Dec 17, 2018 SOURCE: BusinessWire
Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2018
Cambridge-Lee Holdings, Inc, has announced its unaudited consolidated results for the third 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 | ||||||||||||
12/31/2017 | 9/30/2017 | 9/30/2018 | ||||||||||
Assets | Figures in US Dollars | |||||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | $ | 1,488,000 | $ | 1,871,000 | $ | 3,006,000 | ||||||
Accounts Receivable - Net | 48,887,000 | 58,331,000 | 55,538,000 | |||||||||
Accounts Receivable - Affiliates | 1,359,000 | 947,000 | 1,258,000 | |||||||||
Accounts Receivable - Refundable Income Tax | 253,000 | 71,000 | 252,000 | |||||||||
Other Receivables | 20,000 | 21,000 | 80,000 | |||||||||
Inventories — net | 75,656,000 | 62,196,000 | 64,992,000 | |||||||||
Other current assets | 3,296,000 | 7,797,000 | 7,908,000 | |||||||||
Total current assets | 130,959,000 | 131,234,000 | 133,034,000 | |||||||||
Restricted Cash | ||||||||||||
Note Receivable — Affiliate | 8,990,000 | 8,990,000 |
|
8,990,000 | ||||||||
Property, Plant, and Equipment — Net | 67,966,000 | 69,215,000 | 63,363,000 | |||||||||
Deferred Financing Fees — Net | 678,000 | 0 | 948,000 | |||||||||
Other Long-Term Assets | 3,093,000 | 1,054,000 | 28,000 | |||||||||
Total | $ | 211,686,000 | $ | 210,493,000 | $ | 206,363,000 | ||||||
Liabilities and Shareholders' Equity | ||||||||||||
Current Liabilities: | ||||||||||||
Current portion of long-term debt | 35,361,000 | 817,000 | 35,155,000 | |||||||||
Revolving credit facility | 27,583,000 | 23,423,000 | 29,943,000 | |||||||||
Trade Accounts Payable | 18,777,000 | 21,711,000 | 19,314,000 | |||||||||
Affiliates Payable | 1,212,000 | 822,000 | (2,203,000 | ) | ||||||||
Accrued expenses and taxes other than income tax | 12,360,000 | 12,025,000 | 11,647,000 | |||||||||
Income taxes payable | 0 | (273,000 | ) | (941,000 | ) | |||||||
Total current liabilities | 95,293,000 | 58,525,000 | 92,915,000 | |||||||||
Long-Term Debt | 1,734,000 | 36,455,000 | 1,562,000 | |||||||||
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 | 99,394,000 | 96,813,000 | |||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||||
Common stock, no par — authorized, 1,500 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 |
||||||||||||
(17,514,000 | ) | (17,514,000 | ) | (17,514,000 | ) | |||||||
Retained earnings | 102,272,000 | 101,648,000 | 100,114,000 | |||||||||
Accumulated other comprehensive income (loss) | (2,407,000 | ) | (2,437,000 | ) | (2,406,000 | ) | ||||||
Noncontrolling owner’s interest | 5,217,000 | 5,196,000 | 5,150,000 | |||||||||
Total shareholders' equity | 111,774,000 | 111,099,000 | 109,550,000 | |||||||||
TOTAL | $ | 211,686,000 | $ | 210,493,000 | $ | 206,363,000 | ||||||
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, 2017 and September 30, 2018 | ||||||||||||
12/31/2017 | 9/30/2017 | 9/30/2018 | ||||||||||
Figures in US Dollars | ||||||||||||
Revenues: | ||||||||||||
Net Sales | $ | 421,664,000 | $ | 319,153,000 | $ | 352,308,000 | ||||||
Cost of Sales | 387,307,000 | 291,492,000 | 325,874,000 | |||||||||
Gross Income | 34,357,000 | 27,661,000 | 26,434,000 | |||||||||
Selling, General and Administrative Expenses | 35,149,000 | 27,252,000 | 27,695,000 | |||||||||
Operating Income | (792,000 | ) | 409,000 | (1,261,000 | ) | |||||||
Other Expense: | ||||||||||||
Interest — net | (1,755,000 | ) | (1,285,000 | ) | (1,777,000 | ) | ||||||
Other — net | 97,000 | 92,000 | (53,000 | ) | ||||||||
Total Other Expense | (1,658,000 | ) | (1,193,000 | ) | (1,830,000 | ) | ||||||
Income From Continuing Operations Before Provision for |
(2,450,000 | ) | (784,000 | ) | (3,091,000 | ) | ||||||
Provision for Income Taxes | (1,773,000 | ) | 3,000 | (865,000 | ) | |||||||
Net Income from Continuing Operations | (677,000 | ) | (787,000 | ) | (2,226,000 | ) | ||||||
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 | ||||||||||||
Net Income | (111,000 | ) | (787,000 | ) | (2,226,000 | ) | ||||||
Net Income Attributable to Noncontrolling Interest | (3,000 | ) | (24,000 | ) | (67,000 | ) | ||||||
Net Income Attributable to Cambridge-Lee Holdings, Inc. | (108,000 | ) | (763,000 | ) | (2,159,000 | ) | ||||||
CAMBRIDGE-LEE HOLDINGS, INC | ||||
STATEMENT OF CASH FLOW | ||||
September 30, 2018 | ||||
Figures in US Dollars | ||||
OPERATING ACTIVITIES: | ||||
Net income (loss) | (2,159,000 | ) | ||
Less Net income (loss) from disposition | ||||
Less Net income (loss) attributed to noncontrolling interest | ||||
Net income (loss) | (2,159,000 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Noncontrolling interest | (67,000 | ) | ||
Depreciation and amortization | 7,647,000 | |||
Allowance for doubtful accounts receivable | (121,000 | ) | ||
Changes in assets and liabilities which provided (used) cash: | ||||
(Increase) decrease in accounts and notes receivable | (9,844,000 | ) | ||
(Increase) decrease in inventories | 10,664,000 | |||
(Increase) decrease in prepaid expenses, deposits and other assets | (1,607,000 | ) | ||
Increase (decrease) in other long term obligations | - | |||
Increase (decrease) in accnts payable, accrued exps & amounts due to affiliates | (728,000 | ) | ||
Increase (decrease) in income taxes payable | (939,000 | ) | ||
Increase (decrease) in assets from dispositions | ||||
Total adjustments | 5,005,000 | |||
net cash provided by (used in) operating activities | 2,846,000 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property, plant and equipment | (3,087,000 | ) | ||
Proceeds from sale of property, plant and equipment | - | |||
disposal | 43,000 | |||
Gain on disposition | - | |||
Net cash provided by (used in) investing activities | (3,044,000 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Increase (decrease) in revolving credit facility |
2,155,000 | |||
Borrowings under long term debt arrangements | - | |||
Principal payments under long term debt arrangements | - | |||
Proceeds from long term debt | (439,000 | ) | ||
Net cash provided by (used in) financing activities | 1,716,000 | |||
EFFECT OF EXCHANGE RATE CHANGES ON CASH | ||||
Net increase in cash and cash equivalents | 1,518,000 | |||
Cash and cash equivalents at beginning of period | 1,488,000 | |||
Cash and cash equivalents at end of period | 3,006,000 | |||
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