Cambridge-Lee Holdings Consolidated Results of Operations for FY 2019
Cambridge-Lee Holdings, Inc, has announced its audited consolidated results for the fiscal year 2019.
| CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES | ||||||||
| (A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.) | ||||||||
| CONSOLIDATED BALANCE SHEETS | Figures in USD | |||||||
| As of December 31, 2018 and December 31, 2019 | ||||||||
| 12/31/2018 | 12/31/2019 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ |
2,518,000 |
|
$ |
1,260,000 |
|
||
| Accounts Receivable - Net |
|
44,364,000 |
|
|
40,022,000 |
|
||
| Accounts Receivable - Affiliates |
|
3,017,000 |
|
|
2,221,000 |
|
||
| Accounts Receivable - Refundable Income Tax |
|
275,000 |
|
|
232,000 |
|
||
| Other Receivables |
|
147,000 |
|
|
241,000 |
|
||
| Inventories — net |
|
68,985,000 |
|
|
81,916,000 |
|
||
| Other current assets |
|
4,000,000 |
|
|
4,395,000 |
|
||
| Total current assets |
|
123,306,000 |
|
|
130,287,000 |
|
||
| Restricted Cash | ||||||||
| Note Receivable — Affiliate |
|
8,990,000 |
|
|
8,990,000 |
|
||
| Property, Plant, and Equipment — Net |
|
61,810,000 |
|
|
56,813,000 |
|
||
| Deferred Financing Fees — Net |
|
800,000 |
|
|
632,000 |
|
||
| Other Long-Term Assets |
|
5,298,000 |
|
|
6,405,000 |
|
||
| Total | $ |
200,204,000 |
|
$ |
203,127,000 |
|
||
| Liabilities and Shareholders' Equity | ||||||||
| Current Liabilities: | ||||||||
| Current portion of long-term debt |
|
2,786,000 |
|
|
2,478,000 |
|
||
| Revolving credit facility |
|
43,018,000 |
|
|
63,650,000 |
|
||
| Trade Accounts Payable |
|
18,819,000 |
|
|
14,775,000 |
|
||
| Affiliates Payable |
|
100,000 |
|
|
76,000 |
|
||
| Accrued expenses and taxes other than income tax |
|
12,655,000 |
|
|
10,432,000 |
|
||
| Total current liabilities |
|
77,378,000 |
|
|
91,411,000 |
|
||
| Long-Term Debt |
|
15,089,000 |
|
|
12,626,000 |
|
||
| Long-Term Obligations — Other |
|
1,187,000 |
|
|
1,490,000 |
|
||
| Deferred Revenue |
|
525,000 |
|
|
501,000 |
|
||
| Total liabilities |
|
94,179,000 |
|
|
106,978,000 |
|
||
| SHAREHOLDERS’ EQUITY: | ||||||||
| Common stock, no par — authorized, 1,500 shares; issued and outstanding, 1,000 shares |
|
1,000 |
|
|
1,000 |
|
||
| Additional paid-in capital |
|
84,205,000 |
|
|
84,205,000 |
|
||
| Investment in Parent |
|
(60,000,000 |
) |
|
(60,000,000 |
) |
||
| Excess of liabilities assumed over book value of assets transferred |
|
(17,514,000 |
) |
|
(17,514,000 |
) |
||
| Retained earnings |
|
96,570,000 |
|
|
86,699,000 |
|
||
| Accumulated other comprehensive income (loss) |
|
(2,281,000 |
) |
|
(1,993,000 |
) |
||
| Noncontrolling owner’s interest |
|
5,044,000 |
|
|
4,751,000 |
|
||
| Total shareholders' equity |
|
106,025,000 |
|
|
96,149,000 |
|
||
| TOTAL | $ |
200,204,000 |
|
$ |
203,127,000 |
|
||
| 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 December 31, 2018 and December 31, 2019 | Figures in USD | |||||||
| 12/31/2018 | 12/31/2019 | |||||||
| Revenues: | ||||||||
| Net Sales | $ |
444,213,000 |
|
$ |
428,212,000 |
|
||
| Cost of Sales |
|
412,092,000 |
|
|
397,413,000 |
|
||
| Gross Income |
|
32,121,000 |
|
|
30,799,000 |
|
||
| Selling, General and Administrative Expenses |
|
36,507,000 |
|
|
36,607,000 |
|
||
| Operating Income |
|
(4,386,000 |
) |
|
(5,808,000 |
) |
||
| Other Expense: | ||||||||
| Interest — net |
|
(2,437,000 |
) |
|
(3,305,000 |
) |
||
| Other — net |
|
(238,000 |
) |
|
(143,000 |
) |
||
| Total Other Expense |
|
(2,675,000 |
) |
|
(3,448,000 |
) |
||
| Income (Loss) From Continuing Operations Before Provision for Income Taxes |
|
(7,061,000 |
) |
|
(9,256,000 |
) |
||
| Provision for Income Taxes |
|
(1,183,000 |
) |
|
919,000 |
|
||
| Net Income (Loss) from Continuing Operations |
|
(5,878,000 |
) |
|
(10,175,000 |
) |
||
| COMPREHENSIVE (LOSS) INCOME—Pension unrecognized |
|
129,000 |
|
|
377,000 |
|
||
| gain adjustment—net of tax expense of $0 and | ||||||||
| $42,000 for 2019 and 2018, respectively | ||||||||
| Net Income (Loss) |
|
(5,749,000 |
) |
|
(9,798,000 |
) |
||
| Net Income Attributable to Noncontrolling Interest |
|
(172,000 |
) |
|
(293,000 |
) |
||
| Net Income Attributable to Cambridge-Lee Holdings, Inc. |
|
(5,577,000 |
) |
|
(9,505,000 |
) |
||
| CAMBRIDGE-LEE HOLDINGS, INC | |||
| STATEMENT OF CASH FLOW | |||
| For the year ended Dec 31, 2019 | Figures in USD | ||
| December 31, 2019 | |||
| OPERATING ACTIVITIES: | |||
| Net income (loss) | (9,871,000 |
) |
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Noncontrolling interest | (304,000 |
) |
|
| Depreciation and amortization | 9,376,000 |
|
|
| Allowance for doubtful accounts receivable | 17,000 |
|
|
| Net periodic pension (benefit) cost | 346,000 |
|
|
| (Gain) loss on sale of property, plant and equipment | 6,000 |
|
|
| Increase (decrease) in deferred income taxes | 950,000 |
|
|
| Changes in assets and liabilities which provided (used) cash: | |||
| (Increase) decrease in accounts and notes receivable | 5,028,000 |
|
|
| (Increase) decrease in inventories | (12,933,000 |
) |
|
| (Increase) decrease in prepaid expenses, deposits and other assets | (1,525,000 |
) |
|
| Increase (decrease) in other long term obligations | 363,000 |
|
|
| Increase (decrease) in accnts payable, accrued exp & amounts due to affiliates | (6,321,000 |
) |
|
| Increase (decrease) in income taxes payable | 6,000 |
|
|
| Total adjustments | (4,991,000 |
) |
|
| net cash provided by (used in) operating activities | (14,862,000 |
) |
|
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property, plant and equipment | (4,222,000 |
) |
|
| Net cash provided by (used in) investing activities | (4,222,000 |
) |
|
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Increase (decrease) in revolving credit facility | 20,632,000 |
|
|
| Principal payments on long-term debt | (2,722,000 |
) |
|
| Payment under capital lease obligations | (64,000 |
) |
|
| Payment of debt issuance costs | (20,000 |
) |
|
| Net cash provided by (used in) financing activities | 17,826,000 |
|
|
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | |||
| Net increase in cash and cash equivalents | (1,258,000 |
) |
|
| Cash and cash equivalents at beginning of period | 2,518,000 |
|
|
| Cash and cash equivalents at end of period | 1,260,000 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20201029006377/en/
