Cambridge-Lee Holdings Consolidated Results of Operations for Q2 2017

READING, Pa.--()--Cambridge-Lee Holdings, Inc., has announced its audited consolidated results for the second quarter of 2017.

     
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, 2016 and June 30, 2017
 
 
Figures in US Dollars 12/31/2016 6/30/2016 6/30/2017
Assets
Current Assets:
Cash and cash equivalents $

6,368,000

$

3,311,000

$

2,684,000

Accounts Receivable - Net

39,842,000

42,970,000

54,387,000

Accounts Receivable - Affiliates

3,253,000

330,000

1,159,000

Accounts Receivable - Refundable Income Tax

2,731,000

591,000

0

Other Receivables

190,000

281,000

99,000

Inventories — net

59,701,000

48,121,000

50,231,000

Other current assets

4,331,000

6,802,000

6,501,000

Deferred income taxes  

0

   

0

   

131,000

 
Total current assets  

116,416,000

   

102,406,000

   

115,192,000

 
 
Restricted Cash
Note Receivable — Affiliate

8,990,000

8,990,000

8,990,000

Property, Plant, and Equipment — Net

71,905,000

76,350,000

70,581,000

Deferred Financing Fees — Net

591,000

0

0

Other Long-Term Assets  

3,706,000

   

1,151,000

   

1,071,000

 
Total $

201,608,000

  $

188,897,000

  $

195,834,000

 
 
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt

1,334,000

844,000

824,000
Revolving credit facility

18,780,000

13,000,000

16,487,000
Trade Accounts Payable

18,207,000

13,593,000

17,868,000
Affiliates Payable

96,000

(2,184,000

) (336,000 )
Accrued expenses and taxes other than income tax

9,730,000

9,569,000

11,773,000
Deferred Income Taxes

 

675,000

Income taxes payable  

0

   

(4,761,000

)   (1,365,000 )
Total current liabilities   48,147,000     30,736,000     45,251,000  
 
Long-Term Debt

36,589,000

37,980,000

36,656,000
Long-Term Obligations — Other

1,608,000

1,960,000

1,608,000
Deferred Revenue

573,000

 

 

Deferred Income Taxes  

2,806,000

   

4,994,000

    2,806,000  
Total liabilities  

89,723,000

   

75,670,000

   

86,321,000

 
 
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

102,410,000

104,024,000

100,109,000
Accumulated other comprehensive income (loss)

(2,437,000

)

(2,749,000

) (2,437,000 )
Noncontrolling owner’s interest

 

5,220,000

   

5,260,000

   

5,149,000

 
Total shareholders' equity   111,885,000    

113,227,000

    109,513,000  
     
TOTAL $

201,608,000

  $

188,897,000

  $

195,834,000

 
 
     
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, 2016 and June 30, 2017
 
 
Figures in US Dollars 12/31/2016 6/30/2016 6/30/2017
 
Revenues:
Net Sales $ 336,106,000 $ 171,300,000 $ 207,588,000
Cost of Sales   306,301,000     157,758,000     191,725,000  
Gross Income 29,805,000 13,542,000 15,863,000
Selling, General and Administrative Expenses 33,624,000 16,797,000 18,497,000
     
Operating Income (3,819,000 ) (3,255,000 ) (2,634,000 )
 
Other Expense:
Interest — net (2,727,000 ) (1,612,000 ) (867,000 )
Other — net   (306,000 )   83,000     43,000  
Total Other Expense (3,033,000 ) (1,529,000 ) (824,000 )
     
Income From Continuing Operations Before Provision for Income Taxes (6,852,000 ) (4,785,000 ) (3,458,000 )
 
Provision for Income Taxes (2,501,000 ) (2,096,000 ) (1,086,000 )
     
Net Income from Continuing Operations (4,351,000 ) (2,689,000 ) (2,372,000 )
 
COMPREHENSIVE (LOSS) INCOME—Pension unrecognized 322,000
gain (loss) adjustment—net of tax expense of $210,000 and tax
(benefit) of $161,000 for 2016 and 2016, respectively      
 
     
Net Income (4,029,000 ) (2,689,000 ) (2,372,000 )
 
Net Income Attributable to Noncontrolling Interest (120,000 ) (80,000 ) (71,000 )
     
Net Income Attributable to Cambridge-Lee Holdings, Inc.   (3,909,000 )   (2,609,000 )   (2,301,000 )
 
 
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 30th, 2017
Figures in US Dollars
June 30, 2017
OPERATING ACTIVITIES:
Net income (loss) (2,372,000 )
Less Net income (loss) from disposition
Less Net income (loss) attributed to noncontrolling interest  
Net income (loss) (2,372,000 )
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest -
Depreciation and amortization 5,218,000
Allowance for doubtful accounts receivable (117,000 )
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable (12,767,000 )
(Increase) decrease in inventories 9,470,000
(Increase) decrease in prepaid expenses, deposits and other assets 1,623,000
Increase (decrease) in accounts payable, accrued exp. & amts due to affiliates 1,132,000
Increase (decrease) in income taxes payable 1,234,000
Increase (decrease) in assets from dispositions  
Total adjustments 5,793,000  
 
net cash provided by (used in) operating activities 3,421,000  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment (3,923,000 )
Proceeds from sale of property, plant and equipment -
disposal 29,000
 
Net cash provided by (used in) investing activities (3,894,000 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility (2,802,000 )
Principal payments under long term debt arrangements (409,000 )
 
Net cash provided by (used in) financing activities (3,211,000 )
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
 
Net increase in cash and cash equivalents (3,684,000 )
Cash and cash equivalents at beginning of period 6,368,000  
 
Cash and cash equivalents at end of period 2,684,000  
 

Contacts

For Cambridge-Lee Holdings, Inc.
Francisco Rodríguez, (5255)52618828
frodriguez@iusa.com.mx

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