Cambridge-Lee Holdings Consolidated Results of Operations for Q2 2017
Cambridge-Lee Holdings, Inc., has announced its audited consolidated results for the second 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 June 30, 2016 and June 30, 2017 | ||||||||||||
Figures in US Dollars | 12/31/2016 | 6/30/2016 | 6/30/2017 | |||||||||
Assets | ||||||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | $ |
6,368,000 |
$ |
3,311,000 |
$ |
2,684,000 |
||||||
Accounts Receivable - Net |
39,842,000 |
42,970,000 |
54,387,000 |
|||||||||
Accounts Receivable - Affiliates |
3,253,000 |
330,000 |
1,159,000 |
|||||||||
Accounts Receivable - Refundable Income Tax |
2,731,000 |
591,000 |
0 |
|||||||||
Other Receivables |
190,000 |
281,000 |
99,000 |
|||||||||
Inventories — net |
59,701,000 |
48,121,000 |
50,231,000 |
|||||||||
Other current assets |
4,331,000 |
6,802,000 |
6,501,000 |
|||||||||
Deferred income taxes |
0 |
0 |
131,000 |
|||||||||
Total current assets |
116,416,000 |
102,406,000 |
115,192,000 |
|||||||||
Restricted Cash | ||||||||||||
Note Receivable — Affiliate |
8,990,000 |
8,990,000 |
8,990,000 |
|||||||||
Property, Plant, and Equipment — Net |
71,905,000 |
76,350,000 |
70,581,000 |
|||||||||
Deferred Financing Fees — Net |
591,000 |
0 |
0 |
|||||||||
Other Long-Term Assets |
3,706,000 |
1,151,000 |
1,071,000 |
|||||||||
Total | $ |
201,608,000 |
$ |
188,897,000 |
$ |
195,834,000 |
||||||
Liabilities and Shareholders' Equity | ||||||||||||
Current Liabilities: | ||||||||||||
Current portion of long-term debt |
1,334,000 |
844,000 |
824,000 | |||||||||
Revolving credit facility |
18,780,000 |
13,000,000 |
16,487,000 | |||||||||
Trade Accounts Payable |
18,207,000 |
13,593,000 |
17,868,000 | |||||||||
Affiliates Payable |
96,000 |
(2,184,000 |
) | (336,000 | ) | |||||||
Accrued expenses and taxes other than income tax |
9,730,000 |
9,569,000 |
11,773,000 | |||||||||
Deferred Income Taxes |
|
675,000 |
||||||||||
Income taxes payable |
0 |
(4,761,000 |
) | (1,365,000 | ) | |||||||
Total current liabilities | 48,147,000 | 30,736,000 | 45,251,000 | |||||||||
Long-Term Debt |
36,589,000 |
37,980,000 |
36,656,000 | |||||||||
Long-Term Obligations — Other |
1,608,000 |
1,960,000 |
1,608,000 | |||||||||
Deferred Revenue |
573,000 |
|
|
|||||||||
Deferred Income Taxes |
2,806,000 |
4,994,000 |
2,806,000 | |||||||||
Total liabilities |
89,723,000 |
75,670,000 |
86,321,000 |
|||||||||
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 |
104,024,000 |
100,109,000 | |||||||||
Accumulated other comprehensive income (loss) |
(2,437,000 |
) |
(2,749,000 |
) | (2,437,000 | ) | ||||||
Noncontrolling owner’s interest |
|
5,220,000 |
5,260,000 |
5,149,000 |
||||||||
Total shareholders' equity | 111,885,000 |
113,227,000 |
109,513,000 | |||||||||
TOTAL | $ |
201,608,000 |
$ |
188,897,000 |
$ |
195,834,000 |
||||||
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 June 30, 2016 and June 30, 2017 | ||||||||||||
Figures in US Dollars | 12/31/2016 | 6/30/2016 | 6/30/2017 | |||||||||
Revenues: | ||||||||||||
Net Sales | $ | 336,106,000 | $ | 171,300,000 | $ | 207,588,000 | ||||||
Cost of Sales | 306,301,000 | 157,758,000 | 191,725,000 | |||||||||
Gross Income | 29,805,000 | 13,542,000 | 15,863,000 | |||||||||
Selling, General and Administrative Expenses | 33,624,000 | 16,797,000 | 18,497,000 | |||||||||
Operating Income | (3,819,000 | ) | (3,255,000 | ) | (2,634,000 | ) | ||||||
Other Expense: | ||||||||||||
Interest — net | (2,727,000 | ) | (1,612,000 | ) | (867,000 | ) | ||||||
Other — net | (306,000 | ) | 83,000 | 43,000 | ||||||||
Total Other Expense | (3,033,000 | ) | (1,529,000 | ) | (824,000 | ) | ||||||
Income From Continuing Operations Before Provision for Income Taxes | (6,852,000 | ) | (4,785,000 | ) | (3,458,000 | ) | ||||||
Provision for Income Taxes | (2,501,000 | ) | (2,096,000 | ) | (1,086,000 | ) | ||||||
Net Income from Continuing Operations | (4,351,000 | ) | (2,689,000 | ) | (2,372,000 | ) | ||||||
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized | 322,000 | |||||||||||
gain (loss) adjustment—net of tax expense of $210,000 and tax | ||||||||||||
(benefit) of $161,000 for 2016 and 2016, respectively | ||||||||||||
Net Income | (4,029,000 | ) | (2,689,000 | ) | (2,372,000 | ) | ||||||
Net Income Attributable to Noncontrolling Interest | (120,000 | ) | (80,000 | ) | (71,000 | ) | ||||||
Net Income Attributable to Cambridge-Lee Holdings, Inc. | (3,909,000 | ) | (2,609,000 | ) | (2,301,000 | ) | ||||||
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | |||
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | |||
CONSOLIDATED STATEMENT OF CASH FLOW | |||
As of June 30th, 2017 | |||
Figures in US Dollars | |||
June 30, 2017 | |||
OPERATING ACTIVITIES: | |||
Net income (loss) | (2,372,000 | ) | |
Less Net income (loss) from disposition | |||
Less Net income (loss) attributed to noncontrolling interest | |||
Net income (loss) | (2,372,000 | ) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Noncontrolling interest | - | ||
Depreciation and amortization | 5,218,000 | ||
Allowance for doubtful accounts receivable | (117,000 | ) | |
Changes in assets and liabilities which provided (used) cash: | |||
(Increase) decrease in accounts and notes receivable | (12,767,000 | ) | |
(Increase) decrease in inventories | 9,470,000 | ||
(Increase) decrease in prepaid expenses, deposits and other assets | 1,623,000 | ||
Increase (decrease) in accounts payable, accrued exp. & amts due to affiliates | 1,132,000 | ||
Increase (decrease) in income taxes payable | 1,234,000 | ||
Increase (decrease) in assets from dispositions | |||
Total adjustments | 5,793,000 | ||
net cash provided by (used in) operating activities | 3,421,000 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (3,923,000 | ) | |
Proceeds from sale of property, plant and equipment | - | ||
disposal | 29,000 | ||
Net cash provided by (used in) investing activities | (3,894,000 | ) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Increase (decrease) in revolving credit facility | (2,802,000 | ) | |
Principal payments under long term debt arrangements | (409,000 | ) | |
Net cash provided by (used in) financing activities | (3,211,000 | ) | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||
Net increase in cash and cash equivalents | (3,684,000 | ) | |
Cash and cash equivalents at beginning of period | 6,368,000 | ||
Cash and cash equivalents at end of period | 2,684,000 | ||
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