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