Dec 6, 2017   SOURCE: BusinessWire

Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2017

Cambridge-Lee Holdings, Inc, has announced its audited consolidated results for the third 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 September 30, 2016 and September 30, 2017

           
 
Figures in US Dollars 12/31/2016 9/30/2016 9/30/2017
Assets
Current Assets:
Cash and cash equivalents $ 6,368,000 $ 4,165,000 $ 1,871,000
Accounts Receivable - Net 39,842,000 40,622,000 58,331,000
Accounts Receivable - Affiliates 3,253,000 679,000 947,000
Accounts Receivable - Refundable Income Tax 2,731,000 586,000 71,000
Other Receivables 190,000 199,000 21,000
Inventories — net 59,701,000 46,873,000 62,196,000
Other current assets   4,331,000     6,932,000     7,797,000  
Total current assets   116,416,000     100,056,000     131,234,000  
 
Restricted Cash
Note Receivable — Affiliate 8,990,000 8,990,000 8,990,000
Property, Plant, and Equipment — Net 71,905,000 74,105,000 69,215,000
Deferred Financing Fees — Net 591,000 0 0
Other Long-Term Assets   3,706,000     1,172,000     1,054,000  
Total $ 201,608,000   $ 184,323,000   $ 210,493,000  
 
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt 1,334,000 840,000 817,000
Revolving credit facility 18,780,000 10,000,000 23,423,000
Trade Accounts Payable 18,207,000 12,478,000 21,711,000
Affiliates Payable 96,000 (1,743,000 ) 822,000
Accrued expenses and taxes other than income tax 9,730,000 10,346,000 12,025,000
Deferred Income Taxes . 605,000
Income taxes payable   0     (5,118,000 )   (273,000 )
Total current liabilities   48,147,000     27,408,000     58,525,000  
 
Long-Term Debt 36,589,000 37,772,000 36,455,000
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     72,134,000     99,394,000  
 
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 102,410,000 103,017,000 101,648,000
Accumulated other comprehensive income (loss) (2,437,000 ) (2,749,000 ) (2,437,000 )
Noncontrolling owner’s interest   5,220,000     5,229,000     5,196,000  
Total shareholders' equity   111,885,000     112,189,000     111,099,000  
     
TOTAL $ 201,608,000   $ 184,323,000   $ 210,493,000  
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 September 30, 2016 and September 30, 2017            
 
Figures in US Dollars 12/31/2016 9/30/2016 9/30/2017
 
Revenues:
Net Sales $ 336,106,000 $ 256,019,000 $ 319,153,000
Cost of Sales   306,301,000     235,083,000     291,492,000  
Gross Income 29,805,000 20,936,000 27,661,000
 
Selling, General and Administrative Expenses 33,624,000 25,117,000 27,252,000
     
Operating Income (3,819,000 ) (4,181,000 ) 409,000
 
Other Expense:
Interest — net (2,727,000 ) (1,956,000 ) (1,285,000 )
Other — net   (306,000 )   (41,000 )   92,000  
Total Other Expense (3,033,000 ) (1,997,000 ) (1,193,000 )
 
Income From Continuing Operations Before Provision for Income Taxes (6,852,000 ) (6,179,000 ) (784,000 )
 
Provision for Income Taxes (2,501,000 ) (2,453,000 ) 3,000
     
Net Income from Continuing Operations (4,351,000 ) (3,726,000 ) (787,000 )
 
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      
0 0 0
     
Net Income (4,029,000 ) (3,726,000 ) (787,000 )
 
Net Income Attributable to Noncontrolling Interest (120,000 ) (111,000 ) (24,000 )
     
Net Income Attributable to Cambridge-Lee Holdings, Inc. (3,909,000 ) (3,615,000 ) (763,000 )
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES  
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
   
STATEMENT OF CASH FLOW
 

Figures in US Dollars

September 30, 2017
 
OPERATING ACTIVITIES:

Net income (loss)

(787,000)

Less Net income (loss) from disposition
Less Net income (loss) attributed to noncontrolling interest  
Net income (loss) (787,000)
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest -
Depreciation and amortization 6,225,000
Allowance for doubtful accounts receivable (115,000)
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable (15,343,000)
(Increase) decrease in inventories (2,495,000)
(Increase) decrease in prepaid expenses, deposits and other assets 422,000
Increase (decrease) in accts payable, accrd expenses & amounts due to affiliates 5,226,000
Increase (decrease) in income taxes payable 2,387,000
Increase (decrease) in assets from dispositions  
Total adjustments (3,693,000)
 
net cash provided by (used in) operating activities (4,480,000)
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (3,569,000)
Proceeds from sale of property, plant and equipment -
disposal 34,000
 
Net cash provided by (used in) investing activities (3,535,000)
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility 4,126,000
Borrowings under long term debt arrangements -
Principal payments under long term debt arrangements (609,000)
 
Net cash provided by (used in) financing activities 3,517,000
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents (4,498,000)
Cash and cash equivalents at beginning of period 6,368,000
 
Cash and cash equivalents at end of period 1,870,000