Sep 20, 2018   SOURCE: BusinessWire

Cambridge-Lee Holdings Consolidated Results of Operations for Q2 2018

Cambridge-Lee Holdings, Inc, has announced its audited consolidated results for the second 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
As of June 30, 2017 and June 30, 2018           Figures in US Dollars
 

12/31/2017

6/30/2017

6/30/2018

Assets
Current Assets:
Cash and cash equivalents $ 1,488,000 $ 2,684,000 $ 1,558,000
Accounts Receivable - Net 48,887,000 54,387,000 62,148,000
Accounts Receivable - Affiliates 1,359,000 1,159,000 704,000
Accounts Receivable - Refundable Income Tax 253,000 0 252,000
Other Receivables 20,000 99,000 80,000
Inventories — net 75,656,000 50,231,000 75,467,000
Other current assets 3,296,000 6,501,000 6,715,000
Deferred income taxes   0     131,000    
Total current assets   130,959,000     115,192,000     146,924,000  
 
Note Receivable — Affiliate 8,990,000 8,990,000 8,990,000
Property, Plant, and Equipment — Net 67,966,000 70,581,000 65,187,000
Deferred Financing Fees — Net 678,000 0 799,000
Other Long-Term Assets   3,093,000     1,071,000     28,000  
Total $ 211,686,000   $ 195,834,000   $ 221,928,000  
 
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt 35,361,000 824,000 35,325,000
Revolving credit facility 27,583,000 16,487,000 38,077,000
Trade Accounts Payable 18,777,000 17,868,000 23,871,000
Affiliates Payable 1,212,000 (336,000 ) (3,044,000 )
Accrued expenses and taxes other than income tax 12,360,000 11,773,000 11,730,000
Income taxes payable   0     (1,365,000 )   62,000  
Total current liabilities   95,293,000     45,251,000     106,021,000  
 
Long-Term Debt 1,734,000 36,656,000 1,610,000
Long-Term Obligations — Other 1,205,000 1,608,000 1,205,000
Deferred Revenue 549,000 .
Deferred Income Taxes   1,131,000     2,806,000     1,131,000  
Total liabilities   99,912,000     86,321,000     109,967,000  
 
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 102,272,000 100,109,000 102,453,000
Accumulated other comprehensive income (loss) (2,407,000 ) (2,437,000 ) (2,406,000 )
Noncontrolling owner’s interest 5,217,000 5,149,000 5,222,000
     
Total shareholders' equity   111,774,000     109,513,000     111,961,000  
     
TOTAL $ 211,686,000   $ 195,834,000   $ 221,928,000  
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, 2017 and June 30, 2018           Figures in US Dollars
 

12/31/2017

6/30/2017

6/30/2018

Revenues:
Net Sales $ 421,664,000 $ 100,999,000 $ 239,555,000
Cost of Sales   387,307,000     93,892,000     219,330,000  
Gross Income 34,357,000 7,107,000 20,225,000
 
Selling, General and Administrative Expenses 35,149,000 9,090,000 18,791,000
     
Operating Income (792,000 ) (1,983,000 ) 1,434,000
 
Other Expense:
Interest — net (1,755,000 ) (450,000 ) (1,075,000 )
Other — net 97,000 26,000 (60,000 )
  (2,450,000 )   (2,407,000 )   299,000  
Total Other Expense (1,658,000 ) (424,000 ) (1,135,000 )
     
Income From Continuing Operations Before Provision for Income Taxes (2,450,000 ) (2,407,000 ) 299,000
 
Provision for Income Taxes (1,773,000 ) (957,000 ) 112,000
     
Net Income from Continuing Operations (677,000 ) (1,450,000 ) 187,000
 
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized 566,000
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 (111,000 ) (1,450,000 ) 187,000
 
Net Income Attributable to Noncontrolling Interest (3,000 ) (43,000 ) 6,000
     
Net Income Attributable to Cambridge-Lee Holdings, Inc.   (108,000 )   (1,407,000 )   181,000  
CAMBRIDGE-LEE HOLDINGS, INC
STATEMENT OF CASH FLOW
     
Figures in US Dollars
June 30, 2018
OPERATING ACTIVITIES:
Net income (loss) 181,000
Less Net income (loss) from disposition
Less Net income (loss) attributed to noncontrolling interest  
Net income (loss) 181,000
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest 6,000
Depreciation and amortization 5,140,000
Allowance for doubtful accounts receivable (120,000)
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable (16,741,000)
(Increase) decrease in inventories 189,000
(Increase) decrease in prepaid expenses, deposits and other assets (414,000)
Increase (decr) in accounts payable, accrued exps & amounts due to affiliates 3,912,000
Increase (decrease) in income taxes payable 63,000
Total adjustments (7,965,000)
 
net cash provided by (used in) operating activities (7,784,000)
-
CASH FLOWS FROM INVESTING ACTIVITIES: -
Purchases of property, plant and equipment (2,362,000)
Change in restricted cash balance
 
Net cash provided by (used in) investing activities (2,362,000)
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility 10,458,000
Borrowings under long term debt arrangements -
Principal payments under long term debt arrangements -
Proceeds from long term debt (243,000)
Principal payments on long-term debt -
Net cash provided by (used in) financing activities 10,215,000
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
 
Net increase in cash and cash equivalents 70,000
Cash and cash equivalents at beginning of period 1,488,000
 
Cash and cash equivalents at end of period 1,558,000