ELAMEX SA DE CV - 10-Q Quarterly Report

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FORM 10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2004

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________ to _______________

Commission file number: 0-27992

ELAMEX, S.A. de C.V.

(Exact name of registrant as specified in its charter)

México		Not Applicable
(State or other jurisdiction of Incorporation or organization)		(I.R.S. employer Identification number)

1800 Northwestern Drive 1800 Northwestern Drive El Paso, TX		79912
(Address of principal executive offices)		(Zip code)

(915) 298-3061
Registrant’s telephone number, including area code in El Paso, Texas

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes o Nox

The number of shares of Class I Common Stock, no par value of the Registrant outstanding as of November 15, 2004 was:

7,502,561

ELAMEX, S.A. DE C.V. AND SUBSIDIARIES

TABLE OF CONTENTS

		Page No.
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements

	Unaudited Consolidated Condensed Balance Sheets as of September 30, 2004 and December 31, 2003 ...............................................................................................................................	3

	Unaudited Consolidated Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2004 and the Thirteen and Thirty-nine Weeks Ended October 3, 2003................................................................................................................................	4

	Unaudited Consolidated Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2004 and the Thirty-nine Weeks Ended October 3, 2003.............................................	5

	Notes to Unaudited Consolidated Condensed Financial Statements...................................................	6

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations...........	9
Item 3.	Qualitative and Quantitative Disclosures about Market Risk................................................................	14
Item 4.	Controls and Procedures..............................................................................................................................	14

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings ........................................................................................................................................	14
Item 2.	Changes in Securities and use of Proceeds ..............................................................................................	14
Item 3.	Defaults upon Senior Securities .................................................................................................................	14
Item 4.	Submission of Matters to a Vote of Security Holders ............................................................................	14
Item 5.	Other Information .........................................................................................................................................	14
Item 6.	Exhibits and Reports on Form 8-K .............................................................................................................	15

SIGNATURES.......................................................................................................................................................................		16

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

ELAMEX, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(IN THOUSANDS OF U.S. DOLLARS)
(UNAUDITED)
			September 30, 2004	December 31, 2003
ASSETS
Current assets:
	Cash and cash equivalents		$ 1,302	$ 2,299
	Receivables:
		Trade accounts receivable, net	10,377	7,400
		Other receivables, net	395	854
			10,772	8,254

	Inventories, net		10,447	7,921
	Income taxes receivable from Accel		579	579
	Other taxes receivable		325	499
	Prepaid expenses		874	1,024
		Total current assets	24,299	20,576

Property, plant and equipment, net			38,435	39,956
Investment and loans to unconsolidated joint venture			337	864
Investment in unconsolidated subsidiary in bankruptcy
Goodwill, net			3,707	3,707
Deferred income taxes			681