Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2012

READING, Pa.--(BUSINESS WIRE)--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