash provided by (used in) financing activities18,683,000 
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH-
 
Net increase in cash and cash equivalents(4,293,000)
Cash and cash equivalents at beginning of period6,027,000 
-
Cash and cash equivalents at end of period1,734,000 
 




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

KEYWORDS:   United States  North America  Pennsylvania

INDUSTRY KEYWORDS:

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