Cambridge-Lee Holdings, Inc., has announced its audited consolidated
results for the twelve months of 2011.
| | | | | | | | | | | | |
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES |
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) |
| | | | | | | | | | | | |
| CONSOLIDATED BALANCE SHEETS |
| AS OF DECEMBER 31, 2011 AND 2010 |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | 2011 | | 2010 | | | | | | 2011 | | 2010 |
| ASSETS | | | | | | | | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | |
| | | | | | | | | | | | |
|
CURRENT ASSETS:
| | | | | | | |
CURRENT LIABILITIES:
| | | | |
|
Cash and cash equivalents
| | $ | 1,305,000 | | $ | 4,818,000 | | | |
Current portion of long-term debt
| |
$
|
1,060,000
| | |
$
|
10,181,000
| |
| | | | | | | |
Revolving credit facility
| | |
18,583,000
| | | |
96,418,000
| |
|
Receivables:
| | | | | | | |
Accounts payable:
| | | | |
|
Trade — less allowance for doubtful accounts and discounts of
$862,000 and $3,104,000 for 2011 and 2010, respectively
| | | | | | | |
Trade
| | |
7,685,000
| | | |
21,922,000
| |
| |
35,700,000
| | |
110,054,000
| | | |
Affiliates
| | |
786,000
| | | |
5,112,000
| |
|
Affiliates
| | |
4,674,000
| | |
6,329,000
| | | |
Accrued expenses:
| | | | |
|
Income taxes receivable
| | |
258,000
| | | | | |
Payroll
| | |
2,882,000
| | | |
2,054,000
| |
|
Other
| | | 764,000 | | | 437,000 | | | |
Rebates
| | |
1,910,000
| | | |
10,894,000
| |
| | | | | | | |
Taxes other than income taxes
| | |
567,000
| | | |
1,027,000
| |
|
Total receivables
| | | 41,396,000 | | | 116,820,000 | | | |
Interest
| | |
70,000
| | | |
476,000
| |
| | | | | | | |
Other
| | |
4,070,000
| | | |
8,037,000
| |
|
Inventories — net
| | | 58,904,000 | | | 107,540,000 | | | |
Deferred revenue
| | |
902,000
| | | |
982,000
| |
| | | | | | | |
Deferred income taxes
| | |
72,000
| | | |
|
Prepaid expenses, deposits, and other current assets
| | | 4,469,000 | | | 4,778,000 | | | |
Income taxes payable
| | | | | 1,769,000 | |
| | | | | | | | | | | | |
|
Deferred income taxes
| | | | | 1,750,000 | | | |
Total current liabilities
| | |
38,587,000
| | | |
158,872,000
| |
| | | | | | | | | | | | |
|
Total current assets
| | |
106,074,000
| | |
235,706,000
| | | |
LONG-TERM DEBT
| | |
153,000
| | | |
1,004,000
| |
| | | | | | | | | | | | |
|
RESTRICTED CASH
| | |
4,000,000
| | | | | |
LONG-TERM OBLIGATIONS — Other
| | |
6,119,000
| | | |
13,102,000
| |
| | | | | | | | | | | | |
|
NOTE RECEIVABLE — Affiliate
| | |
10,336,000
| | |
10,336,000
| | | |
DEFERRED INCOME TAXES
| | | 9,213,000 | | | | 15,685,000 | |
| | | | | | | | | | | | |
|
PROPERTY, PLANT, AND EQUIPMENT — Net
| | |
43,391,000
| | |
78,787,000
| | | |
Total liabilities
| | | 54,072,000 | | | | 188,663,000 | |
| | | | | | | | | | | | |
|
DEFERRED FINANCING FEES — Net
| | |
507,000
| | |
544,000
| | | |
COMMITMENTS AND CONTINGENCIES (Note 7)
| | | | |
| | | | | | | | | | | | |
|
OTHER LONG-TERM ASSETS
| | |
38,000
| | |
3,081,000
| | | |
SHAREHOLDERS’ EQUITY:
| | | | |
| | | | | | | |
Common stock, no par — authorized, 1,500 shares; issued and
outstanding, 1,000 shares
| | | | |
| | | | | | | | | |
1,000
| | | |
1,000
| |
| | | | | | | |
Additional paid-in capital
| | |
84,205,000
| | | |
84,205,000
| |
| | | | | | | |
Due from parent
| | |
(56,000,000
|
)
| | |
| | | | | | | |
Excess of liabilities assumed over book value of assets transferred
| | |
(17,514,000
|
)
| | |
(17,514,000
|
)
|
| | | | | | | |
Retained earnings
| | |
97,517,000
| | | |
72,222,000
| |
| | | | | | | |
Accumulated other comprehensive loss
| | |
(2,983,000
|
)
| | |
(3,379,000
|
)
|
| | | | | | | |
Noncontrolling owner’s interest
| | | 5,048,000 | | | | 4,256,000 | |
| | | | | | | | | | | | |
| | | | | | | |
Total shareholders’ equity
| | | 110,274,000 | | | | 139,791,000 | |
| | | | | | | | | | | | |
|
TOTAL
| | $ | 164,346,000 | | $ | 328,454,000 | | | |
TOTAL
| | $ | 164,346,000 | | | $ | 328,454,000 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
|
See notes to consolidated financial statements.
|
| | | | | | | | | | | | |
| | | | |
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES |
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) |
| | | | |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
| FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010 |
| | | | |
| | | | |
| | 2011 | | 2010 |
| | | | |
|
NET SALES
| |
$
|
497,852,000
| | |
$
|
458,270,000
| |
| | | | |
|
COST OF SALES
| | | 439,117,000 | | | | 415,529,000 | |
| | | | |
|
GROSS PROFIT
| | |
58,735,000
| | | |
42,741,000
| |
| | | | |
|
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES
| | | 35,654,000 | | | | 35,612,000 | |
| | | | |
|
OPERATING INCOME
| | | 23,081,000 | | | | 7,129,000 | |
| | | | |
|
OTHER (EXPENSE) INCOME:
| | | | |
|
Interest — net
| | |
(1,922,000
|
)
| | |
(1,981,000
|
)
|
|
Other — net
| | | (26,000 | ) | | | 94,000 | |
| | | | |
|
Total other expense
| | | (1,948,000 | ) | | | (1,887,000 | ) |
| | | | |
|
INCOME FROM CONTINUING OPERATIONS
| | | | |
|
BEFORE PROVISION FOR INCOME TAXES
| | |
21,133,000
| | | |
5,242,000
| |
| | | | |
|
PROVISION FOR INCOME TAXES
| | | 5,721,000 | | | | 1,625,000 | |
| | | | |
|
NET INCOME FROM CONTINUING OPERATIONS
| | | 15,412,000 | | | | 3,617,000 | |
| | | | |
|
DISCONTINUED OPERATIONS (Note 9):
| | | | |
|
Income (loss) from discontinued operations (including gain (loss) on
disposal of $9,351,000 in 2011 and ($398,000) in 2010)
| | | | |
| |
15,120,000
| | | |
(2,864,000
|
)
|
|
Provision (benefit) for income tax (including income taxes on gain
(loss) on disposal of $2,378,000 in 2011 and $0 in 2010)
| | | | |
| | 4,457,000 | | | | (904,000 | ) |
| | | | |
|
Net income (loss) from discontinued operations
| | | 10,663,000 | | | | (1,960,000 | ) |
| | | | |
|
NET INCOME
| | |
26,075,000
| | | |
1,657,000
| |
| | | | |
|
NET INCOME ATTRIBUTABLE TO
| | | | |
|
NONCONTROLLING INTEREST
| | | 780,000 | | | | 57,000 | |
| | | | |
|
NET INCOME ATTRIBUTABLE TO
| | | | |
|
CAMBRIDGE-LEE HOLDINGS, INC.
| | $ | 25,295,000 | | | $ | 1,600,000 | |
| | | | |
| | | | |
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES |
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) |
| | | | |
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
| FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010 |
| | | | |
| | | | |
| | 2011 | | 2010 |
| | | | |
|
OPERATING ACTIVITIES:
| | | | |
|
Net income from continuing operations
| |
$
|
15,412,000
| | |
$
|
6,572,000
| |
|
Net income (loss) from discontinued operations
| | |
10,663,000
| | | |
(4,915,000
|
)
|
|
Less net income attributable to noncontrolling interests
| | | (780,000 | ) | | | (57,000 | ) |
| | | | |
|
Net income attributable to Cambridge-Lee Holdings, Inc.
| | | 25,295,000 | | | | 1,600,000 | |
| | | | |
|
Adjustments to reconcile net income to net cash provided by
operating activities:
| | | | |
|
Noncontrolling interest
| | |
780,000
| | | |
57,000
| |
|
Depreciation and amortization
| | |
8,471,000
| | | |
10,685,000
| |
|
Fixed asset impairment
| | | | |
128,000
| |
|
Allowance for doubtful accounts receivable
| | |
257,000
| | | |
284,000
| |
|
Net periodic pension cost
| | |
208,000
| | | |
|
(Gain) loss on sale of property, plant, and equipment
| | |
(9,000
|
)
| | |
556,000
| |
|
Pension settlement costs
| | |
3,146,000
| | | |
|
(Benefit) provision for deferred income taxes
| | |
(4,083,000
|
)
| | |
1,841,000
| |
|
(Gain) loss on sale of discontinued operation
| | |
(9,351,000
|
)
| | |
398,000
| |
|
Changes in operating assets and liabilities:
| | | | |
|
Decrease (increase) in accounts and notes receivable
| | |
7,328,000
| | | |
(35,993,000
|
)
|
|
Decrease (increase) in inventories
| | |
4,009,000
| | | |
(23,946,000
|
)
|
|
Decrease in prepaid expenses, deposits, and other current assets
| | |
311,000
| | | |
300,000
| |
|
Decrease in other long term obligation
| | |
(11,477,000
|
)
| | |
(3,103,000
|
)
|
|
(Decrease) increase in accounts payable, accrued expenses, and
amounts due to affiliates
| | |
(7,443,000
|
)
| | |
20,780,000
| |
|
(Decrease) increase in income taxes payable
| | | (1,911,000 | ) | | | 2,384,000 | |
| | | | |
|
Total adjustments
| | | (9,764,000 | ) | | | (25,629,000 | ) |
| | | | |
|
Net cash provided by (used in) operating activities
| | | 15,531,000 | | | | (24,029,000 | ) |
| | | | |
|
CASH FLOWS FROM INVESTING ACTIVITIES:
| | | | |
|
Purchase of property, plant, and equipment
| | |
(2,078,000
|
)
| | |
(3,352,000
|
)
|
|
Proceeds from sale of property, plant, and equipment
| | |
16,000
| | | |
20,000
| |
|
Proceeds from dispositions — net of cash sold
| | |
131,242,000
| | | |
(1,549,000
|
)
|
|
Change in restricted cash balance
| | |
(4,000,000
|
)
| | |
|
Purchase of debt securities
| | | (56,000,000 | ) | | |
| | | | |
|
Net cash provided by (used in) investing activities
| | | 69,180,000 | | | | (4,881,000 | ) |
| | | | |
|
CASH FLOWS FROM FINANCING ACTIVITIES:
| | | | |
|
Net (decrease) increase in revolving line of credit
| | |
(77,835,000
|
)
| | |
34,651,000
| |
|
Decrease in short-term borrowings
| | | | |
(692,000
|
)
|
|
Principal payments on long-term debt
| | |
(9,954,000
|
)
| | |
(2,305,000
|
)
|
|
Payment under capital lease obligations
| | |
(278,000
|
)
| | |
(418,000
|
)
|
|
Payment of debt issuance costs
| | | (222,000 | ) | | | (700,000 | ) |
| | | | |
|
Net cash (used in) provided by financing activities
| | | (88,289,000 | ) | | | 30,536,000 | |
| | | | |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH
| | | 65,000 | | | | (100,000 | ) |
| | | | |
|
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
| | |
(3,513,000
|
)
| | |
1,526,000
| |
| | | | |
|
CASH AND CASH EQUIVALENTS — Beginning of year
| | | 4,818,000 | | | | 3,292,000 | |
| | | | |
|
CASH AND CASH EQUIVALENTS — End of year
| | $ | 1,305,000 | | | $ | 4,818,000 | |
| | | | |
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION — Cash paid during
the year for:
| | | | |
|
Interest
| | $ | 6,809,000 | | | $ | 8,905,000 | |
| | | | |
|
Income taxes — net of refunds
| | $ | 23,579,000 | | | $ | (456,000 | ) |
| | | | |
|
NONCASH INVESTING ACTIVITIES — Assets acquired through capital leases
| | $ | 260,000 | | | $ | 18,000 | |
| | | | |
