May 5, 2017 SOURCE: BusinessWire
Cambridge-Lee Holdings Consolidated Results of Operations for FY 2016
Cambridge-Lee Holdings, Inc., has announced its audited consolidated results for the year 2016.
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, 2015 and December 31, 2016 | |||||||||||
Figures in US Dollars | |||||||||||
12/31/2015 | 12/31/2016 | ||||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 2,062,000 | $ | 6,368,000 | |||||||
Accounts Receivable - Net | 30,963,000 | 39,842,000 | |||||||||
Accounts Receivable - Affiliates | 3,701,000 | 3,253,000 | |||||||||
Accounts Receivable - Refundable Income Tax | 5,793,000 | 2,731,000 | |||||||||
Other Receivables | 255,000 | 190,000 | |||||||||
Inventories — net | 51,646,000 | 59,701,000 | |||||||||
Other current assets | 4,474,000 | 4,331,000 | |||||||||
Deferred income taxes | 0 | 0 | |||||||||
Total current assets | 98,894,000 | 116,416,000 | |||||||||
Restricted Cash | |||||||||||
Note Receivable — Affiliate | 8,990,000 | 8,990,000 | |||||||||
Property, Plant, and Equipment — Net | 80,240,000 | 71,905,000 | |||||||||
Deferred Financing Fees — Net | 1,487,000 | 591,000 | |||||||||
Other Long-Term Assets | 1,766,000 | 3,706,000 | |||||||||
Deferred Income Taxes-Long Term | |||||||||||
Total | $ | 191,377,000 | $ | 201,608,000 | |||||||
Liabilities and Shareholders' Equity | |||||||||||
Current Liabilities: | |||||||||||
Current portion of long-term debt | 852,000 | 1,334,000 | |||||||||
Revolving credit facility | 6,500,000 | 18,780,000 | |||||||||
Trade Accounts Payable | 10,138,000 | 18,207,000 | |||||||||
Affiliates Payable | 168,000 | 96,000 | |||||||||
Accrued expenses and taxes other than income tax | 11,383,000 | 9,730,000 | |||||||||
Income taxes payable | 299,000 | ||||||||||
Total current liabilities | 29,340,000 | 48,147,000 | |||||||||
Long-Term Debt | 38,399,000 | 36,589,000 | |||||||||
Long-Term Obligations — Other | 2,134,000 | 1,608,000 | |||||||||
Deferred Revenue | 597,000 | 573,000 | |||||||||
Deferred Income Taxes | 4,994,000 | 2,806,000 | |||||||||
Total liabilities | 75,464,000 | 89,723,000 | |||||||||
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 | |||||||||
Investment in Parent | (60,000,000 | ) | (60,000,000 | ) | |||||||
Excess of liabilities assumed over book value of assets transferred |
(17,514,000 | ) | (17,514,000 | ) | |||||||
Retained earnings | 106,630,000 | 102,410,000 | |||||||||
Accumulated other comprehensive income (loss) | (2,749,000 | ) | (2,437,000 | ) | |||||||
Noncontrolling owner’s interest | 5,340,000 | 5,220,000 | |||||||||
Total shareholders' equity | 115,913,000 | 111,885,000 | |||||||||
TOTAL | $ | 191,377,000 | $ | 201,608,000 | |||||||
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | |||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
As of December 31, 2015 and December 31, 2016 | |||||||||||
Figures in US Dollars | |||||||||||
12/31/2015 | 12/31/2016 | ||||||||||
Revenues: | |||||||||||
Net Sales | $ | 374,201,000 | $ | 336,106,000 | |||||||
Cost of Sales | 343,384,000 | 306,301,000 | |||||||||
Gross Income | 30,817,000 | 29,805,000 | |||||||||
Selling, General and Administrative Expenses | 35,783,000 | 33,624,000 | |||||||||
Operating Income | (4,966,000 | ) | (3,819,000 | ) | |||||||
Other Expense: | |||||||||||
Interest — net | (2,312,000 | ) | (2,727,000 | ) | |||||||
Other — net | 130,000 | (306,000 | ) | ||||||||
(7,148,000 | ) | (6,852,000 | ) | ||||||||
Total Other Expense | (2,182,000 | ) | (3,033,000 | ) | |||||||
Income From Continuing Operations Before Provision for Income Taxes | (7,148,000 | ) | (6,852,000 | ) | |||||||
Provision for Income Taxes | (2,661,000 | ) | (2,501,000 | ) | |||||||
Net Income from Continuing Operations | (4,487,000 | ) | (4,351,000 | ) | |||||||
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized gain (loss) adjustment—net of tax expense of $210,000 and tax (benefit) of $161,000 for 2016 and 2016, respectively |
(258,000 | ) | 322,000 | ||||||||
0 | 0 | ||||||||||
Net Income | (4,745,000 | ) | (4,029,000 | ) | |||||||
Net Income Attributable to Noncontrolling Interest | (142,000 | ) | (120,000 | ) | |||||||
Net Income Attributable to Cambridge-Lee Holdings, Inc. | (4,603,000 | ) | (3,909,000 | ) | |||||||
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | |||||
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | |||||
Statement of Cash Flow | |||||
December 31, 2016 | |||||
Figures in US Dollars | |||||
December 31, 2016 | |||||
OPERATING ACTIVITIES: | |||||
Net income (loss) | (4,229,000 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Noncontrolling interest | (121,000 | ) | |||
Depreciation and amortization | 12,065,000 | ||||
Allowance for doubtful accounts receivable | (194,000 | ) | |||
Net periodic pension (benefit) cost | 381,000 | ||||
(Gain) loss on sale of property, plant and equipment | 204,000 | ||||
Increase (decrease) in deferred income taxes | (2,189,000 | ) | |||
Changes in assets and liabilities which provided (used) cash: | |||||
(Increase) decrease in accounts and notes receivable | (8,042,000 | ) | |||
(Increase) decrease in inventories | (8,054,000 | ) | |||
(Increase) decrease in prepaid expenses, deposits and other assets | (1,800,000 | ) | |||
Increase (decrease) in other long term obligations | (585,000 | ) | |||
Increase (decrease) in accnts payable, accrued exp. & amounts due to affiliates | 6,195,000 | ||||
Increase (decrease) in income taxes payable | 2,761,000 | ||||
Total adjustments | 621,000 | ||||
Net cash provided by (used in) operating activities |
(3,608,000 | ) | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Purchases of property, plant and equipment | (2,402,000 | ) | |||
Change in restricted cash balance | |||||
Net cash provided by (used in) investing activities | (2,402,000 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Increase (decrease) in revolving credit facility | 12,280,000 | ||||
Borrowings under long term debt arrangements | - | ||||
Principal payments under long term debt arrangements | (713,000 | ) | |||
Payment under capital lease obligations | (139,000 | ) | |||
Payment of debt issuance costs | (1,112,000 | ) | |||
Net cash provided by (used in) financing activities | 10,316,000 | ||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||||
Net increase in cash and cash equivalents | 4,306,000 | ||||
Cash and cash equivalents at beginning of period | 2,062,000 | ||||
Cash and cash equivalents at end of period | 6,368,000 |
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