Cambridge-Lee Holdings Consolidated Results of Operations for Q2 2014

READING, Pa.--()--Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the first six 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 June 30, 2013 and June 30, 2014
Figures in US Dollars
12/31/2013 6/30/2013 6/30/2014
Assets
Current Assets:
Cash and cash equivalents $ 3,338,000 1,734,000 $ 1,897,981
Accounts Receivable - Net 37,767,000 47,232,000 54,380,426
Accounts Receivable - Affiliates 3,512,000 7,686,000 6,821,493
Other Receivables 544,000 335,000 993,169
Inventories — net 54,432,000 47,875,000 59,721,052
Other current assets 4,618,000 3,841,000 3,713,997
Deferred income taxes   1,940,000       1,222,000       1,940,488  
Total current assets   106,151,000       109,925,000       129,468,606  
 
Restricted Cash
Note Receivable — Affiliate 8,990,000 8,990,000 8,990,000
Property, Plant, and Equipment — Net 97,268,000 94,932,000 95,806,115
Deferred Financing Fees — Net 2,080,000
Other Long-Term Assets 1,777,000 1,554,000 2,982,495
Deferred Income Taxes-Long Term          
Total $ 216,266,000     $ 215,401,000     $ 237,247,216  
 
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt 253,000 182,000 222,903
Revolving credit facility 18,000,000 34,925,000 16,000,000
Trade Accounts Payable 18,291,000 15,213,000 36,082,039
Affiliates Payable 299,000 959,000 3,387,262
Accrued expenses and taxes other than income tax 11,981,000 9,984,000 11,587,865
Deferred Income Taxes 0
Income taxes payable   3,011,000       1,140,000       207,268  
Total current liabilities   51,835,000       62,403,000       67,487,335  
 
Long-Term Debt 34,435,000 20,195,000 40,382,389
Long-Term Obligations — Other 772,000 0 7,357,391
Deferred Revenue 854,000 3,009,000
Deferred Income Taxes   6,325,000       7,272,000       (260,723 )
Total liabilities   94,221,000       92,879,000       114,966,392  
 
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
Retirement Inter-Company Bonds (56,000,000 )
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 ) (17,514,000 )
Retained earnings 111,357,000 109,119,000 111,636,780
Accumulated other comprehensive income (loss) (1,526,000 ) (2,656,000 ) (1,525,871 )
Noncontrolling owner’s interest   5,522,000       5,367,000       5,477,916  
Total shareholders' equity   122,045,000       122,522,000       122,280,824  
     
TOTAL $ 216,266,000     $ 215,401,000     $ 237,247,216  
 
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, 2013 and June 30, 2014
Figures in US Dollars
 
Dec 31, 2013 June 30, 2013 Jun 30, 2014
 
Revenues:
Net Sales $ 399,592,000 $ 205,152,000 $ 217,262,392
Cost of Sales   359,483,000     185,701,000     198,526,702  
Gross Income 40,109,000 19,451,000 18,735,690
 
Selling, General and Administrative Expenses 36,301,000 16,022,000 17,795,430
     
Operating Income 3,808,000 3,429,000 940,260
 
Other Expense:
Interest — net (468,000 ) (188,000 ) (1,050,937 )
Other — net 991,000 456,000 987,601
      876,924  
Total Other Expense 523,000 268,000 (63,337 )
     
Income From Continuing Operations Before Provision for Income Taxes 4,331,000 3,697,000 876,924
 
Provision for Income Taxes 253,000 1,977,000 (90,288 )
     
Net Income from Continuing Operations 4,078,000 1,720,000 967,212
 
Provision for Income Taxes
     
Net Loss from Discontinued Operations 0 0 0
     
Net Income 4,078,000 1,720,000 967,212
 
Net Income Attributable to Noncontrolling Interest 121,000 51,430 28,920
     
Net Income Attributable to Cambridge-Lee Holdings, Inc.   3,957,000     1,668,570     938,292  
 
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES    
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
CONSOLIDATED STATEMENT OF CASH FLOW
As of June 30, 2014
Figures in US Dollars
  Jun 30, 2014
OPERATING ACTIVITIES:
Net income (loss) -
Less Net income (loss) from disposition
Less Net income (loss) attributed to noncontrolling interest -
Net income (loss) -
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest -
Depreciation and amortization 4,364,000
Allowance for doubtful accounts receivable -
(Gain) loss on sale of property, plant and equipment -
Increase (decrease) in deferred income taxes -
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable (23,421,000)
(Increase) decrease in inventories (5,289,000)
(Increase) decrease in prepaid expenses, deposits and other assets 1,330,000
Increase (decrease) in other long term obligations 6,586,000
Increase (decrease) in accounts payable, accrued expenses & amounts due to affiliates 16,543,000
Increase (decrease) in income taxes payable (2,804,000)
Increase (decrease) in assets from dispositions -
Total adjustments (2,691,000)
 
net cash provided by (used in) operating activities (2,691,000)
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (2,666,000)
Proceeds from sale of property, plant and equipment -
disposal -
Gain on disposition -
Reduction of CIP down payment -
Change in restricted cash balance -
Net cash provided by (used in) investing activities (2,666,000)
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility (2,030,000)
Borrowings under long term debt arrangements -
Principal payments under long term debt arrangements -
Proceeds from long term debt 5,947,000
Principal payments on long-term debt -
Payment under capital lease obligations -
Payment of debt issuance costs -
Net cash provided by (used in) financing activities 3,917,000
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents (1,440,000)
Cash and cash equivalents at beginning of period 3,338,000
 
Cash and cash equivalents at end of period 1,898,000

Contacts

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

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