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Cambridge-Lee Holdings Consolidated Results of Operations for Q3 2015

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November 27, 2015 8:18 PM EST

READING, Penn.--(BUSINESS WIRE)-- Cambridge-Lee Holdings, Inc., has announced its unaudited consolidated results for the first nine months of 2015.

 
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, 2014, September 30, 2014 and 2015

Figures in US Dollars

      12/31/2014     9/30/2014     9/30/2015
Assets
Current Assets:
Cash and cash equivalents $ 1,830,000 $ 1,679,212 $ 2,357,957
Accounts Receivable - Net 37,711,000 52,311,906 45,453,128
Accounts Receivable - Affiliates 3,501,000 1,675,903 5,404,688
Accounts Receivable - Refundable Income Tax 5,317,000 3,316,893
Other Receivables 515,000 568,370 365,908
Inventories — net 62,629,000 64,585,569 54,804,855
Other current assets 7,242,000 4,857,133 7,545,553
Deferred income taxes   1,980,000     1,940,488     1,979,849  
Total current assets   120,725,000     127,618,582     121,228,831  
 
Restricted Cash
Note Receivable — Affiliate 8,990,000 8,990,000 8,990,000
Property, Plant, and Equipment — Net 86,673,000 90,676,044 80,548,966
Deferred Financing Fees — Net 1,935,000 0
Other Long-Term Assets 636,000 2,895,675 1,705,282
Deferred Income Taxes-Long Term   185,000      
Total $ 219,144,000   $ 230,180,301   $ 212,473,079  
 
Liabilities and Shareholders' Equity
Current Liabilities:
Current portion of long-term debt 888,000 202,764 170,889
Revolving credit facility 10,600,000 29,385,905 13,000,000
Trade Accounts Payable 22,667,000 20,037,358 19,985,513
Affiliates Payable 1,121,000 (1,335,604 ) 1,942,064
Accrued expenses and taxes other than income tax 14,242,000 11,235,890 10,508,804
Income taxes payable   170,000     (168,334 )   (647,433 )
Total current liabilities   49,688,000     59,357,979     44,959,837  
 
Long-Term Debt 39,251,000 40,170,069 39,316,678
Long-Term Obligations — Other 1,610,000 771,550 1,609,616
Deferred Revenue 622,000
Deferred Income Taxes   7,314,000     6,325,118     7,129,222  
Total liabilities   98,485,000     106,624,716     93,015,353  
 
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 110,984,000 112,868,081 109,818,242
Accumulated other comprehensive income (loss) (2,499,000 ) (1,525,871 ) (2,498,685 )
Noncontrolling owner’s interest   5,482,000   5,521,375 5,446,169
     
Total shareholders' equity   120,659,000     123,555,585     119,457,726  
     
TOTAL $ 219,144,000   $ 230,180,301   $ 212,473,079  
 
 
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 Decembert 31, 2014, September 30, 2014 and 2015
Figures in US Dollars
             
12/31/2014 9/30/2014 9/30/2015
 
Revenues:
Net Sales $ 419,632,000 $ 328,789,184 $ 298,037,339
Cost of Sales   382,522,000     297,243,984     271,505,320  
Gross Income 37,110,000 31,545,200 26,532,019
 
Selling, General and Administrative Expenses 35,498,000 26,982,982 26,635,269
     
Operating Income 1,612,000 4,562,218 (103,250 )
 
Other Expense:
Interest — net (2,193,000 ) (1,653,092 ) (1,804,269 )
Other — net   267,000     227,664     (5,074 )

 

 

 

Total Other Expense (1,926,000 ) (1,425,428 ) (1,809,343 )
     
Income From Continuing Operations Before Provision for Income Taxes (314,000 ) 3,136,790 (1,912,593 )
 
Provision for Income Taxes (68,000 ) 1,272,063 (710,867 )
     
Net Income from Continuing Operations (382,000 ) 1,864,727 (1,201,726 )
 
     
Net Income (382,000 ) 1,864,727 (1,201,726 )
 
Net Income Attributable to Noncontrolling Interest (8,000 ) 50,526 (35,932 )
     
Net Income Attributable to Cambridge-Lee Holdings, Inc.   (374,000 )   1,814,201     (1,165,794 )
 
 
CAMBRIDGE-LEE HOLDINGS, INC. AND SUBSIDIARIES
(A Wholly Owned Subsidiary of Tubo de Pasteje S.A. de C.V.)
 
STATEMENT OF CASH FLOW
Figures in US Dollars      

September 30, 2015

OPERATING ACTIVITIES:
Net income (loss) (1,202,000 )
Less Net income (loss) from disposition
Less Net income (loss) attributed to noncontrolling interest  
Net income (loss) (1,202,000 )
 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncontrolling interest -
Depreciation and amortization 6,124,000
Allowance for doubtful accounts receivable (339,000 )
Increase (decrease) in deferred income taxes -
 
Changes in assets and liabilities which provided (used) cash:
(Increase) decrease in accounts and notes receivable (8,486,000 )
(Increase) decrease in inventories 7,824,000
(Increase) decrease in prepaid expenses, deposits and other assets 712,000
Increase (decrease) in other long term obligations -
Increase (decrease) in accts payable, accrued exps and amounts due to affiliates (7,037,000 )
Increase (decrease) in income taxes payable 1,183,000
Increase (decrease) in assets from dispositions -  
Total adjustments (19,000 )
net cash provided by (used in) operating activities (1,221,000 )
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment -
Gain on disposition -
Reduction of CIP down payment -
Change in restricted cash balance -  
Net cash provided by (used in) investing activities -  
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in revolving credit facility 2,384,000
Borrowings under long term debt arrangements -
Principal payments under long term debt arrangements -
Proceeds from long term debt (635,000 )
Principal payments on long-term debt -
Payment under capital lease obligations -
Payment of debt issuance costs -  
Net cash provided by (used in) financing activities 1,749,000  
 
EFFECT OF EXCHANGE RATE CHANGES ON CASH
Net increase in cash and cash equivalents 528,000
Cash and cash equivalents at beginning of period 1,830,000  
-
Cash and cash equivalents at end of period 2,358,000  
 

Cambridge-Lee Holdings, Inc.
Francisco Rodríguez Avendaño, (5255)5216 4028
[email protected]

Source: Cambridge-Lee Holdings, Inc.


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