Jun 6, 2017   SOURCE: BusinessWire

Cambridge-Lee Holdings Consolidated Results of Operations for Q1 2017

Cambridge-Lee Holdings, Inc., has announced its audited consolidated results for the first quarter of 2017.

   
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED BALANCE SHEETS
As of March 31, 2016 and March 31, 2017
12/31/2016 3/31/2016 3/31/2017
Assets
Current Assets:
Cash and cash equivalents $ 6,368,000 $ 3,006,000 $ 2,763,000
Accounts Receivable - Net 39,842,000 43,341,000 51,600,000
Accounts Receivable - Affiliates 3,253,000 1,419,000 932,000
Accounts Receivable - Refundable Income Tax 2,731,000 2,011,000 0
Other Receivables 190,000 360,000 131,000
Inventories — net 59,701,000 47,754,000 59,890,000
Other current assets 4,331,000 4,358,000 7,231,000
Deferred income taxes   0     0     131,000  
Total current assets   116,416,000     102,249,000     122,678,000  
 
Restricted Cash
Note Receivable — Affiliate 8,990,000 8,990,000 8,990,000
Property, Plant, and Equipment — Net 71,905,000 78,089,000 70,829,000
Deferred Financing Fees — Net 591,000 0 0
Other Long-Term Assets   3,706,000     2,993,000     1,130,000  
Total $ 201,608,000   $ 192,321,000   $ 203,627,000  
 
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt 1,334,000 848,000 828,000
Revolving credit facility 18,780,000 11,000,000 20,810,000
Trade Accounts Payable 18,207,000 12,941,000 20,221,000
Affiliates Payable 96,000 (2,033,000 ) (516,000 )
Accrued expenses and taxes other than income tax 9,730,000 13,925,000 11,309,000
Income taxes payable   0     (3,646,000 )   (935,000 )
Total current liabilities   48,147,000     33,035,000     51,717,000  
 
Long-Term Debt 36,589,000 38,189,000 36,861,000
Long-Term Obligations — Other 1,608,000 1,960,000 1,608,000
Deferred Revenue 573,000 . 198,000
Deferred Income Taxes   2,806,000     4,994,000     2,806,000  
Total liabilities   89,723,000     78,178,000     93,190,000  
 
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
Investment in Parent (60,000,000 ) (60,000,000 ) (60,000,000 )
Excess of liabilities assumed over book value
of assets transferred (17,514,000 ) (17,514,000 ) (17,514,000 )
Retained earnings 102,410,000 104,913,000 101,005,000
Accumulated other comprehensive income (loss) (2,437,000 ) (2,749,000 ) (2,436,000 )
Noncontrolling owner’s interest   5,220,000     5,287,000     5,176,000  
Total shareholders' equity   111,885,000     114,143,000     110,437,000  
     
TOTAL $ 201,608,000   $ 192,321,000   $ 203,627,000  
 
     
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 March 31, 2016 and March 31, 2017
 
 
12/31/2016 3/31/2016 3/31/2017
 
Revenues:
Net Sales $ 336,106,000 $ 83,266,000 $ 100,999,000
Cost of Sales   306,301,000     77,288,000     93,892,000  
Gross Income 29,805,000 5,978,000 7,107,000
 
Selling, General and Administrative Expenses 33,624,000 8,491,000 9,090,000
     
Operating Income (3,819,000 ) (2,513,000 ) (1,983,000 )
 
Other Expense:
Interest — net (2,727,000 ) (478,000 ) (450,000 )
Other — net   (306,000 )   55,000     26,000  
Total Other Expense (3,033,000 ) (423,000 ) (424,000 )
     
Income From Continuing Operations Before Provision for Income Taxes (6,852,000 ) (2,937,000 ) (2,407,000 )
 
Provision for Income Taxes (2,501,000 ) (1,165,000 ) (957,000 )
     
Net Income from Continuing Operations (4,351,000 ) (1,772,000 ) (1,450,000 )
 

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

322,000

 

     
 
     
Net Income (4,029,000 ) (1,772,000 ) (1,450,000 )
 
Net Income Attributable to Noncontrolling Interest (120,000 ) (53,000 ) (43,000 )
     
Net Income Attributable to Cambridge-Lee Holdings, Inc.   (3,909,000 )   (1,719,000 )   (1,407,000 )
 
     
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED STATEMENTS OF CASH FLOW
As of March 31, 2017
 
OPERATING ACTIVITIES:
Net income (loss) (1,450,000)
Less Net income (loss) attributed to noncontrolling interest  
Net income (loss) (1,450,000)
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest -
Depreciation and amortization 3,088,000
Allowance for doubtful accounts receivable (157,000)
Increase (decrease) in deferred income taxes -
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable (9,892,000)
(Increase) decrease in inventories (189,000)
(Increase) decrease in prepaid expenses, deposits and other assets 803,000
Increase (decrease) in other long term obligations
Increase (decrease) in accts payable, accr'd expenses & amts. due to affiliates 3,218,000
Increase (decrease) in income taxes payable 1,664,000
Increase (decrease) in assets from dispositions  
Total adjustments (1,465,000)
 
net cash provided by (used in) operating activities (2,915,000)
 
CASH FLOWS FROM INVESTING ACTIVITIES: -
Purchases of property, plant and equipment (2,011,000)
Proceeds from sale of property, plant and equipment -
disposal -
Gain on disposition -
Reduction of CIP down payment -
Change in restricted cash balance  
Net cash provided by (used in) investing activities (2,011,000)
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility 1,524,000
Borrowings under long term debt arrangements -
Principal payments under long term debt arrangements (204,000)
Payment of debt issuance costs -
Net cash provided by (used in) financing activities 1,320,000
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents (3,606,000)
Cash and cash equivalents at beginning of period 6,368,000
 
Cash and cash equivalents at end of period 2,762,000