Cambridge-Lee Holdings Consolidated Results of Operations for FY 2014

READING, Pa.--()--Cambridge-Lee Holdings, Inc., has announced its audited consolidated results for the twelve months of 2014.

     
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED BALANCE SHEETS
As of December 31, 2013 and 2014
 
AUDITED FIGURES, in US Dollars 12/31/2013 12/31/2014
Assets
Current Assets:
Cash and cash equivalents $ 3,338,000 $ 1,830,000
Accounts Receivable - Net 37,767,000 37,711,000
Accounts Receivable - Affiliates 3,512,000 3,501,000
Other Receivables 544,000 515,000
Inventories — net 54,432,000 62,629,000
Other current assets 4,618,000 7,242,000
Deferred income taxes 1,940,000 1,980,000
Income taxes receivable     5,317,000  
Total current assets   106,151,000     120,725,000  
 
Note Receivable — Affiliate 8,990,000 8,990,000
Property, Plant, and Equipment — Net 97,268,000 86,673,000
Deferred Financing Fees — Net 2,080,000 1,935,000
Other Long-Term Assets 1,777,000 637,000
Deferred Income Taxes-Long Term    
Total $ 216,266,000   $ 218,960,000  
 
Liabilities and Shareholders' Equity
 
Current Liabilities:
Current portion of long-term debt 252,000 888,000
Revolving credit facility 18,000,000 10,600,000
Trade Accounts Payable 18,291,000 22,667,000
Affiliates Payable 299,000 1,121,000
Accrued expenses and taxes other than income tax 8,590,000 9,606,000
Deferred Revenue 3,394,000 4,638,000
Income taxes payable   3,011,000    
Total current liabilities   51,837,000     49,520,000  
 
Long-Term Debt 34,435,000 39,251,000
Long-Term Obligations — Other 772,000 1,780,000
Deferred Revenue 854,000 622,000
Deferred Income Taxes 6,325,000 7,129,000
   
Total liabilities   94,223,000     98,302,000  
 
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 111,357,000 110,983,000
Accumulated other comprehensive income (loss) (1,526,000 ) (2,499,000 )
Noncontrolling owner’s interest   5,520,000     5,482,000  
Total shareholders' equity   122,043,000     120,658,000  
   
TOTAL $ 216,266,000   $ 218,960,000  
 
   
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
For the years ended December 31, 2013 and 2014
 
AUDITED FIGURES, in US Dollars Dec 31, 2013 Dec 31, 2014
 
Revenues:
Net Sales $ 399,592,000 $ 419,632,000
Cost of Sales   359,483,000   382,522,000  
Gross Income 40,109,000 37,110,000
 
Selling, General and Administrative Expenses 36,301,000 35,498,000
   
Operating Income 3,808,000 1,612,000
 
Other Expense:
Interest — net 467,000 (2,193,000 )
Other — net 990,000   267,000  
Total Other Expense 523,000 (1,926,000 )
   
Income (Loss) From Continuing Operations Before Provision for Income Taxes 4,331,000 (314,000 )
 
Provision for Income Taxes 253,000 68,000
   
Net Income (Loss) from Continuing Operations 4,078,000 (382,000 )
 
Attributable to Noncontrolling interest 121,000 (8,000 )
Attributable to Cambridge-Lee Holdings, Inc. 3,957,000 (374,000 )
 
Comprehensive Income (Loss) - Pension unrecognized gain (loss) adjustment - net of tax benefit-expense.   1,164,000   (1,003,000 )
 
Total comprehensive Income (Loss) 5,242,000 (1,385,000 )
 
Net Income (Loss) Attributable to Noncontrolling Interest   155,000   (38,000 )
 
Net Income (Loss) Attributable to Cambridge-Lee Holdings, Inc.   5,087,000   (1,347,000 )
 
   
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED STATEMENTS OF CASH FLOW
For the year ended December 31, 2014
Dec 31, 2014
AUDITED FIGURES, in US Dollars
OPERATING ACTIVITIES:
Net income (loss) (374,000 )
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest (8,000 )
Depreciation and amortization 10,362,000
(Benefit from) allowance for doubtful accounts receivable (132,000 )
Net periodic pension (benefit) cost (46,000 )
Loss on sale of property, plant and equipment 468,000
Benefit for deferred income taxes 766,000
 
Changes in assets and liabilities which provided (used) cash:

(Decrease) Increase in accounts and notes receivable

1,531,000
Increase in inventories (8,197,000 )
Increase in prepaid expenses, deposits and other assets (2,633,000 )
Decrease in other long term obligations (19,000 )
Increase in accounts payable, accrued expenses and amounts due to affiliates 7,041,000
Increase in income taxes receivable / Decrease in income taxes payable (8,095,000 )
 
Total adjustments 1,038,000  
 
Net cash provided by (used in) operating activities 664,000  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (3,816,000 )
Proceeds from sale of property, plant and equipment 4,111,000  
Net cash provided by (used in) investing activities 295,000  
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in revolving credit facility (7,400,000 )
Borrowings under long term debt arrangements 6,000,000
Principal payments under long term debt arrangements (356,000 )
Payment under capital lease obligations (272,000 )
Payment of debt issuance costs (439,000 )
Net cash provided by (used in) financing activities (2,467,000 )
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
 
Net (decrease) increase in cash and cash equivalents (1,508,000 )
Cash and cash equivalents at beginning of period 3,338,000  
 
Cash and cash equivalents at end of period 1,830,000  
 

Contacts

Cambridge-Lee Holdings, Inc.
Francisco Rodríguez, (5255) 5216 4028
frodriguez@iusa.com.mx

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