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April 27, 2012 at 19:35 PM EDT
Cambridge-Lee Holdings Consolidated Results of Operations for 2011

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
2011201020112010
ASSETSLIABILITIES 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 764,000437,000 Rebates 1,910,000 10,894,000
Taxes other than income taxes 567,000 1,027,000
Total receivables 41,396,000116,820,000 Interest 70,000 476,000
Other 4,070,000 8,037,000
Inventories — net 58,904,000107,540,000 Deferred revenue 902,000 982,000
Deferred income taxes 72,000
Prepaid expenses, deposits, and other current assets 4,469,0004,778,000 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 9,213,00015,685,000
PROPERTY, PLANT, AND EQUIPMENT — Net 43,391,000 78,787,000 Total liabilities 54,072,000188,663,000
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 5,048,0004,256,000
Total shareholders’ equity 110,274,000139,791,000
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
20112010
NET SALES $ 497,852,000 $ 458,270,000
COST OF SALES 439,117,000415,529,000
GROSS PROFIT 58,735,000 42,741,000
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES 35,654,00035,612,000
OPERATING INCOME 23,081,0007,129,000
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 5,721,0001,625,000
NET INCOME FROM CONTINUING OPERATIONS 15,412,0003,617,000
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 780,00057,000
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
20112010
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. 25,295,0001,600,000
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 4,818,0003,292,000
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

Contacts:

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