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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