Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2012

READING, Pa.--()--Cambridge-Lee Holdings, Inc. has announced its unaudited consolidated results for the nine months ending September 30, 2012.

     
 
 
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of December 31, 2011; September 30, 2011 and 2012
 

Dec 31, 2011

September 30, 2011 September 30, 2012
Assets
Current Assets:
Cash and cash equivalents $ 1,305,000 $ 8,508,473 $ 2,129,000
Accounts Receivable - Net 35,700,000 52,848,168 44,688,000
Accounts Receivable - Affiliates 4,674,000 53,296,099 4,494,000
Other Receivables 1,022,000 6,013,807 2,980,000
Inventories — net 58,904,000 57,535,518 47,793,000
Other current assets 4,469,000 4,782,282 4,604,000
Deferred income taxes       666,209      
Total current assets 106,074,000 183,650,556 106,688,000
 
Restricted Cash 4,000,000 10,335,894 4,000,000
Note Receivable — Affiliate 10,336,000 10,336,000
Property, Plant, and Equipment — Net 43,391,000 44,052,756 51,977,000
Deferred Financing Fees — Net 507,000 416,782 0
Other Long-Term Assets   38,000       3,080,844       1,921,000  
Total $ 164,346,000     $ 241,536,832     $ 174,922,000  
 
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt 1,059,000 1,112,129 315,000
Revolving credit facility 18,583,000 32,369,787 11,100,000
Trade Accounts Payable 7,684,000 5,860,154 19,824,000
Affiliates Payable 786,000 (595,741 ) 313,000
Accrued expenses and taxes other than income tax 10,400,000 8,883,706 8,335,000
Deferred Income Taxes 72,000 72,000
Income taxes payable       11,796,709       4,695,000  
Total current liabilities 38,584,000 59,426,744 44,654,000
 
Long-Term Debt 154,000 394,904 320,000
Long-Term Obligations — Other 6,118,000 6,235,310 3,394,000
Deferred Income Taxes   9,213,000       9,739,311       9,213,000  
Total liabilities   54,069,000       75,796,269       57,581,000  
 
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 )
Excess of liabilities assumed over book value
of assets transferred (17,514,000 ) (17,514,000 ) (17,514,000 )
Retained earnings 97,517,000 97,483,525 104,349,000
Accumulated other comprehensive income (loss) (2,982,000 ) (3,495,641 ) (2,813,000 )
Noncontrolling owner’s interest   5,050,000       5,060,679       5,113,000  
Total shareholders' equity   110,277,000       165,740,563       117,341,000  
 
TOTAL $ 164,346,000     $ 241,536,832     $ 174,922,000  
 
 
 
 
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
As of December 31, 2011; September 30, 2011 and 2012
  Dec 31, 2011   September 30, 2011   September 30, 2012
Revenues:
Net Sales $ 497,852,000 $ 398,262,044 $ 322,855,658
Cost of Sales   439,117,000       355,799,673       288,830,696  
Gross Income 58,735,000 42,462,371 34,024,962
 
Selling, General and Administrative Expenses   35,654,000       25,916,080       25,296,883  
Operating Income 23,081,000 16,546,291 8,728,078
 
Other Expense:
Interest — net (1,922,000 ) (1,646,829 ) (745,995 )
Other — net   (26,000 )     8,230,310       452,223  
Total Other Expense (1,948,000 ) 6,583,481 (293,772 )
         
Income From Continuing Operations Before Provision for Income Taxes 21,133,000 23,129,772 8,434,306
 
Provision for Income Taxes 5,721,000 6,250,471 1,390,904
         
Net Income from Continuing Operations 15,412,000 16,879,301 7,043,402
 
Gain (Loss) From Discontinued Operations (Including loss on disposal of $398,000 in Dec 2010) 15,120,000 11,425,769 0
Provision for Income Taxes 4,457,000 1,706,747 0
         
Net Loss from Discontinued Operations 10,663,000 9,719,022 0
         
Net Income 26,075,000 26,598,323 7,043,402
 
Net Income Attributable to Noncontrolling Interest 780,000 796,520 211,060
         
Net Income Attributable to Cambridge-Lee Holdings, Inc.   25,295,000       25,801,803       6,832,342  
 
 
 
 
CAMBRIDGE-LEE HOLDINGS, INC
STATEMENT OF CASH FLOW
(UNAUDITED)
 
    September 30, 2012
OPERATING ACTIVITIES:
Net income (loss) 6,832,000
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest 211,000
Depreciation and amortization 3,953,000
Allowance for doubtful accounts receivable (32,000 )
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable (9,313,000 )
(Increase) decrease in inventories 11,111,000
(Increase) decrease in prepaid expenses, deposits and other assets (2,842,000 )
Increase (decrease) in other long term obligations (2,724,000 )
Increase (decrease) in accounts payable, accrued expenses and amounts due to affiliates 10,162,000
Increase (decrease) in income taxes payable 4,068,000  
Total adjustments 14,593,000  
 
Net cash provided by (used in) operating activities 21,426,000  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (12,540,000 )
 
Net cash provided by (used in) investing activities (12,540,000 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility (8,228,000 )
Proceeds from long term debt 166,000  
Net cash provided by (used in) financing activities (8,061,000 )
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents 824,000
Cash and cash equivalents at beginning of period 1,305,000  
 
Cash and cash equivalents at end of period 2,129,000  
 
 

Contacts

for Cambridge-Lee Holdings, Inc.
Francisco Rodriguez, (5255) 5216 4028
frodriguez@iusa.com.mx

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