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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: March 31, 2005

 

OR

 

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 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 ____

 

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

Yes _____   No _x_

 

The number of shares of Class I Common Stock, no par value of the Registrant outstanding as of May 16, 2005 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

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2005 (Unaudited) and December 31, 2004

3

 

 

 

 

Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2005 and March 31, 2004

4

 

 

 

 

Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2005 and March 31, 2004

5

 

 

 

 

Notes to Unaudited Condensed Consolidated 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

12

Item 4.

Controls and Procedures

12

 

 

 

PART II.   OTHER INFORMATION

 

Item 1.

Legal Proceedings

13

Item 2.

Changes in Securities and use of Proceeds

13

Item 3.

Defaults upon Senior Securities

13

Item 4.

Submission of Matters to a Vote of Security Holders

13

Item 5.

Other Information

13

Item 6.

Exhibits and Reports on Form 8-K

13

 

 

 

SIGNATURES

14

 

 

Table of Contents

 

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

 

 

 

ELAMEX, S.A. DE C.V. AND SUBSIDIARIES

 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

(IN THOUSANDS OF U.S. DOLLARS)

 

 

 

 

 

 

March 31, 2005

(Unaudited)

 

December 31, 2004

 

ASSETS

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

$                  1,143 

 

$                      2,072 

 

Receivables:

 

 

 

 

 

Trade accounts receivable, net

8,923 

 

9,609 

 

 

Other receivables, net

400 

 

512 

 

 

 

9,323 

 

10,121 

 

 

 

 

 

 

 

Inventories, net

9,912 

 

8,797 

 

Income taxes receivable from Accel, related party

326 

 

326 

 

Other taxes receivable

14 

 

15 

 

Prepaid expenses

916 

 

992 

 

 

Total current assets

21,634 

 

22,323 

 

 

 

 

 

 

Property, plant and equipment, net

26,228 

 

26,956 

Goodwill, net

3,707 

 

3,707 

Deferred income taxes

621 

 

621 

Other assets, net

448 

 

643 

 

 

 

$                52,638 

 

$                    54,250