Jul 18, 2018   SOURCE: BusinessWire

Cambridge-Lee Holdings Consolidated Results of Operations for Q1 2018

Cambridge-Lee Holdings, Inc., has announced its audited consolidated results for the first quarter of 2018.

 
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED BALANCE SHEETS

Figures in US Dollars

As of March 31, 2017 and March 31, 2018
 
Assets 12/31/2017 3/31/2017 3/31/2018
Current Assets:
Cash and cash equivalents $ 1,488,000 $ 2,763,000 $ 1,863,000
Accounts Receivable - Net 48,887,000 51,600,000 57,974,000
Accounts Receivable - Affiliates 1,359,000 932,000 569,000
Accounts Receivable - Refundable Income Tax 253,000 0 253,000
Other Receivables 20,000 131,000 34,000
Inventories — net 75,656,000 59,890,000 76,500,000
Other current assets 3,296,000 7,231,000 6,031,000
Deferred income taxes   0     131,000     0  
Total current assets   130,959,000     122,678,000     143,224,000  
 
Note Receivable — Affiliate 8,990,000 8,990,000 8,990,000
Property, Plant, and Equipment — Net 67,966,000 70,829,000 66,844,000
Deferred Financing Fees — Net 678,000 0 871,000
Other Long-Term Assets   3,093,000     1,130,000     29,000  
Total $ 211,686,000   $ 203,627,000   $ 219,958,000  
 
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt 35,361,000 828,000 35,343,000
Revolving credit facility 27,583,000 20,810,000 35,611,000
Trade Accounts Payable 18,777,000 20,221,000 19,909,000
Affiliates Payable 1,212,000 (516,000 ) 356,000
Accrued expenses and taxes other than income tax 12,360,000 11,309,000 11,635,000
Income taxes payable   0     (935,000 )   262,000  
Total current liabilities   95,293,000     51,717,000     103,116,000  
 
Long-Term Debt 1,734,000 36,861,000 1,812,000
Long-Term Obligations — Other 1,205,000 1,608,000 1,205,000
Deferred Revenue 549,000 198,000 264,000
Deferred Income Taxes   1,131,000     2,806,000     1,131,000  
Total liabilities   99,912,000     93,190,000     107,528,000  
 
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 102,272,000 101,005,000 102,908,000
Accumulated other comprehensive income (loss) (2,407,000 ) (2,436,000 ) (2,406,000 )
Noncontrolling owner’s interest   5,217,000     5,176,000     5,236,000  
Total shareholders' equity   111,774,000     110,437,000     112,430,000  
     
TOTAL $ 211,686,000   $ 203,627,000   $ 219,958,000  
 
     
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED STATEMENTS OF OPERATIONS

Figures in US Dollars

As of March 31, 2017 and March 31, 2018

 

12/31/2017 3/31/2017 3/31/2018
 
Revenues:
Net Sales $ 421,664,000 $ 100,999,000 $ 113,607,000
Cost of Sales   387,307,000     93,892,000     102,816,000  
Gross Income 34,357,000 7,107,000 10,791,000
 
Selling, General and Administrative Expenses 35,149,000 9,090,000 9,368,000
     
Operating Income (792,000 ) (1,983,000 ) 1,423,000
 
Other Expense:
Interest — net (1,755,000 ) (450,000 ) (512,000 )
Other — net   97,000     26,000     2,000  
Total Other Expense (1,658,000 ) (424,000 ) (510,000 )
     
Income From Continuing Operations Before Provision for Income Taxes (2,450,000 ) (2,407,000 ) 913,000
 
Provision for Income Taxes (1,773,000 ) (957,000 ) 258,000
     
Net Income from Continuing Operations (677,000 ) (1,450,000 ) 655,000
 

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

566,000
 
Net Income (111,000 ) (1,450,000 ) 655,000
 
Net Income Attributable to Noncontrolling Interest (3,000 ) (43,000 ) 20,000
     
Net Income Attributable to Cambridge-Lee Holdings, Inc.   (108,000 )   (1,407,000 )   635,000  
 
 
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
March 31, 2018
OPERATING ACTIVITIES:
Net income (loss) 655,000
Less Net income (loss) from disposition
Less Net income (loss) attributed to noncontrolling interest  
Net income (loss) 655,000
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest -
Depreciation and amortization 2,567,000
Allowance for doubtful accounts receivable 90,000
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable (8,020,000 )
(Increase) decrease in inventories (1,307,000 )
(Increase) decrease in prepaid expenses, deposits and other assets (527,000 )
Increase (decrease) in accts payable, accrued exp & amnts due to affiliates 120,000
Increase (decrease) in income taxes payable 234,000  
Total adjustments (6,843,000 )
 
net cash provided by (used in) operating activities (6,188,000 )
 
CASH FLOWS FROM INVESTING ACTIVITIES: -
Purchases of property, plant and equipment (1,446,000 )
Proceeds from sale of property, plant and equipment -  
Net cash provided by (used in) investing activities (1,446,000 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility 8,010,000
Borrowings under long term debt arrangements -  
Net cash provided by (used in) financing activities 8,010,000  
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
 
Net increase in cash and cash equivalents 376,000
Cash and cash equivalents at beginning of period 1,488,000  
 
Cash and cash equivalents at end of period 1,864,000